Pruven Real Estate and Investment, LLC » Property Management

Phoenix ranks 2nd for college grads

Admin — Mon, 10 May 2010 02:35:22 +0000

It’s the season when college graduates leave campus in search of employment, but some cities are better than others to start a career.

This week, Apartments.com and CareerRookie.com identified the top 10 cities for recent college graduates, based on the places with the highest concentration of young adults between the ages of 20 and 24, the highest inventory of jobs that require less than one year of experience, and the average cost of rent for a one-bedroom apartment.

Here’s their list:

Atlanta
Phoenix
Denver
Dallas
Boston
Philadelphia
New York
Cincinnati
Baltimore
Los Angeles

Of course, most grads are probably just happy to land a job — regardless of where it’s located. There are some signs that the job market for new graduates is rebounding; 24.4% of 2010 graduates who have applied for a job have one waiting for them after graduation, according to the National Association of Colleges and Employers. Last year at this time, 19.7% of 2009 graduates who applied for a job could say the same.

– Amy Hoak , Real Estate writer for MarketWatch

Bill prohibiting Third-Party transfer fee schemes on Governor Brewer’s desk

Admin — Tue, 06 Apr 2010 19:33:26 +0000

In 2008 Voters passed a constitutional amendment by a margin of 77% to 22% to prohibit the state, county or city from charging a transfer fee on the sale of a home. Unfortunately, the ballot measure did not include a prohibition on private transfer fees. Now a new property transfer fee scheme has arisen in which a third-party company enters into an agreement with a developer to record a permanent covenant and lien on each home built. Subsequently, each time that home is sold – for as long as 99 years – a percentage of the sales price is diverted back to the developer and the third-party company. This happens even though the developer and third-party company don’t own the property and don’t pay any portion of the mortgage, remodeling costs or other improvement expenses. This is an abuse of the CC&Rs that are commonly recorded on residential property, an abuse that takes a home seller’s sales proceeds and provides nothing to the homeowner in return except increases in cost. This scheme is a risk-free effort for everyone – except the homeowner.

HB 2768 prohibits this third-party transfer fee scheme from continuing in our state. It has passed both the House and the Senate and awaits Governor Brewer’s signature into law.

Welcome, Brian Teske!

Admin — Fri, 05 Feb 2010 17:59:07 +0000

Pruven Real Estate & Investment, LLC is proud to welcome Brian Teske to our property management team. Brian brings a wide array of property management knowledge including the Certified Property Manager Designation and candidacy for CCIM membership. Welcome on board, Brian.

REO vs. Short Sale

reoguy — Wed, 03 Feb 2010 22:37:28 +0000

Things are changing and changing fast. According to the Las Vegas Association of Realtors in November of 2009 out of approximately 11,000 pending sales, short sales accounted for 8,935 pending sales or 67% – while REO pending sales were a miniscule 2,367. These percentages did a virtual flip flop from the same period in 2008 and many markets around the country are seeing the same trend.

Evidence of what direction the real estate market is headed will never get any more definitive.

It appears that after 3 years of an REO dominated market the tide may be swinging to the short sale now.

The reason for this momentus shift from REO to Short Sale is simple…. because Short Sales mitigate loss MUCH more effectively than REO disposition models and lenders have finally caught on.

A brief analysis of REO VS. Short Sale costs provided to me by a large Wall Street hedge fund heavily vested in mortgage back securities tells the story:

REO: The average loss per foreclosure (REO) is a whopping 65%. That means the investor nets a dismal $35,000 on a $100,000 note.

Short Sale: The average loss on a short sale is 40%. Using the same $100,000 example, the investor ends up with $60,000.

That is a savings of Short Sale versus REO of a whopping 25%!

Hence the sea change in lender loss mitigation models from “foreclose and dispose” to short sales is well underway.

Beyond the obvious evidence cited in Nevada, lenders have been gearing up for short sales on a multitude of fronts.

Almost universally they have signed onto the new HAFA federal plan (Government plan that provides guidelines, time limits, uniformity and pay-out minimums for short sales) with open arms and are now requiring agents process Short Sales through universal web portals that manage real estate transactions.

It appears as though one thing is certain in the real estate industry, and that is change is continuous and eminent and if you are a property owner struggling with your mortgage help is closer than ever. Contact Pruven today to see what we can do for you!

Pruven Asset Management Services

Admin — Sun, 10 Jan 2010 23:07:53 +0000

Pruven Real Estate & Investment, LLC offers asset management services for numerous property types throughout Arizona. Asset Managers can expect on-time inspections, professional vendor management for initial services, maintenance and repair, extensive marketing and on-time closings. Pruven Real Estate & Investment, LLC…adding value to your unperforming assets. Call us today at 623-694-0529 or e-mail joel.lindgren@pruven.org.