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Gea Elika of Elika Associates Elected Regional Director of NAEBA

Monday, January 6th, 2014


New York, NY (PRWEB) December 19, 2013

Gea Elika, founder and principal broker at Elika Associates, was elected as the Regional Director of the National Association of Exclusive Buyer Agents (NAEBA). This continues Mr. Elikas long commitment to representing buyers interests.

I am honored and humbled in being elected as the Regional Director for NAEBA. My new appointment will enable me to take a greater role in serving homebuyers both locally and nationwide. We are going to enrich the real estate industry with many innovations. One of them is the NAEBA Home Buyers Index. The index, scheduled for release quarterly, will consist of aggregate survey data collected nationwide from active homebuyers to record homebuyer sentiment. We believe the Buyers Index will become a crucial indicator for the housing and financial markets to better understand and forecast future demand and trends. I am looking forward to fulfilling our goals and in serving to further the development of the National Association of Exclusive Buyer Agents, said Gea Elika of Elika Associates.

The NAEBA serves a valuable function in the real estate industry. It is a group of real estate professionals that represent only buyers needs and interests, not the sellers. As part of this commitment, the members will never list homes. In the typical relationship, the agent represents the seller, and obtaining the highest price is the most important consideration since he or she is paid on commission. Quite simply, the higher the sales price, the greater the agents payday.

NAEBAs mission extends to all of the homebuyers needs, including information regarding loan options. During the housing bubble, agents and loan officers would push certain buyers into mortgages that had features such as the monthly payment spiking after the initial teaser rate expired. This helped lead to widespread foreclosures that contributed to the housing crisis and economic downturn.

Mr. Elikas boutique firm is the first New York City real estate brokerage focused exclusively on representing buyers interests. Mr. Elikas years of experience, knowledge, extensive industry contacts and thorough research arm potential homeowners with information not easily obtained through the Internet or editorials. Namely, it includes a comparable analysis report that is always prepared for each property in which a buyer expresses interest.

Since most agents focus on the seller, and obtaining the highest price, the buyer does not receive the agents undivided loyalty. In contrast, Mr. Elika has established his reputation through his commitment to serving buyers with honesty, integrity, and confidentiality. His firm maintains a website, including a blog, that helps educate buyers on the intricacies of navigating the tricky New York City real estate landscape.

New York Citys real estate market has long been compared to a jungle, and there are legendary stories of the extent people will go to land a prized apartment. Given the market has heated up again, buyers can be comforted that Mr. Elika will go to great lengths to ensure buyers wont get stuck in a bad deal. Avoiding a mistake with a large purchase, and choosing the right property to live in is an important choice. Buyers are in good hands with Mr. Elika.

About Elika Associates

Elika Associates is New Yorks premier buyers brokerage. Elika exclusively represents the buyer and provides exceptional services tailored to each discerning clients unique real estate needs. Elika provides buyers with expert unbiased assistance while finding, managing and negotiating the purchase of real estate. Elika Associates is a proud member of REBNY, NAEBA and REALTOR(TM).







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Faculty Row Report: The US Economy is Not Fine

Sunday, January 5th, 2014

New York, NY (PRWEB) December 19, 2013

What do some of Americas top professors have to say about the status of our economy? This was posed to accomplished academics from Faculty Rows network and asked professors to weigh-in and rate the current status of the U.S.economy.

Each professor was first asked to rate the current status of the U.S. economy on scale of 1 to 10. A rating of 1 would indicate a viewpoint that the economy is worst the economy has ever been and 10 would be the best. Professors also voiced their opinions to support their ratings.

The numerical average amassed from 28 professors, across various disciplines* produced a rating of 4.5 out of 10.

Professors with expertise in various disciplines, including political science, ethics, finance, social studies, history, and economics took part in our survey.

Here is how Faculty Row’s educators perceive our nations current economy:

“The record high stock market and falling unemployment rate mask a deeper problem with the US economywe have one of the most economically unequal societies in the world.” – David A. Schultz is a professor of Political Science at Hamline University

Professor Schultz rates the current US economy a ‘3’. He contends that the root of the problem lies in our economically unequal society:

“According to the Institute for Policy Studies, in 2007 the top one-percent controls almost 34% of the wealth in the country, with half of the population possessing less than 3%.”

Schultz further emphasizes the inequality in our economy: “in a country where economic wealth can be converted into political power, the rich can use their resources to prevent political change or reform and entrench themselves.”

Professor Bruce Alan Kibler, whose expertise is Corporate Governance and Global Business at Gannon University assigns a rating of ‘2’ to the current US economy. Kibler points to the inequitable distribution of income which he states may lead to civil unrest.

Kibler further explains “The most prosperous time in the US was when there was a very equitable distribution of income and high tax rates on the rich and lower on the poor. The burden of our capitalism has been placed almost solely on the less than wealthy.”

Kibler continues “The last 30 years have been spent increasing returns for the top earners and overburdening the lower spectrum of the economy. Until this is changed, we begin running the risk of ever increasing civil unrest as more and more people become disenfranchised from our system. History gives us a plethora of clear examples here.”

Professor Fred Maidment teaches Entrepreneurship at Western Connecticut State University. Maidment rates the economy a ‘3’ and states that Americas economic troubles are rooted in its “unwillingness to recognize the changes in the global economy that have occurred in the past 15 – 20 years.” He advances this assertion by listing the reasons why the US economy is not strong enough to compete on a global scale finding it has not yet fully recognized changes in the following spectrums including:

-The advent of the internet;

-The development of supply chain distribution;

-The availability of a global workforce; and finally,

-Change from a national to an international economy

-A tax structure that is not competitive with tax structures in other countries.

-Increasing regulation of industry.

-The rise of favored industries sometimes referred to as “Crony Capitalism” at the expense of other sectors of the economy.

“The policies being implemented by the government” Maidment concludes, “have more to do with addressing the conditions that existed in 1933 than in 2013. We live in a very different world than 80 years ago.” Maidment foresees a decrease in unemployment because fewer workers are looking for employment leading to a smaller workforce and smaller overall economy.

The outlook isnt all bleak according to Professor Jordano Quaglia at Fairfield University. Quaglia is a professor of History and languages, and rates the current US economy:

“I would rate the economy a ‘7’, because it is growing. It has been hijacked by the dysfunctional House of Representatives which does not compromise and has an agenda against the White House that seems racist and does not appeal to the majority of the country.”

He further suggests that the issues which reside in the House of Representatives are fixable due to the fact that new members get reelected after their allotted time:

“…Elected representatives to the House should have one single 6 year mandate, with a referendum approval on his/her third year to guarantee his/her stay or new election for the reminder 3 years. In that way lobbying and special group interests wouldn’t be at play all the time, and with the referendum a poor acting politician would be taken out.”

Bernard Moitt, a professor of African and Caribbean history and literature at Virginia Commonwealth University, concurs and rates the US economy at ‘8’. “I think if one looks at major signals of the American economy one can see that things are moving forward. This forward momentum is likely to continue. First, the unemployment rate has dropped since the height of the economic crisis in 2009. Second, a recent report on car companies suggests that the revenues are up and manufacturing rates in the US have always been a major predictor on how the economy is performing.”

To this, he adds the housing market which has been a major indicator of mobility, is trending positively with market values on the upswing in a number of cities including Richmond (VA), where the latest tax rates on his street have been assessed at an additional $ 100,000. Further, Moitt feels the US dollar is bouncing back in value especially in relation to other national currencies. This is specific to the Canadian dollar which in times past was worth more than the US dollar as well as in Europe where par is not as disastrous as in times past. “Lastly I think that the true value of the Affordable Care Act popularly known as Obama Care, will be revealed in 2014 when Americans better understand their right to proper healthcare.”

Economist and financial reformist John Edmunds of Babson College hovers slightly above the midpoint with a current rating of the US economy a ‘6’. “Job creation will continue, but the jobs will be low-paid, mostly without benefits. Monetary policy will continue to be accommodative, but the long-term rate of interest will be allowed to rise slightly. Real estate prices will continue to rise, despite slightly higher mortgage rates. Energy costs will continue to decline, whether the Keystone pipeline is allowed or not. Corporate profits will continue to grow, and the stock market will rise, though less than in 2013. Our trading partners will do better, so demand for our exports will continue to improve. The coasts will do well, and the recovery will be more noticeable in the center of the country, but the boom of 2006-2007 or 1999-2000 will not be repeated.”

At a time when predictions on the US economy are running freely, the 196 members of Faculty Row are split between high hopes, reservations, and indications of a long road ahead. There is consensus, however, in the problems stemming from an unequal distribution of wealth, a faulty legislative branch.

Faculty Row is a Private Network originally developed for educators and researchers to connect, collaborate, and share ideas nationally. Faculty Row is now the leading network of experts for over 100,000 academics globally.

For Media Inquiries:

Kojenwa Moitt, Director of Media Relations

Faculty Row Corp.

590 Madison Avenue

New York, NY 10022

Kojenwa(at)FacultyRow(dot)com

(747) 333-8359 Office


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Southern California Real Estate Buyers and Sellers Get Ready to Jingle All The Way with First Team Real Estate’s Extreme Holiday Makeover Contest

Saturday, January 4th, 2014


Irvine, CA (PRWEB) November 20, 2013

With stores quickly hanging holiday decorations and Southern California radio adding Christmas songs to their playlists, the Extreme Holiday Makeover by First Team Real Estate is starting to pick up hundreds of contest entries.

“Everybody wants to get in on the fun this season,” said Rick Brotherton, Vice President, Marketing for First Team. “As the chill hits the air, people are entering our contest to have ‘the’ house this holiday season.”

The winning entry for the Extreme Holiday Makeover will receive $ 5,000 in professional holiday decorating along with clean up at the end of the holidays and a $ 500 voucher for power expenses. Runners up will receive American Express gift cards to help make their holiday season bright, although not as bright as $ 5,000 in lights!

“This holiday, the winning family will definitely have the brightest house on the block,” explained Rick Brotherton. “Our hope is that all the lights and decorations will be a trigger for some of the best neighborhood parties and family memories in Southern California history!”

Designed to help Southern California home buyers and sellers celebrate one of the brightest years in local real estate in memory, the Makeover contest will cap one of the biggest years in First Team Real Estate’s history.

“The Southern California real estate market has been up by double digits for over 20 months and in key markets like luxury homes above $ 1 million, our market share has been increasing by over 30% faster than our nearest competitor,” said Chris Pollinger, Senior Vice President, Sales for First Team Real Estate. “These achievements are all a great reason to celebrate, and the Extreme Holiday Makeover is the perfect way to do it!”

For more information or to enter the Extreme Holiday Makeover contest, go to http://ow.ly/qVZb5.

ABOUT FIRST TEAM REAL ESTATE

Growing from a single office in Huntington Beach, CA in 1976, First Team Real Estate is now Southern California’s largest and most trusted private real estate agency with offices across California. In 2011, 2012, and 2013 First Team was recognized as Best Real Estate Company by the annual Orange County Register survey of 100,000 Southern California households. We can be reached at (888) 236-1943.

ABOUT FIRSTTEAM.COM

Firstteam.com is the official website of First Team Real Estate, and is used daily by thousands of unique users who trust its property and market analysis data which is updated four times daily on average. According to independent rating organizations of Internet usage and reach, firstteam.com is the most used brokerage property web site serving Southern California. For more information go to http://ow.ly/lZH0G.







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Miami Real Estate Double-Digit Price Appreciation Continues

Friday, January 3rd, 2014


Miami, FL (PRWEB) November 20, 2013

October marked the 23rd consecutive month where Miami home prices appreciated compared to October 2013 figures, according to a new report from the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.

The median sales price for a Miami home in October was $ 220,000, a significant increase of 18.9% when compared to $ 185,000 during the same period last year. Median condo prices also showed double-digit appreciation. The median sales price for a Miami condo was $ 170,000, an increase of 17.2% from the year-ago median price of $ 145,000.

The 23 consecutive months of appreciation of Miami home and condo prices is a remarkable sign of the vitality and strength of the South Florida real estate market, said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. Rising home and condo values is a reflection of increased demand from local, U.S., and international buyers from around the world, creating a great opportunity for sellers.

Average sales prices were also marked by double-digit growth. The average sales price of a Miami single-family home in October was $ 421,546, a 29.9% increase compared to $ 324,611 at the same time last year. Similarly, average Miami condo prices increased by 11.8% to $ 296,568 relative to the prior year where the average price was $ 265,225.

Short Sales Decline, Traditional Sales Remain Strong

Overall, home and condo sales experienced a modest single-digit decline in October compared to last years figures, but remained strong relative to historical averages and performance. While traditional sales showed strong gains, short sales declined significantly due primarily to the government shutdown delaying transactions requiring tax return verifications. The Miami market has more short sales and REOs than most market in Florida and the U.S. Delays in FHA funding and other government related factors also contributed to fewer closings in October.

Last month, 1,060 homes were sold in Miami. This represented a modest decrease of 6.5% compared to 1,134 in October 2012. However, the figure was similar to Septembers sales when 48 fewer homes were sold.

Condo sales were also strong in October. While the 1,416 condos sold in October represented a minor 1.2% decrease compared to year-ago figures, they were 4.7% greater than Septembers condo sales figures of 1,352.

Double-Digit Growth in Traditional Sales

The market share and number of traditional sales continued to significantly grow in October compared to the year-ago figures. Of the 1,060 homes sold last month, 641 of them (60.5%) were traditional sales; meanwhile, REO and short sales accounted for 20.8% and 18.8% of last months sales, respectively. This is a significant increase in the number of traditional sales compared to October 2012 figures where they accounted for just half (49.8%) of sales and REO and short sales were 23.1% and 27%, respectively, of total sales for that month. Thus, traditional sales have experienced a significant double-digit growth of 13.5% relative to year ago figures. REO and short sales declined by 16% and 35.2%, respectively.

Condo sales saw similar increases last month. Of the 1,416 condo sales in Miami during October, 889 (62.8%) were traditional sales, an increase of nearly 8 percentage points compared to the same period during 2012 when traditional condo sales were 54.9% of all Miami condo transactions. Meanwhile, REO and short sales accounted for 24.1% and 13.1%, respectively, of total sales last month. October condo short sales during the same period in 2012 accounted for 24.6% of all condo sales.

The double-digit growth in traditional real estate sales is a sign of continued strength in Miamis real estate market, said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. The significant growth in cash sales shows that Miami is the destination of choice for domestic and international buyers, who continue to play a major role in the local market.

National and State Figures

The national median existing-home price for all housing types was $ 199,500 in October, up 12.8% percent increase from September 2013, according to the National Association of Realtors. The statewide median sales price for single-family existing homes last month was $ 169,000, up 16.6 percent from the previous year, while that of townhouse-condo properties was $ 130,000, up 22.1 percent over the previous year.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.2 percent from September but were 6.0 percent higher than they were in October 2012. Statewide closed sales of existing single-family homes totaled 18,728 in October, up 6.5 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 8,598, up 3.1 percent from October 2012.

Nationally, distressed homes again accounted for 14 percent of October sales.

Active Listings Increase, Market Continues to Favor Sellers

Active listings in October increased by 18.3% from 14,903 in October 2013 to 12,597 during the same time the prior year.

There were 5,571 active home listings in Miami last month compared to 5,046 during the same time in 2012, an increase of 10.4%. The strongest growth in listings, however, was in condos. In October 2013 there were 9,332 active condo listings compared to 7,551 during the same period last year. This represented an increase of 23.5% in the number of active Miami listings.

At the current sales pace, there is a 5.3 month supply of single-family homes and 6.6 months of supply of condominiums in Miami-Dade, representing an increase of 17.8% and 24.5%, respectively, compared to year-ago levels.

Total housing inventory nationally declined at the end of October and was 1.8 percent below year-ago levels, representing a 5.2-month supply.

Miami Real Estate Selling Fast, Close to List Price

Miami real estate continues to sell rapidly and near listing prices.

The median number of days on the market for single-family homes sold in October 2013 was just 40 days, one less day than in September 2013, and a slight increase from 38 days in October 2012. The median number of days on the market for a condo was just 44 days, down 4.3% from September and slightly more than 43 during October 2012, a modest increase of just 2.3%.

Single-family homes sold on average at 96.3% of the listed price, up from 95% the prior year and 95.9 percent in September 2013. Selling prices for condominiums were on average 96.7 percent of the listed price last month.

Combined with the fast sales, this is a sign that homes are being priced right.

Cash Sales a Sign of International Buyers

Cash home and condo sales continue to be a major driving force behind Miamis real estate boom, a sign of continued strength from international buyers, most of whom pay cash. Of the 1,060 homes sold last month, the 518 cash transactions accounted for 48.9% of all home sales, an increase of 3.2 percentage points relative to October 2012 when home cash sales were 45.7% of transactions.

The great majority of condo sales continue to be all cash transactions. According to the MIAMI October report, of the 1,416 condos sold last month, 71.2% of them (1,009) were paid in cash. Meanwhile, during the same period in 2012, condo cash transactions accounted for 76.6% of sales.

By comparison all-cash sales nationally accounted for 31 percent of transactions in October, down from 33 percent the previous month and up from 28 percent in October 2012.

October 2013 – Miami-Dade Statistical Reports

http://www.miamire.com/news/research/miami-dade-and-broward-detail-statistical-reports

Note: Statistics in this news rele

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The Elite Group Launches Redesigned Website for Home Inspections

Friday, January 3rd, 2014


Diamond Bar, CA (PRWEB) December 18, 2013

Executives at The Elite Group Property Inspections, Inc. recently launched a retooled website promoting their home inspection services. The new site features a user-friendly format, engaging content, and integrated social media.

The Elite Group Property Inspections, Inc. is the largest independently owned home inspection agency in California. Vice President Chad Hett wanted to redesign the website to reflect his inspectors qualifications and experience.

Our inspectors are some of the best in the industry, and theyre continually sharpening their skills, said Hett. This fall we reached an incredible milestone: 75 percent of our inspectors are now Certified Master Inspectors

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