Posted on: 18-02-09 23:33:47
Hello Everyone
I would like to know from the GURU's here which place is the best place to buy an investment home at this time of the economy.
The idea is to buy a home and maintain it as a rental property until the market gets back up and then sell it off or just have it as a second home for myself.
I am not at all knowledgeable about the real estate market but just by the grace of God, I am in a position where I can buy something. So looking for advice and suggestion and may be some guidance if you want to call it that.
Thanks for your help and your time in reading this.
Raj
If I have to rent a home, I would look for following:
. Preferably, good public transit at walking distance.
. Groceries/shopping nearby.
. Not too big. If I can squeeze into 2 bed room, I will, and I won't go for the 3rd.
. Rent should be almost same as apartments(with comparable bed/bath size)
. Least bother about maintenance and utilities. (All by owner? Shared?)
. Obviously, should not to too old. (unless reflected in rent)
Detached, semi, rowhouse: doesn't really matter.
At the same time, bad economy is equally bad for everybody. Ppls move even for $50 saving on rent.
Good luck!
Dear Singh,
We are in the midst of an amazing moment in real estate history. Hundreds of people are realizing that now is the time to invest in real estate! There are three things that you must to know:
1. Interest rates are at a historic low!
2. Rental rates are up 5%! This can mean a positive cash flow on a rental property for an investor!
3. Our homes are selling well below market value!
Prices have dropped an amazing 11.5% to 12.9% since January 2008 in Metro Vancouver and the Fraser Valley and we are offering a minimum of 25% off on ALL of our homes. In many cases prices have been reduced by over $100,000. This is incredible pricing.
Both the BCREA Chief Economist and Fraser Valley Real Estate Board President are reporting that now is the time to buy and that the buyers’ market we have been experiencing is nearing an end. The information above is detailed in a survey released by the BC Real Estate Association (BCREA). Do you need proof beyond 300 deals in just 3 weeks?
Click on the links below to download this week's independently published articles from the Vancouver Sun and Real Estate Weekly:
“Cost of home-buying takes a tumble” - Vancouver Sun, Feb 17, 2009“Buyers’ market window may be closing” - Real Estate Weekly, Feb 20, 2009 We have approximately 60 fantastic opportunities remaining! The time is now. Call us today for more information: 1-800-301-1010!
Sincerely yours,
...............................................
Q: Any comment about this email?
Quote:Yeah, right
Originally posted by rahul_singh23
Both the BCREA Chief Economist and Fraser Valley Real Estate Board President are reporting that now is the time to buy and that the buyers’ market we have been experiencing is nearing an end.
I have some ocean-front property in Arizona - would you like to buy?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
It can be investment RE like this.
CNN:
In U.S. 40 % of those living in foreclosed homes are renters.
They are paying their rent, but their landlords can’t make their mortgage payments.
California Housing Stats
Dec 08 Sales Volume 544,580 units
Dec 07 Sales Volume 294,520 units
Increase in Sales 85%
Dec 08 Medium Price $281,100
Dec 07 Medium Price $480,820
Price Reduction -41.5%
Message here is that house sales are actually picking up strong momentum in California, but it only occurred once prices finally took a steep drop.
Quote:
Originally posted by pratickm
Quote:Yeah, right
Originally posted by rahul_singh23
Both the BCREA Chief Economist and Fraser Valley Real Estate Board President are reporting that now is the time to buy and that the buyers’ market we have been experiencing is nearing an end.
I have some ocean-front property in Arizona - would you like to buy?
I'd guess Scarborough, Markham, Brampton, Mississauga.
Well, my response would be biased.
Vancouver condo buyers cope with collapsing market
http://finance.sympatico.msn.ca/SavingsDebt/KerryGold/Article.aspx?cp-documentid=17985631
Check out Vancouver's online classifieds site Craigslist and there is listing upon listing for assignments that buyers are trying to unload for bargain prices. Some frantic sellers are willing to forego their 25 per cent deposits.
Their efforts are futile, says realtor Andrew Kuras. In this climate, it's impossible to sell a presale condo contract.
If you asked me to do it, I would say there's no point," says Kuras. "I would not take an assignment. I'm a hungry agent, I take any business I can. But I'm an honest agent and I won't sign up units and keep them hostage when nothing is going to happen to them. And it's a waste of time for everybody."
So what is happening to those unfortunate presale owners who are looking at completion dates without the financing to close?
For retirees Lou and Donna Skoda, it means a lawsuit, legal fees, and major stress. The couple purchased a two-bedroom presale condo in fall 2007 for $456,000 but couldn't afford the financing when it was completed last year. They tried to negotiate with the developer, but were only offered a six per cent reduction. They defaulted on their deal and the developer sold off their condo for 25 per cent below the purchase price as part of the liquidation of 375 unsold units.
(So far, developers are refusing to sell the reduced-priced units to the original purchasers).
The Skodas are now looking at losing their $68,350 deposit as well as damages, such as the lost property value.
"We couldn't sell our place to get the funds that were required to close," says Lou Skoda. "We bought at the height of the real estate market wave and we were trying to sell when the real estate went through the floor kind of thing. It's very hard on us."
It's becoming a familiar refrain.
Computer programmer Riaz Kassam is facing threat of a lawsuit by the developer of the trendy Yaletown penthouse he can no longer afford. He purchased the two-level, 2,400 sq. ft. condo for $1.5 million in June, 2008. At the time, it was priced $100,000 below market value. A few months later the bottom fell out of the market, and by the time the bank appraised the property, it was worth $1.2 million -- to Kassam's shock. Kassam can no longer get financing for the property and he can't raise funds from the sale of his old condo because it's dropped in price by $170,000. He took it off the market in December after failing to sell it.
"I never imagined it would be so drastic, so fast," he says, seated in a downtown Starbucks. "People are coming through to see our apartment... but everyone is just waiting, waiting, waiting. Now you have developers blowing away properties at 40 per cent. No one is wanting to buy because they are waiting for these deals to come out. They are devaluing the whole Vancouver market, actually."
