Trying to Dodge Stupidity is Stupid
I just received my Visa for next weeks trip to China. I had to send my passport (one of my most prized possessions) off to get the visa. I was afraid that embassy personnel ( being beurocrats) might lose my passport. I used “China Visa Service”. Their application includes two places for the shipping address. I put my post office as preferred.
I put my office as the second because they ship by FED-EX. My passport did not come Monday. I called Tuesday AM. They said it had been sent Friday and I should have it. They gave me the tracking #. I tracked it and found that there had been an attempted delivery at 10:00 and they would try again on Wednesday. I knew I was in my office all morning, I cursed FED-EX for stupidity and made signs for the doors saying to come on in and leaving my cell phone #.
When I got home, there was a door tag on my back door indicating the attempted delivery. They could not change delivery address without contacting the shipper. I managed to get them to deliver to a FED-EX office near my office. I could have saved about $40 and sent my passport to the Chinese Embassy. I will do that next time.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Saturday, June 28, 2008
Wednesday, June 25, 2008
Xenophobia, Visas and International Real Estate
Xenophobia, Visas and International Real Estate
One of the preparations for a trip to China is getting a visa. The process is aggravating. The cost is high $205 and I have to send my passport away. The visa is for single entry and is only good for 90 days. Do you think I would like to buy a vacation home in China?
As the holder of a US passport, there are very few countries that require a visa. But what about the way the US treats visitors from most of the world? The visa requirements and the treatment people receive at our borders and airports is a major deterrent to investment and tourism here. With the US dollar at ridiculously low levels and real estate prices dropping we could be a desirable target for vacation home buyers. An improvement in this market would help our real estate industry and our general economy.
As a private citizen and a real estate agent, what can I do? I can apologize; but I am pretty powerless to change things. I can recommend properties in Central and South America. As a matter of fact that is what I am doing. I don’t mean to be unpatriotic about this being the greatest country in the world and all that. I just don’t want my clients and friends to have to start their trip with a dose of Homeland Insecurity.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
One of the preparations for a trip to China is getting a visa. The process is aggravating. The cost is high $205 and I have to send my passport away. The visa is for single entry and is only good for 90 days. Do you think I would like to buy a vacation home in China?
As the holder of a US passport, there are very few countries that require a visa. But what about the way the US treats visitors from most of the world? The visa requirements and the treatment people receive at our borders and airports is a major deterrent to investment and tourism here. With the US dollar at ridiculously low levels and real estate prices dropping we could be a desirable target for vacation home buyers. An improvement in this market would help our real estate industry and our general economy.
As a private citizen and a real estate agent, what can I do? I can apologize; but I am pretty powerless to change things. I can recommend properties in Central and South America. As a matter of fact that is what I am doing. I don’t mean to be unpatriotic about this being the greatest country in the world and all that. I just don’t want my clients and friends to have to start their trip with a dose of Homeland Insecurity.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Monday, June 23, 2008
Miami Congress (Dr. Yun) Pt. 4
Miami Congress (Dr. Yun) Pt. 4
On the economy:
1) The inflation rate is high and rising. Consumer sentiment is way down. The economy is expanding at a very slow rate.
2) Corporate profits are very high. The stock market is undervalued.
3) Vacation home sales are falling. The currency differential offers some opportunities. The US home prices are falling in Brazillian Real.
4) Freddie & Fannie have been in “declining market policy” mode. This calls for higher lending criteria. This policy is being removed during the month of June.
Sorry if this sounds disjointed. It is from my notes at the presentation. All of the statements are direct quotes or paraphrases from Dr. Yun’s talk.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
On the economy:
1) The inflation rate is high and rising. Consumer sentiment is way down. The economy is expanding at a very slow rate.
2) Corporate profits are very high. The stock market is undervalued.
3) Vacation home sales are falling. The currency differential offers some opportunities. The US home prices are falling in Brazillian Real.
4) Freddie & Fannie have been in “declining market policy” mode. This calls for higher lending criteria. This policy is being removed during the month of June.
Sorry if this sounds disjointed. It is from my notes at the presentation. All of the statements are direct quotes or paraphrases from Dr. Yun’s talk.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Friday, June 20, 2008
Miami Congress (Dr. Yun) Pt. 3
Miami Congress (Dr. Yun) Pt. 3
1) Housing market activity is at its lowest rate in 10 years
2) Projected price declines are causing pessimism in the market.
3) Prices seem to have stabilized. 80 % of the homes listed are listed because the owner wants to buy a new home.
4) The high vancancy in New (vacant) homes is declining do to cutbacks in construction.
5) Long term we need 1.6 million new homes per year. In 2006 there was and oversupply. Now the input is down to 1 million homes per year.
6) Price declines have been very speedy, over time there a potential for large price increases.
continued
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
1) Housing market activity is at its lowest rate in 10 years
2) Projected price declines are causing pessimism in the market.
3) Prices seem to have stabilized. 80 % of the homes listed are listed because the owner wants to buy a new home.
4) The high vancancy in New (vacant) homes is declining do to cutbacks in construction.
5) Long term we need 1.6 million new homes per year. In 2006 there was and oversupply. Now the input is down to 1 million homes per year.
6) Price declines have been very speedy, over time there a potential for large price increases.
continued
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
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…..
Thursday, June 12, 2008
S. Florida and the Latin America Connection
S. Florida and the Latin Connection
My favorite part of the Miami Congress is the presentation that Mike Zellner of Latin Trade does each year. These are the points he made on the above subject:
1) Political instability in Latin America leads to Miami Immigration. It is always apparent which countries are having problems. They come to Miami. They don’t usually stay. When things get better they go home.
2) The weakening dollar is increasing shopping.
3) The economies of the developing countries are not slowing as much as those of the developed countries because of strong internal growth.
4) Bad service in the Port of Miami is forcing trade North.
5) The governments in most of Latin America are more competent than the governments in South Florida.
Mike showed a chart showing the number of International headquarters in different Latin cities. Sao Paulo was 1st with over 200. Mexico City was second and Miami was 3rd. I am requesting a copy of his presentation and I will share the numbers with you when I get them. Dr. Lawrence Yun, The NAR economist speaks next. I will give you a summary of his presentation in the next blog.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
My favorite part of the Miami Congress is the presentation that Mike Zellner of Latin Trade does each year. These are the points he made on the above subject:
1) Political instability in Latin America leads to Miami Immigration. It is always apparent which countries are having problems. They come to Miami. They don’t usually stay. When things get better they go home.
2) The weakening dollar is increasing shopping.
3) The economies of the developing countries are not slowing as much as those of the developed countries because of strong internal growth.
4) Bad service in the Port of Miami is forcing trade North.
5) The governments in most of Latin America are more competent than the governments in South Florida.
Mike showed a chart showing the number of International headquarters in different Latin cities. Sao Paulo was 1st with over 200. Mexico City was second and Miami was 3rd. I am requesting a copy of his presentation and I will share the numbers with you when I get them. Dr. Lawrence Yun, The NAR economist speaks next. I will give you a summary of his presentation in the next blog.
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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