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I've been hearing a lot from this luxury condominium homes south of Reno. Check out their website they have nice amenities.
I met up with someone who works their. He told me that they have this special deal going on, something about achieving cash flow over the next 24 to 30 months.
When: Friday & Saturday Feb. 1st & 2nd 10:00 am- 5:00 pm
The Offer: Achieve a positive cash flow over the next 24 to 30 months.
Website: http://tanameraresort.com
Advantages and Limitations
Title to real property in Nevada may be held by individuals, either in Sole Ownership or in Co-Ownership. Co-Ownership of real property occurs when title is held by two or more persons. There are several variations as to how title may be held in each type of ownership. The following brief summaries reference eight of the more common examples of Sole Ownership and Co-Ownership.
SOLE OWNERSHIP
A Single Man/Woman
1. A man or woman who is not legally married. Example: John Doe, a single man.
An Unmarried Man/Woman
2. A man or woman, who having been married is legally divorced. Example: Joe Doe, an unmarried man.
A Married Man/Woman, As His/Her Sold And Separate Property
3. When a married man or woman wishes to acquire title in his or her name alone, the spouse must consent, by quitclaim deed or otherwise, to transfer thereby relinquishing all right, title and interest in the property. Example: John Doe, a married man, as his sole and separate property.
CO-OWNERSHIP
Community Property
4. Nevada defines community property acquired by husband and wife, or by either. Real property conveyed to a married man or woman is presumed to be community property, unless otherwise stated. Under community property, both spouses have the right to dispose of one half of the community property. If a spouse does not exercise his/her right to dispose of one-half to someone other than his/her spouse, then the one-half will go to the surviving spouse without administration. If a spouse exercises his/her right to dispose of one-half, that half is subject to administration in the estate. Example: John Doe & Mary Doe, husband and wife. Example: John Doe, a married man.
Joint Tenancy
5. A joint tenancy estate is defined as follows: " A joint interest is one owned by two or more persons in equal shares, by a title created by a single will or transfer, when expressly declared in the will or transfer to be a joint tenancy." A chief characteristic of joint tenancy property is the right of survivorship. When a joint tenant dies, title to the property immediately vests in the surviving joint tenants (s). As a consequence, joint tenancy property is not subject to disposition by will. Example: John Dow and Mary Dow, husband and wife,as joint tenants.
Tenancy In Common
6. Under tenancy in common, the co-owners own undivided interests; but unlike joint tenancy, these interests need not be equal in quantity or duration, and may arise at different times. There is no right or survivorship; each tenant owns an interest which, on his or her death, vests in his or her heirs or devisees. Example: John Doe, a single man, as to an undivided 3/4ths interest, and George Smith, a single man, as to an undivided 1/4th interest, as tenants in common.
Trust
7. Title to real property may be held in a title holding trust. The trust holds legal and equitable title to the real estate. The trustee holds title for the trust/beneficiary who retains all of the management rights and responsibilities,
Community Property With Right of Survivorship
Community Property of a husband and wife, when expressly declared in the transfer document to be community property with the right of survivorship, and which may be accepted in writing on the face of the document by a statement signed or initialed by the grantees, shall, upon the death of one of the spouses, pass to the survivor, without administration, subject to the same procedures as property held in joint tenancy.
The preceding summaries are a few of the common ways to take title to real property in Nevada and are provided for informational purposes only. For a more comprehensive understanding of the legal and tax consequences, appropriate consultation is recommended. There are significant tax and legal consequences on how you hold title. We strongly suggest contacting an attorney and/or CPA for specific advise on how you should actually vest your title.
There are articles that inspire.
There are articles that make you feel bad about yourself.
There are articles that make you reach for the sky.
And there are articles that simply make you think.
Here's what I uncovered today:
Can Economic Stimulus Save the Housing Market?
2. After reading this post this was the comment I left for the author: "You posed a very bold thought. It’s still sinking in."
Finding the Bottom One Foreclosure At a Time.
3. Last but not the least. This was not pleasant reading at first, I have to admit , but it is an issue that needs to be addressed and debated instead of shoving it under the rug. A valid issue in our industry that has affected numerous people.
Happy New Year to all of you! I know that this greeting is probably old for some of us-so much for the "New".
We are just back in our same old routine and still facing the same problems especially when it comes to our REAL ESTATE woes.
I recently stumbled on this CNBC article and I can't help but to be excited and at the same time scared of the changes that is about to happen with the market.
For one, the loss of the 100% loan and the infamous "STATED INCOME" loan. As far as I can remember this was mostly the loans my clients could only avail of (First time home buyers and my California investors)
So now what?
Excited for two reasons, one is that the buyers that will come out are the truly qualified ones, meaning if I am on the seller side of the transaction I will no longer worry about the loan of falling out (well I know something bad can still arise) and if I am on the buyers side I know that my buyer is in the loan he can truly afford and they are the "Serious" buyers because they know what is at stake (money that they are putting down to get the loan and the house).
Scared because how many people nowadays have money in the bank for our V12 gas guzzlers? Let alone for a down payment on a house?
That being said, the banks are now really strict about all the other things. Before that, the "Stated Income" loan was solving (almost magically) everybody's "Debt to Income ratio"(DTI) and "Loan to Value"(LTV) problems and of course the 580 credit scores that could still avail of a 100% loan (it was like MAGIC).
Nowadays you have to have a minimum of 680 FICO (ok, I might be wrong here but this is the latest one I am facing with a client of mine.) to even be considered with the right LTV and DTI ratios with a minimum of 5% down to get a loan.
I am sure there is more changes/new rules,regulations and requirements that will come up in the coming months as we face more foreclosures, short sales and people with bad credit defaulting on loans they could not afford in the first place (I know, it's such a cliche now). Reality is tough people, this has really turned ugly for many. But lose hope we must not.
I want to quote M.Scott Peck,M.D author of the book Ian and I love, "The Road Less Traveled".
"Life is difficult. This is a great truth, one of the greatest truths. It is a great truth because once we truly see this truth, we transcend it. Once we truly know that life is difficult-once we truly understand and accept it-then life is no longer difficult. Because once it is accepted, the fact that life is difficult no longer matters."
If I may I would like to paraphrase it relating to the Real Estate Market for both the professionals (me included) and the public, here we go:
"The Market is Difficult. This is the truth, the only truth (as I write this). And once you accept it then you will understand. That if you are a seller you know you can't sell your home if you price it to what your neighbor sold it for last month, heck you probably can't even sell it if you price it lower because of your competition out there has a better showing , not right away at least.
If you are a buyer it may mean that we need to be more wary of this little thing called DTI (Debt- to income ratio) a few sacrifices here and there like skipping on the very valiant pick up truck you've been drooling over for the past three years. I have a friend who can easily afford the truck of his dreams but decided to hold on to his liquid in these dire times, ' you'll never know when opportunity is gonna hit you Joe, you just have to be ready.'
And lastly to myself and to my peers in the business (including investors), You See What We Did! Tsk tsk. This cannot happen again. Ignorance is not a valid excuse my friend (of course how can I forget, my 2005 self very much part of this list).
Let's say goodbye with the past but not without learning from it and Let's embrace the future given with all it's new hurdles and difficulties, because once we truly accept it then the fact that the Market is difficult no longer matters.
Lastly I leave everyone with a quote from another wise man of our time
Borat Sagdiyev "Come on give me a smile!" "HIGH FIVE!".
Happy New Year!
www.luxuryrealestate.com/Sue
Sue Lowe's current listings
In my years in real estate. You get to meet people in the industry who'll just leave you in wonderment and think to yourself, ' I want to be like her someday'. Sue is one of those rare birds. I have seen her up close. From how she stages her listings, her market knowledge, to the way she deals with her clients, to her dogged determination in making us desirable real estate professionals. She is simply transcendent. Her report on the Reno-Sparks market is my authentication.
There's only a handful of professionals who have reached what Sue Lowe has accomplished in her real estate career. I am glad she is on my side. She is one of the most outstanding real estate brokers in the United States. Sue is based at Chase's Nevada/California headquarters.
Sue's Year End Report on the Reno-Sparks Real Estate Market: 2007 Reno-Sparks Year End Report (adobe reader required)
I just finished reading a real estate article from one, if not the most visited website in the world. The writer gave out a 'top eight list' of strategies for sellers and buyers this coming 2008.
While I have no qualms on his list of strategies for sellers. One of his eight strategies for buyers I could not welcome with open arms:
"Don't bank on further market drops. If you have the means, pounce on that oh-so-sweet deal. This cycle appears to be at or near the bottom. You can't confidently count on the market sinking any lower, even though it may."
Here is my main reason:
By and large it is still very difficult to pinpoint the difference between an editorial without any bias(supposedly),say for example from Associated Press or an advertisement like,say, in this case, from a very reputable internet website signed by their resident writer which could have some bias to what they want people to do. Sponsored.
"Now, 'Ian- Holier than Thou-Mariano' what are you trying to say? heck,you could've been doing the same thing in this website for all we know?!"
Yeah I could, who knows maybe I did imply it in one way or another from our previous posts. But at least people already have,one way or another, a slanted impression on Real Estate Agents. I think it's safe to say that asking a Realtor, 'is it a good time to buy a house' is bound to get the same answer 99% of the time.
(shameless plug: I noticed Joe is not afraid anymore to say the big "if you think you'll be able to get 8-10% appreciation anywhere before 2009, it won't happen, market is currently going down" *that is when they do ask what's happening in the market. Sadly, many won't even bother)
But in the case I mentioned above, this was supposed to be a neutral site. Many people actually believe in everything they say, word per word, no questions asked. Would it be overly-dramatic of me to declare that I sense considerable danger in how this could subtly mislead the majority? I am well aware of our human nature that we would gladly accept other's opinions (and reject mountains of evidence) rather than doing our own investigation. It's just part of being human. Who wants to map their way to Caligaraya forest of North Dakota. When you can ask the sometimes misleading google-maps.
But I am pleading, be kind to yourself and let's all be students of the market. Rather than just listening blindly on expert's advice It is so much better that way. Less tears. Better harmony with your spouse. More time with your children. 43% less burden on your already mounting worries. Life is hard enough as it is.
It's not as hard as you think folks. I promise you. And those so called 'experts', believe me many of them are not. Or even if they are, they could very well be slanted in so many subtle ways. That's how the system works. It's how they were set up. I can't blame them.
I remember the great growth stock investor and one of the most successful investors of our time by the name of William O'Neil. (of Investor's Business Daily) He said that the best money managers he rarely sees on TV being interviewed, 'because they are too busy making important decisions.'
And haven't we forgotten the Tech Bubble Burst when companies in the brink of bankruptcy, and experts blindly advising us," good buys, cheap buys" Buy on the dips-yeah, all the way to bankruptcy alright.
And haven't you noticed how CNBC is uber positive in majority of their views on the market. (don't get me wrong, I do learn a lot from that station.) But maybe,just maybe, because they have to. Who wants to hear a story that could instill the BIG F---- F.E.A.R.
Who wants that!? When our country is founded on the premise that the more we consume the better for Uncle Sam.
Though some have graciously labeled me as a pessimist of the real estate market. I am not. I refuse to be one. (though I admit it really is tempting sometimes) But I am not bound on blind optimism either. We need to call things and events as they are. To have the courage to be objective even if it means swallowing our egos because it's not going as we planned.
There is a time for everything. Time to hope and a time to fear. Knowing the difference can make you at the very least $10,000. As William O'Neil beautifully puts it, " people hope when they should fear and fear when they should hope"
Let's be students of the market.
It is so much better that way.
About: United States Existing Home Sales from 2005,2006 & 2007. This report provides a sum total of home sales in the Northeast,Midwest,South & West.
According to briefing.com existing home sales is considered a decent indicator of activity in the housing sector. This report combined with the housing starts report gives us a bird's Eye view on the supply & demand of the national housing market. (Housing starts- Supply : Existing Home Sales- Demand)
WIIFM (what's in it for me?): Joe and I completely agree that 'all markets are best judged locally'. We probably put less than half as much time on research on the National Housing Market than in our Local Market.
But falling in love with the National Housing Market does not mean breaking up with our beloved local real estate market. Rather, it compliments it- a bird's eye view if you may.
Also, I believe passionately on the power of group psychology. I think that what the herd is thinking,hearing & doing ultimately affects us all in the real estate market. I've seen this happen time and time again. The general population is more inclined to follow their neighbors, relatives & friends than any reason or logic. So through this report our hope is we can give you an idea of what the majority is doing and hopefully catch the trend or the end of it before the mainstream media reports on it so you can make better investing decisions before everybody else does.
Highlights: Inventories (not shown above) have shot to a multi-decade high of 10.8 months. Pending home sales argue for a small rise after eight consecutive declines summing to -26% since February (2007). Pending resales rose in both September & October suggesting a break in the sales plunge. Prices may have to fall 10%-15% from their peak to clear the huge supply of inventories. (Key factors from Briefing.com)
Observation/comments: Notice October, November and December's numbers. Three months of flat numbers. Though unlikely in my opinion, it could be worth observing for a possible bottom.
Graph:
(click image to enlarge)
Existing Home Sales 2005 (United States)
Existing Home Sales 2006 (United States)
Existing Home Sales 2007 (United States)
Updated: Jan 2,2007
Source: Realtor.org
Next Release Time: To be announced
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