By Louis Hansen | [email protected] | Bay Area News Group PUBLISHED: January 1, 2019 at 7:00 am | UPDATED: January 2, 2019 at 10:29 am SANTA CLARA – Real estate agent Myron Von Raesfeld sold 30 homes in North Carolina in the last six months, making him one of the top agents in the Raleigh-Durham market — from his desk 2,778 miles away in Santa Clara. Von Raesfeld, CEO of Windermere Silicon Valley, is advising homeowners and investors to sell high in California and move their assets outside the state. The payoff: more cash in hand, and a better quality of life. “It’s a great time to sell in California,” he said. “This makes a lot of sense.” Even as the Bay Area real estate market cools, agents specializing in moving people out of the region report very brisk business. They’re becoming experts on everything from economic forecasts for Memphis, Tennessee to annual snowfall in Boise, … [Read more...] about Relocation: Hot move for Bay Area real estate agents
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Colorado Springs’ commercial real estate market continued to make post-recession strides this year and is poised for another solid year in 2019, according to a new forecast by Quantum Commercial Group, a local brokerage.Still, the commercial market — including its key office, industrial and retail sectors — won’t be without challenges next year.First, the good news: Employers, retailers, restaurants and other businesses have discovered Colorado Springs, Quantum officials say. They like the city’s quality of life, population growth, improved economy, cheaper costs to do business and housing prices that — while on the rise — remain lower than Denver’s and other markets.“Colorado Springs has been found,” said Dale Stamp, Quantum Commercial’s president. “Not only for national retailers. People in general, through your travels, everybody says wonderful things about Colorado Springs.”The Springs is gaining a … [Read more...] about Experts: Colorado Springs’ commercial real estate fundamentals all point to another solid year ahead
Amazon has just sparked a real estate frenzy to rival Cyber Monday with its choice of two locations -- Long Island City, New York, and Arlington County, Virginia -- to host massive new corporate complexes promising $2.5 billion apiece in local development. A three-bedroom condo with Manhattan views that had sat on the market for months, priced at $1.7 million, is suddenly drawing would-be buyers now that Amazon has announced plans to build part of its new second headquarters in Long Island City. Online searches for homes in Long Island City — long an industrial area in the Queens borough of New York — soared 248 percent last week, real estate brokerage Redfin said. Searches in the other winner of Amazon's sweepstakes, Crystal City, Virginia, jumped 84 percent. Real estate agents say they're hearing from investors who'd like to become landlords and from sellers who've decided to pull their homes off the market, sit back and wait for prices to go up, up, up. The surge … [Read more...] about Amazon’s two HQ2 picks are suddenly white-hot real estate markets
As news of Amazon's move to Northern Virginia sinks in, residents and real estate watchers are monitoring the impact the announcement will have on rent costs and sale prices. Northern Virginia realtor Jen Walker said she's already seen what's being called "the Amazon effect." Overnight, some of her potential buyers changed their minds from passing on a home to buying it. "They woke up this morning, saw the Amazon announcement and they decided they wanted to move forward with a contract," she said. "They said, 'We’re going to get priced out if we don’t do this now.'" Getting priced out is what Alex Howe fears will happen to low-income families in Northern Virginia. Howe is a member of the D.C. chapter of the Democratic Socialists of America. The group runs the website NoVa Says No to Amazon. “We’re going to see, I think, an explosion in rents and housing prices. And folks in these communities, like up the street in the Chirilagua neighborhood — developers … [Read more...] about ‘Amazon Effect’ on Real Estate Anticipated, Feared in Northern Virginia
In the mid-2000s, the real estate market seemed too good to be true. Historically low interest rates encouraged buyers to borrow money for their dream homes, as well as speculate on property by buying investment houses on the presumption prices would keep rising.Homeownership rates in the U.S. reached an all-time high in 2004, at almost 70 percent. That year alone, some states like California, Florida and Nevada saw house prices rise by more than 20 percent. “The worldwide rise in house prices is the biggest bubble in history,” warned The Economist in 2005, “Prepare for the economic pain when it pops.”And pop it did. Alarmed by spiraling property prices, the Federal Reserve hiked rates back up, which left many borrowers in the lurch. By 2005, the property market was beginning to wobble, thanks to increased foreclosures and falling prices. In 2007, over 1.2 million foreclosures were filed, up 42 percent from 2005.That was when the housing crisis became headline … [Read more...] about Which States Have Seen House Prices Rise Since the Real Estate Bubble Burst?