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Real Estate Investment Ideas? New Search Advanced Search Hot Property The real story on real estate BLOGS Blogspotting Brand New Day Byte of the Apple Deal Flow Economics Unbound Fine On Media Hot Property NussbaumOnDesign Tech Beat BLOG RSS FEEDS About RSS Blogspotting Brand New Day Byte of the Apple Deal Flow Economics Unbound Fine On Media Hot Property Nussbaum On Design Tech Beat PREMIUM CONTENT MBA Insider ONLINE FEATURES Book Reviews BW Video Columnists Interactive Gallery Newsletters Past Covers Philanthropy Podcasts Special Reports TECHNOLOGY Product Reviews Startups Special Reports Tech Stats Wildstrom: Tech Maven SMALLBIZ Smart Answers Success Stories Today's Tip Trailblazing Companies INVESTING Annual Reports BW 50 S&P Picks & Pans Stock Screeners Free S&P Stock Report SCOREBOARDS Mutual Funds Info Tech 100 S&P 500/BW 50 B-SCHOOLS MBA Profiles MBA Rankings Who's Hiring Grads BW EXTRAS BW Digital BW Online Alerts Handheld Edition RSS Feeds Reprints/Permissions Conferences Investor Workshops BUSINESS DIRECTORY -- Find local experts in: « Cooling in California | Main | Land Sales Could Slow » October 28, 2005 Real Estate Investment Ideas? Peter Coy Every December, BusinessWeek publishes an investment guide for the year ahead. This year I'm doing the real estate story. Here's the question my editors want me to answer: Are there still any real estate bargains out there? What do you think? Any U.S. cities where house prices still have room to rise? ( Youngstown ?) Any countries where real estate is still relatively cheap? ( Germany ?) Condos feel kind of pricey lately, but are there still deals to be had? What about REITs? If you like REITs, which kinds? Name names, please. Remember, it's not enough to say that an investment costs less. You have to make the case that it's likely to go up in price and/or throw off a lot of cash in the next year. Be prepared to defend your choices because at least someone reading this blog is bound to disagree with whatever you say. I'm thinking of giving a prize to the Hot Property reader who comes up with the idea that works out the best over the next year. Let's say, either 100 acres of midtown Manhattan real estate or a paper crown labeled Real Estate Emperor. My choice. So ... send in those ideas and start arguing with each other. 04:56 PM Investing in Real Estate Trackback Pings TrackBack URL for this entry: http://blogs.businessweek.com/mt/mt-tb.cgi/ Listed below are links to weblogs that reference Real Estate Investment Ideas? : » Business Week posts "Hot Property" Real Estate Contest from Pacesetter Mortgage Blog Peter Coy, over at the Business Week Hot Property Blog, is posting a Real Estate Investment contest of sorts. His question is this, Are there still any real estate bargains out there? I will put my hat in the ring [Read More] Tracked on October 29, 2005 12:06 PM » The US Real Estate Market from Adam Dudley This article at Business Week Online caused me to post my thoughts about the US real estate investing market. With rising interest rates and a multitude of home owners using deadly interest only loans and ARM's in the US, there [Read More] Tracked on October 31, 2005 09:25 AM Comments how about being a contrarian, and invest in the tanking market. For example, buy puts or short homebuilders and the credit agencies that have the largest exposure. Posted by: bradley jellerichs at October 28, 2005 06:37 PM I'll start the brawling by saying that I'm pretty darn bullish on the Seattle market. My reasoning? It's the economy... With Boeing and Microsoft doing a wonderful job of holding down the fort, and a thriving start-up vibe (in real estate alone, there is Zillow, Redfin, and HouseValues), it seems like enough of the area residents will be flush with cash for the near future to keep prices rising. And while Seattle has definitely seen some growth in the recent past, things have never gotten out of control like they have in the Bay Area. Because I really want to win the 100 acres in Manhattan (or at least an Emperor crown!), I'll get a little more specific. I'd invest in a starter home (~$350K) in the Ballard neighborhood. Of course I'm only speculating, but I think that a home like this still has plenty of room to grow in the near future (i.e. one year). Posted by: Dustin at October 31, 2005 01:30 AM OK, so far I have Maricopa County, Ariz., and Seattle. I have "short the homebuilders." I also got a very intelligent email from someone suggesting a narrow segment of REITs--ones with low debt/equity ratios that get most of their income from leasing buildings to companies in healthy industry sectors. What else? Posted by: Peter Coy at October 31, 2005 05:23 PM First, I have put aside some cash ($50k) in my money market account. I also have on my current house a 15-Year fixed mortgage (50% loan-to-value) with really affordable monthly mortgage payment. Finally, I have no plan to move out for at least 5 years. Second, I opened an (still untapped) equity line of credit on my current home (200k, about half of the equity in my house). And now, guess who will be a major player in the foreclosure market in my county after the housing boom goes bust. Assuming a worst case scenario of a 25% decline in valuation in the years following the bust, my remaining equity stake will vanish but I compensated for that by buying $20,000 worth of premium on OTM put options (CTX Jan08 45 Put for example) on the 2 big home builders in my county. Posted by: the contrarian at October 31, 2005 11:04 PM The conventional wisdom is that "as interest rates rise, real estate values must decline, and so to must REITs." The problem with this CW is that it is too simple, and it doesn't take into account the wide variation in the various types of REITs out there. If rising interest rates and the risk of a "real estate bubble" is a concern, then it is possible to screen for REITs that minimize that risk. For example, if we look at REITs that have low debt/equity ratios and derive their income mostly from leasing properties to other businesses, those REITs will be less sensitive to land valuation and interest rates. These success of these REITs are more dependent on the segment they lease to, such as healthcare, retail, etc. I ran a screen looking for REITs with debt/equity ratio less than 0.5 and whose income is tied to leases. Some promising candidates include Universal Health Realty Income Trust (UHT). Leases out 43 medical buildings in the Southwest (where there are plenty of retirees and demand for medical services), has a debt/equity ratio of 0.23. Dividend yield is 6.5% and UHT has steadily increased their dividend over the years. A similar healthcare REIT is LTC Properties Inc. (LTC), with 200 senior long-term care facilities, a debt/equity ratio of 0.23 and a divident yield of 6.6%. Hospitality Properties Trust (HPT). Owns and leases hotel and motels to various national chains such as Courtyard by Marriott and Candlewood Suites. Debt to equity is 0.49. Has more debt than I'd like but income from operations has been increasing. Good dividend payer at 7.4%. Correctional Properties Trust (CPV). Leases out 12 prison facilites and has no debt, with a dividend yield of 6.5%. The leases are long-term and include rent increases tied to the CPI. Given the latest White House shenanigans this may be a real growth industry. Interestingly, there were no residential REITs that met my low debt criteria. Many of them have debt/equity ratios greater than one. I believe those REITs are to be avoided. Posted by: Jim in Calif at October 31, 2005 11:06 PM Ernest and Young's Steven Friedman told real estate editors at the National Assn. of Realtors annual convention that the best places to buy a condo in today's market are: Jacksonville, FL Austin, TX Boise, ID Friedman said his choices are based on job growth, affordability, and quality of life. Posted by: Frances Flynn Thorsen at November 1, 2005 06:14 AM Is land still a good buy anywhere? Great comment by Boe Clark about land over on the "Land Sales Could Slow" thread (justly accusing me of being vague). Here's what he wrote: The blogger speaks of land (improved and unimproved I assume), as if it were a homogeneous commodity. Prices are going down...in which markets? In Florida, Arizona, and Texas? Or in California and Colorado? In urban, sub urban, ag, commerically zoned, or residentially zoned land? 10 miles, or twenty miles, from population centers? In urban infill areas? With or without utilities/services? Generalities get us nowhere...specifics you can use to make prudent investment decisions with. Posted by: Peter Coy at November 1, 2005 10:36 AM Here's an Idea: Wait on the housing market and slowly move towards equities. There's some bet up stocks that could bought for a song. Posted by: Joe at November 3, 2005 01:27 PM It probably doesn’t bode well for the real estate market that there are not a lot of investment ideas! Posted by: Dustin at November 3, 2005 04:15 PM What about fixing up and renting or selling dilapidated properties in out-of-favor markets? Somebody in that business emailed me with that suggestion. Seems like it could be a good deal for people who don't mind supplementing their cash with elbow grease. Posted by: Peter Coy at November 3, 2005 06:00 PM Forget the US. Japan's real estate market is rip-roaring. Posted by: Taro Akasaka at November 3, 2005 11:15 PM 1. REITs holding a lot of mid level apartment buildings (where the former homeowners in CA will be moving once the number of foreclosures exceeds 100,000 in the state). 2. REITs specializing in self storage facilities. These units rent for the same price per square foot as apartments, but cost a fraction of the cost to build and maintain and are enormously profitable. Again, demand will soar as the number of foreclosures in CA exceeds 100,000. The number of foreclosures in CA WILL exceed 100,000 now that rates are rising and the I/O speculators and such will be driven out of the market as will so many first time buyers who have been sold these disastrous loans (half of buyers in San Diego and 2/3 of buyers statewide for the past 18 months). Posted by: Dave at November 8, 2005 06:58 PM Are we talking about investments (say 5-7% compounding growth over 20 years) or speculation (dreams of 100% inflation over 1 year)? I like the idea of getting a positive cash flow with 20% down and then watching 5-7% appreciation over 20 years. Summit County, Colorado, is 90 miles west of Denver and another mile higher. From 2001 to 2005, prices were flat, since demand equaled supply. Since January of 2005, demand has increased and prices are starting to climb sharply. Summit County has a great location, great weather, and spectacular scenery, yet is much less expensive than Aspen and Vail. To me it looks like a great bet. Posted by: DaveB at November 12, 2005 04:32 PM Bulgaria is the hottest real estate market in Europe. http://www.thepropertyinvestorsclub.co.uk/pic-bulgarian-property-investment.htm http://www.thepropertyinvestorsclub.co.uk/property-investment-tracker.htm http://bigpicture.typepad.com/comments/2005/06/global_real_est.html http://bbtbulgaria.blogspot.com Posted by: Dimitar Vesselinov at November 19, 2005 09:21 PM How about India; bungalos on the beach near major cities. Bocas in Panama? Or, Tibet, near Changdu. Those are my bets. Douglas Posted by: Douglas at December 12, 2005 02:55 AM Post a comment Name: Email Address: URL: Comments: Recent Posts New and Improved In 2006, a Harsher Reality for Realty A Gloomy Christmas for Real Estate? The Reflex Effect Wealthy Americans believe real estate to go up, up, up Recent Comments Cooling in California (6) Housing Numbers Continue to Surprise (9) Neg Am Mortgages (6) Taxpayer-backed mortgages for undocumented immigrants? (5) No mass exodus from the Golden State (12) Short Countrywide? (1) A Gloomy Christmas for Real Estate? (1) Washington DC bubble? (214) Riskiest housing markets (6) Wealthy Americans believe real estate to go up, up, up (2) Recent Trackbacks Wealthy Americans believe real estate to go up, up, up (1) More New Homes for Sale (1) A Fun Website for Checking Affordability (1) Impact of higher mortgage rates? (2) Making Sense of Average Mortgage Rates (1) A Less Curvaceous Yield Curve (2) The Westchester Tease (1) More Option ARMs and Alt-A Loans (1) Real Estate Investment Ideas? (2) Boston housing...on the rise???? (1) Categories Affordability Amey's adventures in real estate Bubbles Cali is Doomed Demographics Economy Estate Planning Foreclosures Home builders Housing Prices Investing in Real Estate Mortgage Rates Mortgages Real Estate Culture Refinancing Regions Remodeling Selling Archives December 2005 November 2005 October 2005 September 2005 August 2005 July 2005 June 2005 Subscribe RSS Feed  

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By submitting your request you agree to be contacted in accordance with Secure Rights Privacy Policy . View Secure Rights licenses . Paid Advertisement Article Home Loans Bring Would-Be Homeowners Closer to their Goal If you’re looking to buy a house, it’s unlikely that, in today’s economy, you’ll be able to pay in full up front. That’s why home loans exist – to aid aspiring homeowners in acquiring and financing the homes they’ve dreamed of – without bankrupting them in the process. Home loans can be acquired through banks and home loan companies. Either route you take, you’re entitled to personal service by a representative who will review your finances, credit report, and help you decide which is the best home loan solution for your needs. In order to gather all the information they need, the bank or loan company will re-appraise the market value of your house to determine the proper loan amount. You will then work together to go over the different loan options available and determine which is best for your personal situation. Different Home Loans for Different Folks There are two main types of home loans , each with its own advantages. Fixed-rate loans divide the amount to be repaid over a set number of years. “Fixed rate” means that no matter how the interest rate fluctuates over the years, the amount of payment will remain the same. If the interest rate dips, your mortgage consultant will help you refinance to take advantage of the lower rate. In contrast, adjustable rate mortgages (ARMs) are dependent on the fluctuation of the interest rate over time. When the rate is low, payments are low, but when interest rates are high, the payment increases also. ARMs are slightly easier to qualify for than fixed-rate loans, but they also carry more risks. When you are choosing a home loans company, take into consideration the additional “home loan origination fee” (usually 1% of the total amount borrow, so if you borrow $100,000, the fee is $100), as well as closing, settlement and appraisal fees. Most companies will allow you to “roll” these fees into your home loan, an excellent option that allows you to pay them over time if you don’t have the funds to pay up front. When you’re ready to move forward with a home loan, or if you’d just like to start exploring your options, submit the form at the top of this page to acquire your own mortgage consultant to help you get started with the mortgage process and explain which home loans might be best for you. ^ Paid Advertisement Article ^ Ad Information        Forbes.com Wireless        Reprints / Permissions        Subscriber Services        ©2004 Forbes.com™      All Rights Reserved       Privacy Statement        Terms, Conditions and Notice Search Engine Marketing by 360i, Inc.

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Welcome to the Home Loan Bank of New York ----commented out ------- MEMBER LOGON From the President December 29, 2005 2005: A YEAR OF ACCOMPLISHMENT We have completed a year in which the Federal Home Loan Bank of New York achieved a number of distinct and transforming accomplishments. Completed SEC Registration One of the most significant and transforming of the accomplishments occurred in late August. After three years of preparation and hard work, the registration of the Banks stock under the Securities Exchange Act of 1934 was declared effective by the SEC. The Home Loan Bank became one of only two banks in the Home Loan Bank System to satisfy the registration requirements of the SEC within the time frame set by our regulator, the Federal Housing Finance Board. The Home Loan Banks filings with the SEC are available on the SECs EDGAR system, accessed at http://www.sec.gov/edgar.shtml . If you have not done so, I encourage you to review these reports containing detailed financial and other information about the Bank. Completed Capital Exchange With the completion of the SEC registration process, the Home Loan Bank then proceeded with the implementation of the new Capital Plan. Prior to the opening of business on December 1, outstanding shares of capital stock owned by the Home Loan Bank of New Yorks community member stockholders were automatically exchanged for shares of the Banks new Class B stock. The new Capital Plan was mandated by the Gramm-Leach-Bliley Act, and more closely ties member capital requirements with advance usage. Improved Financial Results In addition and more importantly, the Home Loan Bank continued to achieve solid financial results in 2005. The Bank manages to a risk/reward profile that generates sustainable and predictable earnings. For example, we continued with a low-risk, tightly controlled, conservative approach to investing in Mortgage-Backed Securities. At the same time, we also remained a member-focused, advances-oriented Home Loan Bank: approximately 75% of the assets of the Bank are in the form of advances to our members. Only a few other Home Loans rival this high percentage. Further, advance demand has remained solid. In November 2005, advances averaged $60.9 billion, down slightly (about $600 million) from October 2005. We ended the month with $61.4 billion in advances on our books. Product innovation has continued in the area of advances. In June, the Bank introduced the Fed Funds Floating Rate Advance, a new adjustable alternative for members. The "Fed Funds Floater" Advance is designed to help fund a portion of members' cash positions. The products rate is tied to the Fed Funds rate and resets daily. The Home Loan Bank also furthered its record of providing a fair return on our members capital investment. In fact, profits improved over 2004 and the Home Loan Bank is now providing among the highest capital investment returns in the Bank System. At the same time, the level of pre-dividend retained earnings increased more than 22% from the 2004 year-end balance to approximately $273 million at the end of November. As we total up the results for the full year, I want to express my personal appreciation to each stockholder for the business you brought to the Bank in 2005. We are here to help our members play a key role in the delivery of housing and community financing. With an outstanding Board of Directors, a solid management team, and a dedicated staff, we have set the course and put in place the plans that have made the FHLBNY an exemplary organization. The Home Loan Bank team is dedicated to providing quality services, and we look forward to maintaining a high level of service in 2006. In closing, we value your relationship with the Home Loan Bank and we are ready to assist you in meeting your commitments to your customers. And we appreciate the opportunity to serve you. All of us at the Home Loan Bank wish you and yours the very best in 2006! Sincerely, Alfred A. DelliBovi President & CEO FHLBNY UPDATES December Edition 4-Year Floating-Rate Advances Priced at 3-Month LIBOR Plus 2 Basis Points! Convertible Advances at FHLBNY Repo Convertible Advance Rates FHLBNY NEWS With the filing of an amendment to its registration statement on Form 10 on August 29, 2005, with the Securities and Exchange Commission under the Securities Exchange Act of 1934, the HLB became an SEC registrant. Federal Home Loan Bank of New York Implements Risk-Based Capital Plan Capital Exchange Information Statement and Capital Plan View the Capital Exchange Webinar Capital Exchange Webinar Slides SITE HIGHLIGHTS 1LINK sm MPF PROGRAM FIRST HOME CLUB sm AFFORDABLE HOUSING PROGRAM 2005B ROUND APPLICATION PACKAGE QUICK LINKS B ank Forms Application for an OLOC line Site Best viewed in Internet Explorer 4.0+ browser and at screen resolution of 800x600. General Terms and Conditions of Use | Privacy Policy | Forward-Looking Statements Our friendly lawyers have asked us to tell you that visitors remaining in session with this site IMPLICITLY CONSENT to our General Terms and Conditions of Use and our Privacy Policy, and ACKNOWLEDGE our Cautionary Language Regarding Forward-Looking Statements. Please exit this session if you do not agree with the foregoing. 2005 Federal Home Loan Bank of New York, 101 Park Avenue, New York, NY 10178. All rights reserved .

REAL ESTATE BROKER/SALESPERSON PAGE

Real Estate Broker/Salesperson Page Department of State Dos Homepage | Corporations | Licensing | Local Government | Fire Prevention & Control | Commissions REAL ESTATE BROKER/SALESPERSON PAGE CLICK HERE TO RENEW YOUR LICENSE ON-LINE Acrobat PDF File Download Information What's New? Effective July 1, 2005 , the Division of Licensing Services replaced the real estate salesperson and broker walk-in examination system with an online reservation examination scheduling system for our Albany, New York City, Franklin Square, Hauppauge and Newburgh exam centers. To schedule an examination or for more information, please click here . IMPORTANT ADVISORY: Section 442 of the Real Property Law previously prohibited a real estate broker from paying any part of a commission to an unlicensed person, firm, corporation or LLC if the payment was intended as compensation for a service that would require a real estate license. Accordingly, the amendment of August 10, 2004 , permits a real estate broker to pay the commission earned by a licensed associate broker or salesperson to an unlicensed corporation or unlicensed LLC , if each of the shareholders of the corporation or each member of the LLC, is an individual who is licensed and properly associated with the real estate broker as a licensed associate broker or salesperson. This amendment does not entitle the associate real estate broker or real estate salesperson to be licensed or to advertise in the name of the corporation or LLC, nor will the records maintained by Department of State, Division of Licensing, reflect the name of the corporation or LLC. A licensee may NOT use the name of the corporation or LLC on business cards. GENERAL INFORMATION POINTS OF INTEREST Real Estate Broker NYS Board of Real Estate Real Estate Sales Approved Real Estate Schools Approved Real Estate Qualifying Schools Approved Real Estate Continuing Education Schools Association of Real Estate License Law Officials (ARELLO) Electronic Marketing - Internet Policy Real Estate Reciprocity A Guide to Professional Conduct New York State Real Estate Board Download PDF File (85KB PDF) (1 page) Cease and Desist Lists and Registrations Real Estate Agency Disclosure Form Download PDF File (183KB PDF) (2 pages) Property Condition Disclosure Statement Download PDF File (142KB PDF) (6 pages) Legal Memoranda Discipline of Real Estate Brokers and Salespersons for Untrustworthy Conduct Licensing Complaint Resolution Process Real Estate Brokers and Salespersons and the Unauthorized Practice of Law Apartment Hunting Double Jeopardy in Administrative Disciplinary Proceedings Defining When a Real Estate Broker's Commission Is Due Be Wary of Dual Agency Frequently Asked Questions: Real Estate Broker and Salesperson Other Sites of Interest: New York State Association of Realtors National Association of Realtors Association of Real Estate License Law Officials Real Estate Board of New York (REBNY) Original Licenses On Line ( Not For Renewals ) If you would like to apply for an original license on line, clicking the link below begins that process. Please be advised that before a license can be issued, follow-up documentation will be requested. For Renewals, use the link at the top of the page. Governor's Office of Regulatory Reform Online Permit Assistance and Licensing (OPAL) About the DOS Return to DOS Home Page DOS Accessibility Statement DOS Privacy Statement