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Category: General (page 1 of 23)

August 30, 2020

Three reasons why New York and San Francisco aren’t dead

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

“The reports of our deaths are greatly exaggerated”– New York City and San Francisco

The Bloodhounds have been talking about San Francisco and Manhattan’s death over on Facebook.  The general consensus is that they have been ruined by Marxist mayors (they have) and become much too expensive for people to live, work and play (they have).  The pandemic exacerbated these flaws and now that everyone is working from home, these cities are destined to crumble into ruin.

Greg Swann fired a shot the other day, right here in Bloodhound Blog.  I don’t dispute that both cities are in trouble.

This graphic shows the growth in year-over-year housing inventory.  While most of the country is experiencing actual declines in housing inventory (less homes for sale than the year before), NYC and San Francisco have more homes for sale than the year before.

Some reasons for the decline in housing supply are:

(1) homeowners are hunkering down because of the pandemic,
(2) some homeowners are in trouble and taking advantage of the mortgage forbearance program.— they are delaying the inevitable sale,
(3) new housing construction has slowed or halter in most major cities.

Greg Swann went so far as to suggest that cities might be dead forever, thanks to the internet and remote work opportunities.  While his criticism of poorly run cities is valid, the notion that the future of work is a “laptop in the basement” is not.

I am the one of the most tech-friendly Luddites you’ll ever meet.  If an app or platform is relatively easy to use, I embrace it.  Back in the early days, I was teaching real estate agents and lenders how to build IRL networks from social media.  I have been doing that since 2003.  The key component to success in online networking is to connect online but to meet, and develop a relationship in person.  Human beings are mammals and we like to cuddle.  The cuddlers will be more productive than the email-ers every time.  Keep this in mind when you think that humans will scatter to the mountains and do business on Zoom forever.

Here are three reasons why neither San Francisco nor New Read more

October 2, 2017

Real Estate Auctions: Not Just For Foreclosures Anymore

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Two years ago, I started paying MLS, NAR, CA, and SDAR dues.  Since my wife Debra was taking on more of the lending responsibilities, I spent the bulk of my time working with the real estate agents.  Having MLS access allowed me to hold broker opens for my agents, hold open houses for their listings, and act as a de facto “buyer’s agent” for them when they were out of town.

I had a few “orphan” clients and, in the past 30 months,  I represented about a dozen buyers and listed and sold two properties as a real estate agent.  It’s not something I love but understanding the brokerage side of the business enhanced our knowledge as lenders.  We understand contracts, deadlines, contingencies, and conversations with our agent clients better.  Throwing mom and dad in the station wagon, showing homes, writing offers, meeting property inspectors, negotiating repairs, and closing deals has made us better lenders so I’m grateful for the experience.

Eight years ago, a local hedge fund type started an online real estate auction site.  I wrote about it here and was tangentially involved but it never really took off.  I think it was more because of the online component and less of the auction component.  Generally speaking, when tech types and hedge fund guys try to disinternediate the local brokerage, they lose.  Greg wrote about the next flop yesterday.

I have always been intrigued with auctions so it shouldn’t surprise you that I have followed Harcourts, the New Zealand real estate brokerage’s entry into the Southern California market.  Harcourts has been holding non-distressed auctions for two years now with tepid results.  I had a few thoughts about why its results are mediocre so I started to form a new firm; California House Auctions.

We are a vendor.  We have an exclusive agreement with one of the top auctioneers in California.  He’s held over 600 auctions in the past thirty years and is well known in the community.  We’ll be helping ANY real estate brokerage to sell their (non-distressed) listing through a live auction.  We’ll charge a fee for each successful auction (paid at Read more

July 28, 2014

How Not to Message

by

Raleigh Criminal Lawyer

Author website

Taking this moment to give this brief lesson on how not to message:

Neil Siegel, a former special counsel to Joe Biden and supporter of ObamaCare/Affordable Care Act, was on WUNC’s The State of Things on Wednesday discussing recent appellate litigation involving the subsidies authorized by the Act. The DC Circuit ruled Monday that subsidies are illegal in states that did not set up their own insurance exchanges. North Carolina is one of those states. The Fourth Circuit, in which North Carolina is located, found otherwise.

January 11, 2013

There is no real estate inventory problem in Oceanside, CA

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

How often had you heard real estate agents complain about “the inventory problem” this past year?  I used to think their complaints were farcical until these past 3-4 months.  I have about a dozen pre-approved buyers out looking for homes.  Interest rates are low and the foreclosures are getting snapped up as soon as they hit the market.  Not one of those dozen has been able to get an accepted offer since Labor Day, 2012.

Clearly, there must be an inventory problem. 

It’s time to change gears real estate agents.  A few years back, I suggested that buyers would be controlling the market and the listings side of the business should be de-emphasized.  All the properties being offered were short sales or foreclosures.  Paperwork-intensive transactions didn’t sound so appealing to me and I recommended that agents focus all their efforts on finding buyers and getting them into contracts.  Those who followed such advice didn’t get rich but earned a darned good living these past few years.

I had breakfast this morning with Mr. Oceanside, Don Reedy.  We discussed the local market and “the inventory problem” when it hit me; there is no shortage of homes.  In Oceanside alone, there are thousands of home owners, with equity, who can sell their properties to ready and willing home buyers.  This offers the ambitious real estate agent a great opportunity.  Too often, real estate agents (and loan originators) forget that we are paid to add value to transactions.  If we’re simply acting as gatekeepers, we are no different from everyone else.  We need to “create personal inventory”–find sellers for the buyers who want their homes.

Here is my ten- step plan for real estate agents, for a great 2013…with PLENTY of “personal” inventory:

  1. Attend your local caravan meeting each week.  Pay close attention to the agents who speak during the “buyers’ needs” segment.
    Call a dozen local agents weekly who work with buyers.  Find out where the inventory problem is.  At this point, you will see a glaring opportunity in your town/market area.  If you know that those agents have 2-3 buyers, for a certain price range, in a certain Read more
November 18, 2011

A Peek Inside the Unchained Conference (Part 5 of 5)

by

Real Estate Renaissance Man

Author website

Each day of the past week, I featured one of the amazing speakers from the Unchained Conference 2011. It was your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it could be: a few moments. For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…

There were many great speakers, and lots of great ideas this year.  There always are.  But at every conference – Unchained or other – there is one Keynote Speaker.  One presenter that no one will miss.  The Superstar, if you will.  The expert who turns the fire hydrant on full force and dares you to step up.  At Unchained, there is no doubt who that speaker is…

Eric Blackwell is an SEO expert, and he has helped countless real estate agents generate countless new clients through their online presence.  When he gets going on what works and what doesn’t, you can almost feel the absolute truth of his words.  Why?  Could be all the sites he runs, or the totalality of hours he has spent doing SEO work, but it really comes down to this: Eric Blackwell does SEO for a living – he’s down in the trenches every day testing, trying and correcting.  He knows what it takes to build your online presence, and we know he’s a star.

November 17, 2011

A Peek Inside the Unchained Conference (Part 4 of 5)

by

Real Estate Renaissance Man

Author website

Each day this week, I’ve featured one of the amazing speakers from the Unchained Conference 2011. This is your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it will be: a few moments. For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…

Whether “I told you so,” or not… remember this for next time: when you hear about an Unchained Conference being scheduled, get online, get out your wallet, and get yourself there. You will leave dead tired, overwhelmed, and so filled with ideas you’ll find yourself clicking your heels and saying “There’s no place like Unchained. There’s no place like Unchained…” Leading that chant will be none other than today’s speaker:

Brian Brady is called America’s #1 Mortgage Broker by Google; but he’s got a lot more to teach than finance.  He’s been generating clients AND closed transactions from online and social media venues since way before most in the industry had even heard the terms.  At Unchained 2011, Mr. Brady took us on a wild tour of email marketing, Hollywood movies and secrets to converting prospects into clients.  Want to know how The Wizard of Ahhhs does it?  Join him on the Yellow Brick Road at the next Unchained.

November 14, 2011

A Peek Inside the Unchained Conference (1 of 5)

by

Real Estate Renaissance Man

Author website

Each day this week (and earlier than this one, I promise) I’ll post a few moments from some of the speakers at the Unchained Conference 2011.  It’s your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it will be: a few moments.  For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…

I could say: “I told you so,” but instead I’ll say this: the next time there’s an Unchained Conference scheduled – and the way each one gets better than the one before, you better believe there’ll be more – make it a point to get yourself there.  You’ll leave dead tired, overwhelmed, and full of ideas you can implement immediately.

Here’s Greg, discussing how he creates hundreds of thousands of web pages to dominate the competition.

September 24, 2011

Was That Your Kid On 2nd Base Lookin’ For You?

by

Real Estate Investments Broker

Author website

It’s a lazy Saturday here in Paradise, um, San Diego. The last week or so I’ve been running into more than my share of people from my local baseball past, bringing a flood of fond memories in each instance. In Vons last week I ran into a kid I both coached (for and against) and umpired countless times. Yesterday in another local store there was a parent ahead of me at the cash register. “Jeff!! It’s Cheryl, how ya doin’?” “Super, Cheryl — How’s little Stevie?” “He’s a CPA now, living at the beach.”

Wow — Little Stevie’s a CPA? How the hell old am I anyway? Over the years I’ve had so much fun on the field, enjoying the heat of battle, both in the dugout and as an umpire. From the time my own son was eight, till he was a sophomore in high school, I was in the dugout. That includes post season tournaments, and all-stars at every age group.

Guess how many many millions of dollars I’d trade for those years.

The on-the-field stories I have, interesting, funny, and sometimes deeply poignant, go from 1988 through 2000, my last year umpiring NCAA ball. I saw my son’s first homer. Was in the dugout for his no-hitter. Same for the day he stood on the mound so triumphantly, having won the local city-wide major league championship in front of his old buds and their parents. Who, for the record, were cheering wildly for him, while lookin’ up at the announcer’s booth at the black hat who’d chased us out the year before to another league.

How sweet was that? In that moment, how much was the look on his face worth? Or seeing another league’s folks standing up and cheering for their involuntary prodigal son? Or, having the memory of that look and those cheers till I die?

I’ve umpired college kids I’d seen play since they were fifth graders for Heaven’s sake. Some of the stories are fall down funny. Some are pure baseball, and most are made up of success, failure, and the value of endless hard work Read more

September 9, 2011

Who “Nose” What’s Right?

by

Realtor, Renaissance Man

Author website

This is an article whose inception has come from some recent interactions on other blogs with regard to NAR’s update of Article 10 of the Code of Ethics concerning discrimination against sexual orientation. Though I participated in commentary on this topic, what really was bothering me was what follows. Simply put, I’m pretty damned tired of being proselytized and dumbed down by NAR, and even more tired of watching the planet forsake common sense because crafty special interest groups have figured out how to dilute the “Fathertongue” so as to render it useless.

I’m against “Gay Marriage”, and wanted to talk with you about why.

Wait, excuse me for a minute…there’s a bunch of people at my door.  Oh my, it’s the ACLU, some folks with signs with something about LGBT on them, some reporters from MSNBC, and even someone from NAR with a photocopy of the newly amended Article 10 sexual orientation anti-discriminatory verbiage.

Ground rule #1 – This is not about religion. Yes, I am a Christian, and yes Christians mostly believe that gay marriage is not appropriate. Yes, I’m one of them. But in this article you get no traction with any comments slamming Christianity. This is not about my faith. As with most “discrimination” issues, I am well able to separate my philosophy and faith from an honest discussion about rule of law, society, sociology, the family, and more importantly, the long hand of a master to whom I owe no allegiance.

Your Right to Throw a Punch Ends Where My Nose Begins

This saying has been a way of life for me for as long as I was able to stick up for myself. Hopefully you won’t find the saying controversial. It’s a reminder that I am an individual, complete and independent, and while we do in fact interact, your right to exercise your independence ends where my “nose” begins. You may shout or debate. You may whisper behind my back, or come to my door with placards. You may join with your own pugilists to wage war on my philosophy. You may lobby and convince. All these things you may Read more

July 4, 2011

Happy 4th. of July fellow independence seekers

by

Realtor, Newlywed

Author website

On this day of celebration of our nations independence I think it is only right that we take a few moments to think of our own personal independence. Today is the day we should take off the yokes that we allow to harness us and become independent of our own masters. If not now when?

For a little musical enjoyment today I am including a older Dave Alvin song I hope you enjoy! The video is a recent live performance in Atlanta.

May 4, 2011

MY SENIOR MOMENT

by

Real Estate Renaissance Man

Author website

A couple of weeks ago I joined millions of other Americans in the last minute ritual of rushing to the post office on April 15th and filing… my tax extension.  Brimming with pride over not procrastinating this year, a reward was in order.  Now this is normally the realm of chocolate frozen yogurt, but I wanted something more appropriate, maybe even a little dangerous; so I went down to the local Tea Party Rally.

Though a newbie to the whole “Astroturf” experience, I felt I had some idea what to expect thanks to the fine, unbiased reporting of our main stream media.  I braced myself for loud, selfish people who didn’t give a damn about the less fortunate.  I girded myself for cynical young radicals.  I steeled myself for the subtle racism reportedly running just beneath the surface. In short, I entered the raucous Public Square of the Tea Party by embracing the Boy Scout motto: Be Prepared.

Ha!  Somebody – I’m not sure if it’s the Boy Scouts or the Fourth Estate – owes me an apology.  I didn’t hear any loud, selfish rhetoric.  In fact, the speeches mainly concerned the social justice of liberty and even saving public employee pensions!  I did not see young radicals (though this was Oceanside, CA so distinguishing between subversive radicals and skateboarders is tricky).  And any “subtle racism” must have been drowned out by Ted Hayes’ standing ovation.

I spent hours looking out over the nearly two thousand people who attended, and it’s what I did see that surprised me: the predominate, if not prototypical, Tea Party activist is a woman in her early fifties who is, or soon will be, a grandmother.

Surprising, right?   I wasn’t prepared either.  (You see why I’m looking for an apology from the main stream media… or is it the Boy Scouts?)  The more I thought about it though, the more sense it made; who else would it be?  The Tea Party, at its heart, stands opposed to the generational transfer of financial devastation.  Now granted, parents are generally more protective of children than anyone else.  But most moms and dads Read more

April 15, 2011

The Santa Claus Nation

by

Realtor, Renaissance Man

Author website

I love Christmas…just so you know. And no, I’m not on drugs, this being just past the start of Spring. But it occurred to me today that we are becoming a Santa Claus nation. Let me explain.

It all started when I read that the U.S. Post Office had just issued a stamp that depicts the Statue of Liberty. The story indicated that the picture of the Statue of Liberty was not actually the real one, but rather a photo of the Statue of LIberty in Las Vegas! Of course, when I read the article, I assumed that this mistake would make the stamp valuable, and that the real Statue would quickly replace the fake one. But….

The United States Postal Service admitted the mistake but said it planned to stick with its Lady Liberty “Forever” stamp.  “We still love the stamp design and would have selected this photograph anyway,” Roy Betts, a post office spokesman, told the Times.

 
Really? While I happen to love the movie “Miracle on 34th Street”, and am delighted each time I watch it, I’m no longer 6 years old, and (spoiler alert) understand the difference between Christmas and Santa Claus. Can’t wait for December? Want a reminder?

The difference between Christmas and Santa Claus just doesn’t seem to have been clarified to our government, the Post Office for example, does it? What we’re now going to get is a depicture of a depicture. A replica of the real thing. They’re giving us Santa Claus. I want Christmas.

This is really a post about government in general, of course, NAR specifically, and an awful lot of the world we’ve colorized in attempt to feed the masses chaff instead of grain. I’m a man who was once a boy, working in a profession run by boys who never act like men, in a country where our government now openly promotes imitation over the real deal. If you’re on the street today showing homes, and if you come upon an old woman with wrinkles, look away. Somewhere there’s a Photoshopped Gravatar Read more

February 19, 2011

The Blindsided Realtor

by

Realtor, Renaissance Man

Author website

On January 31st I had a catastrohic retinal detachment in my left eye that rendered me blind (black, nada) for two days.  Two days later I had retinal surgery to repair the detachment.  This included injecting and filling my eye with silicone oil to keep the retina in place and the intraocular pressures where they needed to be.   In a followup visit four days later I had additional laser surgery to tack down the areas of the retina that needed it.  I was told during this time to lie face down 24 hours a day to keep the silicone oil pressing against the back of the eye.

Then, one week after the surgery I began to see a black shade covering my eye once again.  The retina had detached once more, and so for a few more days I was not just legally blind (the effect you get with silicone oil and the regular run of the mill retinal detachment surgery), but black, dark and very disturbingly blind.  It seems that the retina had not only detached, but there had been formation of retinal scar tissue in the wrong place.  This is a very serious condition called proliferative vitreal retinopathy (PVR), and if left uncorrected almost always results in permanent blindness.

Well, you’re saying, this is a real estate blog; not a Jerry Springer show or even an Oprah event.  And you all know that I’m writing this because I’ve had some sort of epiphany…right?

In truth, there hasn’t been an epiphany yet, and there might not be one.  I started off asking myself if there were any other “blind” Realtors functioning in America.  Turns out there’s a quite successful, totally blind, real estate agent in La Jolla.  So my hopes of being important because I couldn’t see just simply faded to grey like in a bad B-movie.  And any hopes I had for this being just a good story that I could share around the water cooler died this past week.

I was sent to USC Doheny Eye Center in Los Angeles by my surgeon here in La Jolla.  Was told his group was the Read more

February 12, 2011

A new bumper sticker: Lend Locally

by

Raleigh Criminal Lawyer

Author website

So this is a brilliant point from the comments section. Brian Brady says local lending is a possible solution to our present problems. Greg’s reproduced it.

Now, the problem with secondary mortgage market is that, as currently constituted, it hasn’t been a true market for generations. It’s a political game to the extent that people on Wall Street knew they could socialize the risk, but capture the upside. How else to explain such risky behavior?

Defenders of big banks will point to efficiencies of large scale movements of capital. But certainly those efficiencies are overshadowed by the significant social and economic costs of politicized subsidies.

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