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Edmond, OK

More on Oklahoma City Real Estate Investments

Joe Pryor.com  Realtor Oklahoma Investment Properties: Real Estate Agent in Oklahoma City, OK

Two days ago I blogged about the 4 Horseman of the Real Estate Apocalypse which was Jobs, Inventory, Foreclosure Rate, and Affordability. Oklahoma City is rated as the lowest unemployment for cities over 1 million population, has a foreclosure sale rate of 4% of sales in 2008, absorption rates of 6 months or less where we sell investments, and is rated as the most affordable city to live in in 2009.

This adds up to stable investment territory. I bought my personal house in 2005, the height of the real estate frenzy so I paid top dollar. Instead of taking a discount as a Realtor, I bought at list price and added items like wood floors and other upgrades. In March I close on the sale of this home with a profit. That is not something you can do in most markets right now, and the home was priced in a bracket where inventory is just above six months. This is an illustration of what is happening here.

We need to invest in something. Ask yourself what you trust in? Bernie Madoff sent out false statements for the last 13 years, Wall Street is hitting new lows, and some banks gave high CD rates of return but not F.D.I.C insured. Bricks and mortar looks pretty good right now. You can go hug it and it feels real. If you do your homework and invest in markets like Oklahoma and Texas, you get positive cash flow, a depreciation that is larger than the income which means no taxes on that income. The taxes are deferred, and can be extended to death with 1031 tax deferred exchanges. Rates of return after tax are double digits for the holding period, and if you buy a short sale with us, then you also get equity. That equity is predicted to hold firm in 2009 which I believe will be the worst year we face in home values.

We don't expect you to take us for our word only. Every property we sell has a detailed analysis of the internal rate of return, and our property manager which is the best I have ever seen, will give you a rental history of the neighborhoods, and the cities which is broken down by days on market, and what room complement and area is best. We currently have 30 short sales to choose from, new home construction that rents well, converted apartments into low cost condos, new condo projects close to Oklahoma University, and commercial office condos. When you see the analysis and realize that a conservative investment you can believe in gives you an 18% annualized after tax return you know you found a haven for your money. It beats putting it under the mattress.

It's Terrible Twister Time Again

Jim Lee & Janet Holt Edmond Oklahoma Luxury Home Realtors: Real Estate Agent in Edmond, OK

When Janet and I work with relocating buyers, we send them a questionnaire in order to help target their needs. We know that in most cases we will have only forty-eight hours with them. We also know they need to find a house in those forty-eight hours, in one of the countries largest metro areas. (That’s by geographic size not population.) Under our "additional comments" section we usually always get a question regarding tornadoes. edmond real estate, real estate, realtor, homes for sale, Jim Lee, edmond Oklahoma

Since the May 3, 1999 F5 tornado that ripped through the metro area and killed 44 people and destroyed over 10,000 homes, we understand the concern. It was horrible and the destruction horrific but I have to say, Oklahoma has one of the most advanced weather services in the country.

A famed native Oklahoma son, Will Rogers, once said, “If you don’t like the weather wait five minutes.” As a native Oklahoman myself, I would say, “Truer words t’aint never been spoke.” This year our season started early. Our first tornadoes of the year popped up on February 10th. Three tornadoes move through the metro and yes did do damage but the weather coverage was superb.

When tornadoes come to Oklahoma a well oiled machine moves into action. All three major networks move into storm tracker mode and we have some of the most awesome weather coverage in the world. This last bout with Mother Nature happened mid day and did not interrupt any of my favorite television viewing, therefore affording me the luxury of just watching and not being ticked off because they interrupted just when we were about to find out who that disembodied head belonged to on CSI. I say this to emphasize the fact that when it come to tornadoes even CSI and Law and Order aren’t safe. The local networks dump the top shows in order to insure that Oklahomans are well informed about weather conditions and life threatening events. Local newscasters with at least three kinds of storm tracking radar team up with storm chasers to create an action adventure show that some times rivals even classics like Indian Jones. Even the public can get involved by texting in info regarding the weather.

The point of my sermon today is simply this: In times of severe weather in Oklahoma, LISTEN to what the weather service is telling you and then DO what they tell you to do and in most cases you’ll be fine!

After May 3, 1999, the hide-e-hole (storm shelter) business was off the charts here and many folks have them and use them religiously. Personally, I’ll take my chances out running the storm verses hopping in a hole in the ground and risking some heavy object ( like a car, a house, a dead cow) landing on top of the EXIT door.

I guess all things are a trade off. An Oklahoman can walk down most any street at night and feel safe. In Oklahoma the people are very friendly. In Oklahoma the cost of living is great!!! You can bask in the ultimate in luxurious living (sans ocean and mountains) for around $295 a square foot. Typical square footage in our luxury home markets are between 3800 square feet to around 8000 square feet. We are only an eight to ten hour drive from snow skiing, have many beautiful lakes, and are ten to twelve hours from the Gulf of Mexico.

It isn't London, Pairs or Rome but I like to call it home base!

2008 Edmond Oklahoma real estate statistics

Joe Pryor.com  Realtor Oklahoma Investment Properties: Real Estate Agent in Oklahoma City, OK

At the 2009 Edmond Economic Preview for economic trends, the future of real estate here was looked through the past. 2008 proved to be a difficult year, but one that showed an amazing resistance to the nationwide trend of not only lower volume but also lost value. It is estimated that since the mortgage meltdown began, $7 Trillion has been lost in home values nationwide. Brian Preston, a local realtor, and Deidre Myers, an analyst for the Oklahoma Department of Commerce presented the numbers. The details are the following: volume was down from the previous year by 12.3%, the average price of an Edmond home was up 4%, and the percentage of homes with sub-prime loans was at 5.76%. The average price rise was significant because the national average was a decline of 10.6%. So values did not drop. In fact, Brian Preston showed that Edmond set a record for sales above $1 million. It was also stated that while foreclosures were up 76% in 2008 from the previous year, the greater Oklahoma city market only increased 1.4%. The foreclosure rate for Edmond in 2008 was 1.34%, which when compared to areas like Arizona at 4.5% and Florida at 7.5% gives one hope that 2009 will also follow 2008 statistics. Both of Oklahoma's major markets, Oklahoma City and tulsa are shown by moody's to be in the top 25 for 2009 for maintaining home values. It was also noted that home ownership in Edmond was at 65.5% which is considered a normal percentage without either high amounts of investor speculators or home owners with loans that they cannot possibly service in the next few years. 2009, in my opinion, will be the most difficult year for Oklahoma real estate and possibly the nation, but if we can keep our values steady, then 2010 should be an expansion year which much of this country will not have the pleasure of seeing. It should also be noted that the surge in permits for new construction has slowed which keeps the market from getting into an oversupply situation that can also drag prices down.

The Power of the Law of Atrraction

Jim Lee & Janet Holt Edmond Oklahoma Luxury Home Realtors: Real Estate Agent in Edmond, OK

Every January, I have a ritual of searching the bookstore for motivational CD’s to help keep me pumped all year long. Sometimes the offerings have been great and sometime less than stellar. However, this year I ran across a book that in a mere three weeks has changed my life. The title of that book is “Money and the Law of Attraction” by Esther and Jerry Hicks. I’m sure many out there have found these folks but it wasn’t my time until now. They have answered so many questions I’ve had for an untold number of years.

It is really so amazing! I can’t even began to tell you what a difference using the techniques laid out by Abraham/Esther have positively changed my life in just a matter of weeks. I just can’t quit listening to those eight disks. The more I put it into practice the more it works. I am currently happier with my life, career, and spiritual growth the ever before. Never in the fifty years I’ve lived so far have I had so much good flow into my life in such a short period of time. Money is flowing in like someone has just opened the floodgates of some magical bank vault somewhere. My health is better than it’s been in long time and I am enjoying my family more than ever. Things that would have caused me major stress just a month go are having no negative affect on me.

The first time I listened to the set, I made it through the first six CD’s thinking I’d made a crappy purchase but when I got to disk seven and eight my outlook changed. Now I’ve listened to the book through nearly three times. I’ve never read a book more than twice!

I’m sure it can change anyone’s life it they’ll let it. Give it a read or a listen. As an example my partner and I have closed eleven times the amount of real estate in January that we have in the last eight years we first partnered up. I keep hearing folks talk about how bad the market is…..well if this is considered a bad market then I hope it stays this way or it gets worse because I’ve made more this January that I made in the first nine months of last year!!!

OH! The Places We Can Go!

Jim Lee & Janet Holt Edmond Oklahoma Luxury Home Realtors: Real Estate Agent in Edmond, OK

The old adage, “The Only Consistent Thing Is Change” seems to be truer today than ever before. I have to be really honest. When I got into real estate some fifteen years ago I was much more advanced than technology. I envisioned having the tools we now take for granted everyday. I wanted a fax in my car. Now I have e-fax on my iPhone. I hated writing contracts by hand because my handwriting was merely scrawl. Now not only can I type in forms, with new voice recognition software I recently dictated my first contract and emailed it without ever picking up a pen or touching a keyboard. I will really know I have arrived when I’m able to dictate, email, and have the buyers and sellers sign electronically from the Bluetooth hook up on my iPhone. Can you imagine, meeting with a client at the property, them wanting to place and offer, you writing that through verbal dictation, emailing it to the seller and having them answer back in seconds. An entire transaction negotiated in minutes not days or hours!

I know there are folks out there that say it can’t be done, but they also said the same thing about airplanes, mp3 players, microwaves, and digital cameras just to mention a few. I love being a Realtor and just like most boys I love my toys.

Any body got any edgy ideas they want to share. Its okay to dream big and dream way out there! Here’s a sci-fi thought. Once they really invent the transporter, do you think we’ll be able to text, phone and use the net while we’re broken into billons of tiny particles? OMG! What if we loose bars? “Beam me up, Scotty!”