Bob's Broker Buzz

Mortgage Deductions

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I know that <span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;">NAR's position is that the mortgage interest deduction is vital to the stability of the American housing market and economy and is opposing any future plan that modifies or excludes the deductibility of mortgage interest. Some of you may have heard of people that realtors and builder’s refer to as  NIMBY’S.  Those are people that oppose growth of any kind and always show up at council meeting and planning commissions speaking out against any type of a housing or commercial development.  We refer to those people as NIMBY’S (not in my back yard).  I have always felt that to blanket all growth as bad, as in environment, traffic, air quality and whatever reason you can come up just doesn’t make sense. Today most responsible citizens and communities want intelligent growth because as we all know growth is good whether it’s Fontana, Los Angeles or even Aspen, CO. <o:p></o:p></span></div>
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<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;">I think NAR’S position on mortgage deduction is wrong. It’s just as wrong as saying all growth is bad.  I think when it comes to fixing our financial problems that no one group or organization should say that they’re programs or deductions shouldn’t be touched. If the real estate community were to make a effort to help the national budget as every organization should, than we need to help also. I support  not allowing second home deductions and placing a cap on primary home mortgage deductions up to $500,000. <o:p></o:p></span></div>
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<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;">Everybody has their sacred cow and reasons why theirs shouldn’t be touched. But if we’re ever going to move forward and put this countries house in order we all need to do some belt tightening. <o:p></o:p></span></div>
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<span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;">Best, Bob<o:p></o:p></span></div>
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I know that NAR's position is that the mortgage interest deduction is vital to the stability of the American housing market and e...

Broker Sales

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<a href="http://3.bp.blogspot.com/-h9sqsc-H-5Q/U1lPjyMOj9I/AAAAAAAAA2k/i7_scFnoTmU/s1600/RENAISSANCE-PLAN-3-EXTERIOR-web4.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="212" src="http://3.bp.blogspot.com/-h9sqsc-H-5Q/U1lPjyMOj9I/AAAAAAAAA2k/i7_scFnoTmU/s1600/RENAISSANCE-PLAN-3-EXTERIOR-web4.jpg" width="320" /></a><span style="font-family: Calibri;">I enjoy keeping track of how many sales are brokered sales within the new home communities associated with the Lewis Company.  Everyone has their different reasons in keeping track, I track brokered sales because I have the benefit of emphasizing the importance of realtors to my company.  Whether or not I played any part of bringing the realtor to the community is inconsequential, I still take credit for it...Ha! </span></div>
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<span style="font-family: Calibri;">Broker sales in an average market at a new home community typically average between 40-60%.  But in today’s market and with the lack of resale inventory you are seeing some unique percentages.  The following numbers are from the beginning of this week:</span></div>
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<span style="font-family: Calibri;"> Avellino in North Fontana has two neighborhoods.  Renaissance starts in the high $300K and Classics in low $300k. </span></div>
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<span style="font-family: Calibri;">Renaissance 11 sold/10 brokered</span></div>
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<span style="font-family: Calibri;">Classics         26 sold/12 brokered</span></div>
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<span style="font-family: Calibri;">Harvest is at 6th and Archibald in Rancho, prices start in the mid $300K.</span></div>
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<span style="font-family: Calibri;">22 sold/18 brokered</span></div>
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<span style="font-family: Calibri;">New home sales are arguably the easiest transaction in real estate. With the lack of standard inventory and the complexity of short sales do your client and yourself a favor; Start your tour with new homes because eventually your client will get there with or without you. </span></div>
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<span style="color: #1f497d;"><o:p><span style="color: black;">Best, Bob</span></o:p></span></div>
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I enjoy keeping track of how many sales are brokered sales within the new home communities associated with the Lewis Company. Everyone has...

Leslie Appleton-Young on real estate 2013

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<span style="font-family: 'Candara','sans-serif'; font-size: 12pt;">                                 Jackie Landry President of TIGAR with Leslie Appleton-Young </span></div>
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<span style="font-family: 'Candara','sans-serif'; font-size: 12pt;">Today I made a visit to TIGAR (The Inland Gateway Association of Realtors), an Association comprised mainly of Corona/Norco Realtor and Affiliate Members.  I went there to hear Leslie Appleton-Young speak.  Leslie is VP and Chief Economist for C.A.R. (California Association of Realtors). Leslie is an articulate speaker and is highly regarded in the Real Estate Industry for her Economic Forecasts regarding the Real Estate market in California. She along with Bruce Norris are my two favorite speakers. When Leslie speaks you’re not only engaged with her presentation skills but you are absorbing an incredible amount of facts and data and getting them directly from the horse’s mouth. Her profound understanding of the real estate market and the conveyance of it in her presentations is just one of the many reasons she is so highly sought after.   <o:p></o:p></span></div>
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<span style="font-family: 'Candara','sans-serif'; font-size: 12pt;">A hand-out was not part of her speaking engagement today but allow me to throw out a few takeaways. Leslie started her presentation by saying “The worst is over”,  isn’t that a great way to start! Ca. lost 1.5 million jobs and we’ve recovered about 500,000 so for growth to continue we will need to create more jobs.  Leslie said that “ Confidence” is the one thing that keeps the economy moving forward.  Prices will continue to rise in 2013 and Leslie felt very good about the future of real estate.  She asked everyone if we knew what a OPT was, Leslie said she heard the term for the first time recently.  Answer: Over Priced Turkey.  Leslie also recommended the book “ Being Wrong” by Kathryn Schultz.  It was a very exciting meeting with so much data being presented that I couldn’t possibly keep up and feel confident that I got it right so no  attempt to reproduce her numbers.  <o:p></o:p></span></div>
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<span style="font-family: 'Candara','sans-serif'; font-size: 12pt;">I left her presentation energized and confident that my new home purchase a year ago was a good investment. <o:p></o:p></span></div>
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<span style="font-family: 'Candara','sans-serif'; font-size: 12pt;">If you ever get a chance to hear either Bruce Norris or Leslie Appleton-Young speak you’re in for a special treat.</span></div>
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<span style="font-family: 'Candara','sans-serif'; font-size: 12pt;">Best, Bob<o:p></o:p></span></div>
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Jackie Landry President of TIGAR with Leslie Appleton-Young Today I made a visit to TIGAR (The I...

Broker Participation

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<span style="color: black;"><span style="font-family: Calibri;">In an average year broker participation at most new home communities ranges between 40-50% and 60% would be on the high side.  To give you an example of broker participation in today’s market, Renaissance at Avellino by Van Daele Homes in N Fontana just grand opened about 3 weeks ago.  This is a SFR move-up community with prices starting in the $400’s.  They have had 8 sales so far and 7 were with brokers.  This percentage is very typical of what is happening in new home sales today.  All cash buyers and investors are absorbing what little resale inventory there is and for most home buyers that are actually planning on permanently living in the home a resale typically ties up too much money with any kind of remodel.  New homes make more sense and offer more security when it comes to quality and warranty than any resale.  With more new home communities opening up, don’t waste a lot of valuable time and start showing your buyers new homes first and resale’s second. <o:p></o:p></span></span></div>
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In an average year broker participation at most new home communities ranges between 40-50% and 60% would be on the high side. To give you ...

Quality of Life

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<span style="font-family: Calibri;">There is an interesting article in the New York Times business section today with the CEO of the Corcoran Group, which is owned and operated by NRT, one of the nation’s largest residential brokerage companies. <span style="mso-spacerun: yes;"> </span>She talks about the challenges of selling real estate in New York City.<span style="mso-spacerun: yes;">  </span>She said that finding inventory in larger units of 4 bedrooms or more was very difficult. <span style="mso-spacerun: yes;"> </span>The influx of foreign buyers from the Middle East and China buying expensive condos and driving up values.<span style="mso-spacerun: yes;">  </span>The average sale for the Corcoran Group in the month of October was $1.6 million.<span style="mso-spacerun: yes;">  </span>These problems are very similar to what we experience in the Inland Empire. <span style="mso-spacerun: yes;"> </span>We have a scarcity of inventory,<span style="mso-spacerun: yes;"> </span>investors are bidding up our properties and foreign buyers are having an impact on us as well.<span style="mso-spacerun: yes;">  </span>The biggest difference is in our commission checks. <span style="mso-spacerun: yes;"> </span>I would still rather do business here: than in New York City. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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There is an interesting article in the New York Times business section today with the CEO of the Corcoran Group, which is owned and operate...

New Watering Hole

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<span lang="EN" style="color: #333333; font-family: 'Tahoma','sans-serif'; mso-ansi-language: EN;">The West End Real Estate Professionals Wine Tasting Charity Event was held last night at the J Felippi Winery on Baseline in Rancho.  I think the rain had something to do with the terrific turnout.  Everyone was looking for a warm spot to mingle with friends. I’m not much of a bar person and I rarely head to a bar on a Thursday night unless it’s for a sporting event or a special occasion such as we had last night.  I’ve had many good times before at WEREP, CVAR and TIGAR events but for some reason last night seemed to me to be the most enjoyable event of the last few years. I know with age comes sentimentality but last night everyone there seemed to be an important component to the happiness of my life. I spoke with many people there and I said that tight groups such as cops, construction workers, large office staffs will have a certain watering hole where they all hang out. I wish there was a bar where the local real estate community would hang so I could get the same vibe when I walked in like I did last night.  When I mentioned that to a friend’s last night, it was funny because some of them looked at me and wondered if I was serious.  People involved in the real estate industry in the IE are the most compassionate, kind, generous and friendly group that anyone could possibly be associated with. If you have a local watering hole that you enjoy going to,  let us know so we can join you there. <o:p></o:p></span></div>
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<span lang="EN" style="color: #333333; font-family: 'Tahoma','sans-serif'; mso-ansi-language: EN;">Best, Bob<o:p></o:p></span></div>
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The West End Real Estate Professionals Wine Tasting Charity Event was held last night at the J Felippi Winery on Baseline in Rancho. I t...

CAR EXPO

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<span style="font-family: Calibri;">I attended the annual California Association of Realtors® (CAR) Expo at the Anaheim Convention Center, I arrived at 9am and may have been one of the first ones let in that day.  The usual booth holders such as lenders and home warranty providers were in attendance but what was also great was that there were real estate brokerages too. The real estate companies that were there must have felt that this was the right place and the right time to do recruiting. We know sales of new homes have picked up well over last year’s pace.  Bruce Norris has said “boom times ahead” so maybe not feeling that the convention hall was as crowed this year as previous years is a good thing.   <o:p></o:p></span></div>
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<span style="font-family: Calibri;">I made it a point to visit the booths of all the local real estate associations and chit chat as we are affiliate members with many of them. The atmosphere was very positive and upbeat and I have enough pens to last me till next year’s convention!<o:p></o:p></span></div>
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I attended the annual California Association of Realtors® (CAR) Expo at the Anaheim Convention Center, I arrived at 9am and may have been...

New Home Grand Opening Tomorrow

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<span style="font-family: Calibri;">Timing is everything! Van Daele Homes is having a Grand Opening tomorrow at their new community Avellino in Fontana.  With a shortage of resale homes, plus finding one that doesn’t need extensive remodeling difficult, it only makes sense that new homes sales are surging.  Avellino, <span style="color: #1f497d; mso-themecolor: dark2;">is </span>on the west side of the 15 freeway.  Pricing starts in the low $300’s and average lot size is over 6000 sq. ft.  This community is going to be a winner and they already have an extensive interest list.  If you want to check it out take the 15 freeway and exit Summit to Cherry Ave and go north. <o:p></o:p></span></div>
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Timing is everything! Van Daele Homes is having a Grand Opening tomorrow at their new community Avellino in Fontana. With a shortage of ...

Home prices in the IE are definitely moving up!

Good news regarding my neighbor’s house that was listed last month for sale. It sold and closed escrow for full asking price and DOM was e...

"Boom Times Ahead"

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<span style="font-family: Calibri;"><span style="color: #444444;">Today I was at the TIGAR breakfast meeting (Corona / Norco) and the guest speaker was Bruce Norris President <span style="color: #1f497d;">of </span>The Norris Group.  It you ever get a chance to hear Bruce speak<span style="color: #1f497d;">,</span> do it! Bruce knows <span style="color: black;">I<span style="color: #1f497d;">nland </span>E<span style="color: #1f497d;">mpire</span></span> real estate as well as anyone and his company has been buying and selling real estate for many years.  Bruce spoke about <span style="color: #1f497d;">“</span>how can we get prices to go up<span style="color: #1f497d;">”</span>.  He was very strong on realtors structuring “Subject To” cont<span style="color: #1f497d; mso-themecolor: dark2;">r</span>acts on homes where the seller has neutral equity.  He encouraged agents to farm equity home owners.  Bruce felt that Ca. is heading into<span style="color: #1f497d; mso-themecolor: dark2;"> “</span>boom times<span style="color: #1f497d; mso-themecolor: dark2;">”</span> ahead.  It was the first time in many years that <span style="color: #1f497d; mso-themecolor: dark2;">a </span>speaker of Bruce’s quality and knowledge said that good times are coming sooner <span style="color: #1f497d; mso-themecolor: dark2;"><span style="color: black;">rather</span> </span>than later. <span style="color: #1f497d; mso-themecolor: dark2;"><span style="mso-spacerun: yes;"> </span><span style="color: black;">YAHOO!!!</span></span></span></span></div>

Today I was at the TIGAR breakfast meeting (Corona / Norco) and the guest speaker was Bruce Norris President of The Norris Group. It ...

My neighbors house is for sale

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<span style="font-family: Calibri;">I am going through an experience that many of us have gone through and I’ll share mine with you.  I purchased a resale home a year ago in a wonderful neighborhood on a quiet street in Rancho near Red Hill Country Club.  I love the home and did a extensive remodel and added a pool.  I think I made wise choices with the remodel but like my past remodels, when it’s your personal home you overspend, but because you’re going to live there,<span style="mso-spacerun: yes;"> </span>that’s how you can justify it.  There are only about 10 homes on my cul de sac and until recently my home was the last listing and sale.  About 3 weeks ago my neighbor across the street put their home up for sale.  In the year that I have lived in my home I’ve never met them.  I found out about their home being for sale when I came home one day and saw the sign in the front yard.  I immediately went to MLS to check the price and it was priced about $45,000 more than what I had paid a year earlier. <span style="mso-spacerun: yes;"> </span>I just put a small fortune into mine and the description on their home said “totally remodeled”, but no pool.  I was going through all sorts of anxiety wondering what I could get for mine, second guessing my decision to buy, and wondering if I overpaid.  I know these are all feeling most homeowners go through when a neighbor decides to sell.  I thought they had underpriced it by $25,000 but maybe that’s because I spent a small fortune remodeling and I was hoping that the neighborhood values were equal to what I had just spent.  I was thinking if this house doesn’t sell quickly and they start reducing the price, I could be underwater on a home I purchased at the end of 2011.  Now that’s a depressing thought when I consider myself to be way above average in real estate knowledge.  Well the good news is it went into escrow after 18 days! I hope above asking but usually when a home sells that quickly it’s full price or close to it.  Now I just have to worry that it closes, stay tuned.<o:p></o:p></span></div>
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I am going through an experience that many of us have gone through and I’ll share mine with you. I purchased a resale home a year ago in a...

Our Inventory is Your Inventory

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<strong><span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;">Alex Polamero </span></strong><span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;">Social Media Marketing Director for The Lewis Company and I were at Keller Williams Rancho yesterday and helped their agents with creating a facebook business page. <span style="mso-spacerun: yes;"> </span>We also helped agents that already have a business page set up our hot homes and hot apartment application buttons for their facebook business page. <span style="mso-spacerun: yes;"> </span>We feel that this new idea of allowing agents to host our inventory as thought it was theirs is fresh, new and exciting.<span style="mso-spacerun: yes;">  </span>We can help you too with this program, give me a call or send me an e-mail. </span><span style="color: black;"><br /></span><span style="color: black; font-family: 'Arial','sans-serif'; font-size: 10pt;"><br style="mso-special-character: line-break;" /></span><o:p></o:p></div>
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Alex Polamero Social Media Marketing Director for The Lewis Company and I were at Keller Williams Rancho yesterday and helped their agents ...

Good Friend / Great Office

<span style="font-family: 'Calibri','sans-serif'; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">I did an office presentation yesterday at Century 21 Marty Rodriguez in Glendora.<span style="mso-spacerun: yes;">  </span>Marty is legend and a fantastic leader full of energy, enthusiasm, wisdom and confidence.<span style="mso-spacerun: yes;">  </span>She is the driving force in that office and you can feel the love the agents and office staff have for her.<span style="mso-spacerun: yes;">  </span>I talked about new homes and apartment communities the Lewis Company is involved in.<span style="mso-spacerun: yes;">  </span>Marty chimed in with how she loves selling new homes, because it’s an easy commission with very little paper work.<span style="mso-spacerun: yes;">  </span>Marty also encouraged her agents not to forget that when you have a client that needs temporary housing to take them to Lewis because most of our properties will do month to month rentals.<span style="mso-spacerun: yes;">  </span>Thank you Marty for all the support you have given Lewis through the years. </span>

I did an office presentation yesterday at Century 21 Marty Rodriguez in Glendora. Marty is legend and a fantastic leader full of energy, e...

A Surprised Agent!

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<span style="font-family: Calibri;">Wednesday we hosted Century 21 Beachside Upland to a luncheon/tour at Santa Barbara in Rancho Cucamonga.<span style="mso-spacerun: yes;">  </span>Santa Barbara is our most expensive, luxurious and hippest rental community to date.<span style="mso-spacerun: yes;">  </span>We just recently completed construction of the entire project.<span style="mso-spacerun: yes;">  </span>An agent from C-21 asked our leasing associate how much of the community has been leased. The answer was 75% since it first opened in February 2012.<span style="mso-spacerun: yes;">  </span>The agent was surprised to hear that in very short time span Santa Barbara has leased so many expensive apartment homes.<span style="mso-spacerun: yes;">  </span>The morale to the story is; that there are more people than you think that want luxury living in the IE. </span></div>
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<span style="font-family: Calibri;">Bob</span></div>
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Wednesday we hosted Century 21 Beachside Upland to a luncheon/tour at Santa Barbara in Rancho Cucamonga. Santa Barbara is our most expens...

Welcome to my blog

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<span style="font-family: Calibri;">This is my first official blog, although I’ve been voicing my opinion on the subject of real estate longer than most readers have been able to read.<span style="mso-spacerun: yes;">  </span>I work for The Lewis Group of Companies as Director of Broker Relations.<span style="mso-spacerun: yes;">  </span><span style="mso-spacerun: yes;"> </span>I’m the liaison between the Lewis Company and the real estate community.<span style="mso-spacerun: yes;">  </span>I pass on important information regarding our new home developments and our apartment communities.<span style="mso-spacerun: yes;">  </span>Both sides work closely with realtors and both sides pay referrals and commissions.<span style="mso-spacerun: yes;">  </span>One of the favorite parts about my job is to visit real estate offices and share information with agents regarding the Lewis Company along with the housing and rental markets. <span style="mso-spacerun: yes;"> </span>I hope that some of the material is original and fresh, but I’m sure that most of it will be useful and worthwhile if you’re involved in the buying, selling or leasing of real estate in the Inland Empire. <span style="mso-spacerun: yes;"> </span></span></div>
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<span style="font-family: Calibri;">I look forward to my future of blogging with you.</span></div>
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This is my first official blog, although I’ve been voicing my opinion on the subject of real estate longer than most readers have been ab...

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