2008 Winding Down With Bay Area Real Estate Purchases Revving Up iArticleBeach.com - Free Articles for Reprint. Add great content to your web site today

Home | About Us | Contact Us





Forgot Password? New User?

	Poetry
	Business
	Music
	Humor
	Arts & Entertainment
	Movies
	Destinations
	Women Issues
	Home Improvement
	Dating
	Real Estate
	SEO
	Health & Fitness
	Investing
	Home Based Business

View all Categories

Welcome to iArticleBeach.com - Free Articles for Reprint. Add great content to your web site today!

Articles » Finance » Real-Estate >> View Article

2008 Winding Down With Bay Area Real Estate Purchases Revving Up

By: Matthew Larsen

The end of the year is upon us with the holiday's right around the corner. It has been a very interesting, volatile and bumpy ride with the economy, stock market, Presidential election and real estate crisis. We witnessed some of our largest financial institutions go under, Fannie Mae and Freddie Mac both become taken over by the government and the stock market loose nearly 4 trillion dollars. We have witnessed world renowned business and economic figures such as Warren Buffet and Alan Greenspan in the spot light stating they have never seen anything like this. Our national debt has accumulated to unprecedented levels and our economy literally nearly collapsed. We have had numerous phone calls and emails from worried clients who are watching their retirement portfolios dwindle before their eyes and many have felt helpless. It is during these times that I recall a quote my father used to say to me "with every disaster there is always a gift on the other side". What does this mean for real estate?

Right now is the best time to buy Bay Area real estate in the past twenty years. For those who have been waiting to purchase, the time is right now.
We are seeing more buying activity in the fourth quarter than we have seen all year. The market is rich with great deals and multiple offers are happening frequently. Many people have been waiting for the "bottom" to hit but the truth is most of us will see it in the rear view mirror. According to Data Quick, Bay Area sales are at the highest volume they have been in 17 months and median values are down 40% from a year ago across 9 Bay Area Counties. Investors and buyers have stepped off the sidelines and into the game. We will most likely see more purchasing activity in 09 with the window of opportunity closing in quickly. The buying frenzy has indeed been initiated and the heat is on. This is a very important step for all of us. Our economy needs to stabilize and homeowners need their property values to stop declining. Bay Area real estate for many is a good investment strategy if it is long term. In today's market it is not all that bad to have a saleable, tangible asset instead of an extremely volatile stock portfolio.

Much of the purchase activity in the real estate market is with bank owned or "distressed" properties. We would like to put out a word of caution when dealing with these types of properties. Many of the lenders who own these are located out of state and have lengthy contracts that are drafted by their own attorneys protecting the banks best interest. The purchase contract in California is designed to protect the buyer not the bank. It is important to watch out for clauses in the banks contracts like their contract supersedes the interest of the California purchase contract in case of a difference between the two. It is also very common in the banks contracts to revert back to the passive removal of contingencies instead of the California contract requiring an active removal. A passive removal of contingency means that per the banks contract the buyer has a certain amount of time to do inspections, remove the appraisal and the loan contingencies. If that date comes and goes, the contingencies are automatically removed and the buyers deposit is on the line. The California contract requires the contingencies to be removed in writing with both parties signing and dating those removals. Make sure to be very careful when dealing with bank owned properties and that you are working with a professional who knows what they are doing. It is also a very good idea to have an attorney look over any agreement from a bank before you sign it just to make sure you fully understand what you're getting into.

The real estate market most likely see a significant number of lawsuits arise in the following months largely due to bank owned and distressed properties. There will be many attorneys watching very carefully for negligent behavior and real estate agents and brokers should be cautious in their dealings. There is nothing to worry about as long as business transactions are done carefully and professionally.

Real estate has made more people wealthy than just about anything and the Bay Area is no exception. This market is a niche and demand is always been strong. The population will continue to grow and the economy will remain a large player in the global economy.

Please contact Team Enterprise for more information or visit us online.

Best,
Matt Larsen
--
Team Enterprise is a group of real estate professionals working with RE/MAX Accord in the Bay Area.We work with buyers, sellers and investors for residential, income properties, commercial properties and lots and land.If you are looking to purchase or sell real estate, contact Team Enterprise and get it done right the 1st time.1-877-510-3948http://www.teamenterprise.com

Total Views : 584 Word Count Appx. : 826

See All articles From Author

Wed, 08 Feb 2012 20:57:39 GMT Review: Soulo converts iPad into karaoke machine (AP)

AP - Karaoke lovers typically fall into two categories: Those who enjoy it, and those whose arms have to be twisted to get up and sing in public.

Wed, 08 Feb 2012 22:53:14 GMT Lawsuit seeks to block Google's privacy changes (AP)
AP - A consumer watchdog group is suing the Federal Trade Commission in an attempt to prevent Google from making sweeping changes to its privacy policies next month.

Thu, 09 Feb 2012 06:35:55 GMT Lenovo 3Q profit up by half, warns of disk supply (AP)
AP - Lenovo Group Ltd., the world's second biggest personal computer maker, said Thursday that quarterly profit grew by more than half but warned hard drive costs would remain high amid a global shortage.

Thu, 09 Feb 2012 01:32:25 GMT Just Show Me: How to check your data usage on Android 4.0 (Yahoo! News)
Yahoo! News - Welcome toÂ Just Show Me onÂ Tecca TV, where we show you tips and tricks for getting the most out of theÂ gadgets in your life. In today's episode we'll show you how to check your data usage on yourÂ Android 4.0 phone. Android …

Thu, 09 Feb 2012 01:27:02 GMT Far-out footage: Water droplets orbit a knitting needle on the International Space Station (Yahoo! News)
Yahoo! News - When NASA astronaut Dan Burbank left Earth for theÂ International Space Station as part ofÂ Expedition 30 last November, he took along some knitting needles, but not for making a space sweater. The mission's commander brought them to make a point â€” …

Thu, 09 Feb 2012 00:19:11 GMT 'Bachelor' Contestant Courtney Gets Auto-Tuned [VIDEO] (Mashable)
Mashable - Fans of The Bachelor are all too familiar with this season's over-the-top contestant Courtney, who makes snide comments at the camera and likes to take off her bikini top.

Thu, 09 Feb 2012 02:10:29 GMT ESPN falls to third in online sports site rankings (Reuters)
Reuters - Yahoo Sports remained the most popular U.S. online sports site in January, but the most eye-catching news was ESPN.com falling to third place behind FoxSports.com.

Wed, 08 Feb 2012 22:50:20 GMT McCartney to debut new songs live on iTunes stream (AP)

AP - Paul McCartney will debut the songs from his new album "Kisses on the Bottom" in a free live streaming performance on iTunes.

Thu, 09 Feb 2012 06:10:00 GMT Washington Footing the Cell Phone Bill for Millions of Low Income Americans (Time.com)
Time.com - Last year, a federal program paid out $1.6 billion to cover free cell phones and the monthly bills of 12.5 million wireless accounts

Thu, 09 Feb 2012 11:29:56 GMT Vodafone hit by weak southern Europe (Reuters)
Reuters - Vodafone, the world's largest mobile phone operator, missed quarterly revenue forecasts on Thursday as increasingly tough trading in Spain and Italy overshadowed solid performances in emerging markets and northern Europe.

Thu, 09 Feb 2012 05:21:16 GMT Analysis: Investor activists see little to "like" in Facebook (Reuters)
Reuters - A new crop of companies entering the U.S. public markets, including such high-profile offerings as Facebook, are turning the clock back on the way U.S. corporations are run.

Thu, 09 Feb 2012 03:31:41 GMT Sony abandons PlayStation Vita UMD Passport plan in North America (Digital Trends)
Digital Trends - As reported by Kotaku earlier today, Sony is ditching plans to allow new Vita owners to download PSP titles that they currently own on UMD disc. Sony rolled out this program in Japan at launch during December 2011 and allÂ Japanese owners can register their UMD titles on the Vita by paying a fee based on the value of the game, thus Japanese owners can avoid having to repurchase the titles at full cost on the PlayStation Vita digital download store. New PlayStation Vita owners in North America onÂ February 22Â will have to keep the PSP in order to access old titles or repurchase older games at full price to utilize the software on the newer handheld system.Â

Wed, 08 Feb 2012 22:35:00 GMT Update: Path now lets users opt-out of sharing contacts (Appolicious)
Appolicious - Update: Path now lets users opt-out of sharing contacts

Wed, 08 Feb 2012 23:21:28 GMT Apple's patent plea: Stop Samsung and Motorola from holding us hostage (Digital Trends)
Digital Trends - The world of patent licensing often seems like a maze of twisty little passages, all alike, but every so often the industry stumbles into a new tunnel â€” or, at least, one that seems new at first glance. Such is the case with Apple, which has asked the European Telecommunications Standards Institute (ETSI) to establish a set of basic principles governing so-called fair, reasonable, and non-discriminatory (FRAND) licensing of patented technologies included in wireless communications standards. That sentence may make many consumersâ€™ eyes glaze over, but it boils down to this: Apple wants rules saying that if a company contributes their technology to a standard, they donâ€™t get to use that technology to beat up competitors who use that standard.

Thu, 09 Feb 2012 09:13:31 GMT Operator of radical Muslim site to plead guilty (AP)
AP - A Muslim convert from Brooklyn who ran a website that posted threats against the creators of the television show "South Park" for supposedly insulting the prophet Muhammad is expected to enter a guilty plea.

Thu, 09 Feb 2012 11:49:54 GMT German court says Samsung can sell reworked tablet (Reuters)
Reuters - Samsung Electronics Co Ltd's reworked tablet PC does not look like a copycat version of the iPad, a German court said, affirming a preliminary assessment and dealing another legal blow to Apple Inc.

Wed, 08 Feb 2012 19:54:00 GMT Gameloft releases new social platform app for Android (Appolicious)
Appolicious - Mobile game maker Gameloft is responsible for some of the biggest-budget, biggest-name games on Google’s Android operating system (as well as Apple’s iOS), which is probably why it has 7 million registered players in its proprietary gaming network. Today the company released a new app that lets dedicated Gameloft fans access that network even when they’re not playing Asphalt 6 or Modern Combat.

Wed, 08 Feb 2012 20:22:33 GMT The U.S. and China: A Duel to the Debt (The Motley Fool)
The Motley Fool - In this period of "exceptional uncertainty" (to quote Federal Reserve Chairman Ben Bernanke), where can investors turn for a considered perspective on the current environment? Produced to feed the beast of the 24-hour news cycle, the bulk of financial journalism and commentary today isn't worth the servers it is stored on. One notable exception to that rule is Buttonwood, the financial markets column of The Economist. Philip Coggan is the columnist -- arguably the most influential position in financial journalism (along with the head of Lex at the Financial Times).

© 2006 - Present - iArticleBeach.com - Free Articles for Reprint. Add great content to your web site today. All Rights Reserved. Use of our service is protected by our Privacy Policy and Terms of Service