Mike Wong Realtor, GRI

It has been a while since I've been active in here the Rain. I'm certainly glad to be back and returning to duty to provide my clients and consumers useful content and information about Sugar Land.

I haven't abandoned the industry that I love, I haven't been on a vacation. I haven't been under a rock. I have certainly been busy that ever taking care of my clients and thier real estate needs. Im not sure about the economic slow down locally. Im off to the busiest start ever for a new year.

Despite the national media news, real estate transactions continue to happen in Sugar Land and the Greater Houston area. In Sugar Land we are still averaging 50 homes sold per month according to the latest economic report for the area. Thats almost 2 homes sold per day. Leasing occupancy is at an all time high. Commercial real estate is still active in the area. (I will post the stats and data in a follow up blog).

Builders are continuing construction. David Weekley is opening thier new sections in Riverstone, Missouri City. Telfair is still growing rapidly, and the luxury community Aliana is under way. Check back this week for those reports I plan to post here as well.

My investors are also keeping me busy by taking advantage of great opportunities in today's market. Right now there are some very attractive foreclosures comming onto the market. I'll start posting some of those deals, the latest news, and analysis of investments here soon.

Stay tuned folks, I'll be active again here providing more information like you have come to expect from the leading Active Rain Real Estate blog for Fort Bend County Texas.

February 10, 2009

Mike's Neighorhood Market Report for Park Pointe (February 2009)

Currently there are 6 homes on the market for February.
2 available
2 option pending
2 pending sales
1 rentals available

1 SOLD by Mike Wong of Keller Williams

1 home in the neighborhood is currently available for rent. Average monthly rate is $1,400 for the neighborhood.

Listed price ranges from $125,000 up to $189,000 for current homes on the market.

Since Jan 1, 2009:
There have already been 2 homes sold in Park Pointe.
Average square footage of sold properties is about 2506 sf.
Actual sold price ranges were from $125,000 up to $145,000
Average home sales price was $135,000

Here are the current available homes in Park Pointe:

3 bedroom, 2 bath, 1740 sq ft, 1 story home for sale

5 bedroom, 3.5 bathroom, 2 story home for sale

3 bedroom, 2 bathroom, 1 story home for lease

Of course if you have any question about any of the homes or would like a free consultation and market analysis of your home, contact Mike at 713.935.5800

The Asian American Real Estate Association is hosting their 6th Annual Spring Gala for 2009 this year at Ocean Palace on Bellaire on Saturday January 31, 2009 from 6:30pm to Midnight.

Individual tickets and 10 seat tables are still for sale through any of the AAREA Board Members. Please feel welcome to contact Mike Wong 713.935.5800 for more information or sponsorship and advertising opportunities before its too late.

This has always been a great opportunity for agents, vendors, lenders, and all industry related professionals to come together to celebrate the Chinese New Year at a grand event. Of course I take this opportunity to invite my family and best clients to enjoy the evening at a table I have hosted for my guests.

Many of us are expecting to be out there shopping at the last minute during this busy holiday season. During the stress of finding parking, last minute gifts, sifting through what is left at the stores, and comming up with something for that someone who has everything, we forget about ourselves. Im not talking about that meal we sacrificed to continue shopping, or the nice gift for ourselves we sacrificed.

In all the holiday shopping madness, DO NOT FORGET ABOUT YOUR PERSONAL SAFETY! The holiday season is a time when busy people can become careless and vulnerable to theft and other holiday crime.

Here are a few prevention measures to help keep your holiday season joyous.

• Shop during daylight hours whenever possible. If you must shop at night, go with a friend or family member.
  
• Dress casually and comfortably.
  
• Avoid wearing expensive jewelry or flashy items.
  
• Do not carry a purse or wallet, if possible.
  
• Always carry your Driver License or Identification Card along with necessary cash, checks and/or a credit card you expect to use.
  
• Even though you are rushed and thinking about a thousand things, stay alert to your surroundings. Be alert when you are walking to and from the parking lot.
  
• Avoid carrying large amounts of cash. Keep cash in seperate pockets so that you do not have to pull it all out at once in front of strangers.
  
• Pay for purchases with a check or credit card when possible.
  
• Keep cash in your front pocket. Keep your purses zipped.
  
• Notify the credit card issuer immediately if your credit card is lost, stolen or misused.
  
• Keep a record of all of your credit card numbers in a safe place at home.
  
• Be extra careful if you do carry a wallet or purse. They are the prime targets of criminals in crowded shopping areas, transportation terminals, bus stops, on buses and other rapid transit.
  
• Avoid overloading yourself with packages. It is important to have clear visibility and freedom of motion to avoid mishaps.
  
• Beware of strangers approaching you for any reason. At this time of year, "con-artists" may try various methods of distracting you with the intention of taking your money or belongings.
  
• Always park in well lit areas visible to others.
  
• Do not leave shopping bags or valuables visible in your car, place them in the trunk.
  
• If you have too many bags and have to take them to the car before you continue shopping for more, load them in the trunk and drive to a different parking lot. A thief will see you load your car and know you will be gone for a while as you return to shopping.
  
• Always have your keys ready when walking to your car.
  
• Take advantage of mall security, they will gladly escort you to your vehicle.
  
• Try to combine or carry minimal bags, do not show off high value items or thier vendors bags as you are shopping such as jewelry or electronic purchases. That will identify you as a great target.
  
• Be alert in the stores. There is still the potential for pick pockets and purse snatchers.
  
• Never leave your purse unattended in the shopping cart! When I observe a lady leaving her purse in the cart and walking off more than 10 feet, I walk over and hand thier purse to them. Its amazing how angry they get that you are protecting them, yet how distraught they would get if it were stolen.

Finally everyone have a safe and happy holidays with your family. These were all the tips I could think of off the top of my head, and I hope that sharing them keeps your safe.

Investment Strategies in Today's Market for First Time Investors

Thinking about investing in todays real estate market but not sure were or how to start? The first step is to select the services of a knowledgable Realtor with hands on experience in this niche and market. Right now the best opportunities out there. The availability of foreclosures and inventory homes are up, interest rates are at historic lows, and sellers are motivated. This is the time that seasoned investors accumulate wealth, when the market presents opportunities such as the conditions we are seeing in todays market.

Here is a sample deal I put together for one of my clients. We located an investment property perfect for a first time investor deal. 3 bedroom, 2 bathroom, 2 story for $44,000.

Sale Price $44.000
Down Payment $9,000 (a little over 20%)
Financed Loan Amount: $35,000
Loan Term: 30 years fixed
Rate: 5.7%
Estimated Monthly Mortgage Payments $200 (not including taxes and insurance)

The property required minimal rennovations or repairs. Simple needed fresh paint, landscaping, and carpet cleaning since it was acquired in great condition. Improvements were less than $400 total.

The property can now be leased out for $800 per month creating monthly cash flow for my investor while gaining equity and appreciation in the property which was sold well below its value. Based on rental income only there is a 8% CAP, without appreciation and equity factored in.