Latest Real Estate Articles

Would You Live Next to a Haunted House?

Fri, 16 Oct 2009 10:08:31 -0700

When it comes to creepy occurrences and things that go bump in the night, surprisingly Alberta has more than its share. While some are frightened by such tales and would never even consider buying a home near a haunted house, others are drawn to them. Whether you're looking to avoid, or seek them out, here are some of the haunted buildings in this seemingly innocent province.

Banff Springs Hotel: Probably the most famous haunted establishment in the province, its chilling history began when a young bride was making her way down the spiral staircase when her gown was set on fire by the candles on either side of the staircase. In a moment of panic, she tripped and fell down the winding stairs, eventually breaking her neck. Since then employees have reported noises coming from the vacant bridal suite, or most tragic of all the willowy figure of a woman in a long dress coming down the stairs until it catches on fire and disappears - almost as though she is reliving her tragic fate over and over again. Apparently the scorch marks remain on the marble staircase to this day.

In addition to the tale of the wandering bride, rumor has it that a family was killed in room 873 at the hotel. The door has been covered with brick, but the outline of the old door is still apparent. After a child's fingerprints on the mirrors could never be removed, no matter how often they cleaned, management decided to seal the room. Stories of seeing the family members and a young girl hiding and giggling are commonplace.

Apparently the hotel is still the home of former employee, Sam Macauley. He worked here until he died in 1976 and has frequently been spotted in the hallways, and escorting people on and off the elevators. Some claim to have spoken to him before they realized his spooky presence.

The Deane House: Considered to be one of the most haunted homes in Canada, the Deane House in Fort Calgary has a violent history. Originally constructed to be the residence for the Superintendent of the Royal North West Mounted Police, Richard Burton Deane, was later moved and turned into a boarding house. There have been at least seven deaths that have occurred in the house over the years, including a murder/suicide of a husband and wife, a man dying after a fall down the staircase, a shooting death, and two suicides. In 1973 Deane House was turned into studio space for local artists and subsequently a restaurant. Tales of strange happenings are commonplace at this creepy abode.

Some of the stories include: sounds of laughter when no one is there, a blood stain in the attic (where a young boy committed suicide) that won't go away, a closet door that won't stay padlocked, a ringing phone that isn't plugged in, a piano that plays until someone enters the room, and a Native American man who claims the house was built on sacred ground.

Old Strathcona Guilty Martini: This Edmonton bar doesn't have a violent history, however staff have repeatedly experienced strange occurrences here. Often bottles will rattle and clink together even though they are set apart from one another, and unexplained cold spots and shadows will appear. Some have reported feeling a cold touch on their shoulder or being approached by a ghostly man in black. We're not sure, however, whether these stories are the result of the macabre, or just the martini talking.

Use of Steel in Pre-engineered steel buildings

Fri, 16 Oct 2009 03:32:46 -0700

Steel is a very useful alloy prepared by mixture of 2 metals specifically iron and carbon. The strength, hardness, ductility, and malleability of steel depend upon the amount of the carbon content in steel. It is the carbon content that makes the steel stiff and a metal of extensive durability. It encompasses high metallic strength in its construction and is synonyms with staying power and resistance. Its solid quality renders it to be resistant to corrosion, rusting, scraping and other general forms of deterioration, making it the most required later than alloy for both general and specialized use. It has become an essential part of mechanical industries due to its long aschlasting tenacity.

The quality of Steel depends on the iron & carbon used in its production. Many other metals such as Molybdenum or tungsten are used to make high speed steel. After adding chromium and nickel to the high speed steel we get stainless steel. All the above mentioned metals are used to form superior a quality metal alloys which can be used for various purposes. There are lot of other methods and techniques which are developed by the steel manufacturers to improve the quality of steel buildings such as special heat-treating ovens and slow-quenching methods to control the hardness and temper. Thus it has proved to be one of the most useful metal alloys for mankind as of now, it can be used to make not just tools or utensils but buildings that are beyond contrast. But the latest use of Steel is in the pre engineered steel buildings.

Steel is one of very essential building material for Pre-Engineered buildings. Therefore the quality which needs to be used for such buildings needs to be of very good quality in every respect. Steel has very good ductility & malleability because of which it can be molded in different kinds shapes for construction. The everlasting ability of a steel building or pre fabricated metal building is attributed to its building material i.e. high quality steel which with its durability imparts a 25-30 years of existence to steel buildings.

These Pre-engineered steel buildings material offers many advantages such as no difficulty to build, easy to sustain, fire resistance, high durability and the capability to recycle. Even though steel is a luxurious metal, however when the overall savings due to a steel building are considered, then it comes out to be a very cheap and affordable building material. By applying a special coating on steel, it can be made rust proof. In addition it is insect and termite resistant and the safeguarding cost associated with steel is much lower as compared to its benefits. An accurately built building from a reputed steel building supplier is very durable and is resistant to extreme weather conditions.

Building with steel is by far much cheaper to construct a building, when compared to other traditional means, such as wood or concrete. Other savings come in the simplicity of the erection process. Thus steel is getting very trendy option of metal among the builders, which has initiated a rebellion in the building industry by introducing the construction of Pre-engineered steel buildings.

Straw Bale Construction - what's old is new again

Wed, 14 Oct 2009 12:42:26 -0700

The use of straw as a form of insulation has been around for centuries. But it is now coming back into vogue as a sustainable, green and reliable means of insulating homes and other buildings.

Straw bales are readily available and provide cost-effective building materials, especially in areas where grains are grown. While additional precautions are required to build a straw-insulated house in regions prone to rain or humidity, there are many benefits to this type of construction. With an average insulation factor of R-35 or higher, straw-bale homes are ideal for locations where the heating, or cooling, of the home is an important consideration for comfortable living. In fact, the thicker the straw bale, the higher the R-factor. This type of insulation could decrease heating costs in homes by up to 75 percent. The 18-inch thickness of bales also provides significant noise reduction.

Straw bales are relatively easy to work with. Basic saws and other hand tools can be used to cut and/or shape walls and window openings. These bales can be sculpted to provide unique shapes within the home, such as window seats, or coved ceilings.

Another benefit to using straw bales for construction is the fire-resistance factor. During the building process, the condensed bales are coated with plaster or other substrates on both sides of the wall. If ignition does occur, the bales would smolder rather than burst in to flames, allowing residents to get out of the house safely until help arrives.

Keeping the bales dry is critical in building a straw-based home. If the bales are exposed to moisture content above 20 percent, the danger of fungal growth will arise and start the decomposition of the straw. However, if the bales are perfectly dry when construction begins, and stay that way, the walls can stay intact for centuries.

Optimizing your straw-bale home's insulation factor also includes the roof. Trusses must be placed close enough so the bales fit together tightly. Plastering - or otherwise coating - these roof bales is also important, not only for insulation but also for fire retardant measures.

One unique project in Washington State saw an organization provide funding for the construction of 11 straw-bale homes in an effort to offer housing for low- to middle-income residents. An additional benefit to the community occurred when a group of college students and young apprentices in the building trades were recruited to help the homeowners build their future homes.

A number of states have adopted straw-bale construction methods in their building codes. The government acceptance of this revised method of building has spurred some insurance companies and lenders to also give their stamp of approval, ultimately paving the way for more organizations to do the same.

The Benefits of Pre-purchase Property Inspection

Tue, 13 Oct 2009 07:26:30 -0700

Now that the global recession has finally slowed down, you can once again start thinking about investing in real estate or buying a property you wish to have for yourself. Or, with the real estate business slowly recovering, you might as well sell one of your properties. In both of these cases, it is vital that you have the property evaluated properly, and that's where property inspectors can help you. In this article, we'll try to answer some questions – what are pre-purchase property inspections; what they do and don't offer, and lastly, what are the possible problems that can occur when a property is inspected.

What are property inspectors?
Property inspectors are people who have a look at your property, evaluate the highs and the lows of it and also highlight areas that need development, give you a cost estimate and get all the information they've gathered in a paper called a pre-purchase property inspection report. Aside from going quite deep into what should be done with the property in the future, the report can help to market the property properly. There will be many little things that you won't notice by inspecting the property by yourself, unless you're a home expert… which you probably aren't.

Possible problems with property reports.
Things that aren't included in a pre-purchase property report are: reports of places that weren't or couldn't be inspected (that can happen in very few cases like having a waterfall or caves in your property); termite inspection (be careful with this one, especially if the property is located in the south states); estimated repair costs; things like chimneys and fireplaces, alarms and electric wiring. Be sure to check those out by yourself, or else you can be severely disappointed when purchasing the property. Furthermore, some of the specifics of a property can be left unchecked because of the weather (like leaks and rising damp). Some minor defects can be checked by property inspectors for additional fees – ask the inspectors for details. The Inspections are usually done in up to three days.

Vendors use inspection reports for advertising to potential buyers, but the reports have virtually no value since an independent report is what matters to the customer, and any report from the seller can be written off as biased. So a property inspection is usually done because a client requested it, not a buyer.

Overall.
Pre-purchase property inspection reports are a great way of saving time… and money. Basically, Pre-purchase inspections are a service that acts like insurance against: a) bad property pricing; b) possible dangerous conditions in properties that have a lot of land on them; c) properties with defects (e.g. house with a broken plumbing system). They are most certainly vital if you plan on investing A LOT of money in a single property. Remember that they don't act as a lawful document and you cannot complain if there are some misunderstandings or unstated things in the report. That's why it is crucial to choose a reputable inspection company (or an individual) to do your property inspection.

Flat Fee MLS - Discount Realtor

Sat, 10 Oct 2009 05:43:00 -0700

In this generation internet plays a major role in selling the homes with easier and less expensive mode. This method is called Flat Fee MLS. There are many websites offering Flat Fee MLS (Multiple Listing Service). Process is simple, you will be asked to fill a form online to get yourself registered by paying a flat fee. This flat fee can vary but it is always the less expensive method of buying or selling a house. They immediately appoint a trusted discount realtor and he will record the complete details of your property. Your home will then be listed in the MLS Listing database.
If you are selling your house for sale by owner, there are many places you can advertise. Get started with your FSBO (for sale by owner) marketing on top places to sell your house online. You are selling your house yourself, you will still probably want to get your FSBO (for sale by owner) listing on the MLS Listing for maximum exposure to buyers and buyers' agents. You can use what is called a flat fee MLS service to list your property with help of a discount realtor. Your FSBO (for sale by owner) MLS listing will look identical to all the real estate agent listings. The for sale by owner listing fees is generally around $349 to $499. Or can buy it as part of a package at some of the for sale by owner listing sites. Be sure to review the details thoroughly with any flat fee MLS listing service you are considering using. Some take 3% commission out of any FSBO (for sale by owner) MLS listing sale!
Some years back for sale by owner sellers were totally dependent on real estate agents or estate companies to sell their home. Hefty amount of sales commission was paid after the completion of the deal. Even though for sale by owner sellers felt the commission was very expensive and were left with no other choice.
Why chose to use a flat fee MLS listing? There are reasons why it is a good idea to list your home for sale on the online database. Prime reason to use the MLS listing is because it lets people know that your home is for sale hence reaching a wide market. Local advertising can help people in your locality know that your home is out for sale, but in order to reach wider areas with more exposure to buyers and buyers' agents, you need to make sure that you are giving your home every chance you can to have it be seen. And that's possible with Flat Fee MLS.
The one-time fee that you pay to list your FSBO listing (for sale by owner), is a lot less money that it would cost to have a real estate agency sell your home. Agencies usually charge good amount of fees in the sell price of your home. When you put that into account, you see that you actually save thousands of dollars with FSBO (for sale by owner) MLS listing. Of course, along with that comes the additional work and documentation you need to complete which is taken care by discount realtor. Take a look at the MLS online database and see how effective it can be for you to sell your home.
The benefits MLS listing through discount realtor is simple: maximum marketing exposure without paying a steep price to get it. While a discount realtor is compensated with just a flat fee, most home sellers continue to offer buyer’s agent a commission, often two to three percent, in the event that their buyer purchases the home. Home sellers often realize that the Flat Fee MLS is the most popular and used marketing tool available to them, few must be aware that it does not have to cost too much to get on the Flat Fee MLS. Any discount realtor in the local association of Realtors has access to list a property in the MLS Listing. While many of them are traditional real estate agents with traditional sales commission in practice, there are discount realtors that will list your property for a greatly discounted flat fee in the MLS Listing.
The way that a discount realtor gets your home listed in MLS listing is simple. The seller contacts a discount realtor and requests listing paperwork. They fill out an MLS listing agreement along with details about their property– number of bedrooms, square footage, pool or no pool, etc. Additionally the property seller lists one or more photos of the property in the MLS listing so that buyers' agents or potential buyers can have an idea of your home. Once the discount realtor receives the paperwork by the home seller, they upload the details of the property to the MLS listing. Once it gets listed in MLS Listing sites including Realtors.com, buyers' agents or buyers can see the home. They can make an offer directly to the seller. The seller can accept or reject the same.
Home sellers needs to understand the importance of the MLS Listing. The MLS Listing is a marketing and exposure tool for your property unlike any other. It is a real-time database that agents and buyers make search for full detailed information on property they wish to purchase and what is available. A portion of that data is also fed to both national Internet websites like Realtor.com. So beyond being a method to offer compensation to the traditional real estate brokers, the MLS listing is by far the most powerful marketing tool available.

Leasing Office Space – Part 6 of 23 Defining your Office Requirements

Thu, 08 Oct 2009 21:05:43 -0700

Office Space Requirements

After selecting the general location or submarket for your office space, you need to consider prospective locations that fit your criteria. Make sure both you and your tenant rep broker understand your criteria. For example, if you are seeking the luxurious office space with an incredible view for less than $10 per square foot, it’s not likely to happen. Following are some other criteria that need to be determined prior to identifying buildings that are options for your office space:

Total amount of office space (square feet)
Amount of contiguous office space
Building quality
Target rent per square foot
Monthly budget for office space
Conceptual layout
Amenities
Parking
Term of lease
Ingress and egress
Signage
Amount of parking
Type of rental rate (gross, modified gross, NNN, etc)

In most cases, the amount of office space and the amount of contiguous office space will be the same. However, in some cases, the space requirement will exceed what is available in a contiguous block of space. In this scenario, you should select the amount of space which must be contiguous prior to identifying office space options.

The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.

This capacity to research, analyze and interpret market trends and the impact of specific transactions is a major reason for why developers and acquisition experts rely on O’Connor & Associates for market studies, real estate market research, feasibility studies, rent studies, tax credit studies, project design guidance, property performance evaluation and lease audits. O’Connor & Associates is an acknowledged source of trends in real estate investing and market activity.

Tenant Foreclosures

Tue, 06 Oct 2009 09:29:16 -0700

The threat of foreclosure is a very real concern not just for for homeowners, but tenants as well. With almost 450,000 foreclosure filings in Florida alone, a large percentage of these apply to rental homes. What happens if the house you're renting goes into foreclosure?

Thanks to the recent passing of the "Protecting Tenants at Foreclosure Act," renters have more rights now than in the past. Currently, existing tenants are allowed to stay until their lease runs out, plus an extra 90 days. If, however, the new owner decides to move into the house full time, the lease can be terminated, but occupants still have 90 days to find new accommodations. This rule also applies if they are on a month-to-month lease.

Exceptions to the above rules occur if tenants are behind on their rent. In such a case, they are given 3 days notice to pay what is owing, or face eviction within 24 hours. The tenants must also be considered bona fide, or they too are exempt from the protections of the Foreclosure Act.

As stated in TITLE VII, SEC. 702--PROTECTING TENANTS AT FORECLOSURE ACT, "a lease or tenancy shall be considered bona fide only if--
(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;
(2) the lease or tenancy was the result of an arms-length transaction; and
(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State, or local subsidy."

If a home goes into foreclosures, tenants must be notified and they must respond to it. They should immediately send a letter to the judge overseeing the case, along with name, address and foreclosure number, and copy of the lease if they have one.

The more responsibly the occupant behaves upon notice of foreclosure, the better their chances are of being allowed to stay on with the new owner. In addition, those who have maintained a good repore with the bank, may be offered the option to stay on as caretakers while the proceedings are being completed. Other lenders, for whatever reason, may want the premises emptied earlier than the law stipulates, and in this case may strike up a deal where tenants are offered a cash payout if they leave sooner than required.

There are those that feel this new act doesn't give renters enough options. Often times when a home goes into foreclosure, the banks, not prepared for their new role as landlords, do a poor job of maintaining the home and dealing with the tenant's concerns. In this case, the tenant may choose to move out before their lease is up, but that choice is not legally presented to them.

Although renters are protected in some ways when a landlord stops paying their mortgage, if the home is already in foreclosure before being rented, many of those protections do not apply. It is the renter's responsibility to investigate the status of the house before signing the lease, as some landlords may not volunteer this information. A quick check can be made on RentalForeclosure.com, which tracks foreclosure notices to rental properties.

M & S reveal further fall in sales of 0.5%, but the best quarter for 2 years raising YE profit hopes

Tue, 06 Oct 2009 06:49:07 -0700

Executive chairman Stuart Rose said there was more visibility in the marketplace and consumers had regained some confidence but he cautioned: "It's fragile confidence.

"It's going to be tough going for the next 12, 18 months ... It's going to be 2011 before UK Plc is motoring again," he told reporters today.

"If you look at the metrics which are coming through, they're not attractive. Unemployment will go up, taxes are going up, so there will be pressure on pockets in the early part of next year," said Rose, echoing comments from rivals Next and John Lewis.

However, he said he was "quietly confident" M&S would continue to make progress in its key third-quarter period, with plans to recruit 20,000 workers for Christmas.

Rose said he did not expect the government to delay a rise in VAT set for January 1 despite intensive lobbying. "Clearly they're fairly deaf down at the Treasury, they don't want to here our pleas," he said.

M&S's update was published after a survey from GfK/NOP said British consumer confidence surged in September to its highest level since January 2008.

M&S, which sells clothes, homewares and food from over 600 stores in Britain and 285 abroad, said sales at British shops open at least a year fell 0.5% in its second quarter to September 26.

That was the eighth quarterly fall in a row, but also the best performance for two years and at the top end of forecasts for a fall of between 0.5% and 2.2%.

Like-for-like sales fell 0.8% in general merchandise, which includes clothing, and were flat in food.

Britain's biggest clothing retailer said its full-year gross margin should fall by 50-100 basis points, better than previous guidance for a fall of 125-175 basis points thanks to better stock control, sourcing and supply chain management.

But it said full-year operating costs would rise by 0-1%, excluding staff bonuses, due to better than planned volumes. Previous guidance was for a fall of about 1%.

M&S has been hit hard in the recession, losing ground to cheaper rivals like Primark in clothes and supermarkets in food.

Still, its performance has been better than analysts had feared, helped by new products, price cuts and promotions, and its shares have outperformed the DJ Stoxx European retail index by 46% this year on hopes of a recovery.

M&S shares were down 1.9% at 367.6 pence at 12:15 today, valuing the company at £5.7 billion.

"Having enjoyed a run into these figures, the shares are trading on a premium valuation, so that we believe upgrades are already 'in the price'," said Investec analyst Katharine Wynne.

In July, Rose saw off a second investor rebellion in as many years over his elevation from chief executive in contravention of corporate governance guidelines..

The board's position is it will appoint a new CEO next year and Rose will step down as chairman by July 2011.

"My intention is for me to stay on long enough to make sure that person (new CEO), either internal or external, gets saddled up successfully," he said, confident M&S would not face the same problem as ITV in finding a new CEO.

What the Heck is an Earnest Money Deposit?

Mon, 05 Oct 2009 15:00:09 -0700

For those who have played in the real estate game, the term earnest money deposit may be old hat. However, for those new to buying a home, the phrase may be completely foreign.

In simple terms, an earnest money deposit is a good faith deposit – a signal that the buyer is seriously interested in a property. While this can be a negotiable amount, it is not to be confused with a down payment.

How much do you need to deposit?

The amount of money acceptable varies from purchase to purchase, and may take in a number of factors. In areas where the market is hot, or strong, the buyers with the larger earnest money deposit offer may show the seller that they are more serious than others vying for the home.

Depending on the part of the country, such as coastal cities, earnest money deposits could be as high as 5% (or more) of the sale price. In smaller communities, it could be as low as $500 to $1,000.

Monies can be in the form of a personal check, a cashier’s check, a money order or cash.

Don’t make your check payable to the seller!

If the seller accepts the offer, a real estate broker, or a lawyer, holds the earnest money in escrow. Once the sale reaches the closing stage, the monies are applied to the remaining costs.

Do your research before you write the check.

One story tells of a woman who claims she lost a $2,500 earnest money deposit when she gave it to a person claiming to be a real estate broker, with official business cards and office stationery. He was a fraud and disappeared soon after. When she contacted the police, she learned she was not his first victim. Unfortunately, her money was gone.

Once a contract for the offer has been signed and the earnest money has been accepted by the seller, the buyer then has a finite amount of time to come up with the rest of the deposit. During that time, factors such as securing financing, home inspections, or other considerations can be handled.

In some states, buyers can pay an Option Fee, allowing them to walk away from a deal for any reason at all, within a certain period – usually 5 days to 2 weeks. If the deal goes ahead, this fee is applied to the purchase.

If the deal falls through, both the buyer and the seller must instruct the escrow company in writing to cancel the transaction. The funds are then returned to the buyer, minus a small cancellation fee.

If the buyer retracts the offer without reason, or at some point fails to meet the terms of the contract, the earnest money is forfeited.

An Apartment Complex is Not an Easy Asset to Liquidate

Sat, 03 Oct 2009 20:05:39 -0700

There are various factors that really matter when you are thinking to sell away your apartment complex. However it is not as simple as it may sound as your apartment complex is not an easy asset to settle. Once you invite the market to purchase your apartment complex, you need to be careful not to make any mistakes. You are free to appoint a dealer who may make the selling procedure smooth and beneficial, but you should be personally involved in the procedure too. There are several things that one needs to consider while selling his/her multifamily building or apartment complex for sale. And even keep in mind, currently you can't hope purchasers coming to your door to buy your complex, actually, you have to put in too much of efforts to sell your complex. Mnetioned below are a few basic things one needs to take care of while selling his/her apartment complex: - Condition of your apartment complex: The complex you are planning to sell must be in a decent form with no noticeable cracks and leakage or drainage issues. The buyer is going to shell out a huge sum, hence he wants all that is perfect as his preferences are choices are comparatively higher these days. So it is better to keep your complex neat and appealing. You need to spruce every corner of your complex to make it look in an excellent condition. You might have to get your complex white-washed, carpets changed and all the essential fixtures done. Your lawns should also be equally clean and fresh to impress the buyers. - Property attributes: Buying a complex may be a form of investment and for some it may be an fascinating event. Look at your complex from the buyers view point. If you were in his place, what would be your explanation of a "dream house"? Is your apartment complex worth a dream house? So you must see the quality of your apartment. Thus, your apartment should reflect quality so try and improve its quality. It must be worth the value you ask from any buyer. The appearance and attributes of any apartment complex do matter a lot for a genuine buyer. - Property price: Check what property prices are existing in the market. You should take the advice of you legal property dealer who knows the prevalent and suitable price for your property and may help you to decide your property price. You Have to think about the site, size and the age of the property while determining the rate. - Taxes you need to pay on the sale price: The government will deduct some taxes on the amount you get after selling your apartment complex. There are several legal formalities and rules which must be obeyed. You should try and understand the tax exemption rules to make the most out of your sale. You can appoint an accountant who will assist you at each step and give you as much as tax relief as possible. - Beware of cheaters: Beware of the frauds that usually occur while property dealing. Never sign any lawful documents without proper supervision of the property lawyer. You may be duped and may not get the exact value of your property. It is better to take a few advices before signing the contract.