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Rudy Bachraty’s Real Estate Blog

Real Estate Strategies - Social Media, Marketing, Technology & Mobile

By Rudy Bachraty | Other/Just Looking in Fort Collins, CO
  • Trulia LIVE Industry Call now Available

    Posted Under: Market Conditions  |  January 27, 2010 11:16 AM  |  1,375 views  |  2 comments

  • Join us LIVE: Real Estate of the Union Call with Trulia CEO Pete Flint

    Posted Under: Market Conditions  |  January 25, 2010 10:10 AM  |  1,272 views  |  No comments

    On Tuesday January 26th 2010, Trulia’s CEO Pete Flint will be hosting an industry call discussing how President Obama did in his first year in regards to turning around the housing crisis. Pete will be joined by real estate experts and pundits Jonathan Miller, President and CEO of Miller Samuel and Howard Glaser, Principal of The Glaser Group.

    We’ll share some results from a recent study that asked consumers to grade  how President Obama did in his first year and what steps they thought President Obama should take in 2010 to improve the housing crisis. Additionally, we’ll discuss if consumers still feel that home ownership is part of the American dream and whether or not they are enthusiastic about homeownership.

    Last year, we asked consumers if homeownership was part of their American Dream:

    Furthermore, to get a pulse from our very own real estate community of home buyers, home sellers and real estate professionals on Trulia, Pete asked our community to share their thoughts on how they felt President Obama handled the Housing crisis in 2009:

    trulia-obama

    At the time of this screen capture, 248 people shared their thoughts. Many of which were extremely passionate.

    Pete also replied to the community and encouraged more great feedback as he will quotes some of the people’s comments in the call:

    pete-flint-voices

    Here are some of the comments Pete highlighted in his reply:

    A broker from Florida responded: “Handled” the housing crisis… I think ignored might be a better statement. He’s an incredible orator and an even better actor. Take away the teleprompter and the scripts and he’s useless. The grade: an F.”

    A homebuyer from Michigan said: “If you look at what really put us in this mess was several years of the “same ole same ole.” Obama was handed such a mess that no one person, or no single solution, could ever fix it in a reasonable time frame. Sure Obama did make a few mistakes, but he did come up with some programs that at least kept us out of going down the same direction and at least tried to level things off.”

    An Agent from Washington: “Obama’s grade is a solid C. He has the Federal Reserve buying mortgage backed securities to hold down interest rates. He has extended the Tax credit for buyer’s and both have helped keep the Housing industry from sinking further than it already has. His keeping homeowners in their home program has been a huge failure.”

    A home buyer from Santa Barbara, CA says “his policies have had some success in addressing the growing problem of falling home prices, and stemming foreclosures, all of which will satisfy some of the demands of the industry. However, the fundamentals of the economy remain vulnerable. The extent to which he has been successful in addressing the problem of the economy as a whole, need to be viewed not only in the context of the scale of the problem, but also within a realistic time frame, and one year would seem too short a time frame to pass harsh judgement.”

    If you would like to listen to the call and chat LIVE, please click here on Tuesday at 12:30 pm PST…

    LISTEN LIVE
     
  • Freddie Mac Video - Avoiding Foreclosure Rescue Scams and Making Home Affordable

    Posted Under: Market Conditions  |  May 12, 2009 9:35 AM  |  1,027 views  |  1 comment

    Real Estate Newsflash:

    According to Freddie Mac:

    A report from the fourth quarter of 2008 shows that a growing number of homeowners are seeking lower mortgage payments through loan modification programs and mortgage refinancing.

    In an effort to stabilize the housing market and help millions of American homeowners reduce their monthly mortgage payments, the federal government has launched “Making Home Affordable.” A new effort with Freddie Mac, this program offers some of the most aggressive refinancing and loan workout opportunities for financially strapped borrowers to date.

  • David Lereah formerly of NAR Launches Real Estate Economy Watch

    Posted Under: Market Conditions  |  May 12, 2009 9:08 AM  |  1,016 views  |  No comments


    Real estate newsflash:

    David Lereah
    , former chief economist for the National Association of Realtors (NAR) and the Mortgage Bankers Association of America (MBA), and Steve Cook, a public relations professional, journalist and former NAR executive, launch the Real Estate Economy Watch.

    Interesting.
  • U.S. Cities with the Largest Price Reductions

    Posted Under: Market Conditions  |  May 8, 2009 8:26 AM  |  956 views  |  No comments


    According to Business Week:

    "Where the deep cuts are

    Real estate prices have been dropping for more than a year now, even in formerly strong areas like Manhattan and San Francisco. But where some cities have seen more of their inventory lower their prices, other cities have seen deeper price reductions. For example, Scottsdale, Ariz., leads the nation in terms of having the most discounted homes on the market, but Detroit has the dubious honor of having the deepest price reductions. How bad? The average asking price in the motor city, not including foreclosures, has dropped 23%. For anyone in the market to buy, that's good news. To find out which other cities have experienced the greatest price drops, read on."

    See if your city is on the list here
  • New York Q1 Housing Market Update

    Posted Under: Market Conditions  |  April 7, 2009 11:02 AM  |  1,008 views  |  No comments

    surveillance

    On my way to work today in our New York City office, I was listening to Bloomberg Surveillance on 1130 with Tom Keene and Ken Prewitt as I usually do. I got excited when I heard they would be having my friend, top NYC appraiser and all around great guy Jonathan Miller from Miller Samuel, the Matrix blog, Soapbox blog and the new Housing Helix podcast on the show. It was a great conversation about the nuances of the current state of the New York City housing market.

    Listen to the entire Jonathan Miller Bloomberg Surveillance podcast here

    Here are some screen shots from Twitter that I LIVE Tweeted [LIVE notes of what was being said]:

    surv1

    I tweeted that Jonathan Miller would be talking with Tom Keene on Bloomberg 1130 at 9am EST and Tom asked Jonathan if it was a good time to buy…..Sadly, I missed the 1st few minutes of the conversation as I just entered the Holland Tunnel :(

    surv21

    Jonathan said:

    • A $1,000,000 property would be approx 25% less today than a year ago
    • Inventory is up 25% in NYC

    Tom asked:

    What’s the lag in assessment?

    Jonathan said:

    At least 2-3 years

    75% of housing is Co-op’s and 2/3rd’s of sales

    Foreclosures less likely in Co-op’s - strict board guidelines

    surv3

    Jonathan said:

    Market trying to find itself after September tipping point

    jm

    q1-market

    Read Jonathan’s entire Q1 Manhattan market report here.

    Co-op Fees on the Rise in Manhattan

    According to the New York Times, “CO-OPS across the city have raised their maintenance charges by as much as 15 percent in recent months, and one of the main causes is rising property taxes.”

    One reason is that the 7% homeowner tax cut was eliminated at the beginning of 2009. Another reason is that many multi-family properties have seen the assessed values of their properties go up. The rise in taxes means many Co-op building will pass those costs directly on to their shareholders in the form of assessments.

    Traditionally, Co-op buildings have have numerous sources of revenue to help offset rises in operating costs such as direct revenue from commercial tenants in their building and from flip taxes paid by sellers or buyers. A flip tax is like a transfer tax where the seller or buyer [depends on the building] pays a % of the sales price or on the profit to the Co-op board. These funds are added to the buildings reserve fund which helps in building upkeep and operating costs. When either of these sources start to dry up, the reserve fund starts to deplete the Co-op board may implement what is known as an assessment to all of it’s shareholders to cover the costs.

    “Retail tenants are all hurting,” said Richard Siegler, a lawyer who represents about 150 co-ops, “and they’re all coming to boards and asking for relief. If the economy improves, then a lot of this will go by the by, but if not, then boards will have to contemplate losing tenants, even though they’d rather not have a vacancy.”

    In this economy, as sales slow and inventory rises, even some of Manhattan’s most prime Co-op buildings are starting to feel the pinch…….

    Apthrop Condo Price Drop - Largest Since the Fall

    The Real Deal reports that the Apthrop Condominium has slashed it’s prices per square foot from $3,000 to approximately $1,950 from last June……

    “The price chop is the largest across-the-board reduction for a new condo or conversion project since the Wall Street meltdown this fall, said Jonathan Miller, president of appraisal firm Miller Samuel. The closest contender was a recent price cut at Northside Piers in Williamsburg that averaged 20 percent.”

    apthorp condo

    Click the image to see the Apthorp using Trulia’s ComprareIt!

    390 West End Avenue #10A, New York NY 10024

    390 West End Avenue #9DN, New York NY 10024

    390 West End Avenue #10G, New York NY 10024

    390 West End Avenue #9E, New York NY 10024

    I would love to hear more about what New York City real estate agents and tenants are seeing and experiencing themselves…….

  • Good News for Our Trulia Voices Real Estate Community - Consumer Engagement is at an All-Time High

    Posted Under: Market Conditions  |  February 3, 2009 7:37 AM  |  1,143 views  |  3 comments
    Consumers are getting more active on Trulia. We'd like to thank to all the real estate agents nationwide who take the time to offer their knowledge and expertise to home buyers and home sellers on Trulia everyday. Consumers have questions about the real estate market and you are doing a fantastic job helping them - well done! The results of our community growing can be seen in the many testimonials and success stories we are getting. Not only are we getting these Trulia testimonials from agents, but consumers are also reaching out to us. Stay tuned as we will share many more agent and consumer testimonials in the future ;) So if you have one yourself, please write a blog post about your experience on Trulia, leave a comment here or email me at rudy at trulia dot com....

    Here is our press release we published today:

    Chicago, Manhattan and Brooklyn were the Most Searched Cities in January

    San Francisco – Feb. 3, 2009 – Trulia.com, the best place to start a real estate search, experienced a record month in terms of consumer engagement across all key metrics for January 2009.  Consumers on Trulia viewed 40% more pages per visit compared to a year ago and participated in the Trulia Voices community more than ever before with a 115% year-over-year growth in real estate questions, answers and blog posts.

    “Since Trulia launched, we’ve always seen a seasonal bump in consumer interest at the beginning of the year.  However, given the current state of the economy, we were not so sure if this year would follow the trend of the past,” said Pete Flint, co-founder and CEO of Trulia. “In reality, consumers were engaged more than ever and we believe the dramatic increased engagement in January is a good indication that consumer optimism is on the rise.  People are beginning to realize they can get more for their money and great opportunities exist if they can qualify for a loan.”

    After showing strong momentum and growth in 2008, Trulia starts 2009 off with the best month in the company’s history.  With consumer engagement at an all-time high, the below lists provide a look at consumer search behavior and interest in today’s unpredictable real estate market.

    January 2009:  Top 10 Most Popular Searched Cities
    1.    Chicago, IL
    2.    New York, NY
    3.    Brooklyn, NY
    4.    Los Angeles, CA
    5.    San Francisco, CA
    6.    San Diego, CA
    7.    Philadelphia, PA
    8.    Miami, FL
    9.    Queens, NY
    10.    Las Vegas, NV

    January 2009:  Top 5 Most Popular Categories in Trulia Voices
    1.    Home buying
    2.    Foreclosure
    3.    Market conditions
    4.    Home selling
    5.    Financing

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