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AOL City Guide: Las Vegas - Real Estate, Homes, Apartments, Realtors, Mortgage Site Map | City's Best Ticket Marketplace | Hot Tickets Casinos | Strip Map | Weather | Getting Around | Maps & Directions | Golf Events | Gambling Guide People | Local Personals | White Pages | Yellow Pages | Autos | Real Estate | News & Headlines | Sports | Jobs | Movies Out of Work? Get ahead of the competition. Find jobs, career advice and more. Summer Love Search photos and find a summer romance. Get lovin' now. Choose property type. - Property Type - Apartments Senior Housing & Care Corporate Housing Enter city name. Select State Ala. Alaska Ariz. Ark. Calif. Colo Conn. Del. D.C. Fla. Ga. Hawaii Idaho Ill. Ind. Iowa Kan. Ky. La. Maine Md. Mass. Mich. Minn. Miss. Mo. Mont. Neb. Nev N.H. N.J. N.M. N.Y. N.C. N.D. Ohio Okla. Ore. Pa. R.I. S.C. S.D. Tenn. Texas Utah Vt. Va. Wash. W.Va. Wis. Wyo. · Find the Perfect Neighborhood · Best City Neighborhoods · Best Cities for Young People · Local Schools Information Home Values Find out how much your home and nearby properties are worth. Family-Friendly? Discover the best cities for safe schools and affordable housing. New to the Area? Meet area singles like you at CityGuide Local Personals. For Sale By Owner Find FSBO listings or list your own home for sale on RealtyTrac. Check out our featured listings to find great homes near you. Type: Rate: See rates from area lenders Enter city Enter State State Ala. Alaska Ariz. Ark. Calif. Colo Conn. Del. D.C. Fla. Ga. Hawaii Idaho Ill. Ind. Iowa Kan. Ky. La. Maine Md. Mass. Mich. Minn. Miss. Mo. Mont. Neb. Nev N.H. N.J. N.M. N.Y. N.C. N.D. Ohio Okla. Ore. Pa. R.I. S.C. S.D. Tenn. Texas Utah Vt. Va. Wash. W.Va. Wis. Wyo. Enter State State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennesee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming AOL Keyword: Local Real Estate Bars, Music & Nightlife | Restaurants & Dining Guide | Movies | Tickets People & Personals | Real Estate | Visitor's Guide | Shop & Find | Yellow Pages | Government Guide About Us | Advertise With Us | Help & Feedback | Updated Privacy Policy | Terms of Use | Trademarks | Site Map AOL Music | Moviefone | AOL Games | AOL TV | Black Voices | Shopping AOL CityGuide has a finger on the pulse of this city, and cities around the nation: from New York restaurants to Las Vegas entertainment, Chicago real estate, Washington hotels, Florida weather, San Francisco theaters, Boston markets and Los Angeles nightlife. You'll find the best local restaurants, hotels, entertainment, movies, concert tickets, events, weather, bars, nightlife, personals and so much more. We're the better way to search your city. © 2005 America Online, Inc. All Rights Reserved.
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Towards Liberty International Society for Individual Liberty > Don't Get Stuck Paying "Zombie" Debt – Towards Liberty – A commentary on current events by Jarret Wollstein The Coming Real Estate Collapse – 05-24-05 – As real estate prices in much of the U.S. continues to soar, evidence is growing that both commercial and residential real estate is greatly over-priced in many of the country's hottest markets – including New York City, Boston, Washington, D.C., Miami, and much of California. One clear indication that real estate is overpriced is that rents are now a fraction of mortgage payments, and are continuing to fall in terms of real dollars. For instance, Forbes reports that cash return on income-producing real estate has fallen from 9% a few years ago, to just 5% to 7% now, and is likely to go lower. You can clearly see why rents are falling in overheated markets like California's Silicon Valley. In the San Francisco-San Jos corridor, there is currently over 33 million square feet of un-rented (and in many cases never occupied) commercial space. Last year, just 65 thousand square feet of this enormous inventory was rented. At that rate, it will take over 507 years to rent all unoccupied commercial real estate in Silicon Valley. Since most investors can't wait over half a millennium for returns on their capital, what's more likely is that commercial real estate prices in this "hot market" will soon fall like a rock. Another indication that real estate is poised for a fall, that fewer and fewer people can afford today's astronomically-priced houses. For instance, in California – where ordinary 2,000 square foot, 3-bedroom homes are going for $500,000 to $2,000,000+ – less than one family in six now qualifies to repurchase their own house. Another indications that real estate is ready for a fall: Of 362 U.S. metropolitan areas, about 15% are experiencing a housing "boom" – a three-year, inflation adjusted price gain of 30% or more – according to the Federal Deposit Insurance Corporation. That's the highest number of boom markets ever recorded in the 30 years that they have been tracked. In Americas hottest real estate markets – including the big cities in New York, Florida and California – housing prices went up by 15% to 35% in the past year alone. This is clearly unsustainable. No matter how low interest rates are and no matter how many schemes George Bush comes up with for an "ownership society," it's clear that we are rapidly reaching the point when hardly anyone can afford to buy a new house in a hot real estate market, without putting their financial future in jeopardy. So what's propping up the real estate bubble, and causing housing prices to go ever-higher, even as rents fall and commercial landlords face enormous vacancy rates? Besides artificially low interest rates, the answer, in a word, is speculation. Up to one residence in three in California is now purchased not to live in, but for resale, according to the San Francisco Chronicle . The comparable figure may be as high as one property in two in the Las Vegas area. In downtown Miami, 80% of approximately 35,000 new condos now under construction or just completed, are owned by investors – not people who actually plan on living in them – according to MoneyNews.com. Call it the triumph of delusion over reality. I can't tell you how many people have told me that real estate price "can't fall, because if they did, they would be bankrupt." In other words, because they want prices to stay up, they must stay up. If you believe that, there is a nice three-bedroom fixer-upper on a dirt lot, and on the edge of an eroding cliff, in Pacifica, California, I'd like to sell you for just $2.5 million. Buy this bargain now, before the price really goes up! (This is a real example.) In the current frenzied real market, self-delusion is rampant. In Florida's red-hot real estate market, one Miami realtor recently told the New York Times , "South Florida is working off a totally new economic model than any of us have ever experienced in the past." That's precisely what executives of dot coms told investors to justify their astronomical stock prices, just before the collapse – which triggered the destruction of over $3 trillion in stock value. Unfortunately, for many overextended home owners, property prices aren't immune to the laws of economics. Property prices can and do fall in America, as witnessed by the bear markets of 1974-75, 1980-82 and 1990-92. A personal example: One Northern California home owner I know bought his 2,000 sq. ft. house for $750,000 in 1989. In 1992, he was couldn't get $450,000 for his property, and was forced to declare bankruptcy after he lost his job. Millions of overextended American families with "interest only" and adjustable rate mortgages will likely find themselves in the same boat, when mortgage interest rates edge up above 7% or 8% – which is likely by the end of this year. (Fed Chairman Alan Greenspan has warned that we can expect at least a 2.25% increase in interest rates in 2005, on top of the 2% increase in 2004.) The brutal financial reality is that a mere 2% rise in mortgage rates, can increase ARM payments by as much as 40% – an unsustainable burden for families living on the edge. One way or another, at best , the U.S. real estate bubble has 1 to 2 more years to run before it collapses. If you or your children are among those living in overpriced homes you can barely afford, NOW is the time to sell, when the market is at or near its peak, and before prices drop by 30% or more – and they find themselves living in a Motel 6 or in your basement. To minimize taxes on the profits, reinvest in a home in a small town or rural area where prices arent so absurd, and bank the rest. Please stay in touch! Add yourself to our e-mail list. Two times per month we send an update on the activities of our members and new features at ISIL.org. Simply enter your e-mail address here and click the button. You can easily remove yourself (unsubscribe) at any time. E-mail us at isil@isil.org if you have any personal questions or comments. E-mail address: Subscribe Unsubscribe
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Advice for buying and reselling for a profit. - Oct. 14, 2004 Web CNN/Money Buying & Selling Investment Property Home Improvement Million $ Life Financing Best Places The art of the flip A new reality television show will follow real estate speculators as they buy, fix and "flip." October 14, 2004: 2:24 PM EDT By Sarah Max, CNN/Money senior writer SALEM, Ore. (CNN/Money) It's one thing to buy a house to call home. It's quite another to buy property with the sole purpose of turning around and reselling for a profit. It's called flipping, and in the coming months, a dozen aspiring real estate investors experience this firsthand -- on camera, no less -- as they attempt to buy, remodel and sell property within a period of six months. Flipping is the subject of an upcoming reality television series with the working title "Property Ladder," scheduled to appear on The Learning Channel in May 2005. "Everyone you talk to seems to know someone who has tried to flip property," said Char Serwa, the show's executive producer. In California, where most of show's subjects are buying, 2.6 percent of all houses sold during the month of May were owned for less than six months, according to DataQuick Information Systems, up from 1.9 percent the previous year. There are several varieties of flipping, said William Bronchick, author of "Flipping Properties." One is rehabbing, which is the focus of the show. Other flippers buy property that's in foreclosure or under construction and try to resell the property to other investors. "We're not advocating that people do this," added Serwa, explaining that each homeowner's story will be told in an individual episode, detailing the experience from purchase to sale. "This is truly an observational documentary," she said. "It's real life." Indeed, the homeowners featured on the show are not only footing the bill for the property and the cost of renovations, they're managing the projects on their own. Unlike other TLC makeover shows, seasoned carpenters and designers won't be pitching in to help. QUICK VOTE Have you ever bought real estate solely as an investment, and not to have a place to live? Yes No View results What the show's subjects do get is advice from host Kirsten Kemp, an actress, real estate agent and seasoned property investor. Whether the homeowners actually take that advice is another story. Viewers, meanwhile, may likely learn a few lessons as well, namely that buying, remodeling and selling property is hard work particularly when done in a matter of months. "A lot of things can go wrong," said Kemp. It's also financially risky. A slowdown in real estate means little to a homeowner settled in for several years, but it can be devastating if you're banking on selling for a quick profit. Buy it, fix it and sell it. Kristen Kemp, host of TLC's 'Property Ladder,' shares tips on flipping properties. Play video (Real or Windows Media) Factor in the transaction and renovation costs and there may be little profit at all. Any profit you do make, mind you, will be taxed at ordinary income if you sell in less than a year, noted Ron Phipps, of Phipps Realty in Warwick, RI. In seven years, Kemp flipped 40 properties, not always successfully. "I made money about 70 percent of the time, and 30 percent of the time I broke even or lost money." Here's a sneak preview of some of the lessons Kemp hopes to bring home. Leave your emotions at the front door When shopping for investment property, you want to find a house that tugs at you emotionally, said Kemp. If a house rouses your emotions, chances are it will do the same for future buyers will as well. When it's time to make an offer, however, your emotions cannot get the best of you. "You make money flipping in part by buying low," she said. "The people who say 'I just have to have this house' are the ones who overpay.'" Don't overdo it when renovating See the average cost for 15 common projects and how much they can add to the value of your home. Type of project: Bathroom Remodel - Mid-Range Bathroom Remodel - Upscale Bathroom Addition - Mid-Range Bathroom Addition - Upscale Maj. Kitch. Remod. - Mid-Range Maj. Kitch. Remod. - Upscale Master Suite - Mid-Range Master Suite - Upscale Family Room - Mid-Range Deck - Mid-Range Basement Remodel - Mid-Range Siding Replacement - Mid-Range Window Replacement - Mid-Range Window Replacement - Upscale Attic Bedroom - Mid-Range Average job cost (2003 Natl Avg): $ What will you get back? % Cost recovered % Value at sale $ Get your local results from Remodeling Online's 2003 Cost vs. Value Report "This is not the time to create your dream house," said Kemp. "You don't want to fix the property to a level that is not necessary." This is a dilemma many first-time flippers struggle with. On the one hand, they want to do a good job on the renovation. On the other hand, they don't want to put money in expensive light fixtures or elaborate built-ins if they aren't going to recoup the time or money they spent. That said, you don't want to cover up serious problems with a new coat of paint or a well-placed picture. "You want to attack anything thing that would be a red flag at closing," said Kemp. DIY when it makes sense The more work you can do yourself, the more money you'll make on the flip, said Kemp. Still, even do-it-yourselfers need help sometimes. Develop a list of reliable contractors, plumbers, electricians, drywallers and other experts to call on. Kemp, for one, says she has her own contractor to thank for getting her through many projects. While you're at it, find a good real estate agent, she said. "They can help you understand what is selling and what's not," she said. "They'll do a good job because if they do, they know you are going to list the property with them when you're ready to sell." Price the property to sell You give your blood, sweat and tears to a house, but it's no excuse to overprice it. "I encourage people not to get greedy," Kemp said. In fact, she recommends pricing property a little under market value. "Every day your house is on the market you're losing money." What if "Property Ladder" homes don't sell in time for prime time? That's just part of the story. And in real estate, sometimes that's the reality. --* Disclaimer Try an issue of MONEY magazine - FREE! More on REAL ESTATE How to buy and build on rural land Most overvalued housing markets When booms go bust... TODAY'S TOP STORIES Most overvalued housing markets Risks to the economy in 2006 Which was the worst ad of all in 2005? 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Real estate listings - vacation, investment & retirement homes The Leading Real Estate Marketplace for Vacation Properties & Second Homes Research cities, find local experts, search real estate listings for vacation, retirement, investment, and more! Search By: <Location> INTERNATIONAL Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming <Interest> Beach Golf Hunting Fishing International Island Lakes and Rivers Mountain Ranch Urban Living Wine Country <Property Type> Second Homes Fractionals Timeshares Vacation Rentals Home Exchange Find Me a Top-Rated Agent Home Research Towns | Find an Agent | Real Estate Search | Tools & Articles | For Agents | Sign In -- Find a Town, Property, or Specialist Now! -- Join EscapeHomes today! FEATURED PARTNERS: Private Residence Clubs – fractional ownership at its finest -- A POSTCARD FROM -- A POSTCARD FROM MAMMOTH MOUNTAIN, CA Since buying our second home near Mammoth Mountain, both my husband and I have become expert skiers! The ... Learn more FEATURED PROPERTY -- FEATURED PROPERTY #1 Ski Resort Fractional Learn more FIND REAL ESTATE ON MLS Instantly view homes for sale on the same MLS that real estate professionals use. All for free with no obligation! -- ONLINE FORUMS Whether you are a second homebuyer, real estate investor, retiree or REALTOR® you'll find valuable information here. IN THE NEWS See what CNN, The Wall Street Journal, USA Today, and The New York Times are saying about us. -- NEW HOMES Find top resort communities throughout the country. Golfing, skiing, mountain sports, lakefront living, retirement, and more! Advertise your properties, resort development, or real estate professional services on EscapeHomes.com Partners Newsletters Press About Us Contact Us Privacy Statement Terms EscapeHomes is the leading real estate listings source for vacation homes, investment homes and retirement homes, matching vacation home buyers with local real estate agents. Search free real estate listings in all major markets for second homes. Access real estate tools and articles to make informed purchase decisions on vacaton homes, investment homes and retirement homes. Site Map | Real Estate Articles | Alabama Real Estate | Arizona Real Estate | California Real Estate | Colorado Real Estate | Delaware Real Estate | Florida Real Estate | Hawaii Real Estate | Idaho Real Estate | Maine Real Estate | Massachusetts Real Estate | Nevada Real Estate | New Jersey Real Estate | New Mexico Real Estate | New York Real Estate | North Carolina Real Estate | Oregon Real Estate | Pennsylvania Real Estate | South Carolina Real Estate | Texas Real Estate | Utah Real Estate | Vermont Real Estate | Virginia Real Estate | Washington Real Estate | Wyoming Real Estate | Beachfront Vacation Property | Golf Real Estate | Hunting Fishing Real Estate | International Real Estate Listings | Island Property For Sale | Lake Homes For Vacation | Mountain Homes | Ranch Property | Urban Real Estate | Wine Country Property | Second Homes for Sale | MLS Home Search | Homes For Rent | Fractional Real Estate | Real Estate Search Engine | Recreational Real Estate | New Homes | Resort Communities | Luxury Homes | Online Forums