1031 Exchange

1031 QUALIFIED INTERMEDIARY SERVICES

Multi11 150x150 1031 Exchange

In 1997, Congress passed new, generous rules that effectively eliminate capital gains tax on the sale of most people’s primary residence. But what happens if you are selling any other classification of real estate investment property, business property, vacation home, etc.? You will be taxed on your profit unless you use the IRS Section 1031 Exchange Rule.

Despite recent reductions in capital gains tax rates, why pay taxes on the sale of investment real estate when you can defer that tax and increase your buying power on a bigger and better property?

Through the use of a “1031 Exchange”, Park Place Realty NW Inc. can assist in putting off taxes you would otherwise pay on the sale of investment property.

In conjunction with the First American Exchange, Park Place Realty NW Inc. serves as Qualified Intermediaries, in order to help clients defer tax upon the sale of investment real estate by taking advantage of the 1031 exchange technique. For further information on this service, contact AJ Allen at aj@parkplacerealtynw.com

NOT SURE WHAT 1031 EXCHANGES ARE ALL ABOUT? Read our 1031 FAQ below. WHAT IS AN EXCHANGE? Use of the word “Exchange” is essentially a “legal fiction”. What happens in the real world is that a sale and subsequent purchase are made interdependent using the 1031 Exchange technique and special paperwork. (You sell to whomever wants to buy and then buy whatever you want from any Seller.) These “exchanges” are often called Starker Exchanges or Tax Deferred 1031 Exchanges, but a better name would be The Investment Roll Over Rule. Your money rolls over into a new purchase.

WHEN SHOULD YOU USE THE TECHNIQUE? Anytime you are selling real estate that is not your primary residence and you are faced with an onerous capital gains tax, use the 1031 Exchange technique instead of simply selling. Virtually any new purchase could qualify as your replacement property. The diagram below will give you the idea.

WHY SHOULD YOU DO AN EXCHANGE? Tax money paid to the government is immediately lost forever and forever is a long, long time ! When you purchased the property, did it occur to you that you had made the Government a silent partner who would want to share the profits? Think of how long it would take you to save money lost to taxes and to rebuild that hard earned equity. Fortunately, you con avoid this scenario using the Exchange Technique.

HOW DO YOU DO AN EXCHANGE? Your sale and subsequent purchase must take place within a 180 day envelope. Special paperwork links these two events together and allows them to qualify as an Exchange. Sale proceeds must be deposited in a special account during the period between the sale and purchase. Exchange Rules require that you designate a Qualified Intermediary to perform these services.

Follow the explanation below to see how it works:

1. The Exchangor enters into a Contract to sell to anyone who wants to buy.

2. The Exchangor enters into an Exchange Agreement with a Qualified Intermediary.

3. The Contract for Sale between the Exchangor and the Buyer is assigned to the Qualified Intermediary.

4. The Closing takes place, the Exchangor deeds the property directly to the Buyer and the sale proceeds are deposited with the Qualified Intermediary.

5. Within 45 days after Closing, Exchangor identifies possible replacement property to the Qualified Intermediary.

6. The Exchangor enters into a Contract to purchase whatever property is desired from the Seller of that property.

7. The Contract for Sale between the Exchangor and the Seller is assigned to the Qualified Intermediary.

8. The Closing takes place within 180 days of the first closing, Seller deeds directly to the Exchangor, and the monies held by the Qualified Intermediary pay for the purchase.

9. The Exchange has been completed and no tax is owed. What really occurred is a Sale and subsequent purchase that were made interdependent through use of the Exchange technique and use of a Qualified Intermediary.

Note: The Exchangor must not receive or handle any funds at any time after the sale of the investment property tobe exchanged!

ARE THERE ANY RULES OR REQUIREMENTS? There are three requirements your transactions must meet in order to have a completely non-taxable event. The 1031 Exchange Technique is not “all or nothing”. It is possible to get some cash ( which will be taxable) provided it is done the right way. The 1031 Exchange technique can be flexible to meet certain needs. A SUMMARY OF EXCHANGE BENEFITS

1. You will save significant money you worked hard to earn. Tax money is lost forever. The 1031 Exchange Technique makes this loss unnecessary.

2. It is true that you must purchase something new to avoid the tax, BUT the Government helps subsidize your new purchase with your tax savings and, therefore, your purchasing power is significantly increased.

Let Park Place Realty NW Inc. help you increase your investment property buying power! If you in Seattle or a surrounding area and need information on this service, contact AJ Allen at aj@parkplacerealtynw.com

In 1997, Congress passed new, generous rules that effectively eliminate capital gains tax on the sale of most people’s primary residence. But what happens if you are selling any other classification of real estate investment property, business property, vacation home, etc.? You will be taxed on your profit unless you use the IRS Section 1031 Exchange Rule.

Despite recent reductions in capital gains tax rates, why pay taxes on the sale of investment real estate when you can defer that tax and increase your buying power on a bigger and better property?

Through the use of a “1031 Exchange”, Park Place Realty NW Inc. can assist in putting off taxes you would otherwise pay on the sale of investment property.

In conjunction with the First American Exchange, Park Place Realty NW Inc. serves as Qualified Intermediaries, in order to help clients defer tax upon the sale of investment real estate by taking advantage of the 1031 exchange technique. For further information on this service, contact AJ Allen at aj@parkplacerealtynw.com

NOT SURE WHAT 1031 EXCHANGES ARE ALL ABOUT? Read our 1031 FAQ below. WHAT IS AN EXCHANGE? Use of the word “Exchange” is essentially a “legal fiction”. What happens in the real world is that a sale and subsequent purchase are made interdependent using the 1031 Exchange technique and special paperwork. (You sell to whomever wants to buy and then buy whatever you want from any Seller.) These “exchanges” are often called Starker Exchanges or Tax Deferred 1031 Exchanges, but a better name would be The Investment Roll Over Rule. Your money rolls over into a new purchase.

WHEN SHOULD YOU USE THE TECHNIQUE? Anytime you are selling real estate that is not your primary residence and you are faced with an onerous capital gains tax, use the 1031 Exchange technique instead of simply selling. Virtually any new purchase could qualify as your replacement property. The diagram below will give you the idea.

WHY SHOULD YOU DO AN EXCHANGE? Tax money paid to the government is immediately lost forever and forever is a long, long time ! When you purchased the property, did it occur to you that you had made the Government a silent partner who would want to share the profits? Think of how long it would take you to save money lost to taxes and to rebuild that hard earned equity. Fortunately, you con avoid this scenario using the Exchange Technique.

HOW DO YOU DO AN EXCHANGE? Your sale and subsequent purchase must take place within a 180 day envelope. Special paperwork links these two events together and allows them to qualify as an Exchange. Sale proceeds must be deposited in a special account during the period between the sale and purchase. Exchange Rules require that you designate a Qualified Intermediary to perform these services.

Follow the explanation below to see how it works:

1. The Exchangor enters into a Contract to sell to anyone who wants to buy.

2. The Exchangor enters into an Exchange Agreement with a Qualified Intermediary.

3. The Contract for Sale between the Exchangor and the Buyer is assigned to the Qualified Intermediary.

4. The Closing takes place, the Exchangor deeds the property directly to the Buyer and the sale proceeds are deposited with the Qualified Intermediary.

5. Within 45 days after Closing, Exchangor identifies possible replacement property to the Qualified Intermediary.

6. The Exchangor enters into a Contract to purchase whatever property is desired from the Seller of that property.

7. The Contract for Sale between the Exchangor and the Seller is assigned to the Qualified Intermediary.

8. The Closing takes place within 180 days of the first closing, Seller deeds directly to the Exchangor, and the monies held by the Qualified Intermediary pay for the purchase.

9. The Exchange has been completed and no tax is owed. What really occurred is a Sale and subsequent purchase that were made interdependent through use of the Exchange technique and use of a Qualified Intermediary.

Note: The Exchangor must not receive or handle any funds at any time after the sale of the investment property tobe exchanged!

ARE THERE ANY RULES OR REQUIREMENTS? There are three requirements your transactions must meet in order to have a completely non-taxable event. The 1031 Exchange Technique is not “all or nothing”. It is possible to get some cash ( which will be taxable) provided it is done the right way. The 1031 Exchange technique can be flexible to meet certain needs. A SUMMARY OF EXCHANGE BENEFITS

1. You will save significant money you worked hard to earn. Tax money is lost forever. The 1031 Exchange Technique makes this loss unnecessary.

2. It is true that you must purchase something new to avoid the tax, BUT the Government helps subsidize your new purchase with your tax savings and, therefore, your purchasing power is significantly increased.

Let Park Place Realty NW Inc. help you increase your investment property buying power! If you in Seattle or a surrounding area and need information on this service, contact AJ Allen at aj@parkplacerealtynw.com

 

View Photos Of Luxury Estates Around The World

Luxury estate16 150x150 View Photos Of Luxury Estates Around The World

 

 

 

 

 

Does anyone else love luxury estates? If so, you and I share common ground. Please enjoy viewing my collection of some of the most eye popping real estate from around the world and share you thoughts on which ones you like best.

Click here to view

More breaking news confirming my predictions

Fall 2012 Seattle Real Estate Market Update
September 19, 2012
By Urban Abode Group / Matt Warmack

If you discuss hoMulti11 150x150 More breaking news confirming my predictionsme buying with anyone actively doing it the Greater Seattle Area and you will find out that it’s tough going right now as a buyer. The Greater Seattle Area has s a huge supply and demand problem. There are very little houses & condos listed for sale. If you visit http://alanpope.com/Aug12/King.pdf and click on Market Overview you will see the data. The housing shortage is hitting all across the US — even occurring in markets hardest hit such as South Florida.

It’s arrived in Seattle in a big way – we have a shortage of housing and it only looks to continue for a while. New construction, flips & remodeling need to happen at a faster rate but those many companies associated with the housing industry have cut back or gone out of business. A portion of Seattle sellers are under water or looking for the market to rebound some more before selling – which is tightening the market even more. It’s a seller’s market in Seattle right now with prices going up. The trend looks to continue throughout 2012 & 2013 according to many real estate analysts for Seattle.

Seattle Facts : (King County Data)

Existing home sales up 16% percent and growing
Existing inventory for sale is down 37% percent and getting bought up fast
Median home prices are up 10% percent in King County over last year at this time (August to August)

Individually, each of these statistics indicates major a market transition. Collectively, they show unprecedented one-year movement in the housing market in Seattle.

Consider History

Historically people in the Seattle have paid in the high 20% to low 30% of their gross income towards housing and now the average is in the high teens – which high teens has typically been more inland states (don’t call me a fly over state!) – not Seattle – not the West Coast. According to the U.S. Census, the recent history of housing construction has been relatively consistent: between one and two million homes produced since 1968.

Between 1968 and 2008 at least one million homes were constructed each year.
The year with the greatest output was 1973 at 2,100,500 homes.
The year with the lowest output was 1982 at 1,005,500 homes.
The average output between 1968 and 2008 has been 1,531,900 homes.

In 2008, there were 1,119,700 homes constructed. Of course, we now know that 2008 was a pivotal year in the housing market. The market for housing building dropped off a cliff in October of 2008 in Seattle. Starting in 2009 these numbers began to change dramatically. Between 2009 and 2011 there have only been an average of 647,600 houses built nationally, and every year since the number of homes built has declined.

Using these numbers one can draw the conclusion: We will see a constrained inventory market in the immediate future. Couple this with the fact that housing is more affordable than it has ever been, and interest rates are at record lows, and the picture of an oncoming national shortage becomes much clearer. The short term solution in Seattle has been apartment building.

Real estate professionals have been shocked by how quickly markets across the country have transitioned from excess inventory to having constrained inventory. The first markets to experience the housing crisis in 2007 and 2008 have been the first to experience the housing shortage in 2012. Markets in Florida, Arizona, Nevada and California are now experiencing constrained inventories. Year-over-year sales in the first time home buyer price category has plummeted in these areas by as much as 40 percent.

Might take a while

The building focus in early 2012 has been apartments and commercial if you drive around Seattle. The severity of the housing crash is affecting the speed with which the home construction markets are responding to a housing shortage. Companies in the construction supply chain have downsized or disappeared in record numbers. Given the lead times in housing construction due to permitting, supplies and suppliers, and the availability of skilled labor. The speed with which the market can react to demand has slowed considerably.

What’s next

If you are looking to upgrade, buy for the first time or find an investment property – it appears to be the ideal time to purchase a property in the Seattle area. If you are looking to sell – you still have to price your home correctly. Over priced homes still don’t sell – even in the current market.

In 2010 investors represented 17 percent of the housing market; in 2011 they represented 27 percent, and all indications are that we are in the midst of another major investor purchase increase in 2012. 38 percent of all homes purchase so far in King County for 2012 are all-cash transactions – indicating a high amount of investors. Analyst and experts are making big predictions for the Seattle Real Estate market in the short & long term.

Seattle housing

Downtown Seattle condos are finally filling up!

Multi2 300x225  Downtown Seattle condos are finally filling up!I warned everyone that this day would come. Economics are driven by supply and demand.

The glut of condos that hit downtown Seattle right during the real-estate downturn is disappearing as buyers move back into the market.

By Eric Pryne

Seattle Times business reporter

Olive 8 in Seattle is among the major condo developments that are seeing brisk sales this spring after years of weak demand.
Enlarge this photo

ALAN BERNER / THE SEATTLE TIMES

Olive 8 in Seattle is among the major condo developments that are seeing brisk sales this spring after years of weak demand.
Related

Bellevue condo developers take two opposite approaches

Downtown new-condo supply disappearing
Most projects completed between 2007 and 2010 have sold out.
The Uptown neighborhood, such as it is, is just a marketing term for real estate sales… (May 20, 2012, by Emmett Watson Was Right) MORE
I have never once heard anyone call Lower Queen Anne, Uptown. Yes, we all see the signs… (May 20, 2012, by ninaf) MORE
This is the first I’ve ever heard of LQA as being referred to as “Uptown.” … (May 20, 2012, by InTheWay)

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The past few years haven’t been good ones for condo developers in and around downtown Seattle.

They brought about two dozen new projects to market between 2007 and early 2010 — just in time for the real-estate crash.

Hundreds of pre-sale buyers backed out. Some developers converted their buildings to rental apartments. Others lost their projects to lenders.

Many slashed prices, in some cases more than 40 percent. Even so, sales remained tepid.

Now, however, the market finally seems to be bouncing back. Here’s some of the most compelling evidence:

Early this year the biggest downtown project, Escala, began raising prices a hair on some units. And it did so quietly, without the splashy advance announcement developers sometimes make just to scare up business.

On average, condos in the 31-story tower have been selling for 99 percent of asking price so far this year, according to listing-service reports. “As we sell units and have less supply, we will continue to raise prices,” Erik Mehr, who heads Escala’s sales team, said recently.

It’s been about four years since anyone associated with a downtown condo project said anything remotely like that.

Market analysts agree the balance between condo supply and demand has shifted recently — if only because most of the supply, at long last, is gone.

Many buildings have sold out, and “most of the others have been cherry-picked,” says Seattle real-estate economist Matthew Gardner.

Of 2,500 new condos delivered in downtown, Belltown, Lower Queen Anne and South Lake Union during the market’s darkest days, fewer than 250 developer-owned units remain unsold, according to county records.

That number drops below 200 when you count pending sales expected to close in the next few months, according to statistics compiled by Realogics Sotheby’s International Realty, which markets several of the new buildings.

And there are no new projects in the pipeline — developers and lenders have sworn off condos for now.

“We’ve been saying for a long time that at some point the inventory was going to disappear and the opportunity was going to slip away,” says President David Thyer of R.C. Hedreen, developer of 39-story Olive 8.

“Now it’s finally happening.”

There’s more unsold inventory in downtown Bellevue, where more than 350 condos in two giant projects, Bellevue Towers and Washington Square, still haven’t sold.

But Bellevue Towers, like Escala, raised prices 1 or 2 percent earlier this year on some models that were close to selling out.

That’s what’s supposed to happen in a healthy market, says researcher Glenn Crellin of the University of Washington’s Runstad Center for Real Estate Studies.

For the most part, the new-condo backlog has sold off slowly and steadily. County records show no big bump in overall sales recently — in fact, closings at several big projects are behind last year’s pace.

But brokers and market analysts say those numbers don’t yet reflect a surge in activity this spring. “Buyers are just more confident now about the economy and real estate,” says Matt Goyer, who blogs about new in-city condos at Urbnlivn.com.

Those buyers include young professionals, empty nesters, investors and folks seeking second homes. Some come from out of state or overseas. Some are former downtown renters.

Some of them have been watching the market, and waiting, for years.

Downsized commute

Dave and Kari McGrath started looking for a downtown Seattle condo in 2009, in part to put an end to hellish, three-cornered commutes.

They have one car. She works downtown, he works in Lynnwood. He drives her from their Woodinville home to Lynnwood to catch a bus in the morning, and in the evening drives downtown to pick her up.

Trouble was, they couldn’t sell their five-bedroom, 3,400-square-foot house. And they needed the proceeds to buy another home.

The McGraths watched from the sidelines, frustrated, as condo prices fell. Then, this spring, they put their house on the market again, and it sold in just two weeks.

So this month they signed a contract to buy a one-bedroom, 823-square-foot condo on the 37th floor of Olive 8. Kari, 49, can walk to work from there. Dave, 52, says his commute will be “a piece of cake compared to what I’ve been doing.”

Low mortgage-interest rates helped persuade them to buy now, the McGraths say. So did the shrinking downtown inventory — they’d already seen some floor plans they liked in other buildings sell out. “We didn’t want to miss out,” says Kari.

Other recent buyers tell similar stories. Gene Burrus, a Microsoft lawyer, rented in a downtown condo building for four years. While he intended to buy eventually, he says, “there was no sense of urgency.”

But Burrus kept an eye on the market, and in recent months he watched for-sale inventory in his building shrink and units there sell for higher prices than he’d expected. He worried his rent would rise.

Last month he closed on a two-bedroom condo at Fifteen Twentyone Second Avenue. “We definitely got the sense that now was the time,” Burrus says.

Stephan Schier, also a renter, bought a two-bedroom at Escala the same week. “I don’t think prices will get this low ever again,” he says. “The price to build a unit like the one I have is prohibitive.”

Most industry insiders agree it probably will be several years before the next big downtown condo project breaks ground.

Developers are wary. “You’d have to see a lot more stability in the for-sale housing market first,” says Dan Ivanoff, developer Schnitzer West’s managing investment partner.

Schnitzer was finishing four big projects with a total of 1,000 condos in Seattle and Bellevue when the economy tanked. Two were converted to apartments; despite steep price cuts, the other two didn’t sell out until last year.

Schnitzer won’t jump back into the condo market anytime soon, Ivanoff says.

Lenders won’t finance big new condo projects now, the UW’s Crellin says. With downtown Seattle’s high land prices, only high-end projects will pencil out — and sale prices haven’t bounced back enough yet to make them work.

At Escala, for instance, despite the recent price increases, “We’re still selling units at prices where you couldn’t build a new tower and make a profit,” says sales manager Mehr.

Escala’s owner, a real-estate arm of Deutsche Bank, is resigned to losing money on the project, he says. The only question is how much.

Most observers expect the remaining developer-owned condos in Escala and other new buildings will sell out in the next year or two. Where will the new condo supply come from after that?

Dean Jones, brokerage Realogics Sotheby’s president and CEO, expects some condo owners who bought near the market’s peak, then watched the value of their units plummet, will put them up for sale as prices recover. That “shadow inventory” should meet some of the future demand, he says.

Still more probably will be met by developers who convert their apartment buildings to condos, Jones adds.

But he doubts there will be too much of that. Apartments in many new buildings are too small and lack the quality finishes to easily market as condos, Jones says. What’s more, some newer projects built as condos — but converted to rentals when the market turned — have since been acquired by investment firms that intend to hold them as apartments long term.

The bottom line is, there’s not much new inventory on the horizon. And that’s helping to drive the condo market now, analysts agree.

“The whole conversation has changed,” Jones says. “Over the last six months or year, people seem to have agreed there’s no benefit in waiting any more.”

Eric Pryne: 206-464-2231 or epryne@seattletimes.com

Posted by
AJ Allen
Managing Broker
Park Place Realty NW Inc

http://www.parkplacerealtynw.com

Seattle real estate

Foreclosure relief for investment properties under HAMP!

Foreclosure3 Foreclosure relief for investment properties under HAMP!

June 1st 2012, the federal government announced changes to its Making Home Affordable (MHA) program to help more borrowers qualify for relief. The changes, which went into effect on June 1, 2012, primarily affect the Home Affordable Modification Program (HAMP), the Home Affordable Foreclosure Alternatives Program (HAFA), the Home Affordable Unemployment Program (UP), and the Second Lien Modification Program (2MP). However, the following changes apply to all MHA programs:

The deadline to apply for any of the MHA programs is extended to December 31, 2013.
The definition of “owner occupied single family property” is expanded to include property owned by a borrower who was displaced (for example, a borrower who moved out of town for a job or was deployed by the military), occupied by the borrower as a principal residence immediately prior to the displacement, that the borrower intends to re-occupy as a principal residence after the displacement, and that is not currently occupied by a tenant.

The Home Affordable Modification Program (HAMP)

A second level was added to the Home Affordable Modification Program (HAMP), known as “HAMP Tier 2,” to expand HAMP eligibility to help more borrowers modify their mortgages. The eligibility requirements for HAMP Tier 2 are as follows:

The loan must meet the basic eligibility requirements for HAMP:
The borrower obtained the loan on or before January 1, 2009.
The borrower owes up to $729,750 on a one-unit property, $934,200 on a two-unit property, $1,129,250 on a three-unit property, or $1,403,400 on a four-unit property.
The borrower is suffering a documented financial hardship and is or is in danger of becoming delinquent.
The property securing the loan is a one- to four-unit property.
The property has not been condemned.
The borrower can afford a modified mortgage payment.
The borrower hasn’t been convicted within the last ten years of felony larceny, theft, fraud or forgery, money laundering, or tax evasion in connection with a mortgage or real estate transaction.
The borrower may qualify for HAMP Tier 2 even if the borrower was evaluated for HAMP Tier 1, is not eligible for HAMP Tier 1, had a payment default on a HAMP Tier 1 trial period plan, or defaulted under a HAMP Tier 1 permanent modification (12 months must pass since the HAMP Tier 1 modification effective date or the borrower must experience a change of circumstance).
The borrower must be a natural person (for example, the borrower may not be a corporation, partnership, or limited liability company).
The mortgage may now be secured by a rental property if the following requirements are met:
The borrower has missed two or more mortgage payments.
The borrower does not own more than five single-family properties.
The rental property is occupied by a tenant as a principal residence or is vacant. (The tenant may be a legal dependent, parent, or grandparent of the borrower, even if the borrower is not receiving any rent.)
The borrower certifies in writing that he or she intends to rent the property to a tenant and will not use the property as a secondary residence for at least five years following the effective date of any permanent HAMP Tier 2 modification.

A loan can’t be modified more than once under either HAMP Tier 1 or Tier 2. A borrower may receive up to three permanent modifications of three different mortgages under HAMP Tier 2.
The Home Affordable Foreclosure Alternatives Program (HAFA)

Changes to the Home Affordable Foreclosure Alternatives Program (HAFA), which covers short sales and deeds in lieu of foreclosure, include the following:

Previously, to be considered for HAFA, the borrower must have lived in the home within the last 12 months. This is no longer required. However, only borrowers who currently live in the home will receive the $3,000 in relocation assistance.
The borrower may be eligible for HAFA even while remaining current on the loan.
Mortgage servicers are now authorized to pay $8,500 (up from $6,000) to junior lienholders. Junior lienholders, in return, must release their lien on the home and release the borrower from liability under the mortgage.
A HAFA short sale or deed in lieu of foreclosure will have less of a negative impact on the borrower’s credit history compared to a traditional short sale or deed in lieu of foreclosure.

The Home Affordable Unemployment Program (UP)

Unemployed borrowers who qualify for the Home Affordable Unemployment Program (UP) may receive up to 12 months of forbearance assistance from their lender. Once the borrower regains employment or the 12-month forbearance period ends, the lender must evaluate whether the borrower qualifies for relief under HAMP.

The changes to UP eligibility requirements include:

Borrowers with loans secured by a vacant or tenant-occupied property, as well as owner-occupied properties, may now be considered for UP.
Mortgage servicers may no longer use the borrower’s monthly mortgage payment ratio as one of the criteria to evaluate the borrower for UP eligibility.
Borrowers who defaulted on a HAMP trial period plan or permanent modification are no longer automatically barred from consideration for relief under UP.

The Second Lien Modification Program (2MP)

The goal of the Second Lien Modification Program (2MP) is to modify a borrower’s second mortgage after the borrower’s first mortgage is permanently modified under HAMP. 2MP is now expanded to include mortgages modified under both HAMP Tier 1 and Tier 2.
Effective date: June 27, 2012

Posted by

AJ Allen

http://www.parkplacerealtynw.com

Seattle real estate

Property search has been added to the blog!

search Property search has been added to the blog!

Posted by:
AJ Allen
Designated Broker
Park place Realty NW Inc

http://www.parkplacerealestate.com

Seattle real estate

425-223-6021 Phone
425-988-1675 Fax

Search Properties All Over The State Of Washington!

house for sale with sold sign Search Properties All Over The State Of Washington!

You know the old saying; “if you want something done right, you have to do it yourself.” Well that is exactly what happened after years of frustration, trying to find a one-stop-shop for real estate of all types. Now you can go to www.parkplacerealtynw.com and search commercial/multi-unit, residential real estate, REO/foreclosed real estate, shortsales, and much more….Seattle real estate

Great news for short sale investors!

 Great news for short sale investors!This is a real game changer for short sales! Tired of those pesky junior lien holders delaying your sales and making life miserable for your clients?  The rules are changing Nov 1st,  so you might want to get the inside scoop by clicking here http://www.parkplacerealtynw.com

AJ Allen

Seattle real estate

 

Check out video made to sell $35,000,000 house!

 

When seeking buyers for a $35 million luxury mansion, you might need to get creative.

That was the thought of DeeAnna Staats, owner of Carbon Mesa Estate in Malibu, Calif., and president/CEO of Staats & Co.

Carbon Mesa stars in a promotional movie and has its own custom-made iPad application that was delivered direct to a select few prospective buyers on gift-wrapped iPads.

See photos of the $35 million house at CNBC.com

Carbon Mesa CNBC JPG 214213 Check out video made to sell $35,000,000 house!

“We knew with a $35 million price tag, there’s a very small, select audience,” said Andy Carmichael, who works in marketing for Staats & Co., which deals in real estate development and is launching the Feed Body & Soul chain of health-oriented “boutique restaurants.”

“Research shows that most of the (high-end real estate) activity in California in the last 12 months has been from overseas buyers,” Carmichael said. “So it was important that we understood who could be a potential buyer, not just domestically but internationally.”

Staats and her team decided to give remotely located potential buyers the next best thing to coming to the house. The resulting action-style short film, “The Spider and the Fly,” is not a typical real estate house tour video. It’s a professionally shot and directed mini-movie about 3 1/2 minutes long.

 Using a mysterious female protagonist who is later joined by the master of the house, it allows viewers to envision what the residence would be like if they owned it.

After viewing the film, potential buyers can choose from 10 languages to read the specs and explore the house through additional video and still photos, or explore the Malibu area.

As for the mansion itself, it’s a 9,500-square-foot structure with 4,500 square feet of outdoor patio space on six acres.

It features two kitchens, six bedrooms, nine bathrooms, and panoramic views from every room overlooking Carbon Beach, otherwise known as Billionaire’s Beach (the local billionaires include David Geffen, Microsoft’s Paul Allen, mega-philanthropist Eli Broad and Oracle co-founder/CEO Larry Ellison). It also has a movie theater and a wine cellar that stores over 800 bottles.

Click here to view the movie

http://www.parkplacerealtynw.com

Seattle real estate

Where Are Home Prices Rising Fastest?

luxurydesign 300x277 Where Are Home Prices Rising Fastest?

CNNMoney new logo 27 gif 044803 Where Are Home Prices Rising Fastest?
 
By Les Christie | CNNMoney.com – Wed, May 23, 2012 1:40 PM EDT
 
The tide is already starting to turn in some U.S. housing markets, with home prices in these metro areas expected to climb anywhere between 10% and 21% by the end of next year, according to Fiserv.1. Madera, Calif.

madera ca png 174509 Where Are Home Prices Rising Fastest?

Courtesy: Madera County EDC
Median home price: $125,000
Drop since market peak: 53.1%
Forecast gain through 2013:21.5%Home buyers started coming back to Madera earlier this year.

“Homes are selling quickly and with competing bids,” said Esther Riffel, president of the Madera Association of Realtors.

A lot of that has to do with the dirt-cheap prices. At $125,000, the median home price is well below the national average of $163,000, according to Fiserv.

And buyers get plenty of home for their money: Recently, a 2,400 square-foot home with three bedrooms and three baths sold for just $127,000. Five years ago, the same home went for about $375,000.

However, part of the reason the deals are so good is that most of the sales are foreclosures or short sales, said Riffel.

Another thing to be wary of in Madera: The jobs picture. As in most nearby cities in California’s Central Valley, unemployment is high, at 16.6% in March, according to the Bureau of Labor Statistics.

2. Medford, Ore.

medford or png 174509 Where Are Home Prices Rising Fastest?

Courtesy: Medford CVB
Median home price: $144,000
Drop since market peak: 37.1%
Forecast gain through 2013:20.1%A hot spot among retirees, this small city located just north of the California border is staging a comeback.

“We now have the lowest [housing] inventory in six years and the strongest buyer traffic in seven years,” said Colin Mullane, a real estate broker at Full Circle Real Estate in Medford.

Homes are selling at a quicker pace and at higher prices than they did over the past several years, according to the local multiple listing service. Another promising sign: more distressed properties are being sold in short sales rather than going into foreclosure.

One factor could hinder the housing market recovery, however: unemployment. In March, unemployment stood at 11.7%, well above the national average.

But a steady influx of retirees should help. According to Mullane, many seniors are drawn to the area for its mild Mediterranean-like climate, excellent medical facilities and reasonable cost of living.

3. Yuma, Ariz.

yuma arizona png 174509 Where Are Home Prices Rising Fastest?

Courtesy: Yuma Visitor Center
Median home price: $105,000
Drop since market peak: 37.4%
Forecast gain through 2013:16.7%Yuma can thank its location for helping it recover from the housing meltdown. The Arizona town sits in a Foreign Trade Zone, where products and materials can be moved between Yuma and Mexico duty-free.

And the nearly constant sunshine also makes it a center for renewable energy development, with companies like First Solar and Abengoa Solar hiring hundreds of workers, according to Julie Engel, director of the Yuma Economic Development Corporation.

Agriculture is another major industry here, especially due to the long growing season.

All that is helping, but the economy is still struggling. The area has one of the nation’s highest unemployment rates, nearly 24% in March. And median household income of just over $45,000.

A structural problem for the economy is that it’s seasonal with agricultural workers often facing months of idle time, according to Moody’s Analytics. The workforce also tends to be poorly educated with only 15.9% holding a bachelor’s degree or higher, according to the Census Bureau.

Yet, home prices are so cheap that the vast majority of families earning the area’s median income can afford a home, according to the National Association of Home Builders.

4. Corvallis, Ore.

corvallis png 174509 Where Are Home Prices Rising Fastest?

Courtesy: Corvallis Visitor Center
Median home price: $224,000
Drop since market peak: 11.4%
Forecast gain through 2013:13.2%The economic fortunes of the Corvallis area are closely tied to Oregon State University, which not only hires a lot of workers but has also spawned a handful of local businesses.

Recently, the local economy has been on an upswing. The unemployment rate has fallen by nearly one percentage point in the past year to 6.1%. And enrollments at the university climbed by 8% and 5% over 2010 and 2011, respectively, boosting demand for rental units.

That has created an opportunity for real estate investors, who are buying up homes priced below the median level and renting them out to college students, said Jimmy Yang, an associate professor of finance at Oregon State

Supply is limited though, according to Stuart Conser of Conser Realty. Smart growth initiatives aimed at preserving open spaces put limits on development in certain parts of town. With fewer new homes being built, it should put upward pressure on pricing.

5. Eugene, Ore.

eugene png 174509 Where Are Home Prices Rising Fastest?

Courtesy: travellanecounty.org/Jamie Hooper
Median home price: $166,000
Drop since market peak: 21.2%
Forecast gain through 2013:12.4%Like Corvallis, Eugene’s comeback is partly being fueled by the fact that it hosts a big university.

The University of Oregon brings a steady supply of students, many of whom stay in the area post-graduation.

However, earnings here are not very high. Household income in the Eugene area is about $53,000, about $13,000 below the national median.

Still, homes are selling — just not at the high-end of the market, said John Hoops, a former president of the Oregon Association of Realtors and a broker with Windermere Real Estate.

“On inventory under $200,000 we’re seeing multiple offers,” said Hoops. Sales of properties near the university are especially strong with some of the demand coming from investors who rent out properties to students.

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