By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER
Managing Financial Change and a Shifting Real Estate Market
Change is natural and there is no doubt it will occur at some point. Change can be difficult to navigate or it can be a step towards success, freedom and the future. In today's world, with the banking crisis, plummeting real estate prices and stress on Wall Street many medium sized companies, small businesses and regular citizens are feeling the strain that can be created by change.
Real Estate Investment Opportunities in a Slow Market
Investors that have recently lost money in the stock market should consider investing in commercial real estate and rental properties. Although real estate investments grow more slowly, they are safer. When the market changes real estate is a tangible investment offering more security, not just a piece of paper. These types of investments are income producing and offer a variety of tax advantages. Plan to make a long-term investment for at least five or ten years. Then, when the timing is right, you can roll it over with a 1031 tax exchange and continue investing in like properties. Another creative solution for real estate investors is the use of Tenants in Common agreements or Real Estate Investment Trusts (REIT).
Tenants in Common is a property ownership arrangement in which multiple investors own property jointly. Ownership can consist of equal or unequal shares of the property and the owners can pass shares onto heirs. REIT shares are securities that sell like stock on the major exchanges and invest in real estate or mortgages. REIT's allow individual investors to hold various property assets and are eligible for corporate tax exemptions as long as 90% of the income is distributed to shareholders each quarter. REIT's can provide a reliable supplementary income and when you die will provide income for your family.
Refinancing Your Home and the Frozen Mortgage Debacle
In the current real estate market small business owners and individual homeowners are facing a myriad of financial challenges. Many self-employed business owners and contract workers are struggling because either their mortgages have been frozen due to falling real estate prices or in the last two years a slowing economy has decreased their income so much that refinancing is not an option. Regardless of the reason for being denied the ability to refinance, homeowners in this predicament are in danger of going into foreclosure.
What Can "Regular Joes" Do During the Foreclosure Crisis? Make Washington Listen, Contact your Congressmen and Women!
In the June 5, 2008 article "Mortgage bankers report hits grim a benchmark in first quarter, showing a record number of homes in jeopardy" Chris Isidore, senior writer for CNNMoney.com writes, "For the first time ever, more than 1 million homes are now in foreclosure, according to the Mortgage Bankers Association." "The Mortgage Bankers Association's first quarter report showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes," he continues, "Nearly four out of ten subprime ARM loans are a month or more late, or in foreclosure...There are 431,000 prime loans in foreclosure."
Unfortunately the federal government has not designed a solution for the subprime and prime mortgage crisis and every day more regular people face the threat of losing their home or business investment property. Oftentimes mortgages have been sold so many times the homeowner doesn't even know which company owns the mortgage. Since our elected officials do not seem to be addressing this, the only option is for homeowners, small business owners and entrepreneurs to contact their senators and tell them how important it is that these issues be managed and resolved.
In Virginia residents can contact the offices of Senators John Warner and Jim Webb or the head of the banking committee Chris Dodd. I have made attempts to contact all three of these Virginia leaders and all of them refuse to return calls or speak to me personally. It is my hope that if multiple people speak with their offices about this situation we may be a catalyst for change and make regular people, the majority of Americans, the government's number one priority. Write emails, send letters, talk to your neighbors and make Washington listen. Change is inevitable, but if we work together the changes may be for the better in the long run.
Visit my web sites to view other listings at www.voncannonrealestate.com and www.estatesinvirginia.com You will also find articles and more information on homes, the Virginia real estate market and my team.
PS............
One other thing, the current melt down of the stock market only goes to prove that for investors owning real estate in a safer investment as you will always have your investment and not a piece of paper when a company goes under. Real Estate is a slower growth but a safer one.
Where is the Ethics?
By: Elaine VonCannon, REALTOR, SRES, ABR, NOTARY PUBLIC, TEAM MANAGER, PROPERTY MANAGER
A REALTOR in Richmond Virginia has a listing on a foreclosure home. My Friend (yes the one I always blog about), had this as a listing before the 80 something young owners let it go in foreclosure. You see the property was their son's and they had co-signed for him to buy. But fate stepped in and the poor son was killed in a motor cycle accident. So the nice little couple was stuck with a farmhouse. Now, this gets even better the REALTOR WHO SOLD THEM THE HOME WENT TO CHURCH WITH THEM AND DID A DUAL AGENCY. Yes, no home inspection.
So when you walk into the house it leans on one side and you can tell it has major foundation problems. Well, it went into a short sale. Experts were called and verified that there were major foundation problems with this home.
Ok as the plot thickens, the listing expired and the bank who now owns the property gives the listing to a REALTOR in Richmond. The REALTOR lists the home, he must belong to the a group of folks who has visual problems with telling that is straight and what leans. Or maybe he walks tilled so when he is in the house it seems OK to him.
Well, my friend being the nice person she is. Let the other REAL OR know about the issues with the home. As she has clients who is looking in the price range that they have the home listed and she had hoped that the problems with the crooked home had been addressed.
NO WAY..........THE OTHER AGENTS SAID "I DO NOT KNOW OF ANY PROBLEMS WITH THE PROPERTY." Well he does now as she told him. He said it was "as is".
NOW HE KNOWS AND HE HAS CHOSEN NOT TO DISCLOSE THE INFORMATION. THIS MAKES THE PROFESSION LOOK BAD.
WHAT DO YOU THINK?
Virginia Counties - The City of Norfolk
Norfolk Virginia on the Edge of the Chesapeake Bay
By: Elaine VonCannon, REALTOR, SRES, ABR, NOTARY PUBLIC, TEAM MANAGER, PROPERTY MANAGER
Norfolk, Virginia is a charming city beside the Chesapeake Bay that dates to the 17th Century when the English colonists first settled it. Norfolk is a wonderful place to live, raise children, seek a higher education, become culturally enriched, or succeed in business and commerce. Because Norfolk is home to the largest Naval Base on the East Coast, the city has the distinction of being a military center. Tidal waters surround the Norfolk area with the Chesapeake Bay on the northeastern edge, the Elizabeth River on the western side, and the Lafayette River cutting through its center. Norfolk is the center of the Tidewater area, and has always been known as a port city and shipping capital.
History in Norfolk Virginia
Before Norfolk was settled in the 17th Century, Native American tribes inhabited it for over 10,000 years. During settlement in the 17th Century, Norfolk became a thriving center for shipping and commerce and has continued this trend up until the present time. Norfolk was the site of some pivotal naval battles in the Revolutionary Era and also during the Civil War. During World War I and World War II, Norfolk was a focus for military activities that included defense of the Chesapeake Bay from foreign invasion or attack.
Why Relocate to Norfolk, Virginia?
There are many reasons to want to relocate to Norfolk Virginia. Many people live in Norfolk because it is more convenient to shopping, entertainment, and dining and many neighborhoods are either located on the water or very near. The Norfolk lifestyle is one of relaxed beaches, summer festivals, fishing and fun.
Shipping: A Way of Life in Norfolk
Norfolk is not only a major Naval installation. The ease of access to the Chesapeake Bay attracts container ships from all over the world, making importing and exporting of goods common in Port Norfolk. The port of Norfolk is home to Norfolk Southern, one of the largest railroads in the South. Trains stop to load and unload coal and other stock, day and night at nearby piers, and trucks from all over the United States make deliveries to the docks on a daily basis, too. All of this activity keeps Norfolk humming with activity and excitement.
Economic Development in Norfolk
Norfolk is an urban center. Across the United States, the population of urban centers is on the rise due to the high cost of gas and long hours of commuting. The City of Norfolk has been actively engaged in multiple economic development initiatives in neighborhoods from downtown Norfolk, to Granby Street, to Ocean View, to attract young professionals, families, retired people, and businesses to the area. In 2005 Forbes Magazine named Norfolk one of the top locations for business and careers. In 2008, The governor of Virginia, Timothy Kaine, visited Norfolk to announce the development of a new light rail system to serve the city. The Tide light rail system will be built in stages and fully functional by 2010.
Education for Children
Norfolk's public schools are known for racial and ethnic diversity. There is also a wide selection of private schools within the City of Norfolk. Some of the better known schools include Norfolk Academy and Christ the King School. For a complete list of private schools in the Norfolk, visit http://www.norfolk.gov/Education/private_schools.asp.
Continuing Education for Adults
For adults wishing to continue their education, there are several excellent choices within Norfolk's boundaries. Old Dominion University is well known for its computer science, business, and engineering programs. Norfolk State University is an historically African-American university that is located on the edge of downtown. Tidewater Community College is affordable and easily accessible, in the heart of Norfolk's downtown district. Other institutions of higher education in Norfolk include Eastern Virginia Medical School, Troy University and Virginia Wesleyan College.
Outdoor Parks in Norfolk
Norfolk maintains a good deal of open space for residents' enjoyment. There are multiple outdoor public parks in the City of Norfolk that are perfect for a number of recreational activities. Northside Park is in the northern part of town, alongside Tidewater Drive and provides an indoor pool, playground, softball fields, walking paths and more. Ocean View Beach Park is a 6.5 mile stretch of beach along the Chesapeake Bay where local residents swim, sunbathe, fish, and play volleyball and other sports. Lakewood Park, Lafayette Park, Tarrallton Park, and Barraud Park are additional parks in Norfolk.
If you enjoyed this article please, visit my web site www.voncannonrealestate.com or www.estates in virginia.com.
Virginia Counties - King William County
By: Elaine VonCannon, REALTOR, SRES, ABR, NOTARY PUBLIC, TEAM MANAGER, PROPERTY MANAGER
King William County is a rural county in Virginia that is situated between Williamsburg in the south and the Northern Neck Counties in Chesapeake Bay Country in the East, and Richmond to the west. King William's close proximity to thriving urban centers such as Richmond and Norfolk Virginia and the scenic Chesapeake Bay makes it a desirable place to live, raise a family, retire, relocate, or even purchase a second home. Named after King William III, the monarch of England, Ireland and Scotland from 1689-1702, King William County Virginia has a distinguished history that stretches back into the Colonial Era.
History in King William County
In the 17th Century, King William County was the stronghold of the Powhatan Confederacy and included over 13,000 Native Americans who lived in villages that spanned a 6,000 mile geographic zone. After years of wars and colonization, a 1646 treaty resulted in the tribes come under the dominion of England. Governor Sir William Berkeley was one of the political figures who played a critical role in this treaty. After signing, English gentlemen received large land grants in King William County, which was later divided into other counties.
Why Relocate to King William County?
With the Mattaponi, Pamunky, and York Rivers there are just over 135 miles of shoreline in King William County. Waterfront homes and estate homes with character and history dot the landscape. King William County is filled with reminders of Colonial times, including Chelsea Plantation and the Mattaponi and Pamunky Reservations. An abundance of countryside makes for a peaceful, healthy life in sync with the natural world and its rhythms. People who find small town or rural life relaxing and enjoyable will thrive in King William County and still have easy access to Williamsburg and Richmond for dining out, entertainment, and recreation.
West Point Virginia
West Point is a charming town in Southeastern Virginia, in the heart of King William County. West Point is easily accessible from Interstate 64 and Route 33. The town of West Point sits at the confluence of the Mattaponi, Pamunky, and York Rivers and is a scenic location with a historic district under preservation.
Economic Development in King William County
There has been a 16% surge in population growth in King William County since 2000. This growth is projected to continue, mainly due to the population explosion of the Tidewater area and Richmond, easily accessible nearby urban areas. The median income for residents of King William County is 57,000 per year. This median income reflects higher figures than some neighboring counties. The increase in population bodes well for commercial endeavors in King William County in the coming years.
K-12 Education in King William
King William County schools have an excellent reputation for providing a high quality education that helps students attain standards of learning and go on to community college and college as well as solid professional careers. For parents who prefer to send their children to private school, nearby Williamsburg offers a few excellent choices including Christchurch School, Walsingham Academy, and Williamsburg Christian Academy.
Continuing Education for Adults
There are several excellent choices for institutions of higher education within close proximity to King William County. These include Virginia Commonwealth University and University of Richmond in Richmond, and the College of William and Mary in Williamsburg. Many of these colleges have continuing education programs for adults that cover a wide array of topics for professional enrichment. Rappahannock Community college and J. Sargeant Reynolds Community College are also within a 30 mile commute of King William County.
Outdoor Recreation in King William County
There are many great opportunities for outdoor recreation, including boating, fishing, sailing, walking, biking, and bird watching, in King William County. The Riverwalk Trail is in the West Point area. True to its name, it begins at Glass Island and follows a walking path underneath the Delaware Bridge while it meanders alongside the Mattaponi River. King William Recreational Park and Zoar State Forest in Aylett also offer ample green space for residents and visitors who love the outdoors.
If you enjoyed this article please, visit my web site www.voncannonrealestate.com or www.estates in virginia.com.
RE/MAX Hall OF Fame REALTOR® with RE/Max Capital in Williamsburg, Va., Specializes in retirement, 1031 tax exchange, relocation, property Management,residential and commercial real estate in Va.
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