We saw something interesting in a luxury home. I had never seen it before. It was a backlit quartz stone wall and countertop surfaces. The coolest use of the backlighting of the stone was in the shower. One wall of the shower that was finished in quartz glowed with light. It made the shower space so inviting. It gave an incredible look to the bathroom. The vanity was also quartz and backlit. The Kentwood Denver real estate agent was showing us luxury living spaces. I have seen a lot of interesting decorating and design ideas, but I have never seen backlighting through stone before.
There are other things about luxury homes that are intriguing. The shower in the master bath was programmable for each person who would be using it. It would remember the water temperature and spray pattern you liked.
Interest rates are basically controlled by the Fed as we all know but how does the interest rate affect real estate values?
The interest rate has an enormous effect on values because the rate essentially affects the cost of borrowing money. If all home buyers bought their homes with cash and never borrowed money then the effect would be minimal or not relevant. How many people have the ability to purchase homes with cash? Basically no one so in order to get money to purchase homes buyers must borrow the money. Sufficient to say over 99% of the home buyers need to borrow money to purchase homes. Since this is a fact then the interest rate will drastically affect their decision and buying power, but why?
Let analysis typical buyers who borrows $200,000 to buy your home at a rate of 5%. The buyer’s principle and interest payment per month would be $1,073.64. They can afford a monthly principal and interest payment of $1,150 so they are thrilled. Now what happens if the rates are 7% then the buyer’s monthly payment would increase to $1,330.60. That is a $256.96 difference per month because of the rate being 2% higher. Due to the rate being higher the cost of borrowing money has increased dramatically and the buyers have been priced out of that particular home. As the interest rate increases buyers across the board are being priced out of homes. What do you think has to happen to values? There has to be a downward pressure on the market as just about everyone is being priced out of home they were just able to afford.
To possess a luxury real estate way to live a fairytale within this era. Luxury real estate is distinguished from regular real estates in lots of ways with respect to the location and also the luxurious amenities obtainable in the particular residential area. Any home that’s listed over $a million can easily term as luxury houses. Probably the most costly luxury real estate within the U.S. is really a house which has 29 sleeping rooms, a cinema. a disco, 3 pools all encompassing a 6.5 acre land. Over two decades ago the home was listed at $20 million and also at the present market status a home is marked in a whooping rate of $165 million
Luxury real estate is about the standard and it is trendy market price that will reach soaring high costs following a particular period. It’s a great investment also it never does not multiply your opportunities manifold. True luxury real estate is couple of in number as in comparison to the regular alternatives. The characteristics making it basically an extravagance home are the existence of important institutions nearby which might include schools, hospitals, and landscapes, beach and so forth. The position of the property plays a significant role in determining its value.
You need to know what type of pest management services are for sale to you when leasing or leasing. In certain areas, particularly in areas with known populations of unwanted pests, this can be a essential concern.
Establish an online business before jumping in to the market. Nowadays, an internet site is essential much like accounts on professional networking sites like LinkedIn. Optimize your site for search engines like google to ensure that you can acquire a good rank high in search engines. Your ultimate goal would be to enable people to understand you are only for by simply typing your title to their internet search engine.
Realize that you will find many different types of brokers if this involves commercial real estate. Agents that actually work with tenants and land lords both of them are known as full service brokers. You will find also agents that just represent tenants. You might take advantage of utilizing a broker who works solely with tenants, because of the singular focus.
When you’re responsible for the facility maintenance of a residential complex or building, the tasks are endless. With ensuring so many major systems are running properly, to keeping residents happy with smaller repairs, when an emergency situation occurs, there may be no one available to take care of it. Many residential property maintenance and building repair tasks are left to the property manager, who isn’t necessarily trained in the required trades. For this reason, and to help keep costs manageable, more and more complexes are choosing to outsource their residential property maintenance.
Broad Facility Maintenance Knowledge
Companies that provide residential property maintenance typically employ specialists in a number of different trades. A property manager may not know the ins and outs of fixing plumbing, or a complex electrical problem, or how to maintain an HVAC unit. If complications arise, a simple building repair can turn into a job that multiple trades people have to work on. In a situation like this, employing one vendor versus five can save time, money and a lot of headache.
Pay Only When Services Are Needed
Another benefit to outsourcing residential property maintenance is that instead of paying someone a full time salary, year-round, you only pay for the services you need at the time that you need them. When books are tight and the bottom line matters (and in today’s economy, when doesn’t it?) every penny counts. A certified, bonded and insured professional is dispatched as quickly as possible to tend to the issue, and you can feel comfort that it will be handled efficiently and professionally. No lengthy interviews, no human resource hassles, no full time salaries.
Provide Tenants With Faster Service
Unlike having only one facility maintenance employee, outsourcing your residential property maintenance needs allows you to quickly resolve multiple issues at the same time. Issues no longer need to be prioritized, meaning that all of the residents are tended to immediately, keeping complaints down and costs low. In addition, instead of paying multiple permanent maintenance employees year round, you can request several at times where there are multiple fires to put out. This also means that when things are running smoothly, there are no payroll expenses, lowering the overall budget required for facility maintenance.
Local, Trusted Contractors
If the property you own is not local, outsourcing the residential property maintenance means that issues can be handled locally. Tenants don’t have to wait for you to arrive, as the facility maintenance crew will be dispatched from a local location. Once again, this provides a better experience for your tenant. Keeping tenants happy typically leads to units staying occupied for longer lengths of time. Lower tenant turnover rates equate to higher profits, satisfying all parties.
Occasionally, residential property maintenance includes a large scale job. Landscaping often falls into this category. When outsourcing, instead of one man with a lawn mower, you can have an entire crew with lawn mowers, weed whackers, and other landscaping equipment all over your property at once. The property will be professionally groomed in less time, and your tenants will not only be proud to come home to a beautiful property, but will experience less disruption from noise.
Foreclosures are one option when investing in residential property. However, when forecloses are listed for a courthouse auction, they do not always end up being sold. You need to be aware of the various foreclosures outcomes to ensure you keep other options open when investing in residential property.
The owners have received their notice of default. Also, a notice of sale has gone out. The property is scheduled for a courthouse auction. However, before the auction, the property is removed from the schedule. The property can be removed from a foreclosure auction even on the day it is supposed to be auctioned off. There are various why reasons a foreclosure can be cancelled. First, the lender and the homeowners have worked out an agreement through mediation. It is also possible that a loan modification has been granted. Another reason is a short sale. The homeowners were able to sell their home at a loss and the lender finally approved the sale. Cancelled foreclosures will not appear back on the courthouse steps unless the foreclosure process is started again.
If you were interested in investing in residential property that was postponed from the courthouse auction, you will most likely get another chance. Postponements are not like cancellations. The property can appear back at the courthouse steps without the lender starting the foreclosure process over again. Postponing a foreclosure gives lenders and homeowners time to work out a deal. If no deal is worked out in a certain amount of time, then the foreclosure will proceed to auction.
Many times foreclosures remain unsold after an auction. The property goes back to the lender if no one buys the property. The main reason why no one would buy a foreclosure is because it is often priced for more than it is worth.
The lender now officially owns the property. The house is no longer a foreclosure but a real estate owned property or REO. REOs are also called bank-owned properties. The mortgage no longer exists on the house. The lender is also responsible for any tax liens. Lenders can take REOs and list them on the market. An REO may be a good option if you are investing in residential property. Unlike foreclosures, you can actually inspect the REO before you buy it.
Investing in residential property does take some time and effort. It is important have a plan in place if a cancellation or a postponement does happen to a property you are interested in. This plan should include looking at REOs.
Kolkata is fundamentally a Tier II city, and its real estate market is not as volatile as those of the primary cities. Because of this, Kolkata’s residential property sector was not as seriously impacted by the nationwide slump in the real estate market as cities like Mumbai, Delhi, Pune or Hyderabad.
Though traditionally quite conservative when compared to these cities, the Kolkata residential property market now has a rather heavy complement of investors driving it. The eastern micro-market – specifically Rajarhat – has seen the highest presence of investors, with investor sales outnumbering end-user sales in recent years. At the moment, it would be safe to say that around 60% of Kolkata’s residential real estate market is driven by investors.
The pace of recovery from the slump has been steady – but like every other city, the growth in residential property rates is not been uniform across all locations. Established central areas show much the same dynamics as those in cities like Mumbai and Pune do because appreciation potential hovers around the peak levels for these areas already. At the same time, demand for these locations is also constant.
To illustrate – the CBD (Central Business District) locations from Dalhousie to Elgin Road have not seen much upward or downward movement in residential rates. In 2007, they ranged from Rs.10000-12000/sq.ft. and now are at Rs. 12000-15000/sq.ft. The prime areas of Alipore and Ballygunge in the SBD have residential rates and market dynamics matching those of the CBD.
The SBD (Secondary Business District) areas like Dariahat, the Eastern Metropolitan Bypass and Central Avenue upto Lake Town on VIP Road have seen higher appreciation as housing demand spread outward into more affordable areas. In these areas, housing rates ranged from has been higher – from Rs. 2500-4000/sq.ft in 2007 to Rs. 3000-7000/sq.ft. today. In the PBD (Peripheral Business District) areas beyond the SBD, rates have also been fluctuating (though less dramatically) from around Rs. 1500-2000/sq.ft in 2007 to Rs. 2000-4000/sq.ft. today.
As a matter of interest, the costliest residential areas in Kolkata today are Park Street, Ballygunge, Alipore and Camac Street, where rates range from Rs. 12000-15000/sq.ft. The cheapest areas are in the PBD, in areas such as Dumdum and Garia. Rates there range from Rs. 1500-2500/sq.ft.
I expect residential capital values in Kolkata to rise steadily in the feature, not least of all because of the advent of reputed developers such as Godrej, DLF and Unitech. In fact, considering the demand, prices are likely to rise much faster for residential properties than in other real estate segments.
Mayank Saksena is City Head – Kolkata, Jones Lang LaSalle India, the Indian operations of Jones Lang LaSalle, the largest real estate consultancy in India.
With an extensive geographic footprint across ten cities, Jones Lang LaSalle India provides investors, developers, local corporate and multinational companies with a comprehensive range of services including research, consultancy, transactions, project and development services, integrated facility management, property management, capital markets, residential, hotels and retail advisory.
Delhi is one city where hundreds of people come looking for better career prospects. This metro city also attracts hundreds of students for getting world-class education which can sculpt a bright future. With more and more people coming to Delhi for some reason or the other there has been a tenfold increase in the population count with every passing day. To cope up with the growing demand of population, several real estate properties in Delhi have been already developed while many more are yet in the pipeline.
Some of the major properties in Delhi fall under Vasant Vihar, Vasant Kunj, New Friends Colony, Vikaspuri, Hauz Khas, Dwarka, Janakpuri, Rohini, Laxmibai Nagar, Lodhi Colony, Panchshil Park, Chanakyapuri, Geetanjali Enclave, Paschim Vihar, Maharani Bagh, Golf Link, Gulmohar Park, Jor Bagh and Mayapuri among several others. so many residential Apartments in Delhi come in all sizes from independent houses to luxurious bungalows. Golf Links, as already stated, is a prime area for residence in Delhi and offers accommodation mostly in the form of apartments. However, independent houses can also be found here. Jor Bagh and Sundar Nagar apartments also offer sufficient residential options.
Lutyens Delhi offers posh area properties which come for a heavy price. Out of the several properties in Delhi, Chanakyapuri is an ideal option for the expatriates or foreign nationals. The presence of various embassies in Chanakyapuri calls for lesser power cuts and water shortage.
Vasant Vihar, yet another posh area of Delhi is a hot favorite for residential purpose being in close vicinity to all facilities with a relatively bigger price tag. Dwarka is the latest buzz as far as residential properties in Delhi are concerned. The huge Sub City has apartments and flats spread across the entire area and is the biggest well-planned residential area of Delhi. Among the several residential properties in Delhi, Dwarka has undoubtedly become the Delhi real estate show stopper with spacious roads, cleanliness, metro connectivity, amenities and vicinity to airport. The comfort provided in the apartments draw a fat price. Once the proposed Embassies are established in Dwarka, the residential property prices are likely to soar higher.
The government of Delhi needs to ensure that the ratio between the residential properties in Delhi and the growing population does not reach the level of two end points of a straight line, but rather remain at a relative distance from each other so that, as and when required, it becomes convenient to keep a check on both.