Real Estate Blog

I think the future holds more licensing requirements in store for real estate professionals. After entering a credit crisis like we are currently experiencing, all professionals connected to the real estate industry may face new licensing or additional requirements.

In an interesting piece written by two economists—Fed visiting scholar Morris Kleiner, of the University of Minnesota, and Richard Todd, vice president of Community Affairs at the Minneapolis Fed called Licentious Behavior:

On the face of it, this makes perfect sense: If incompetent or dishonest brokers have encouraged borrowers
to take out loans beyond their means, then targeting
these abuses through stricter governmental requirements on brokers should help prevent future problems.

But a recent empirical examination by two Fed econ-
omists casts doubt on that solution. In the first compre-
hensive assessment of relationships between mortgage
broker licensing and market outcomes, the economists
find that most regulatory steps appear to have no clear
connection to consumer outcomes, but one financial
regulation (surety bond and minimum net worth
requirements) is consistently related with conditions
that seem worse for both brokers and borrowers.

Deja Vu

The appraisal industry faced new licensing requirements in 1991 as a result of the S&L crisis of the late 1980s. Think Vernon Savings & Loan and property values being appraised higher every few hours by appraisers who must have possessed incredibly precise and masterful valuation skills and adequate supporting data (yeah, right).

Appraisers ended up being licensed, waiting in line with other professionals in the testing centers such as pool cleaners and hair stylists.

Appraisers were part of the problem in the current credit crunch as well. Licensing did not prevent bad appraisers from crossing the line then or now. In fact, I would venture to guess that the quality of the average appraiser (not the median) declined sharply after implementation of licensing 17 years ago.

Was it licensing that created the deterioration in quality of appraisers?

No. It was a bigger systemic problem but it did play an unintended role. Licensing of any profession provides a false premise of quality. In this case it was presented to the mortgage industry, but more importantly, allowed a shift in liability to the appraiser who had a freshly painted bullseye on his or her back.

Licensing alone does not promote better quality work.

Quality only gets noticeably better by an incentivized private sector who is enticed through regulation to require better quality reports. It is not enough to say you “can’t do something.”

Is licensing a good thing?

Absolutely. It provides a minimum barrier to entry and a process to allow for the removal of bad appraisers from the business.

Licensing alone won’t improve quality, however. An example would be a town whose police department cracks down on speeders - this alone doesn’t make everyone a better driver, but it does play a role in improving safety. People still get into accidents when they have a drivers license.

A side benefit to municipalities becomes an important revenue opportunity for the licensing bureau, especially with a weakening economy in most of the country. Revenue funds some enforcement for blatant violations, and provides some oversight and regulation. I am fairly certain that a portion of earmarked licensing revenue ends up channeled to other departments, essentially defeating a primary argument for licensing.

What about mortgage brokers?

So for mortgage brokers who are on the verge of being licensed in New York state, with a economic slowdown already being felt, I think it is a long shot that this effort will be defeated.

Will it increase the quality of mortgage brokers in New York state? I doubt it, only on the lower fringe.

I saw first hand the basic financial conflict in their role as commissioned provider of mortgage business, paid only if the loan closed. As in every profession, there are good and bad “professionals.”

All who touch the mortgage should to be licensed, at the very minimum.

Original post:
Licensing Doesn’t Really Work, But A Necessary Revenue Opportunity

<span class=”field_caption”>Full Description</span>:&nbsp;Two storey 3 bedroom country house, solidly built, located in a very green and unexplored area.<br />
The property has three rooms on each floor and corridors.<br />
With its unspoiled nature and good communications the village of Slivovik provides great opportunity to find your holiday or permanent home in one of the loveliest regions in Bulgaria.<br />
The village benefits from local school, post office, banks, park, horse–riding range, shops and regular public transport. Five km from the center of the village is the train station that provides link with the capital city of Sofia(160km). The nearest county town of Montana /20 km/ is great place for shopping and going out with its good range of shops, supermarkets and restaurants.<br />
The area of Montana is also very popular with its lakes, dams and rivers, providing great opportunities for fishing, hiking, mountain-biking, horse-riding, etc. <br />
The nearest SPA centre is around 50km away. <br />
The river of Danube is 30km away and daily boat trips are available. <br />
The property needs attention inside and out. The second building in the garden may be easily transformed into guest house. The estate is electrically and water supplied. Its garden is 1560 sq/m. <br />
Free hold.<br />

Source:
Country estate (16k) in a picturesque & unexplored area in the county of Montana

<span class=”field_caption”>Full Description</span>:&nbsp;This swanky and very spacious maisonette is positioned on the fifth floor of a new residential block set on a quiet street just opposite a large private residence with a beautifully landscaped garden. The two-level apartment is built over 200 sq.m of living area and is looking towards three directions: south, east and west. The first level comprises of a bright living room with French windows, open-plan kitchenette with a breakfast bar and an outlet to a dining table and an additional lounge area. This level further has a familybathroom/wc, access to a large panoramic terrace overlooking Vitosha Mountain and an inner staircase towards the second floor. There are located the three bedrooms (a master one with a terrace and two other large bedrooms connected to each other), plus a second bathroom/wc.<br />
<br />
The apartment is connected to the central heating system in the city and is further supplied with telephone landline, cable television and internet access. All furniture is included in the asking price.<br />
The property comes with a cellar of 4 sq.m and a garage.<br />
<br />
Ideal for a long-term rent, the 3-bedroom maisonette is presented in a very good condition nd requires just some mild refurbishment to reveal its true potential. There is also possibility to separate the two adjacent bedrooms.<br />
<br />
The apartment is part of a quiet residential district of Sofia, now characterized with new construction and green spots. It is close to a bus stop and has a good access to both the city centre and Vitosha Mountain, Boyana and Dragalevtsi Districts. The region has several kindergartens and schools, many supermarkets.<br />
<br />
Ref. No. Sve 344

Continued here:
Pleasing & bright, fully furnished maisonette with a garage for sale in SOFIA

<span class=”field_caption”>Full Description</span>:&nbsp;Two storey country villa in a beautiful location 10km from International Airport & the second biggest city in Bulgaria – Plovdiv.<br />
The villa is positioned in the outskirts of the village and entirely South facing.<br />
The hole plot is 1100sq/m orchard, well maintained with independent water supply and septic tank. Fenced all around. The property is located in the Tracian Valey, where land is recognized as the most fertile in the country.<br />
First floor – 40sq/m living area, Kitchen, Living room, WC, Bathroom.<br />
Terrace – 6.00 sq/m<br />
Second floor – 35sq/m living area (two bedrooms)<br />
Terrace - 5.00 sq/m<br />
Ceiling - 12sq/m <br />
There is extra storage space (larder) 27sq/m.<br />
Total property size – 113 sq/m.<br />
<br />
Free hold.<br />
Price – 55 000€ (45k)<br />

Read more:
Country Villa (45k) in a beautiful location 10km International Airport & County

<span class=”field_caption”>Full Description</span>:&nbsp;Car hire & Transfers with mini vans or estates vehicles.<br />
Private trips with driver & English speaking guide, from 50€ per day. All destinations.<br />
Rent a mini van or limousine from 15€ per day.<br />

View original here:
CAR HIRE & TRANSFERS

If trash is money, the Inland Empire is transforming into quite a lucrative enterprise for junk haulers and clean-up crews.

View post:
Foreclosures heat up market for junk

<span class=”field_caption”>Full Description</span>:&nbsp;Two storey 3 bedroom country house, solidly built, located in a very green and unexplored area.<br />
The property has three rooms on each floor and corridors.<br />
With its unspoiled nature and good communications the village of Slivovik provides great opportunity to find your holiday or permanent home in one of the loveliest regions in Bulgaria.<br />
The village benefits from local school, post office, banks, park, horse–riding range, shops and regular public transport. Five km from the center of the village is the train station that provides link with the capital city of Sofia(160km). The nearest county town of Montana /20 km/ is great place for shopping and going out with its good range of shops, supermarkets and restaurants.<br />
The area of Montana is also very popular with its lakes, dams and rivers, providing great opportunities for fishing, hiking, mountain-biking, horse-riding, etc. <br />
The nearest SPA centre is around 50km away. <br />
The river of Danube is 30km away and daily boat trips are available. <br />
The property needs attention inside and out. The second building in the garden may be easily transformed into guest house. The estate is electrically and water supplied. Its garden is 1560 sq/m. <br />
Free hold.<br />

The rest is here:
Country estate (16k) in a picturesque & unexplored area in the county of Montana

<span class=”field_caption”>Full Description</span>:&nbsp;This swanky and very spacious maisonette is positioned on the fifth floor of a new residential block set on a quiet street just opposite a large private residence with a beautifully landscaped garden. The two-level apartment is built over 200 sq.m of living area and is looking towards three directions: south, east and west. The first level comprises of a bright living room with French windows, open-plan kitchenette with a breakfast bar and an outlet to a dining table and an additional lounge area. This level further has a familybathroom/wc, access to a large panoramic terrace overlooking Vitosha Mountain and an inner staircase towards the second floor. There are located the three bedrooms (a master one with a terrace and two other large bedrooms connected to each other), plus a second bathroom/wc.<br />
<br />
The apartment is connected to the central heating system in the city and is further supplied with telephone landline, cable television and internet access. All furniture is included in the asking price.<br />
The property comes with a cellar of 4 sq.m and a garage.<br />
<br />
Ideal for a long-term rent, the 3-bedroom maisonette is presented in a very good condition nd requires just some mild refurbishment to reveal its true potential. There is also possibility to separate the two adjacent bedrooms.<br />
<br />
The apartment is part of a quiet residential district of Sofia, now characterized with new construction and green spots. It is close to a bus stop and has a good access to both the city centre and Vitosha Mountain, Boyana and Dragalevtsi Districts. The region has several kindergartens and schools, many supermarkets.<br />
<br />
Ref. No. Sve 344

Source:
Pleasing & bright, fully furnished maisonette with a garage for sale in SOFIA

<span class=”field_caption”>Full Description</span>:&nbsp;Two storey country villa in a beautiful location 10km from International Airport & the second biggest city in Bulgaria – Plovdiv.<br />
The villa is positioned in the outskirts of the village and entirely South facing.<br />
The hole plot is 1100sq/m orchard, well maintained with independent water supply and septic tank. Fenced all around. The property is located in the Tracian Valey, where land is recognized as the most fertile in the country.<br />
First floor – 40sq/m living area, Kitchen, Living room, WC, Bathroom.<br />
Terrace – 6.00 sq/m<br />
Second floor – 35sq/m living area (two bedrooms)<br />
Terrace - 5.00 sq/m<br />
Ceiling - 12sq/m <br />
There is extra storage space (larder) 27sq/m.<br />
Total property size – 113 sq/m.<br />
<br />
Free hold.<br />
Price – 55 000€ (45k)<br />

More here:
Country Villa (45k) in a beautiful location 10km International Airport & County

<span class=”field_caption”>Full Description</span>:&nbsp;Car hire & Transfers with mini vans or estates vehicles.<br />
Private trips with driver & English speaking guide, from 50€ per day. All destinations.<br />
Rent a mini van or limousine from 15€ per day.<br />

Here is the original:
CAR HIRE & TRANSFERS

Decided to look at the length, width and height of the market in Three Cents Worth, my left side of the brain attempt for clarity on Curbed. This week I am full of luxury.

Click to view post.

Check out previous Three Cents Worth posts.

Read the rest here:
[Curbed] Three Cents Worth: Luxury Speaks Volumes About Condos

Apartment, Egypt, “Samra Bay” Marina & Spa Resort is the new “hot spot“ at the Red Sea, developed along the „Golden Mile“ of Hurghada. … price on request

Read the original here:
“Samra Bay” Marina & Spa Resort

Apartment, Egypt, “Samra Bay” Marina & Spa Resort is the new “hot spot“ at the Red Sea, developed along the „Golden Mile“ of Hurghada. … price on request

“Samra Bay” Marina & Spa Resort

Apartment, Egypt, “Samra Bay” Marina & Spa Resort is the new “hot spot“ at the Red Sea, developed along the „Golden Mile“ of Hurghada. … price on request

Read the original post:
“Samra Bay” Marina & Spa Resort

Apartment, Egypt, “Samra Bay” Marina & Spa Resort is the new “hot spot“ at the Red Sea, developed along the „Golden Mile“ of Hurghada. … price on request

Original post:
“Samra Bay” Marina & Spa Resort