Bankruptcy for Discount Real Estate Brokerage
February 13th, 2008 Categories: Uncategorized
I thought this was an interesting article. One of the biggest discount real estate brokerages in the Northeast goes bankrupt. Why? I also have talked to a friend of a friend who owns (or owned) 5 Help-U-Sell offices in the central California area and he just closed 3 shops and condensed to 2. Why?
We are in a cleansing phase for the real estate profession, it now takes knowledge, experience, a proven marketing plan, and skill to sell a home. You need Us…..
Foxtons may file for bankruptcy
BY JAMES BERNSTEIN james.bernstein@newsday.com
11:04 AM EDT, September 27, 2007
Foxtons, the one-time 800-pound gorilla of the 2 percent marketplace in the New York metropolitan area, said it may file for bankruptcy and close its business, explaining it “can’t stand in the way of a hurricane” that has come about as a result of the decline in the home mortgage industry.The New Jersey-based company, which once rocked the real-estate industry by selling homes for as little as 2 percent commission — compared to commissions of up to 6 percent at other brokers — said in an announcement that it is “releasing” 350 of its 380 employees “and may be filing for bankruptcy protection in order to close the business in an orderly fashion.”No one answered the phone at the company’s headquarters Thursday morning
In a statement, John D. Blomquist, Foxton’s senior vice president and general counsel, said the company had been “well run, very efficient” and had “a great team that has pioneered a new model in the real estate business — a model which has proven itself and, we believe, will have lasting influence on our sector.”But, he added, “The plain fact is that we have been battling against a real estate market that recently has turned into a sharp decline, and the company no longer has the liquidity to operate as a going concern.”"We understand the impact of the action we are taking, but there comes a point where you can’t stand in the way of a hurricane, and it is a property hurricane we are facing.”The company’s announcement said that it has some 4,400 current listings and that it plans to “preserve the value of these listings to minimize customer disruption and to dedicate the anticipated revenues to pay creditors.”Foxtons created a huge advertising splash, spending close to $12 million a year on television, radio and billboard ads. It even used buses, bus shelters and subway platform ads to attract customers.
Have a great day
| Currently No Comments »
Buy your Surprise, AZ Home Now!!
February 2nd, 2008 Categories: Surprise AZ Home Buying, Uncategorized
I have been saying lately that you can now buy a home n Surprise for what you are paying in rent..
Here is the proof:
Just received an email from a builder that has a spec home in the area with mountain views that is being sold at
$118,000
yes, $118,000 dollars
The home is small but at 1230 Sq. Ft it is as big as the apartment you are living in and you would own it.
My lender has a program for lower to middle class income levels that gives 100% financing at 5.125% for 30 years. You need 620 credit, 1 year employment, and no more than 41% debt ratio, you also cannot make more than 48k per household. These are average numbers to meet.
With this loan program, at a purchase of $118,000 dollars your principle and interest payment would be $642 a month. Add taxes ($100), HOA ($40), and insurance ($50) and your payment would be around (estimate)
$832 per month
That is average rent for a small home or apartment in Surprise. Just need a job, low to average debt, and an average credit score, plus, you have to want to be a homeowner.
GO OUT AND BUY A HOME ALREADY, WILL YA!!
| Currently No Comments »
Surprise Farms Jan 08′ report
January 30th, 2008 Categories: Surprise Community Market Reports
Already almost in February of 08′. Still no movie theater in Surprise, but we are close. Still no park in Surprise Farms, but the city says we are close… are we?
Anyway, the weather is gorgeous and we are getting some much needed rain. Here is a brief report on the real estate action in Surpris Farms for January of 08′.
There are 177 homes on the active market
42 of them are new to the market this year.
12 homes have closed this year.
Average days on market is 86
Average closing price is $210,764
Average closing square footage is 2260 sq. ft.
14 homes have gone pending this year so far, most are bank-owned.
Correcting markets are fun… aren’t they?
| Currently No Comments »
Feds drop rates 3/4 of a point
January 22nd, 2008 Categories: Mortgage Information and Articles
Yeah… the Feds strike again. Thanks Bernie.
What does this mean to you? Well it means that your car loan will come down, or that line of credit that you bought a boat or your wife’s engagement ring with will also come down. Will your mortgage come down? Probaly not, unless your second lien is a line of credit. Are mortgage rates down 3/4 of a point? No.
But how much lower do they have to be, they are low as it is. FHA is at 5.5% on some programs and conventional loan programs are under 6% for most lenders. Yes, it would be nice if the lending institutions passed the fed rate to us, but considering that lately they are writing off billions in losses, they probaly won’t. Still people… Under 6% for a 30 year loan??? Jump on it!! yes, do it, like Mike said. Do it! Do it! Or was it Ben stiller in Starsky and Hutch? 
All kidding aside folks, it is a great time to buy. Have a great night
| Currently No Comments »
Where is Surprise, AZ From?
January 19th, 2008 Categories: Uncategorized
Another year has gone by and here we are already half way through January. Traditionally for me this time of year has kinda of made me homesick. Everyone thinks of their friends and family back home and wish they could be there. Where is this leading….
Surprise, AZ has quickly grown to 105,000 people in the past 4-5 years… that’s it!! And most are from somewhere outside of Arizona. I am, and so are most people I meet in Surprise. I would like to know, “Where are you From?
I am inviting you to share your origins. If you would like to respond with a quick reply on your hometown, old school, maybe even the institution if that is your thing, then please do. SHARING IS CARING.
I will start….
I grew up in a small coastal town in northern californina called Half Moon Bay. just south of San Francisco on the coastal highway. Known for big wave surfing (Mavericks) and pumpkins. As much as I wanted to get out of town when I left, I miss it dearly now. The dense fog, ocean at my doorstep, coastal mountains, and the small town atmosphere. I have family here in the valley which is what brought me here in the first place. I chose Surprise to start a family. I am very happy with my decision.
your next…
| Currently No Comments »
Buyers!!! Now is the Time….
January 19th, 2008 Categories: Surprise AZ Home Buying
Tough times ahead for most everyone, you are reading about all the foreclosures and this many bankruptcies in the paper… Ok, so maybe there are some people in distress. Maybe we are on a brink of a recession, maybe not. Not for me to say how are economy overall is doing. But I will say that it is a good time to buy despite what you are reading and hearing.
Here’s Why:
Homes in Surprise, AZ are now affordable again!!! Once again, they are affordable. What I mean by that is that for the average median income in Surprise, AZ, you can now buy a home for what you are paying in rent per month.
You can now find a single family home in Surprise between $135,000 and $150,000. Your payment with principle and interest would be under $1,000 per month. And there are a lot of them, so if you have average credit and a job history that is stable, you can buy a home. Stop putting that $1,000 per month in your landlord’s pocket and put it into your own.
Call me now, it is not out of reach.
| Currently No Comments »
“…But I don’t want to give my Surprise, AZ home away”
January 2nd, 2008 Categories: AZ home selling
Ah yes. The ol’ “I don’t want to give it away” objection. I have heard this more times than I would like to admit. It is a common comeback to an aggressive plan in this declining market. 
Price adjustments, or price reductions are a necessity in a downward sliding market. They are a part of the home-sale process. I have yet to meet someone that volunteered to lower their price, this is not something somebody wants to do. Give up thousands of dollars in big chunks. But it is necessary!!!
First let’s talk about the initial market price at the very beginning of the listing. Your realtor consults with you and explains that you have one chance to make a first impression in the very beginning. He/She explains that together the agent and you must plan ahead and prep the home to sell to get the maximum price for your home in the least amount of time. Prepping the home includes touch-up painting, repairing that doorknob that has been broken for 16 months, deep-deep cleaning and most importantly pricing your home correctly. I guess you would need to “prep” yourself for the shock when I tell you what the going value of your home is.
| Currently No Comments »
2008 in Surprise, AZ
January 1st, 2008 Categories: Surprise AZ General info
Happy New Year Surprise, Arizona! 
Another year and more growth has gone by. Our city continues to grow and gain recognition nationally as a great area of the Phoenix Valley to “live, work, and play”.
With local real estate and the bickering of the city council controlling the headlines in 2007 we hope for a more positive year in regards to those two issues.
2008 welcomes newly appointed mayor Lyn Truitt and two new council members in John Williams and Richard Alton.
Real estate locally hit a slow patch in the fall of 07′ but buyers for homes in the area have picked up since Thanksgiving. Sellers still have an uphill battle ahead in 2008 with stiff competition from the builders and now the bank-owned properties. There is sunshine ahead for everyone….
Big buzz on the upcoming Superbowl in Glendale. Some worldly exposure for the Phoenix West Valley should do the city good. Will New England go all the way? Who can beat them? Is Dallas coming to town in February? We will see…. I know those of you trying to cash in on renting your home for the Superbowl want to know so you can list your home on Craigslist in the cities of the AFC and NFC champions. Good luck!
| Currently No Comments »
Surprise Farms Sales Stats for 2007
December 30th, 2007 Categories: Surprise AZ Real Estate
Happy New Year Neighbors!!!
Here are some numbers for 2007 regarding the sale of homes in Surprise Farms :
Number of sales - 160
Average square foot of sold home - 2250
Average price per square foot - $112
Average “sold” price - $252,415.00
Average Days on Market - 114
The biggest sale of 2007 was a 5250 sf home in Phase 4 for $415,000.
The smallest sale was a 1726 sf home in Phase 1 for $167,500.
Have a great New Year from your Surprise Farms real estate specialist.
| Currently No Comments »
Don’t Be Like Mike…. Be Like Fats!!
December 30th, 2007 Categories: Surprise AZ Real Estate
For all you jazz lovers out there, you would know I am referring to Fats Waller. Who sings a song that has a main chorus that says: “Find out what they like and how they like it and let em’ have it just that way.”
This should apply to all Real Estate agents today. 
Customer service is essential in today’s market, followed by Communication, and Knowledge and Experience.
Customer Service is a vital part of my business plan. With longer days on market I have to keep my clients abreast of what is going on around them. It is all the little things that matter such as keeping the flier box full, making sure my sign is not hanging after a monsoon, or doing a vacancy check on a empty investment home. You can always expect this level of service from a professional local real estate agent.
| Currently No Comments »
