Death row terrified pup clings to her favorite volunteer as she begging to be saved

The Chill in US Real Estate

You know things are starting to get dicey out there when even a multimillion-dollar penthouse in Manhattan can't sell.

It seems a developer in SoHo, having just recently finished primary construction for his high-rise condo tower, realized the project's focal point - a $45 million, 8,400-square-foot penthouse - was just a bit too much.

"The air is very thin up there in that buyer pool," was the way the builder, Kevin Maloney, put it to Bloomberg.

You'll love the Solomon-esque solution Maloney came up with.

The penthouse has a wonderfully grandiose name: the Summit of SoHo.

Sure, it has its own indoor pool. And yes, it has 23-foot living room ceilings. Plus, it has not one but two private elevators. One goes to the lobby; the other is so you don't have to take the stairs to the penthouse's upper levels (for entertaining, a spa and a rooftop kitchen and grill).

But the stock market cracked hard at the start of the year, with the S&P 500 down 11% at its lowest point in 2016, while Hong Kong's Hang Seng dropped roughly 17%. In recent months, Chinese real estate buyers pulled a disappearing act from realtor offices all around the U.S. And after years of ultra low interest rates and easy lending policies, there's now an excess of iconic luxury living quarters on the island of Manhattan.

The developer's solution? Chop his project's expansive space into two smaller penthouses - an $11 million, 3,000-square-foot unit (though at that size, it hardly seems big enough for one's collection of bespoke suits), and a second, 5,400-square-foot unit for a comparatively cheap $29.5 million.

I'll keep an eye on it and let you know if either gets a sale or not.

Red Hot Real Estate No More

These days, even the bond rating agencies, ever late to calling the turns in any market, are jumping on board...

Fitch Ratings noted last month that home prices in San Francisco have "risen to a level unsupportable by area income." According to Fitch, that makes the local market overvalued by around 16% - which probably means that you'd need to double that figure to estimate a true "fair value" for this once white-hot luxury market.

Just in the last few days, the National Association of Realtors noted weakening demand among foreign buyers, blaming a strong dollar and rising U.S. home prices for pushing U.S. real estate beyond the bounds of affordability even for rich foreigners.

The crash of China's Shanghai Composite stock index (down nearly 22% just since the start of 2016 with nary a bounce) forced many of the country's wealthy elites to pull back on their property purchases. You can see the impact in regional news headlines around the country:

In San Francisco: "At High End, SF's Housing Market Finally Cooling Off."

From The Boston Globe: "High-end housing market cooling off."

In Fort Lauderdale: "South Florida condo market cooling off."

Will it get worse for premium real estate? I think we're still in the early innings.

Uncle Sam's War on Cash (Property Buyers)

The story didn't get much media play back in January, but that's when the U.S. Treasury Department and its Financial Crimes Enforcement Network (FinCEN) announced the issuance of "Geographic Targeting Orders" for New York City and Miami.

The "GTOs," according to FinCEN's press release, require "certain U.S. title insurance companies to identify the natural persons behind companies used to pay 'all cash' for high-end residential real estate."

Basically, the folks at the Treasury are worried whether corrupt foreign officials or "transnational criminals" might be laundering piles of dirty money through these multimillion-dollar property purchases.

Or is Uncle Sam just worried about the flood of Chinese cash into the American real estate market? "All cash" is practically a synonym for rich Chinese property buyers.

At least, that used to be the case. As we've seen in the "cooling off" headlines around the country, the absence of this class of real estate purchaser is starting to be felt in markets around the country.

An article in The New York Times late last year really brings the impact of Chinese property buyers into focus. When it comes to purchasing a home in America, they pay an average price of $831,000 - nearly double what international buyers from India ($460,000), Britain ($455,000) and Canada ($380,000) pay for their homes in the U.S.

In coming quarters, I believe the FinCEN "targeting orders" will likely spell the end of the property-speculation craze among Chinese buyers. The government action may only be limited to New York City and Miami, but it will have a deep chilling effect everywhere. After all, it only takes another press release from FinCEN to announce an expansion into other American cities of its inquiry into the identities of those big-money, anonymous all-cash property buyers.

The trend will take time, with the data trickling onto economists' spreadsheets. But as Chinese elites continue to pull back from American real estate, well, get ready for a "Wile E. Coyote" moment in high-end luxury home prices - and more pressure on the Federal Reserve to reverse its stance on interest rates.

❤🐾 Amazing sweet girl!

This is MAYTE #A1581280 a 5-year old female Rottweiler. She was adopted from the shelter a couple of years ago and is back there as a stray. She's been available since December 12, so maybe her family has decided not to pick her up, no words. She looks well cared for. She is so sweet!!! she just wants to get petted and stay close, she sits next to you and starts giving you paw to get your attention.

She will make an amazing family pet, she walks well on the leash and seems to get along well with just any other dog she meets. Let's help her get the perfect home she deserves.
Post Credit: Marcela Garcia Bonini❤🐾
.
Available for adoption from Miami-Dade Animal Services.
Contact: Pets@miamidade.gov with A#, to check: availability/status/request medical records.
Miami-Dade Animal Services, 3599 NW 79th Avenue, Doral, Florida 33166 or call 305-884-1101.
Ask for information about animal #A1581280

STATUS : - read comment for update from crossposter
Ways To Wholesale Real Estate

Want to invest in real estate with no financial risk and no money or credit? Wholesaling houses is a popular choice. I personally think wholesaling can be a challenging way to get started, but the fact that you can get started in real estate investing without any barrier of entry makes wholesaling an attractive option. If you can get good at this side of the business, you will be success with anything you want to do. The reason I say that is finding deals is what makes a wholesaler successful. If you can get good at finding deals, you have unlimited potential.

Once you find a deal, you need to understand how to sell it to make your profit. Here are four ways you can structure your wholesale properties.

Contract Assignment: This is the easiest, but comes with some risks if not done correctly. It is also somewhat restrictive as bank owned properties will prevent this. This works well when you negotiate your deals directly with the seller. The way this works is you will get a house under contract and then you will assign your rights in the contract to another buyer for a fee. That new buyer will take on the rights and responsibilities in the contract and will close in your place. It is best to get your fee paid up front, but it is very common to get your fee when your buyer buys the house. Here are a few things to keep in mind when assigning contracts.

Be sure that you always disclose to your seller that you are or may assign the agreement to another buyer for a fee. I suggest you actually put this in the contract. Sellers should be OK with this if you are transparent that you are an investor who buys houses for a profit before you start to negotiate.

I would get money from your money that is at least enough to cover any earnest money you put up with your seller. That way if your buyer defaults on the agreement you at least cover your costs. Always try to get the entire fee paid when you assign the contract.

I like this way the best because it is easy to do on your end, it is easy for the buyer and the buyer's lender, and it is the cheapest way to go.

Double Close: This just means that you actually buy the house and then resell it. There are several ways to do this, but the most common is to buy and sell in the same day or within a day. Typically, you will need to bring in financing to get your closing done with the seller, which is why this is my least preferred method to wholesale. Also, because you have two closings you will have two sets of closing costs, so it is the most expensive way too. With that said, some wholesalers prefer this method because they do not have to disclose to the seller their intent to resell and they can both keep their deal with the seller and their deal with their buyer private. It is believed by some that this is a good way to protect your profits. The information will all become public record at some point, but that is well after the closing.

This is the method you will use by default if you do not do your contract on the front end correctly, so we do see double closing frequently.

Flip the Entity: This has become the most common way to wholesale in my market. Most, if not all, the successful wholesalers will use this strategy. Especially when wholesaling foreclosures where contract assignments are forbidden.

The way this works is the wholesaler will set up a separate entity, like an LLC or a Trust, and put that entity as the buyer of the house to be wholesaled. They will then sell the entity itself for a fee. The benefit with using this strategy is that actual contract on the house does not change. Since the buyer of the house is the entity, there are no issues with any regulation or assignment restrictions. The downside is it could be more work because of the extra step to set up the entity, and there could be additional fees to register the entity with the state. The risk for the buyer is whenever you buy a company you are buying all of it. So, if the entity was used in another transaction and owes money to anyone, the new buyer could be on the hook. Knowing this, the best way to do this transaction is with a brand-new entity used for this one purpose.

Relationship Close: I don't know if there is an actual name for this method. In fact, it is rarely seen. What I mean by relationship close is that you have such a strong relationship with a buyer that you write offers in the buyer's name. For this to work, you should be a licensed agent and preview houses for your buyer. You would need to understand their criteria and only offer on houses they will want to buy. I have a client that works this way. He has an agent write his offers and the agent/wholesaler gets paid a commission with each successful closing. They do 2 to 3 deals a month with this strategy. My client just signs contracts without looking at them at this point and trusts what the wholesaler is putting together solid offers. There is always an inspection clause protecting the buyer and the agent, but more than 9 out of 10 houses that go under contract close. That is because the agent/wholesaler knows the business and knows what this buyer will buy.

7 Responses to "Death row terrified pup clings to her favorite volunteer as she begging to be saved"

  1. Please please can someone give this sweet girl a forever home. It breaks my heart to see how many pups dogs and other animals are in kill shelters. I would take them all if I had the room and could afford to look after them. I also live to far away as I’m in the πŸ‡¬πŸ‡§ πŸ’•πŸΎπŸΎπŸ’•

    ReplyDelete
  2. If someone local pulls, we will take her at Gan Shalom in Texas. 936.419.1425

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  3. Please don’t euthanize her. She deserves to live. They all do. I’ve been sharing Mayte with my rescue friends and on fb. Please give her more time. Thank you.

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  4. Can anyone pull her and transport if I find a home? I wonder if she does well with other dogs that may not do well with others? I have a slightly inappropriate dog but I don’t think aggressively so....

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  5. Mayte has been Rescued by Humans and Animals United They've taken so many dogs out of MDAS this year! Please, send them a donation to support their work, they need the funds so much and they save so many dogs!

    ReplyDelete

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