Insuring a multi-family property
I got through my Friday the 13th closing with no problems, so I’m now the happy owner of a new four-unit property in the Montrose section of Houston.
Landlords :: use your authority thoughtfully and responsibly
Houston has had a few recent back-to-back murder-suicide incidents in the immediate aftermath of the terrible events at Virginia Tech.
Australian Real Estate Investing…South East Queensland.
Following on from my last post…I wanted to give you a better idea of the Queensland market…
Queensland has enjoyed the largest population growth of all Australian states and territories over the past decade, most of which has been centered on South East Queensland.
More News on Subprime Lending
Citigroup, the largest bank in the United States, announced today that earnings fell about 60% from last year at this time due largely to losses sparked by the U.S. subprime mortgage mess. Citigroup will write down loans estimated at $1.3 billion on subprime related assets.
Exactly what does this mean? For the consumer, not great news. Subprime lending is being blamed for the unprecedented surge in foreclosure activity around the U.S., partially responsible for the drop in consumer confidence. Countless media commentary is advising average homeowners not to buy a new home for at least a year. If you have your house on the market, expect to cut your asking price significantly if you want to sell your home.
O.C. home-buying slump equals ?89-?91 decline
The streak goes on. DataQuick reports today that July marked the 22nd straight month that O.C. home shoppers bought fewer homes than the year-ago period. (O.C. buyers snapped up 2,391 local homes in July, or 43.5% below the 20-year average!) This selling slump ties a similar streak from June 1989 to March 1991 (corrected 6:12 p.m. from July 1989) for the longest sales drought in the 20 years of DataQuick sales figures. As for prices, last month’s median was unchanged from July 2006 at $640,000. In mid-July, the median price had flirted with besting the full-month record high of $645,000 set in June. (ZIP-by-ZIP data is HERE) Here’s a look at the market, by key slices:
Will July produce new O.C. record home sales price?
July’s home-selling stats from DataQuick show that the small flock of buyers who are dealing are, at least, paying a high price for O.C. housing. The median selling price for the 22 business days ended July 25 is $1,000 above a record set in June. Still, sales are off nearly 19% from a year ago and July will likely be the 22nd straight month where the buying pace failed to meet the previous year’s activity levels. Here’s a look at the rest of the market, by key slices:
Slice Price Vs. ‘06 Sales Vs. ‘06 House $720,000 +3.0% 1,738 -16.9% Condo $455,000 +0.9% 638 -25.3% New* $633,500 -16.3% 301 -15.2% All $646,000 +1.1% 2,677 -18.9% * Includes single-family homes, condos and recently converted apartments
O.C., you?re no Manhattan
There’s been a few quips here back and forth saying that Orange County, one of the priciest housing markets in the nation, is still no Manhattan.
Well here’s the data to prove it, sent in Jon Lansner, who still helps out here even though he’s supposed to be on vacation.
According to Brown Harris Stevens’ latest report on Big Apple home prices, the average price for Manhattan apartments reached a record $1.3 million in the second quarter this year. The median price, or midpoint of all home sales, also hit a record at $840,000 (for apartments).
Sales were strong too, up 31% from the same period a year ago.