Archive for the 'Real Estate Trends' Category
Troubled Homeowners: Beware the Predators
The real estate predators are always there–in good times and in bad.
There are whispered stories in real estate circles of certain escrow and loan officers who, in the heady days of real estate, slipped deeds into the stacks of papers homeowners were signing as they refinanced their homes. The deed, of course, moved the property into the predator’s claws.
As the Discovery Channel shows, predators will always pick off the unsteady, the not-so-swift and the elderly because the catch is easy and the herd moves on. No different with these criminals.
But you know what’s scary?
The employers of these predators, when or if they discovered the crimes, fired the perps summarily–and kept their collective mouths shut. They didn’t want bad press, they didn’t want exposure, they didn’t want to field the possible litigation that sometimes come from predator attorneys.
It was a criminal catch and release program that spared corporations their reputations and the hassle of potential lawsuits.
As as result, it should surprise none of us that these same real estate criminals (and others who have caught onto their scams) are again preying on unsteady homeowners. This time they disguise themselves as the good guys of real estate, who are out to save stressed homeowners from foreclosure. Their lines and lead-ins go something like this:
I can save your home from foreclosure. I can save your credit. Just sign here.
Other wannabe-predators offer embarrassed and delinquent homeowners the chance to stay in their homes as renters, and then offer to buy them back when circumstances improve. Families can remain in their homes, the kids can stay in school, and neighbors will never know the difference.
The only problem is that the prices at which the homes will be eventually offered back to the former owners may be far above market value.
The true real estate predator will offer to make the foreclosure go away with a simple loan. All the distressed homeowner needs to do is sign on the marked lines (at the bottom of the promissory note and deed of trust)–which means that he and/or she have just signed over the deed to the house. These predators are really good at slipping these critical documents into big stacks of paper that need to be signed in any real estate transaction. If we recall, this is the same tactic these creeps used a few years ago and their targets remain the same: The distressed, the unsteady and the elderly–who also own homes with enough equity or opportunity to make it worth the hunt.
My advice to distressed homeowners? Immediately consult with a reputable real estate professional or attorney before signing anything offered by a real estate problem solver–and remember that the predators wouldn’t be after you if there wasn’t any meat on the target.
read comments (5)Nouveau Luxury Home Buyers: Instapreneurs
Who are these young and ultra-affluent buyers of homes in Rancho Santa Fe, Palm Beach, La Jolla, Aspen and Manhattan?
Robert Frank, in his best-seller Richistan, calls them instapreneurs (didn’t he coin the term?).
These are the new titans in technologies, who have benefited from a rise in financial speculation and governments that support free trade and wealth.
Instapreneurs are not plodders when it comes to accumulating wealth. They don’t develop companies to last for family generation; rather, they may launch several companies over their career life spans. And the goal for each venture is a lucrative “exit strategy” that will create the fattest windfall possible.
What are these luxury buyers seeking when searching for their trophy home?
1. They are specific in their demands as to age of property, views, room volume, luxury closets, privacy, and entertaining areas.
2. Instapreneurs often wish to be near prestigious country clubs, where they can golf, play tennis and entertain business elite.
3. In San Diego, many of these nouveau uber-wealthy demand ocean frontage, ocean noise–and silent streets. Or the highest penthouse in downtown San Diego. The want what is rare, what is singular.
4. Instapreneurs often have children, and are concerned about the quality of nearby and private schools. How the home works for the kids can be of keen importance. Instaprenerual parents want safety, space and room for kiddie galas.
5. These luxury home buyers often have special room requests, such as a library, multiple offices, servant quarters, guest houses, snoring rooms, home gyms, massage rooms, a conservatory or even a panic room.
6. These busy people often demand to be not far from a major airport because of frequent travel demands and the desire to minimize time spent away from families.
We enjoy working with these interesting folk, not just because we enjoy finding perfect property fits, but also because of the stories we get to hear. Some have been scientists, some movers and shakers in technology, and some who just had the courage to pour everything they had into an idea whose time had come.
They all inspire and the world is a better place because of these producers.
2008 Luxury Home Design Trends
This piece is for those of us unable to make the biannual trek to Paris for the biannual Maison & Objet trade show that features the hottest home decor designs produced by the smartest and most influential names in the industry.
Those in the luxury home business are always on the prowl, trying to spot the latest trends that might help update, inspire and improve the luxury home decor.
Patty Bouley was fortunate enough to attend the Maison & Objet show and was able to sort through around 3000 new products and note the hot new home trends for 2008:
- Purple and grey are THE new color companions.The combination is classy and elegant and I am rethinking my bedroom colors.
- Nature gets glitzy. Floral patterns are now accented with metallics: Think bronze, platinum and silver.
- Aspen is hot. Look for nubby wools and furs, bare wood and hunting themes to create the cozy ski chalet feel.
- Morocco is in. Think perforated metal, hand-tooled leather, intricate textiles and hand blown glass. Great for eclectics.
- So is Japan. You will see vibrant colors (think red), stylized floral patterns, origami folds, and delicate hand stitching and embroidery,
Enjoy the following slide show from one of my favorite sites: PointClickHome
San Diego Real Estate Exchange
Bob Dyson is a real estate legend who recently launched Sothebys real estate offices in the San Diego, Palm Springs and Las Vegas markets. He has kindly agreed to share some exciting news with us about a new real estate exchange program that is set to rock the San Diego real estate market mid-January.
This program will do much to liberate locked-up equities in homes throughout Southern California.
But Ill not steal his thunder.
by Bob Dyson
How I See It: Lets Liberate Home Equities
With all the alarming issues facing us in Real Estate ownership and all the turmoil in Real Estate lending, I have been searching endlessly for fresh solutions to these problems. What if we could create a new and faster way to buy and sell homes in todays challenging market? What if real estate buyers and sellers could focus on the deal instead of getting lost in the details of granite surfaces, designer amenities and upgrades?
We believe our home exchange program will help stabilize our troubled real estate market and could be a program easily implemented in other cities outside of Southern California.
Quick Facts:
There are more than 25,000 homes for sale in San Diego County. We believe there are also more than 19,000 qualifed buyers who wish to purchase a home in San Diego RIGHT NOW.
So where are the buyers and who are they?
They are home owners living right here in San Diego.
They are home owners with œFrozen Equity - people who want to relocate right now but must sell their home first.
The Media:
Granted, there have real problems with the real estate lending industry . And the media has done an excellent job paralyzing the home buying public, scaring them away from purchasing.
Recent statistics provided by First American Title Company show that in San Diego County, the Palm Desert/Palm Springs areas and Las Vegas, foreclosure activity is centered in small pockets of those communities.
Areas like Rancho Santa Fe, Del Mar, Indian Wells and Summerlin have experienced very little impact from local foreclosures; however, those communities have been brought down by media hype and generalities.
It seems that nobody at the media level, or especially the government level, is paying attention to details. Our congressmen who are holding hearings on these issue dont even know what questions to ask - much less are able to present viable solutions.
Been There, Done That:
In January 1993 - in a similarly challenging Real Estate Market - several of us in the industry began calling our listing clients and we asked them one question: œWhen you sell your home, are you moving up in price, down in price or out of the area?
From that calling session forward, our little group began selling homes at an incredible pace. In January of that year alone, we sold 48 properties.
How We Did It:
We took our clients who had good equity, good jobs and good credit and matched their wants and desires to move up with other clients selling their homes who desired to move down.
We simply exchanged properties. It was actually as simple as œIll buy yours and youll buy mine.
Two purchase agreements were drawn up, each contingient upon the concurrent close of the other. Both clients got new loans and became a buyer in one escrow and a seller in the other.
The process and the response exceeded our wildest expectations. We provided all parties with work sheets, we moved sales prices and new loan amounts around with our lenders and, in most cases, satisfied the needs of both clients.
Exchanging Properties in Todays Real Estate Market:
Today, we are taking our exchange idea of the 90s, dusting it off and are updating it with todays technologies.
What is evolving is an industry-supported effort to help buyers and sellers with good credit, good jobs and solid equity move NOW.
To best understand this new program please click on the following link to visit www.HomeExchangeProgram.com. The site is still under construction, but you can get a feel for how exchanges work.
Real Estate agents and sellers alike can participate in this program. The more of us who participate, the faster this Real Estate market will right itself and and help œAll Ships to Rise.
If you would like to discuss the Home Exchange Program, please give me a call at 858.481.2020 or email me.
And thats œHow I See It.
Bob Dyson
Bob Dyson is the Broker of Dyson & Dyson Sothebys International Realty in Palm Desert/Palm Springs, Calif. and Las Vegas, Nevada and Villa Sothebys International Realty in Del Mar, Calif. With nearly 40 years experience in the Real Estate Industry, Bob has become an industry innovation leader. In addition to his many years in the brokerage industry, Bob is also involved in real estate mapping and development and currently has several thousand acres in various stages of mapping and development in Southern Nevada and Southern California.
About the Company
Dyson & Dyson Sothebys International Realty and Villa Sothebys International Realty were founded in Southern California in 1988 under the name Dyson & Dyson Real Estate Associates. Offering a variety of unparalleled real estate services, the brokerage operates offices in Las Vegas, the Palm Desert/Palm Springs area, and Garner Valley under the name Dyson & Dyson Sothebys International Realty and in the San Diego County area under the name Villa Sothebys International Realty.
Each office is independently owned and operated.
Read also:
San Diego Real Estate Exchange: Barter and Banter
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Rooms and More Rooms in Luxury Homes
What kinds of rooms might go into a luxury home? The possibilities are as varied as lifestyles.
I recall a luxurious mansion in Houston’s lovely River Oaks that had, in addition to every other conceivable room, a luggage room. It was a sensible space that accommodated the traveling owner’s large collection of leather suitcases, trunks and garment bags. When a trip was planned, the butler would retrieve the appropriate luggage and assist with the packing.
When expense and space are not restrictive issues, the floor plan of a luxury home can truly reflect the lifestyle of its owner.
Some of the more common possibilities might include:
- A large morning room off the kitchen for casual family dining. This is simply an expansion of the traditional breakfast room.
- Large formal dining rooms still prevail and are a must for indoor formal entertaining.
- A butler’s pantry between the kitchen and formal dining area that may be equipped with china cabinets, lined flatware drawers, crystal storage and wine refrigeration.
- An oversized and well-organized pantry in the kitchen that has room for a freezer.
- A temperature-controlled wine room that might even accommodate a tasting table or two.
- A game room that might hold a pool table, arcade games and even a karaoke stage.
- A high-ceilinged music room for the grand piano and other musical enjoyment.
- Forget strip closets. Luxury homes demand oversized and highly organized walk-in dressing rooms.
- Personal gyms are a common requirement in luxury homes. They are typically located off the master bedroom or near outdoor amenities.
- The plush home theater with cushy seats, popcorn machine and huge screen have become very popular.
- A home library offers a quiet room for books, reading and reflection.
- A conservatory provides a glass-walled transition between the luxury residence and its natural surroundings–and is a lovely spot for casual entertaining.
- A sunroom may be located anywhere in the home, but provides a casual place to enjoy sunshine and views.
- Home offices are often a requirement for busy owners and their staff.
- A large laundry and project room may have multiple washers and dryers, a steam closet, and cabinets for project storage. It should also have space for a large, multi-purpose table.
- A snoring room off the master bedroom. Enough said….
Common to luxury homes in San Diego are loggias and fully-equipped outdoor kitchens, which allow for year round outdoor dining and entertaining. It is also not uncommon to find poolside cabanas, dressing rooms and steam rooms. In mountain communities, luxury chalets will likely have mud rooms and ski lockers.
As suggested earlier, it is the lifestyle and taste of the affluent that will ultimately determine the configuration of their luxury homes.
