Mike’s Real Estate Show

I would call Andy Sirkin’s office in San Francisco and schedule an immedate appointment. He’s an expert in Tenants in Common (TIC’s) and you need help as all of this should have been addressed in the formation stages of the TIC. Here is his information off of his web site.
•   email address is dasirkin@earthlink.net. We welcome brief email inquiries, but do not provide legal advice via email. If you have legal questions, or would like to set up an appointment, please contact us by phone. DUE TO TIME CONSTRAINTS, WE ARE UNABLE TO REVIEW OR RESPOND TO EMAIL EXCEEDING FOUR LINES OF TEXT.
•  Our telephone number is 415-738-8545
•  Our address is:
Sirkin Paul Associates
250 Montgomery Street, Suite 1200
San Francisco, CA 94104

Mr. Pete Phillippee is back in the saddle as am I. We’ll both be in the studio this Sunday to take another look at the interest rate market, check on availability of loan products and explore where this market is going–Heck in a handbasket? But spring has sprung and sales are up. If you’re an investor or first timer wishing to take advantage of this great “Buyer’s market” welcome but get used to hearing, “There are 15 offers on this REO property and we need to overbid!” HUH?!! I thought I was going to get a deal? Read the rest of this entry »

 I always wonder what the consumer and/or talking heads mean by the “Market turning around”? What? Back to the days of 20% yearly appreciation? Affordablity? Sane underwiriting guidelines? I heard a talking head stating the Fed was going to try and stop the “spiral downward of home prices”. Huh? The fed is NOT going to restore property values to a level where those now facing the ravages of “neg-am” loans, option arms payments and nothing down scenarios will stay put in their homes. These folks, the vast majority who should NOT have been allowed to buy homes to begin with, are looking at increased loan payments with falling values and thinking, “Why am I paying this monthly payment to live here!??” Your loan adjusts, you’re paying $4,000 per month to live in a modest production style home while you could “rent” a much nicer place with litle or no reponsibiliies. They move! They bail! It’s O.K. to bail now! It’s socially acceptable! I’m a victim of bad Realtors, lenders, Wall Street, everyone but my own actions.
  That being said–is it a bad time to buy when the REO’s I have listed get 15-20 offers and overbid on the home driving the cost skyward? Should we allow 3% down with 580 FICO scores? Sub-prime scammers on the prowl again? Nope!! FHA!!
  I got news for y’all–it’s the wild, wild, West out here in the Greatest State of California.  The timid need not apply!

WASHINGTON, April 22, 2008

Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate1 of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.

Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.” Read the rest of this entry »

This is the “Estate Agent” office for London. This would be our “Association of Realtor” office. The town where my cousin lives, Marlowe, is 30 minutes from London and on the Thames. The homes are circa 1650’s to present day. She lives in a “row” house of about 1400sqft, very narrow yard, house, price is around 400,000 pounds or $800,000!!! Very posh, kinda like Mill Valley prices and area. Upscale, affluence.

Yes, I go all the way to Ireland to Kiss the Blarney Stone at Blarney Castle in the bucolic village of “Blarney” and after walking up a tiny little, precarious staircase with a hanging rope as a guide, I could NOT get my back and neck to arch back so I could kiss the “Stone”!! See the photo above and my cousin kissing the “Stone” and holding onto the “bars” which they provide for you. The photo on the right shows the pads which you lay your back on and then arch over. A “guide” holds you as you bend over. You’re looking straight down 4 stories when you bend over!! The darker part of the stone is where everyone has puckered up and smooched the “stone”. I “air-kissed” it! The grounds though as really worth the price of admission–about $15.00. We got their late in the day and missed the house behind the castle but walked the grounds. We had to come back the next morning for souviners as the shop had closed when we left. I reccomend it highly. It’s just 20 minutes from Cork which is in the “Sunny” part of Ireland in the south.

We are finally getting off the snide, having moved off the perpetual sales numbe of 200-225 per month since September of ‘07! We now have 278 sales and still have a few days left in the month. This is a good thing as it represents a 20% increase over last month. However, year-to-date we are off 22% as last year at this time our sales hit 355. The median took a hit falling 17%.Last year at this time: $520,000, Today? $430,000.  But REMEMBER, this is indicative of where the action is in the marketplace. The rash of REO’s (Real Estate Owned–bank properties post-foreclosure) and Short-Sales (pre-foreclosure with Lender allowing reduction of loan amount to make a sale), are in the lower price points and keeping our median down. Read the rest of this entry »

Here I am (the guy on the right) in front of Windsor Castle with my cousin Kathy and “Tom Kelly, International Man of Action!” (my Uncle Tom Kelly). This is the gate adjacent to the “long walk” which is a gorgeous, paved walking path which goes straight out of this gate for about a mile to a raised, viewing area. Lined by trees and spacious lawns. The town of Windsor surrounds the Castle. Left of the picture is a cute pub and then up that street you can walk along the perimeter of the Castle to the main entrance and then past that to the Thames, crossing the Eaton Bridge to famed Eaton College. Weather on this day? 70’s, calm, absolutely stunning. Had a nice lunch of “pub-grub” and then sauntered about ending the day on the Thames sipping a libation at a restaurant dubbed “River House”.