Russia & Venezuela in the Caribbean
A recent Economist article mentioned Russia and Venezuela holding joint military exercises in the Caribbean. Some people see this as an invasion of the USA sphere of influence. I see it as a real estate marketing opportunity. Venezuelans and Russians are both major customers in the Miami real estate market. Why not invite the Sailors to take liberty in Miami.
They could come into the cruise ship terminal. Developers could pick them up and have parties for them. They could show them their property inventory. Having been in the navy myself at one time, I am fairly certain the sailors don’t have the wherewithal to buy right now. Some of the officers probably do. At any rate they will be exposed to the wonderful climate and lifestyle of the USA. Some may wish to return. Some may wish to change things at home.
Excluding people for what ever reason usually promotes disharmony. The people of Venezuela and Russia are not our enemies. Their leaders are using us as a bogey-man to frighten their citizens into obedience or to incite national pride. Shine the light under the bed or in the closet and the monsters go away.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Showing posts with label Miami. Show all posts
Showing posts with label Miami. Show all posts
Monday, November 17, 2008
Thursday, June 19, 2008
Miami Congress (Dr. Yun) Pt. 2
Miami Congress (Dr. Yun) Pt. 2
On home price trends:
1) Miami as a whole is down 15%. The areas with subprime property prices are down 35%.
2) In areas with no subprime foreclosures prices are unchanged.
3) Long time buyers are doing fine. Flippers are out of luck.
4) Location is more important than ever.
5) Wall street is facing and taking huge write-downs. The new CEOs are writing down losses that are higher than the real losses so they can be heroes and take credit for the major turnaround.
6) Mortgage rates are died to inflation, not to the Fed Funds Rate. Adjustable rates are tied to LIBOR.
Continued…..
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
On home price trends:
1) Miami as a whole is down 15%. The areas with subprime property prices are down 35%.
2) In areas with no subprime foreclosures prices are unchanged.
3) Long time buyers are doing fine. Flippers are out of luck.
4) Location is more important than ever.
5) Wall street is facing and taking huge write-downs. The new CEOs are writing down losses that are higher than the real losses so they can be heroes and take credit for the major turnaround.
6) Mortgage rates are died to inflation, not to the Fed Funds Rate. Adjustable rates are tied to LIBOR.
Continued…..
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Wednesday, June 18, 2008
Miami Congress (Dr. Yun) Pt. 1
Miami Congress (Dr. Yun) Pt. 1
A really great part of the Miami Congress is the presentation from the senior NAR economist. Dr. Lawrence Yun follows a couple of really great economist and he upholds the tradition well. I hope to have access to his overheads, which have a lot of numbers, soon. When I get that I will link you to them. Here we go from my presentation notes.
1) The current downturn follows an exceptional boom. There are several reasons for the downturn. They are primarily irrational exuberance and speculation.
2) The longterm market fundamentals are good.
3) “After the cleanup”. Subprime origination peaked in 2006. It had virtually disappeared by August of 2007.
4) Subprime defaults should rise through 1st Qtr of 2009.
5) Over half of defaults are from subprime. Only 9% of the loans are subprime.
6) Foreclosure has doubled from 1% to 2%. Detroit is 1st, Miami is 2nd. Areas with low subprime percentages are still seeing price growth.
Continued…..
A really great part of the Miami Congress is the presentation from the senior NAR economist. Dr. Lawrence Yun follows a couple of really great economist and he upholds the tradition well. I hope to have access to his overheads, which have a lot of numbers, soon. When I get that I will link you to them. Here we go from my presentation notes.
1) The current downturn follows an exceptional boom. There are several reasons for the downturn. They are primarily irrational exuberance and speculation.
2) The longterm market fundamentals are good.
3) “After the cleanup”. Subprime origination peaked in 2006. It had virtually disappeared by August of 2007.
4) Subprime defaults should rise through 1st Qtr of 2009.
5) Over half of defaults are from subprime. Only 9% of the loans are subprime.
6) Foreclosure has doubled from 1% to 2%. Detroit is 1st, Miami is 2nd. Areas with low subprime percentages are still seeing price growth.
Continued…..
Wednesday, June 11, 2008
Miami and Costa Rica
Miami & Costa Rica
Last night we attended a Gala at a high rise resort. The property is almost sold out to people who purchased several years ago. These buyers are the losers at Miami’s musical chairs game. They are the speculators who put 20% down on the properties expecting them to go up 30% per year. Some of these may be the people who purchased originally. Some probably bought the contracts for a higher price. Some may have bought the contracts at a discount. I think it would be much more advantageous to buy from the builder now. The best deal of course will be to wait until the market finds its bottom. The views are unbelievable, the construction and floor plans and amenities are wonderful. The fundamentals are there. The market is not.
I have been talking to Mike Torino about his development in Costa Rica. It really sounds like a great project. The developer of the project kind of turned me off when he spoke about Costa Rica to the conference. He really didn’t say much about how great Costa Rica was. He mostly just dissed Panama, Nicaragua and Belize (the competition).
I still like the project. They have “You fly, we buy gathering weekends”. You buy the airline ticket. The developers pick you up at the airport and take you for a fun filled weekend with horseback riding, ziplining, fishing, dancing and parties. Mike says that there is no sales pressure at all. They let the good times and the wonderful place do the selling. If you need an invitation contact me.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Last night we attended a Gala at a high rise resort. The property is almost sold out to people who purchased several years ago. These buyers are the losers at Miami’s musical chairs game. They are the speculators who put 20% down on the properties expecting them to go up 30% per year. Some of these may be the people who purchased originally. Some probably bought the contracts for a higher price. Some may have bought the contracts at a discount. I think it would be much more advantageous to buy from the builder now. The best deal of course will be to wait until the market finds its bottom. The views are unbelievable, the construction and floor plans and amenities are wonderful. The fundamentals are there. The market is not.
I have been talking to Mike Torino about his development in Costa Rica. It really sounds like a great project. The developer of the project kind of turned me off when he spoke about Costa Rica to the conference. He really didn’t say much about how great Costa Rica was. He mostly just dissed Panama, Nicaragua and Belize (the competition).
I still like the project. They have “You fly, we buy gathering weekends”. You buy the airline ticket. The developers pick you up at the airport and take you for a fun filled weekend with horseback riding, ziplining, fishing, dancing and parties. Mike says that there is no sales pressure at all. They let the good times and the wonderful place do the selling. If you need an invitation contact me.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Tuesday, June 10, 2008
Miami Real Estate Congress
Miami Real Estate Congress
Here I am in the Charlotte airport again, headed for the Miami Congress. This is one of my favorite events of the year. To put a cherry on my ice cream, I am also flying out of concourse “C”. My gate is directly across from Phillips Seafood. It is too early for lunch; but I will eat it anyway.
The Miami congress is one of my favorite events of the year. The days are filled with really great educational events. My favorite is the update by Mike Zellner of Latin Trade Magazine. He and his magazine know more about Latin America than anyone. The evenings are filled with really great property tours. They are really parties; but we do look at the properties. Miami is one of the places where “the music has stopped” (not the salsa music, just the real estate music). I hope the developers will be generous this year.
The networking here is fantastic as well. People from all over Europe & South America will be at the conference. I have attended every conference except the 1st one. I have never failed to do at least one transaction as a direct or indirect result of the congress. The address for the congress is http://www.miamire.com
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Here I am in the Charlotte airport again, headed for the Miami Congress. This is one of my favorite events of the year. To put a cherry on my ice cream, I am also flying out of concourse “C”. My gate is directly across from Phillips Seafood. It is too early for lunch; but I will eat it anyway.
The Miami congress is one of my favorite events of the year. The days are filled with really great educational events. My favorite is the update by Mike Zellner of Latin Trade Magazine. He and his magazine know more about Latin America than anyone. The evenings are filled with really great property tours. They are really parties; but we do look at the properties. Miami is one of the places where “the music has stopped” (not the salsa music, just the real estate music). I hope the developers will be generous this year.
The networking here is fantastic as well. People from all over Europe & South America will be at the conference. I have attended every conference except the 1st one. I have never failed to do at least one transaction as a direct or indirect result of the congress. The address for the congress is http://www.miamire.com
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Thursday, March 27, 2008
Change of Schedule
Change of Schedule
The CIPS classes in the Romanian mountains have been changed to May 22 through May 29. For those of you who want to go, the class is limited to 20 students. You had better hurry.
The change in schedule means that I will be able to attend the International Real Estate Congress in Miami. This conference is from June 10-12 at the Biltmore Hotel in Miami. The congress itself is fantastic. The day is intense educational and informational sessions. The night is intense “networking activities”. The hotel is also a major part of the enjoyment.
This is a gorgeous old hotel. It is haunted and has the largest swimming pool in the Southeast. The lobby is so fantastic that “Quincineras” from all over the country come to get their picture made there. Here is a link to the congress: http://www.brokerprofitability.com/PageManager/Default.aspx/PageID=2086988&NF=1
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
The CIPS classes in the Romanian mountains have been changed to May 22 through May 29. For those of you who want to go, the class is limited to 20 students. You had better hurry.
The change in schedule means that I will be able to attend the International Real Estate Congress in Miami. This conference is from June 10-12 at the Biltmore Hotel in Miami. The congress itself is fantastic. The day is intense educational and informational sessions. The night is intense “networking activities”. The hotel is also a major part of the enjoyment.
This is a gorgeous old hotel. It is haunted and has the largest swimming pool in the Southeast. The lobby is so fantastic that “Quincineras” from all over the country come to get their picture made there. Here is a link to the congress: http://www.brokerprofitability.com/PageManager/Default.aspx/PageID=2086988&NF=1
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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