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Just love the broad brush comments on Blogs about …

Just love the broad brush comments on Blogs about the <a href=”http://www.luxuryrealtygroup.com” title=”Las Vegas real estate”>Las Vegas real estate </a>market when the real facts are never quoted. There have been so many cancelled high rise projects in Las Vegas that supply is very limited. Guess buyers forget that low supply equals high demand. Yes, short term it “appears” there is supply but look at the forward construction pipeline – very empty other than City Center. Vegas doesn’t come anywhere close to Miami’s 50,000 plus condos. Try 895 luxury high rise condos near the prime Strip in existence at the end of 2006 and 1407 hotel condos. Over supply? I...

Real Estate Pricing in Philadelphia

Recently, I have seen prices on certain properties being reduced. I would not call this a crash, recession, collapse or other scary words. I just think certain sellers that have just made up prices (and the agents who took these listings) have realized that the buyers will not just buy property with a blind eye anymore.<br /><br />Buyers are getting more sepective as the number of buyers have dropped. This is a process that brings prices back to a reality. It will also do something else that might be more invasive to the real estate world.<br /><br />If the monthly payment for a mortgage gets more realistic for average...

1.00% Option ARMs, Pick-A-Pay Loans, Negative Ams

Whatever name you call them, the 1% loans that are widely advertising remind me of the character Whimpy on Popeye the Sailor Man.<br /><br />Whimpy always siad, “I will gladly pay you Tuesday for a hamburger today.” With the 1% “rat” being the hamburger, imagine borrower say $200,000 and owing $225,000 later down the road.<br /><br />These loans are not for everyone. You must understand them fully in order to take them out. It is NOT a 1.00% interest rate! The real rate today is in the 6’s or 7’s. Please do not be fooled.<br /><br />Give me a call at 866-GLICK-66 and I will be happy to explain...

Mortgage-interest idea alarms housing industry

By Alan J. Heavens, Philadelphia Inquirer<br />11-13-05<br /><br />A proposal by President Bush’s tax-reform panel to convert the mortgage-interest deduction to a 15 percent tax credit is not sitting well with the housing industry and its allies.<br />Loss of the deduction could result in home prices’ decreasing by 15 percent, especially in high-cost areas such as California, said Al Mansell, president of the National Association of Realtors.<br />According to 2003 data from the Internal Revenue Service, 52 percent of families claiming the deduction earn between $60,000 and $200,000 a year.<br /><br />Homeowners now are permitted to deduct interest payments on mortgage debt of up to $1.1 million, including $100,000...

Use caution with 2 types of attractive mortgages

By Al Heavens, Philadelphia Inquirer Columnist 6/26/06<br /><br />There’s growing worry in official Washington, as well as in the frothier real estate markets of Florida and California, about a couple of potentially problematic mortgage products.<br />I’m talking about mortgages that offer interest-only options and something called an option adjustable-rate mortgage.<br /><br />Both are attractive to prospective buyers who are looking to buy more house with little money. Their popularity reflects the phenomenal growth of the subprime loan market, which caters to borrowers with blemished or limited credit histories.<br /><br />Subprime loans carry higher rates of interest than prime loans, to compensate for increased credit risk. On June 3, Federal...

Choosing the best option for housing in retirement

By Alan J. HeavensInquirer Real Estate Writer 5/5/06<br /><br />You’re sure you can afford to buy into one of those active-adult communities. If you do it now, you’ll have the equity from your present house to pay cash.<br /><br />But you have some big concerns. The stock market has been having more downs than ups, your 401(k) and pension fund aren’t performing the way you’d like, and you aren’t positive that Social Security will be around much longer.<br /><br />So what do you buy, how do you pay for it, and, most important, how do you keep it if things turn sour for you financially down the road?<br /><br...

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