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How to Win Bidding Wars

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MoneyIn the very hottest real estate markets, and we have a few here in California, the balance of supply and demand is tilting very much to the demand side. What that means is that there isn’t a lot of inventory for buyers to choose from and when something grand does come on the market, the hungry hoards are ready to, well … pounce. And that means that sellers are in the driver’s seat and bids often come in over the asking price.

If you’re a seller in this scenario, even though you might be tempted, it’s not wise to overprice your house. Let your realtor guide you to a price that encourages people to bid, perhaps over the asking, and bid fast. Smart realtors with a well-priced desirable property will often set a date for bids. This encourages brokers to bring in their possibles, and act decisively. For the seller, this practically guarantees a good and quick sale.

But what is the best strategy for the bidding buyer? To start with, do your homework. Know what the comparable properties on the block and in the neighborhood have actually been selling for; your broker can give you a list of recently closed sales.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Del Phillips – See the Full Story at LGBT Weekly

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Why Isn’t the Condo Market Rebounding?

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Castro CondosWhile construction of single-family homes and multifamily rentals is on the rebound, condo construction has sunk to new lows. A condo rebound has been delayed by stringent rules on condo mortgages that took effect post-housing crisis, as well as stronger demand among young people for rentals, The Wall Street Journal reports.

Condo construction in the first quarter comprised only 5.5 percent of all construction of multifamily housing — the lowest ratio since the Commerce Department began tracking such data in 1974. Historically, condo construction falls at a 24 percent average.

Condos traditionally offer higher returns for investors than apartments. “Many developers would rather be building condominiums,” says Peter Bazeli, senior vice president at New York-based real estate consulting firm Weitzman Group. “With condos, you’re paying down debt with every closing and then putting money in your pocket right away.”

But many factors are hampering the condo market’s recovery. For one, economists note that young adults have been flocking to rentals instead, and condos typically cater to entry-level buyers. Also, developers say construction loans are limiting the supply of condos they build. Developers say they can get a construction loan for about 75 percent of the cost of building an apartment complex, but only about 50 percent for a condo complex because lenders are deeming it a higher risk.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at the Hampshire Review

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Miami Enjoys Record Home Sales in June

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MiamiAccording to the Miami Association of Realtors, Miami’s real estate market recorded its highest number of single-family home sales of any month in history in June 2015, and is on pace to set another all-time annual sales record. The Miami market registered 1,390 single-family home sales in June, beating its previous record of 1,317 in June 2005.

A total of 7,100 single-family homes were sold in Miami in the first six months of 2015, an 8.5-percent increase from the 6,543 properties sold in the first half of 2014. Single-family home sales are on pace to reach 14,600 transactions for all of 2015. The annual Miami record is 13,521 sales, established last year.

Miami’s existing condominium market, which saw a 4.5 percent year-over-year increase in transactions in June, is also on pace for a banner year despite a rise in pre-construction condo sales. A total of 8,153 existing condos were sold in Miami in the first six months of 2015, which puts the market on pace for 16,030 transactions for all of 2015. That would rank as the third-most sales in Miami history behind the 16,409 sales in 2014 and the 17,142 closings in 2013.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Miho Favela- See the Full Story at World Property Journal

Click here for gay realtors, mortgage lenders, and other real estate professionals in Miami and Miami Beach.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

SF’s Tenderloin Pushes Back Against Tech Gentrification

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Tenderloin

Del Seymour knows all about the pimps, drug dealers and vagrants of San Francisco’s Tenderloin district – because he used to be one of them. “I was a real bad dude down here. I’ve pissed and shitted myself on these streets. I’ve felt the cold and felt the fear of being attacked. I’ve been stabbed and shot. I served time in jail.”

That was years ago. These days you still see Seymour, 67, on the streets but in a very different capacity. Now he wears a tie and a fedora and leads technology workers, among others, on tours around the Tenderloin, urging them to discover – and embrace – possibly the most infamous neighbourhood in the United States.

“It looks bad and it smells bad but this is a caring community,” he told the Guardian on a tour this week. “I want the techies to see that.”

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Rory Carroll – See the Full Story at the Guardian

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Homelessness and Empty Stores the New Normal in NYC

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New YorkIf you’ve been out and about in Manhattan over the past six weeks and you have eyes and ears, you know something’s happening — something worrisome.

The urban streetscape is degrading.

Take a walk down Broadway on the Upper West Side from the 100s to the 70s, as I did Sunday, and you’ll see it everywhere. It seems every barren storefront with a rental sign in the window has become impromptu outdoor housing for a homeless person.

There are many such storefronts — ironic signs of prosperity, not recession. Rents have risen so high that small businesses often can’t afford to continue and landlords will keep a storefront unoccupied for a very long time to secure a wealthy customer willing to take a very lengthy lease (i.e., a bank).

The number of people living on the street in the neighborhood, or at least taking up daytime residence to beg for change, has skyrocketed from a mere handful to several dozen or more.

By John Podhoretz – Full Story at the NY Post | New York Gay Travel Resources

Seattle Home Shortage Could Continue for Years

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Seattle, Washington

Typically home-buying activity falls off during the summer months, but not this year in the metro Puget Sound region, where buyers are competing to buy fewer homes while paying significantly higher prices.

The lack of condos and houses for sale is nothing new as real estate agents have been clamoring for additional inventory for more than a year. Now the shortage is getting worse even though slightly more homeowners are putting their condos and houses up for sale. But it’s not nearly enough to keep up with demand, according to a report that the Northwest Multiple Listing Service (NWMLS) issued Monday.

“The only real problem we are experiencing today is the lack of inventory,” said real estate broker Mike Gain, CEO and president of Berkshire Hathaway HomeServices in Seattle. A year ago in June, there were 13,650 condos and houses for sale across the four-county metro region. Today, there are only about four-fifths as many. The decrease comes as demand among buyers grows. Last month, pending sales shot up to just over 8,600. That was 14 percent higher than in June 2014.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Marc Stiles – See the Full Story at BizJournals.com

Click here for gay realtors, mortgage lenders, and other real estate professionals in Washington.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

How to Win a Bidding War

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San Francisco HomeIn a market where many sellers receive multiple offers, buyers who have their heart set on a particular property need a winning strategy. The Regional Sales Contract is used for the vast majority of re-sales in D.C. and Maryland and arms agents with many “if” clauses, called “contingencies,” to protect either their buyers or their sellers. In a normal market, a buyer looking to purchase a condominium downtown would probably have an inspection contingency, an appraisal contingency, a finance contingency as well as a review of the condominium’s documents.

In this market, however, buyers are waiving protections to secure properties. A seller’s worst fear is to have to go back to market after a contract falls through, and having to explain why; it makes buyers suspicious and often hurts the seller’s bottom line. As such, the more certainty a buyer can give a seller, that is, the fewer “if” clauses, the better positioned the buyer is to win. Home sale contingencies are generally a no-go on hot properties – so you’re usually best to have your place sold or under contract before you buy. Cash is king in the financing realm, but just because a cash offer is on the table doesn’t mean you can’t beat it with a higher price and strong financing. I recently helped a buyer beat a cash offer with an escalation clause and a modified appraisal contingency.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Sammy Dweck – See the Full Story at The Washington Blade

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

There Aren’t Enough Rich People to Fill NYC’s Luxury Condos

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New York Supertall

There are a lot of really, really expensive apartments poised to enter the market in the next few years (we’re lookin’ at you, 220 Central Park South and Nordstrom Tower) that will join the ranks of the city’s already-inundated luxury market. A few questions have been floating around for a while: when’s enough, enough? Are there too many uber-luxury listings?

The Real Deal attempted to answer these question with some admittedly tenuous, but interesting number-crunching (“fuzzy math,” in their own words) and their conclusion is not surprising in the least: “[T]here appears to be too much supply in the uber-luxury segment compared to lower price ranges.” Given the findings of an earlier report that found that there are only 14 Ultra-High Net Worth Individuals–people who are worth more than $30 million–per 100,000 people in New York City, this doesn’t seem to be news.

Here’s how the Real Deal’s calculations break down: there are at least 99 apartments on the market in New York City priced at $30 million or more. TRD suspects that only people with a personal wealth of $500,000,000 or more would invest that much in a single “asset,” which breaks down to 8,410 people world wide. If developers wanted to sell all of the $30 million-plus apartments they’re building, 1.18-percent of the entire world’s “demi-billionaires” would have to own one of these New York City apartments. Already, 367 “demi-billionaires” own a $30 million-plus apartment in New York City.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Zoe Eosenburg – See the Full Story at Curbed

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Featured Gay Real Estate Agent: Jeff Palmer, Palm Springs

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Jeff Palmer, Gay Palm Springs RealtorPeriodically we’ll feature one of our real estate professionals here to let our readers know about some great Realtors, Mortgage Brokers, and Other Real Estate Professionals.

I’m a Palm Springs native, born and raised in the Coachella Valley, and I’ll be happy to give you the history and the present information about the most gay friendly parts of the Palm Springs area so you can make an informed decision – from Palm Springs to Indio. My partner Joe and I have been involved in the GLBT community – producing the AIDS Benefit Calendar (that featured my photography) that raised over $500,000 in 11 years. I was a Board member of the GLBT Center in San Diego and Joe and I led the Men’s Coming Out group for a decade.

See Jeff’s Expanded Listing on Gay Realty Network Here

Gay Friendly Realtors and Real Estate Professionals in California

What You Need to Make for a Decent Apartment in Every State

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Apartment Cost by State Map

If you’re living in a one-parent household making the $7.75 minimum wage in Hawaii, you would need to work 163 hours a week to comfortably make your rent payment on a two-bedroom apartment — giving you a luxurious five hours a week to sleep, eat or spend time with your family. To comfortably afford a decent two-bedroom home on a 40-hour work week, by contrast, you’d need to earn $31.61 an hour.

The map above shows the hourly wage that a household needs to earn in order to afford a decent two-bedroom apartment in every state, plus Washington D.C. and Puerto Rico. High hourly wages are necessary to afford decent housing in Washington D.C. ($28.04), California ($26.65), New York ($25.67), New Jersey ($25.17), Massachusetts ($24.64), and other states.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Ana Swanson – See the Full Story at The Washington Post

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If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com