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Who can benefit from Real Estate Joint Ownership? March 19, 2010

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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Hello real estate investors and professionals

First and foremost the Joint Ownership model allows the average family or investor the opportunity to participate in purchasing a vacation or investment property.   www.azjointownership.com

Families can now benefit from the depressed real estate prices in the US and sunbelt locations such as Arizona, Florida, Nevada, California and other user friendly warm weather states.

Predictions 2010: Real Estate

Other obvious people or groups that can benefit from working with a Joint Owner model are parties attached to the vacation home property market, this would include; real estate agents, teams and brokerages, individuals, lenders, developers, and investors to name a few.

As an example, the net worth of a median Canadian household in 2005 was $148,400 with only 3% or 415,000 of Canada’s 13 million households could be classified as high net worth in 2005.

Therefore 12,500,000 potential vacation home purchasers or the 95% of the possible vacation home buyer market cannot purchase a vacation or second property by themselves! That is just the Canadian vacation home buyer market!

AZ Joint Ownership, LLC, works with all the above interested parties enabling purchasers to leverage their capital and also creating the opportunity for the real estate service industry to increase their sales by providing Joint Ownership packages, mentoring and consulting for their clients.

We have developed an in-depth Joint Ownership investment and acquisition model that allows prospective buyers to finally move forward on their desire to buy an investment or vacation home while the current real estate market opportunity exists.

What is vacation home & real estate joint ownership?

Joint ownership is a partnership in the ownership of (Title To & Equity In) a house. 
This is NOT time share or fractional ownership……

Typically the ownership is split between multiple vacation home investors, with the each investor/partner having equal shares or some combination of interest in the real estate investment.

As with other shared-equity plans, the idea behind vacation home joint ownership is that it is a way for people to own vacation or investment real estate properties who otherwise would be unable to purchase a property without taking on a large mortgage or incurring substantial debt.

Why Joint Ownership?

Although most people understand the responsibility that is included with larger purchases of a secondary residence or vacation home, there are some people who find they would not use the asset on a full time basis. For those people who are looking to find value in simplifying certain aspects of their lives, Joint Ownership will provide ownership & use of an asset while reducing the responsibility of management and cost of ownership. Benefits of Joint Ownership include ease of convenience, hassle free ownership, and cost savings.

The key to any Joint Ownership arrangement is to have everything in writing, even if you intend to partner with family or ‘best’ friends, the proper agreements puts everything up front in writing so there are no issues or misunderstandings later on after the honey moon period of purchasing a vacation home.

Things like cleaning after use, repairs for broken items, usage, third party usage, smoking rules, pet rules and consequences, usage calendars, book keeping, etc. all have to be documented and signed off by the partners. These docs can even be registered on title if need be.

We have spent 3 years creating and refining the model, agreements and templates and this is what we offer in our Turn Key package.

If anyone would like more information on creating a Joint Ownership group to purchase a vacation property or would like to partner with us to increase your real estate sales please contact us.

Happy house hunting!

Michael Kuhbock
Email: mkuhbock@azjointownership.com

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There is only so much beach front property available… March 9, 2010

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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It has been while since I have ranted but I am having the same inane conversation with too many people lately and it has now allowed me to now see backwards due to all of the eye rolling I have done.

Yes the US resort property market (California, Nevada, Arizona, Florida & Hawaii) is still depressed.

Yes there are still great deals available and yes there will be a bounce along the bottom for another period of time (12 to 36 months) but the house that your friend/associate/partner/or friend of a friend bought out in the deep suburbs (middle of Podunk nowhere) 12 months ago from some smooth talking know it all Realtor has NOT increased in value due to brilliant property purchasing prowess…. The deal was probably OK as it is hard not to buy at the bottom 25% of the market over the last 24 months, but when a property does not come up on your GPS or on Google maps then you know it will not rebound in value quickly and will dramatically under perform centrally located real estate.

As I published in a previous Blog, there are 3 main variables that effect the value of property; 1. Location, 2. Features and 3. Local Amenities. A $200,000 home in the deep suburbs will cost you over 1 million+ in the center of a high profile area. Those numbers can now be adjusted to $75,000 and $450,000+. If it takes you 15 minutes to find a store that is still in business to buy a paper or carton of milk then guess what, you have purchased in the middle of nowhere…..

Real estate has been and always be about location, location, location and beware of anyone that tells you differently as they will be trying to sell you a time share in a central Florida swamp or prime piece of desert property 2 hours from Sky Harbor airport.

The market still has some amazing deals but make sure you conduct in-depth due diligence, hire or utilize educated and well seasoned professionals and educate yourself as much as possible, as any purchase, be it a primary residence or a vacation property will be a decision that requires a substantial investment of time and capital.

One final word of caution, the trustee sales are becoming crowded auctions and prices in some areas of the nation are being pushed up to just below retail by overzealous buyers and agents. Paying overinflated prices for properties which are, due to the nature of trustee auctions, completely Caveat Emptor is a fools folly. Make sure you either become a local real estate expert or use a service which is the best in the local market, otherwise you could… no make that WILL be over paying for property which could be a black hole where you will be shoveling all of your money into…

Best of luck in your real estate endeavors,

Michael

Real Estate News Headlines…. Are you as Confused as I am?? November 24, 2009

Posted by mkuhbock in AZ Real Estate News.
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Well the newest real estate articles are posted below and once again they can educate and also add to our daily confusion on what the hell is going to happen to the real estate market in the US.

One thing is for certain, if you don’t like the market prognosis today you will only have to wait a couple of hours to have it change to your liking. 🙂

October home sales rise 10.1 pct from September
October home sales up 10.1 percent, beating expectations as tax credit spurs sales

* By Alan Zibel, AP Real Estate Writer
* On 4:18 pm EST, Monday November 23, 2009

WASHINGTON (AP) — Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit…  Link to full article

Home prices up slightly in September

Home prices up slightly in September; analysts expect declines as foreclosures rise

  • By Alan Zibel, AP Real Estate Writer
  • On 11:59 am EST, Tuesday November 24, 2009

WASHINGTON (AP) — The summer’s trend of rising home prices is ebbing as the traditional home shopping season ends, two reports Tuesday showed… Link to full article

10 Questions on the Volatile Housing Market

James R. Hagerty
Wednesday, November 18, 2009

Lower prices have spurred home sales, but looming foreclosures and high unemployment are clouding the outlook

The U.S. housing market has been in a slump for the past four years. When will it ever end?

In recent years, real estate has proven as jittery and unreliable as any other market.

Link to article and the 10 answered questions

1 in 4 Mortgage Borrowers is Under Water

Posted by David S Morgan

Nearly a quarter of U.S. mortgage holders owe more on their loans than their houses are worth, according to a report today in the Wall Street Journal.

Data from First American CoreLogic, a Santa Ana, Calif.-based real-estate information company, shows that in the third quarter of 2009 almost 10.7 million households had negative equity in their homes.

Link to the full article

Housing Bottom? “Not Even Close,” Barry Ritholtz Says

Posted Nov 24, 2009 02:07pm EST by Aaron Task

A fifth-straight monthly gain for the Case-Shiller Index Tuesday and Monday’s stronger-than-expected existing home sales report is giving renewed hope to the housing bulls.

“Disregard them,” says Barry Ritholtz, CEO of Fusion IQ,….

Link to video and article

New US home sales rise 6.2 percent

October new US home sales up 6.2 percent in sign of stability for housing

  • By Alan Zibel, AP Real Estate Writer
  • On 10:55 am EST, Wednesday November 25, 2009

WASHINGTON (AP) — Sales of new homes rose last month to the highest level in more than a year as strong activity in the South offset weakness in the rest of the country.

The Commerce Department said Wednesday that sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000….

Link to full article

Arizona second in underwater loans

Phoenix Business Journal – by Jan Buchholz

Arizona has more homeowners who are underwater with their mortgages than any other state, save one.

About 48 percent of homeowners here owe more on their mortgages than the home is worth. That is second only to…

Link to full article

What is a real estate purchaser to believe???? October 21, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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I recently came across 2 separate articles that focused on the future of the real estate market. One was a national publication with grounded statistics while the other article was a local Phoenix publication that also was based on relatively hard numbers.

The funny thing is that both articles screamed the opposite opinion of where the market is going. The Phoenix based article speaks of a recovery and that the real estate slump is over while the national article talks about more pain and how real estate prices are about to go much lower.

My take is that the market will bounce along the bottom for another 36 to 48 months, great deals will be had and some insulated pockets in the Valley will actually see a decline in properties for sale and realize a marginal appreciation in value.

Check out the articles for yourself:

Phoenix-area consultants contend local real estate slump is over
Bizjournals.com – Charlotte,NC,USA
Two Phoenix real estate consultants are claiming the local residential real estate meltdown is over. Karl Guntermann, the Fred E. Taylor professor of real …

Housing Prices: Expected to Drop More in the Next Year?Home values are predicted to fall in 342 out of 381 markets in the next year, according to a new forecast. Learn why and find out which cities could buck the trend…

Recent AZ real estate news articles August 17, 2009

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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More news articles on the metro Phoenix real estate market and beyond:

Home Prices: There’s No Quick Recovery Ahead

by Brett Arends
Monday, August 17, 2009

provided by

wsjlogo.gif
So, is our long national nightmare over? Has the housing market finally hit bottom?

There has been some muted — albeit exhausted — cheering from homeowners in recent weeks. But before we break out the champagne……

Valley home building resumes as new builders take over
AZ Central.com – AZ,USA
Phoenix real-estate analyst Jim Belfiore of Belfiore Real Estate Consulting said companies are taking full advantage of recent moves by lenders to sell off …

Foreclosure bill is now tied to state’s budget
Arizona Republic – Phoenix,AZ,USA
Former Arizona State Land Commissioner Mark Winkleman joined Mortgages Ltd., the Phoenix real-estate lender founded by Scott Coles. Winkleman, a real-estate …

Fidelity Releases Metro Phoenix Real Estate Trends and Predictions
Business Wire (press release) – San Francisco,CA,USA
This information is released in partnership with The Cromford Report, a daily report tracking the residential real estate trends of the Metropolitan Phoenix …

Foreclosures Forecast to Increase

Foreclosure Investors Rely on Innovative Rental Strategies

New appliances. Upgraded bathrooms. Plasma televisions. Granite countertops. High-end fixtures. These are some of the perks foreclosure landlords are offering their tenants. With the market for home …

Some interesting news articles over the last week July 31, 2009

Posted by mkuhbock in Arizona Vacation Property.
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The wild and wonderful world of metro Phoenix real estate.

Is it good? – Yes

Is it bad? – Yes

Is it all over the map? – Yes

The market is definitely not for the faint of heart but when markets are in upheaval  there are opportunities for those who buy smart and have the right time horizon in their investment plan.

Below are a couple of recent news articles that you might find of interest, the comments on the ‘New Law’ article are interesting!

Have a great weekend!

Cheers,

Michael

Phoenix Existing Home Sales Increases 71 Percent
NuWire Investor – Bellevue,WA,USA
Phoenix real estate appears to be rebounding with a strong increase in existing home sales. Existing home sales have increased for 12 consecutive months now …

New law triggers fear for housing
Arizona Republic – Phoenix,AZ,USA
“I got a call from an out-of-state lender that is considering holding off on a foreclosure until after September 30,” said Phoenix real-estate attorney Marc ..

TopTenRealEstateDeals.com Introduces The Top 10 Phoenix Real
PR Web (press release) – Ferndale,WA,USA
According to Amy, “It’s old news that the Phoenix real estate market has been pretty hard hit over the last few years. This has created some incredible …

Real Estate is all about self education June 24, 2009

Posted by mkuhbock in Arizona Vacation Property, Uncategorized.
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Regardless of how many personal and professional advisors one has nothing replaces self education, especially when dealing with vacation or investment property purchases.

In past posts I have listed many real estate resources that one can put into their arsenal and frankly you can never have too many available. I recently came across a couple of others that seem to be a little slicker than previous real estate resource sites.

Zillow is of course one of the higher profiled comp sites and they do reflect pricing reality but you cannot bank on the values, it is a great start to your research. Trulia is another major real estate search portal.

A new site called Movoto has just entered into the Arizona market and seems a little more indepth than Zillow but time will tell, again another good research site.

Of course there is the old standby Realtor.com or Realtor.ca for Canada which are the official sites of the National Association of REALTORS® and is operated by Move, Inc. and the Canadian Real Estate Association respectively.

Do not confuse Realtor.com and Realtor.ca with mls.com which is an independently owned and operated Real Estate Advertising Service Company site.

Some other real estate sites I have stumbled across are:

http://www.cyberhomes.com/

http://www.foreclosuredeals.com/

Arizona Neighborhoods.com

Home Finder.com

These are only a few of hundreds of sites but at least it is a start in your education process.

Happy house hunting!

Cheers,

Michael

PS

Here is an interesting article outlining a new program for buyers:

New program yet to help buyers land homes
CNN International – USA
Connolly has been in the Phoenix real estate market for about nine years and has seen the disastrous real estate downturn up close. …