Romanian Real Estate
It amazing how similar and how different Romanian real estate practices are from Bulgarian. The ownership laws are very close. There seems to be a lot of state owned property in both countries; but more of it is being privatized in Romania I think. The Romanians say they are about 5 years ahead of the Bulgarians. They believe that there is a bank “conspiracy” to ruin the real estate market. The market has slowed; but owners are unwilling to take lower prices so the market is stagnating.
Brokers complain that they can’t get sellers to give exclusive listings. They represent buyer and seller in the transaction. There is no MLS. Why would a seller give them an exclusive listing? They are really working for themselves. The brokers I have met are sincere. They are conscientious about developing their skills and building the industry. They are cursed by inertia.
Everyone is a real estate agent. This makes it really hard for the legitimate professionals. The most crippling aspect though is the belief that nothing can be changed. I have been coming here for 4 or 5 years now. Things have changed. It has been slow; but it is happening. The Romanians are near or at the end of a cycle. The Bulgarians are afraid that events in the USA will affect their market.
Prices in Bulgaria are so low (comparatively) that I cannot see a serious slowdown coming there for several years. As soon as the sellers get a little more motivated, there will be buying opportunities in Romania. Both countries have many really interesting old buildings that need to be renovated.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Wednesday, May 28, 2008
Monday, May 19, 2008
Bulgarian Real Estate Practices
Bulgarian Real Estate Procedures
There are quite a few fairly small differences in the way real estate is conducted in Bulgaria. I will just focus on a few things every foreign broker or buyer should know.
Agency: The brokers in Bulgaria normally charge the buyers the commission. They represent both parties in the transaction. Sometimes they have exclusive listings sometimes they don’t. Occasionally a broker will be hired just to advertise and market a property without being hired to list or sell the property.
The brokers do all of the title work and prepare all of the documents for the transaction. No lawyer is required; but many of the real estate offices have their own lawyers or are owned by lawyers.
I may be incorrect on this next point. If any Bulgarian practitioners are reading, I would really appreciate comments. Foreigners may own the land and the improvements in the name of an artificial entity. They may only own the improvements in their own name. A Bulgarian may own the land and the improvements in their own name. It is a common practice here to buy the right to build on a piece of land without buying the land.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
There are quite a few fairly small differences in the way real estate is conducted in Bulgaria. I will just focus on a few things every foreign broker or buyer should know.
Agency: The brokers in Bulgaria normally charge the buyers the commission. They represent both parties in the transaction. Sometimes they have exclusive listings sometimes they don’t. Occasionally a broker will be hired just to advertise and market a property without being hired to list or sell the property.
The brokers do all of the title work and prepare all of the documents for the transaction. No lawyer is required; but many of the real estate offices have their own lawyers or are owned by lawyers.
I may be incorrect on this next point. If any Bulgarian practitioners are reading, I would really appreciate comments. Foreigners may own the land and the improvements in the name of an artificial entity. They may only own the improvements in their own name. A Bulgarian may own the land and the improvements in their own name. It is a common practice here to buy the right to build on a piece of land without buying the land.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Saturday, May 17, 2008
What I learned from my Bulgarian Students
What I Learned from my Bulgarian Students
I asked the same thing in Bulgaria that I asked in Korea. “What are 5 things you want the world to know about your country.” The Korean class president was supposed to send me an email with the summary. He didn’t. This time I did the writing myself. This question elicited a response that lasted about an hour. We boiled it down into four statements.
An ancient history going back to the time of the Thracians has resulted in a rich culture featuring unique foods, wines, folk music and dancing. (More about Bulgarian food at http://davesdailygarden.blogspot.com/ )
The high educational level, friendliness and harmonious co-habitation of different ethnic and religious groups makes Bulgaria an attractive place to live.
From the mountains to the sea we enjoy a nice climate, hot mineral springs, 4 seasons and many recreational opportunities.
Steady 6% GDP growth, low unemployment , relatively low wages, the 2nd lowest real estate prices and the highest growth rate in real estate prices in the EU make Bulgaria an ideal investment target.
I hope to furnish links soon that will tie you to Bulgarian brokers and information sites.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
I asked the same thing in Bulgaria that I asked in Korea. “What are 5 things you want the world to know about your country.” The Korean class president was supposed to send me an email with the summary. He didn’t. This time I did the writing myself. This question elicited a response that lasted about an hour. We boiled it down into four statements.
An ancient history going back to the time of the Thracians has resulted in a rich culture featuring unique foods, wines, folk music and dancing. (More about Bulgarian food at http://davesdailygarden.blogspot.com/ )
The high educational level, friendliness and harmonious co-habitation of different ethnic and religious groups makes Bulgaria an attractive place to live.
From the mountains to the sea we enjoy a nice climate, hot mineral springs, 4 seasons and many recreational opportunities.
Steady 6% GDP growth, low unemployment , relatively low wages, the 2nd lowest real estate prices and the highest growth rate in real estate prices in the EU make Bulgaria an ideal investment target.
I hope to furnish links soon that will tie you to Bulgarian brokers and information sites.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Thursday, May 15, 2008
Airports & International Travel (Pt. 2)
Airports & International Travel (Pt. 2)
When I think of the horrible events of last year, I am really thankful for United Air Lines. I am not very thankful for Verizon Wireless. My “international phone” doesn’t work in Frankfurt. It hasn’t worked anywhere yet.
When I got to the gate in DC, the gate attendant told me that I wasn’t going to be able to get on the plane; because my luggage would be with Austrian Airlines and would not be with me. I told him, “I have to be in Varna, with or without my luggage. Can I get upgraded to 1st class with miles?” He sent me to the 1st class lounge to get a new ticket, while he held the plane. When I got back, he not only upgraded me to business class, he comp’d me because the video didn’t work. I admit to being worried about my luggage; but at least I know it won’t be there; so I won’t waste a lot of time looking for it. I can just go to lost luggage and start the search.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
When I think of the horrible events of last year, I am really thankful for United Air Lines. I am not very thankful for Verizon Wireless. My “international phone” doesn’t work in Frankfurt. It hasn’t worked anywhere yet.
When I got to the gate in DC, the gate attendant told me that I wasn’t going to be able to get on the plane; because my luggage would be with Austrian Airlines and would not be with me. I told him, “I have to be in Varna, with or without my luggage. Can I get upgraded to 1st class with miles?” He sent me to the 1st class lounge to get a new ticket, while he held the plane. When I got back, he not only upgraded me to business class, he comp’d me because the video didn’t work. I admit to being worried about my luggage; but at least I know it won’t be there; so I won’t waste a lot of time looking for it. I can just go to lost luggage and start the search.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Monday, May 12, 2008
Airports & International Travel (Pt. 1)
Another adventure begins as I head for Bulgaria & Romania. I am so excited about the opportunity to renew some old acquaintances that I will forgive the problems of travel and the missing of the NAR meetings in DC. One of my favorite events of the year. I always go the airport early for two reasons. 1) If things go wrong, I am ahead of the curve. 2) If I am lucky enough to fly out of concourse C, I can go to Phillips Seafood.
Nobody goes to the airport to eat; but Phillips Seafood in Charlotte is worth it. My original flight on United Mesa was so late that I would have missed my connection to Vienna. A transfer to USAir sent me to concourse C and Phillips Seafood. So…My battery got low as I was writing. I have had an adventure since it stopped. The USAir flight was delayed by an hour meaning I would still miss my connection. Almost the same as what happened last year; but with one big difference: This time I bought my ticket from United.
I got on the phone with United via the number on the back of my Gold Card. They re-routed me through Frankfurt and on to Vienna. Hopefully, I will still make my original flight to Varna. I am writing this from the Lufthansa lounge in Frankfurt. So far so good. At least I am on the right side of the ocean. There is not a wireless connection here other than T-Mobile; so I will not be able to post right now.
Another adventure begins as I head for Bulgaria & Romania. I am so excited about the opportunity to renew some old acquaintances that I will forgive the problems of travel and the missing of the NAR meetings in DC. One of my favorite events of the year. I always go the airport early for two reasons. 1) If things go wrong, I am ahead of the curve. 2) If I am lucky enough to fly out of concourse C, I can go to Phillips Seafood.
Nobody goes to the airport to eat; but Phillips Seafood in Charlotte is worth it. My original flight on United Mesa was so late that I would have missed my connection to Vienna. A transfer to USAir sent me to concourse C and Phillips Seafood. So…My battery got low as I was writing. I have had an adventure since it stopped. The USAir flight was delayed by an hour meaning I would still miss my connection. Almost the same as what happened last year; but with one big difference: This time I bought my ticket from United.
I got on the phone with United via the number on the back of my Gold Card. They re-routed me through Frankfurt and on to Vienna. Hopefully, I will still make my original flight to Varna. I am writing this from the Lufthansa lounge in Frankfurt. So far so good. At least I am on the right side of the ocean. There is not a wireless connection here other than T-Mobile; so I will not be able to post right now.
Friday, May 9, 2008
Patel on India (Pt. 2)
Patel on India (Pt. 2)
An Indian friend told me a few years ago how cheap things were in India. I asked him why he didn’t go home and live like a king. He said, “There’s nothing to buy there.”
From my conversation with Shashin, I learned that because of the tariffs and quotas being reduced, the stores are full of merchandise. One can buy anything available anywhere else. The cost of labor is very low. Someone does the laundry. Someone cleans the floors. Someone prepares the meals. The master and mistress live in a fairy tale world. To democratic western minds this may seem decadent. India has a billion people. Every one needs to make a living somehow. To do one’s own laundry is to deprive someone else of a meal.
I also learned that 50% of the population is under 25. Parents and the government are highly focused on making sure the children get a really great education. What does this mean for the future of India?
Shashin Patel’s web page is http://www.hospitalitygrp.com
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
An Indian friend told me a few years ago how cheap things were in India. I asked him why he didn’t go home and live like a king. He said, “There’s nothing to buy there.”
From my conversation with Shashin, I learned that because of the tariffs and quotas being reduced, the stores are full of merchandise. One can buy anything available anywhere else. The cost of labor is very low. Someone does the laundry. Someone cleans the floors. Someone prepares the meals. The master and mistress live in a fairy tale world. To democratic western minds this may seem decadent. India has a billion people. Every one needs to make a living somehow. To do one’s own laundry is to deprive someone else of a meal.
I also learned that 50% of the population is under 25. Parents and the government are highly focused on making sure the children get a really great education. What does this mean for the future of India?
Shashin Patel’s web page is http://www.hospitalitygrp.com
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Sunday, May 4, 2008
Patel on India (Pt. 1)
Patel on India ( Pt. 1)
My friend Shashin Patel recently returned for 7 weeks in India. I took the opportunity yesterday (5/30/08) to interview him for our benefit. He noticed some big changes.
One of the most noticeable changes was the availability of all types of merchandise in the stores. The current prime minister, who is an economist, has reduced the tariffs and other blocks to incoming merchandise. Corruption has been reduced because the people are totally fed up with it. There is fear of getting caught among government officials.
Foreign investors still have to have an Indian partner who owns more than 50% of the venture; but because of the tremendous growth in the economy and the improvement of the general prosperity, the investors are coming in. Investors are allowed to repatriate their profits. India’s attractive lifestyle is attracting people and helping to keep the people who are there. That will be the subject of the next blog.
Shashin Patel’s web page is http://www.hospitalitygrp.com
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
My friend Shashin Patel recently returned for 7 weeks in India. I took the opportunity yesterday (5/30/08) to interview him for our benefit. He noticed some big changes.
One of the most noticeable changes was the availability of all types of merchandise in the stores. The current prime minister, who is an economist, has reduced the tariffs and other blocks to incoming merchandise. Corruption has been reduced because the people are totally fed up with it. There is fear of getting caught among government officials.
Foreign investors still have to have an Indian partner who owns more than 50% of the venture; but because of the tremendous growth in the economy and the improvement of the general prosperity, the investors are coming in. Investors are allowed to repatriate their profits. India’s attractive lifestyle is attracting people and helping to keep the people who are there. That will be the subject of the next blog.
Shashin Patel’s web page is http://www.hospitalitygrp.com
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
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