Thursday, June 25, 2009
Tuesday, June 02, 2009
TRUMP IS FOR SALE…. RESALES ARE A BARGAIN…THE TIME TO BUY IS NOW…..
I have personally sold over $40m in real estate at Trump and just recently purchased an in-town for myself. There are terrific under-market deals right now as some early buyers are unable to close and are willing to let their preferred first-buyer interests go at a loss to them. This resale opportunity at up to 40% off current Developer Prices will only last until the current sales close out or revert to the Developer. WE expect this window of opportunity to last only through July or perhaps August.The building has terrific views, a 23,000 sf spa, hotel services, concierge, private owned parking, and a walking location to the Theatre District, Michigan Avenue, and dozens of restaurants. The newly enhanced river walk also adds to the appeal. But, mostly, this is one new building which actually did get built and has changed Chicago’s skyline.
Monday, June 01, 2009
MORTGAGES: WHAT IS UP??
This report by Chris Covalle is a terrific summary of the volatility of the mortgage rates this past week. Still a great deal, but watch carefully for the right time to sign up! Tricia
Hi everyone,
I just wanted to get a quick note out regarding the extreme rate volatility which has occurred from last Wednesday thru today. Last Wednesday marked the single worst day in mortgage pricing since last October. Rates have tried to drive lower a little since then, but overall have continued to increase. Here is the basic message clients should be hearing:
1) Mortgage Pricing is tied to a bond instrument which is traded daily, just like stocks are and thus can change pricing every day, and oftentimes, more than once in the same day.
2) Rates remained low for a long period of time as investors preferred the returns on these longer maturity instruments more than the returns they could realize elsewhere-stock market, etc. Thus the government did not need to offer a particularly high yield (return) on these bonds, thus keeping the prices up due to the high demand for them.
3) Now, however, to try and continue financing all of the current government initiatives, the government has flooded the market w/ a large supply of these long term instruments. Unfortunately for mortgage rates, investors currently have more confidence in the stock market and other investment areas to deliver a higher rate of return on their investments. As a consequence, we have seen prices on the instruments tied to mortgage pricing fall as the government attempts to offer a higher yield (return) in an effort to drive more demand.
The key in the next couple of days will be how much demand bounces back and stabilizes mortgage pricing.
Please advise if anyone has any other questions on how to relay this info to clients. Here is where we are right now:
Hi everyone,
I just wanted to get a quick note out regarding the extreme rate volatility which has occurred from last Wednesday thru today. Last Wednesday marked the single worst day in mortgage pricing since last October. Rates have tried to drive lower a little since then, but overall have continued to increase. Here is the basic message clients should be hearing:
1) Mortgage Pricing is tied to a bond instrument which is traded daily, just like stocks are and thus can change pricing every day, and oftentimes, more than once in the same day.
2) Rates remained low for a long period of time as investors preferred the returns on these longer maturity instruments more than the returns they could realize elsewhere-stock market, etc. Thus the government did not need to offer a particularly high yield (return) on these bonds, thus keeping the prices up due to the high demand for them.
3) Now, however, to try and continue financing all of the current government initiatives, the government has flooded the market w/ a large supply of these long term instruments. Unfortunately for mortgage rates, investors currently have more confidence in the stock market and other investment areas to deliver a higher rate of return on their investments. As a consequence, we have seen prices on the instruments tied to mortgage pricing fall as the government attempts to offer a higher yield (return) in an effort to drive more demand.
The key in the next couple of days will be how much demand bounces back and stabilizes mortgage pricing.
Please advise if anyone has any other questions on how to relay this info to clients. Here is where we are right now:
Monday, May 18, 2009
Wednesday, May 13, 2009
Have we bottomed out?
I can only comment on my area, the Gold Coast of Chicago – and I think it may have bottomed out. And if not, well, close enough!
My view from working in the trenches here is that optimism is up, sellers are more flexible on pricing, buyers are ready to buy - the prices may be at the bottom and combined with the best fixed term mortgage rates this has become the year to buy. In five years, I believe this is the year you will look back and say, “2009 was the year I should have bought!”
So, wouldn’t you rather – 1. Be living where you want? 2. Look back in five years and say, “I did buy in 2009!”
So – taking my own advice, I just bought a new place. I will sell my current home for a little less…but I am buying for MORE LESS…and, most of all, I am going to be living where I want. Let’s not forget that part – the living where you want part!
Go for it? Bottom, maybe. Good prices and rates, definitely!
My view from working in the trenches here is that optimism is up, sellers are more flexible on pricing, buyers are ready to buy - the prices may be at the bottom and combined with the best fixed term mortgage rates this has become the year to buy. In five years, I believe this is the year you will look back and say, “2009 was the year I should have bought!”
So, wouldn’t you rather – 1. Be living where you want? 2. Look back in five years and say, “I did buy in 2009!”
So – taking my own advice, I just bought a new place. I will sell my current home for a little less…but I am buying for MORE LESS…and, most of all, I am going to be living where I want. Let’s not forget that part – the living where you want part!
Go for it? Bottom, maybe. Good prices and rates, definitely!
Wednesday, April 22, 2009
Want to get top dollar for your home?
Despite the fact that declining home prices have been grabbing headlines for several months now, it can be a challenge for any of us to let go of what we had hoped our home would sell for.
It's often the case that, prior to listing their homes, sellers interview a few agents, with a plan to sign on with the one who agrees to list it at the highest price. With the understanding that the listing price is ultimately the decision of the seller, not the real estate agent, I’d like to explain one of the most critical dynamics that impacts the actual sales price of a home.
Whether we are in a buyer’s market or a seller’s market, the same principle applies. The most effective pricing strategy for getting top dollar for a home is to price it competitively. This might not seem to make sense at first, but study after study, as well as my own personal experience, has proven that when a competitively priced home hits the market, it generates an instant buzz. Agents begin calling their prospective buyers and lining up showings to ensure that they don’t miss out on a great buy. Bidding wars can even break out.
Let’s contrast this situation to what happens when a home is priced higher than comparable properties. Neighbors and prospective buyers take one look at the listing sheet, and dismiss it as overpriced. The home sits on the market and sits some more. Eventually “REDUCED PRICE!” signs go up. The market starts to wonder what’s wrong with the house since it hasn’t sold.
Eventually, sellers take it off the market or agree to sell it for a much lower price than they had originally hoped.
In any market, competitively priced homes sell quicker and command a higher selling price than homes that factor high hopes into the pricing equation.
As a real estate professional specializing in the Luxury Market, I diligently track trends as they pertain to the pricing and demand of homes. Want to learn more about how to sell your home quickly and at the best possible price? I’d love to talk with you. Contact me any time at 312.446.7373 or triciafox@gcchicago.com.
It's often the case that, prior to listing their homes, sellers interview a few agents, with a plan to sign on with the one who agrees to list it at the highest price. With the understanding that the listing price is ultimately the decision of the seller, not the real estate agent, I’d like to explain one of the most critical dynamics that impacts the actual sales price of a home.
Whether we are in a buyer’s market or a seller’s market, the same principle applies. The most effective pricing strategy for getting top dollar for a home is to price it competitively. This might not seem to make sense at first, but study after study, as well as my own personal experience, has proven that when a competitively priced home hits the market, it generates an instant buzz. Agents begin calling their prospective buyers and lining up showings to ensure that they don’t miss out on a great buy. Bidding wars can even break out.
Let’s contrast this situation to what happens when a home is priced higher than comparable properties. Neighbors and prospective buyers take one look at the listing sheet, and dismiss it as overpriced. The home sits on the market and sits some more. Eventually “REDUCED PRICE!” signs go up. The market starts to wonder what’s wrong with the house since it hasn’t sold.
Eventually, sellers take it off the market or agree to sell it for a much lower price than they had originally hoped.
In any market, competitively priced homes sell quicker and command a higher selling price than homes that factor high hopes into the pricing equation.
As a real estate professional specializing in the Luxury Market, I diligently track trends as they pertain to the pricing and demand of homes. Want to learn more about how to sell your home quickly and at the best possible price? I’d love to talk with you. Contact me any time at 312.446.7373 or triciafox@gcchicago.com.
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Tuesday, April 21, 2009
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