Thursday, August 6, 2015
Why art international buyers buying in the United States?
Great infographic from the California Association of Realtors on international buyers.
Wednesday, August 5, 2015
Landlord must allow disabled tenant's assistance animal
Photo Source: www.britannica.com
Question: I manage an apartment building that doesn't allow pets. I recently found out that one of the tenants has had a dog in his unit for three weeks.
When I confronted him, he gave me a note from his doctor, which says that he's disabled and that the dog is actually an assistance animal.
I understand that I have an obligation to accommodate tenants with disabilities, but this person violated his lease by not asking me before he brought the assistance animal to the property. Do I still have to allow the dog?
Answer: Yes, you must allow the assistance animal (and the tenant) to continue to live at the property.
The U.S. Department of Housing and Urban Development, which is responsible for enforcing the Fair Housing Act, has made it very clear that tenants with disabilities may make requests for reasonable accommodations at any time before or during their tenancies.
The federal agency even recently sued a housing provider on behalf of a tenant who brought an assistance animal to the property without first telling his housing provider. Feeling deceived, the housing provider subjected the tenant to inappropriate inquiries and demanded that the dog be removed from the property.
The housing provider is now facing civil penalties up to $11,000, along with damages to be paid to the tenant.
Though you too may feel deceived, it might be helpful to understand why your tenant may have chosen not to disclose his need for an assistance animal.
While you may understand your fair housing obligation to grant reasonable accommodations requested by disabled tenants, not all housing providers do. It's not uncommon for a disabled tenant to be denied housing when he discloses his need for a waiver of a "no pet" policy.
Housing providers also commonly deny requests for assistance animals made by in-place tenants, and at times begrudgingly agree to the request and then retaliate against the tenant until he or she decides to leave.
It is this very real fear that often underlies a tenant's decision to bring an assistance animal to the property without notifying the housing provider.
Source: LaTimes, Anky Deursen
http://www.latimes.com/business/realestate/la-fi-rentwatch-20150730-story.html
Tuesday, August 4, 2015
Apple sets stage for San Jose campus with 15,000 workers
Everybody in this valley, unless they are living under a rock, knows Apple is building a super campus in Cupertino on Wolf Rd and Homestead, but now it seem Apple will be building another, smaller campus in North San Jose. This a good thing for San Jose because it will bring more jobs and help this area to develop even faster. In recent years this area of San Jose has seen unprecedented growth with new shopping centers, apartment blocks being built and now with Apple's new campus on the way, this area will experience even more growth which will eventually be a good thing for the real estate market.
Apple sets stage for San Jose campus with 15,000 workers
SAN JOSE -- Apple has bought a large parcel in North San Jose along First Street, enough land for an office and research campus where the technology titan could eventually have up to 15,000 workers, public records show.
Cupertino-based Apple paid $138.2 million in cash on July 31 for the 40-acre site near North First Street and Component Drive, according to county records. The land sale represents a healthy profit for the seller, an affiliate of Connecticut-based Five Mile Capital Partners, which paid $40 million for the property in 2010.
"Apple definitely could grow that much," said Tim Bajarin, principal analyst with Campbell-based Creative Strategies, a market research firm. "This land purchase represents a strong belief in Apple's future growth."
The North San Jose land, which is approved for construction of a total of 2.8 million square feet of offices rivals the size of the "spaceship" complex now under construction in Cupertino. Apple intends to move 13,000 workers to the spaceship site, which will become its world headquarters.
The newly acquired land is adjacent to a 290,000-square-foot building that Apple recently agreed to lease from Ellis Partners. Together, the land and the building form the early makings of a major San Jose campus for the iPhone maker.
"It's mind-boggling what Apple is doing," said Terry Bell, a senior vice president with Colliers International, a commercial realty firm. "Nothing surprises me any more with Apple's growth. It's tough to get your arms around the scope of Apple's appetite to expand."
The purchased land and the leased building could accommodate 15,000 workers if the empty lot is fully built out and Apple occupies the entire building it rented.
"You look at what Apple is doing with their current platforms, plus the rumors of an Apple TV, (and) something to do with the automotive industry to change the way vehicles operate," Bajarin said. "Apple clearly believes it is on a strong growth path and will need a lot more workers and skilled talent in Silicon Valley."
Last month, Apple leased 318,000 square feet in Santa Clara through two transactions that will enable the company to move 1,600 workers to a site near Great America Parkway and Highway 237.
A few years ago, Apple had leased a couple of big buildings in Santa Clara on Stevens Creek Boulevard and also has been busy renting offices in Sunnyvale as it paves the way for a huge expansion of its operations.
Apple is far from the only technology company to wolf down big servings of land or buildings in Silicon Valley.
Google has been expanding in Mountain View, Sunnyvale, Palo Alto and Redwood City. LinkedIn is laying major growth plans for Mountain View and Sunnyvale. Facebook is expanding an already big footprint in Menlo Park. And Palo Alto Networks has committed to nearly 1 million square feet in Santa Clara. Samsung is building a huge regional headquarters in North San Jose.
"We have never seen growth activity like this from so many major companies," Bell said. "This expansion has staying power."
Source: San Jose Mercury News, George Avalos
http://www.mercurynews.com/business/ci_28578891/apple-sets-stage-san-jose-campus-15-000
Apple sets stage for San Jose campus with 15,000 workers
SAN JOSE -- Apple has bought a large parcel in North San Jose along First Street, enough land for an office and research campus where the technology titan could eventually have up to 15,000 workers, public records show.
Cupertino-based Apple paid $138.2 million in cash on July 31 for the 40-acre site near North First Street and Component Drive, according to county records. The land sale represents a healthy profit for the seller, an affiliate of Connecticut-based Five Mile Capital Partners, which paid $40 million for the property in 2010.
"Apple definitely could grow that much," said Tim Bajarin, principal analyst with Campbell-based Creative Strategies, a market research firm. "This land purchase represents a strong belief in Apple's future growth."
The North San Jose land, which is approved for construction of a total of 2.8 million square feet of offices rivals the size of the "spaceship" complex now under construction in Cupertino. Apple intends to move 13,000 workers to the spaceship site, which will become its world headquarters.
The newly acquired land is adjacent to a 290,000-square-foot building that Apple recently agreed to lease from Ellis Partners. Together, the land and the building form the early makings of a major San Jose campus for the iPhone maker.
"It's mind-boggling what Apple is doing," said Terry Bell, a senior vice president with Colliers International, a commercial realty firm. "Nothing surprises me any more with Apple's growth. It's tough to get your arms around the scope of Apple's appetite to expand."
The purchased land and the leased building could accommodate 15,000 workers if the empty lot is fully built out and Apple occupies the entire building it rented.
"You look at what Apple is doing with their current platforms, plus the rumors of an Apple TV, (and) something to do with the automotive industry to change the way vehicles operate," Bajarin said. "Apple clearly believes it is on a strong growth path and will need a lot more workers and skilled talent in Silicon Valley."
Last month, Apple leased 318,000 square feet in Santa Clara through two transactions that will enable the company to move 1,600 workers to a site near Great America Parkway and Highway 237.
A few years ago, Apple had leased a couple of big buildings in Santa Clara on Stevens Creek Boulevard and also has been busy renting offices in Sunnyvale as it paves the way for a huge expansion of its operations.
Apple is far from the only technology company to wolf down big servings of land or buildings in Silicon Valley.
Google has been expanding in Mountain View, Sunnyvale, Palo Alto and Redwood City. LinkedIn is laying major growth plans for Mountain View and Sunnyvale. Facebook is expanding an already big footprint in Menlo Park. And Palo Alto Networks has committed to nearly 1 million square feet in Santa Clara. Samsung is building a huge regional headquarters in North San Jose.
"We have never seen growth activity like this from so many major companies," Bell said. "This expansion has staying power."
Source: San Jose Mercury News, George Avalos
http://www.mercurynews.com/business/ci_28578891/apple-sets-stage-san-jose-campus-15-000
Buyer's Advice: Don't Wait For A Better Deal
Great article from RealtyTimes. All home buyers should read.
BUYER'S ADVICE: DON'T WAIT FOR A BETTER DEAL
Despite a hot economy, mortgage interest rates are near historic lows. Prices are still below where they were nearly 10 years ago. Home values have risen for over five years allowing homeowners to build equity. Unemployment is down to where it was before the recession.
Prices are higher, inventory is tight, and buyers are being shut out of homes in many areas. Rents are higher than mortgage payments across the country. So buying a home is tougher than it's been in years. Some homebuyers may be wondering if they should wait for a better deal.
There are valid arguments to waiting and to jumping in the market. Either choice has its risks. If you don't buy, prices can go up even more. You'll pay more in rent and when you decide to buy, homes that you could have afforded now will be more expensive, possibly out of your range.
If you do buy a home, prices could go down, which will put you underwater longer, and possibly leaving you with an expensive asset that's harder to sell.
But consider this - what if you buy and prices go up? You'll accumulate instant equity, a savings account of a kind, all while receiving considerable tax breaks and other incentives. Would you feel just as weighed down by owning a home if it were appreciating in value instead of losing value?
There are no guarantees that home prices will turn in your favor. Local markets rise or fall based on their own micro-economies, but there is one truth that never changes -- you'll never know if you could have had a better deal unless you commit to making one.
In January 2015, Kiplinger's predicted a 3.5 percent increase in national home prices. By June, prices were already up 3.2 percent, according to the National Association of REALTORS.
At the least, you should run the numbers. Document what you spend in rent VS what you can afford as a house payment. On the conservative side, you should spend no more than 28 percent of your income on your mortgage payment, taxes and hazard insurance. Your other debts should be no more than seven to 14 percent of your income.
Factor in other costs, such as moving, commutes, schools, and, of course, your down payment.
Buying a home isn't just about the money. It's about lifestyle, safety, comfort, and easy access to the people and amenities you want to be close to.
You have to do what's comfortable for you and your family, whether that's remaining on the sidelines or buying a home. But here's a tip -- if you buy the home that best meets the needs of your household and budget, chances are that you'll be pleased with your decision for years to come.
Source: RealtyTimes, Blance Evans
http://realtytimes.com/consumeradvice/buyersadvice1/item/37091-20150731-buyers-advice-dont-wait-for-a-better-deal
BUYER'S ADVICE: DON'T WAIT FOR A BETTER DEAL
Despite a hot economy, mortgage interest rates are near historic lows. Prices are still below where they were nearly 10 years ago. Home values have risen for over five years allowing homeowners to build equity. Unemployment is down to where it was before the recession.
Prices are higher, inventory is tight, and buyers are being shut out of homes in many areas. Rents are higher than mortgage payments across the country. So buying a home is tougher than it's been in years. Some homebuyers may be wondering if they should wait for a better deal.
There are valid arguments to waiting and to jumping in the market. Either choice has its risks. If you don't buy, prices can go up even more. You'll pay more in rent and when you decide to buy, homes that you could have afforded now will be more expensive, possibly out of your range.
If you do buy a home, prices could go down, which will put you underwater longer, and possibly leaving you with an expensive asset that's harder to sell.
But consider this - what if you buy and prices go up? You'll accumulate instant equity, a savings account of a kind, all while receiving considerable tax breaks and other incentives. Would you feel just as weighed down by owning a home if it were appreciating in value instead of losing value?
There are no guarantees that home prices will turn in your favor. Local markets rise or fall based on their own micro-economies, but there is one truth that never changes -- you'll never know if you could have had a better deal unless you commit to making one.
In January 2015, Kiplinger's predicted a 3.5 percent increase in national home prices. By June, prices were already up 3.2 percent, according to the National Association of REALTORS.
At the least, you should run the numbers. Document what you spend in rent VS what you can afford as a house payment. On the conservative side, you should spend no more than 28 percent of your income on your mortgage payment, taxes and hazard insurance. Your other debts should be no more than seven to 14 percent of your income.
Factor in other costs, such as moving, commutes, schools, and, of course, your down payment.
Buying a home isn't just about the money. It's about lifestyle, safety, comfort, and easy access to the people and amenities you want to be close to.
You have to do what's comfortable for you and your family, whether that's remaining on the sidelines or buying a home. But here's a tip -- if you buy the home that best meets the needs of your household and budget, chances are that you'll be pleased with your decision for years to come.
Source: RealtyTimes, Blance Evans
http://realtytimes.com/consumeradvice/buyersadvice1/item/37091-20150731-buyers-advice-dont-wait-for-a-better-deal
Monday, August 3, 2015
Sunday, August 2, 2015
C.A.R. Opposes Tax on Home Buyers in Senate Highway Transportation Bill
The California Association of Realtors looking out for its members like always.
Bill would put tax burden on home buyers, hinder future efforts at mortgage finance reform
LOS ANGELES (July 28) – The CALIFORNIA ASSOCIATION OF REALTORS® is opposing a provision in the highway bill now being considered by the U.S. Senate that taxes home buyers by increasing the fees Fannie Mae and Freddie Mac charge on their loans. This provision would extend a tax on homeowners that Congress implemented in 2011, which C.A.R. opposed at the time.
“C.A.R. opposes this provision because home buyers are being forced to offset the costs and take on this tax burden,” said C.A.R. President Chris Kutzkey. “Not only will it increase the cost of homeownership and make it more difficult for a buyer to purchase a home, it will hinder future efforts at mortgage finance reform.”
Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Bill would put tax burden on home buyers, hinder future efforts at mortgage finance reform
LOS ANGELES (July 28) – The CALIFORNIA ASSOCIATION OF REALTORS® is opposing a provision in the highway bill now being considered by the U.S. Senate that taxes home buyers by increasing the fees Fannie Mae and Freddie Mac charge on their loans. This provision would extend a tax on homeowners that Congress implemented in 2011, which C.A.R. opposed at the time.
“C.A.R. opposes this provision because home buyers are being forced to offset the costs and take on this tax burden,” said C.A.R. President Chris Kutzkey. “Not only will it increase the cost of homeownership and make it more difficult for a buyer to purchase a home, it will hinder future efforts at mortgage finance reform.”
Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Saturday, August 1, 2015
Wary Chinese investors are ditching stocks for real estate
The Chinese government’s determined efforts to recreate a bull market in stocks—perhaps we should call it a mechanical bull?—are getting pretty bumpy, as the Shanghai Composite’s 8.5% drop today attests. If Beijing is hoping for ordinary investors to pile back in to the market, the cause might already be lost. Signs are emerging suggest that investors are turning their attention back to another asset class: real estate.
Optimism has shifted from stocks to property, Li Gan, economics professor at Texas A&M University, told BloombergBriefs.
“Winners from the stock boom have already started taking funds out of the market to buy real estate,” said Li, whose findings are based on his survey of 5,000 households. In the first quarter, property buyers were almost evenly split between those trading stocks and those who weren’t. But in the second quarter, stock investors were 50% more likely than non-traders to buy property.
Like a bouncy castle on a patchy power supply, the Chinese property bubble has been rapidly inflating, deflating, and re-inflating since 2007. Thanks to extra-abundant credit and (probably) the stock market’s shaky state, it looks like it’s re-inflation time: The value of home sales jumped 30% in Q2, after diving 9% in the first quarter.
That’s probably a relief for Chinese banks, given that as much as three-fifths of credit in China is secured with property as collateral, says Fitch, the ratings agency. A further collapse in property prices would have risked loan defaults and cut into banks’ ability to lend.
It should also be great news for the economy; close to 30% of GDP comes from construction (both residential and commercial). However, the excess of housing supply makes it less likely that construction will pick up for at least another year, according to Rosalea Yao, real estate analyst at Gavekal Dragonomics.
This problem is much more acute in smaller cities, as suggested by the official data on average sales prices in 70 big cities.
This divergence will likely persist. According to A&M’s Li, survey respondents were more confident that prices in Tier 1 cities (i.e. Beijing, Guangzhou, Shanghai, and Shenzhen) will climb. His research also showed that 38% of homes in third-tier cities remain empty, compared with 18% in Tier 1 cities.
Source: Quartz,
http://qz.com/464505/wary-chinese-investors-are-ditching-stocks-for-real-estate/
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