Real Estate Point

RISMEDIA, Nov. 7, 2008-New residents have already begun enjoying life at Bayport on Lake’s Bay, the collection of 131 townhomes located along the tranquil shores of Lake’s Bay in West Atlantic City, N.J.

The townhome community of Bayport on Lakes Bay boasts impressive bayfront views.

The picturesque bayfront community recently welcomed its first residents with additional homeowners expected to follow in the coming months, according to The Matzel and Mumford Organization, the community’s developer.

“Bayport on Lake’s Bay has celebrated many exciting milestones over the last few months including the June grand opening of our fully-furnished model home and the August debut of the community clubhouse and pool,” notes Glenn Ward, Vice President of Sales and Marketing for Matzel & Mumford. “However, nothing ever compares to the excitement that comes with welcoming the first residents.”

“Furthermore, with the summer tourist season over, new homeowners now have the opportunity to casually become acquainted with all that the area has to offer including the shopping, dining and entertainment of Atlantic City,” continues Ward.

Priced from $269,000 to more than $600,000, Bayport’s distinctive townhomes feature expansive living spaces with a large family room or third bedroom and full bath on the first floor, a gourmet island kitchen with a breakfast nook and dining and living areas on the second floor, and a generous master-bedroom suite and second bedroom on the third level. A select number of Quick Move-In homes are currently available.

“Residents of Bayport on Lake’s Bay also enjoy the community’s new clubhouse which features a recreation center with fitness and activity areas and meeting room, as well as an outdoor swimming pool with pool deck that overlook’s Lake’s Bay which is ideal for the warm weather months,” notes Mr. Ward.

For those seeking national retail extravagance, the recently unveiled Pier at Caesars in Atlantic City offers such upscale names as Burberry, Tiffany and Co., Salvatore Ferragamo, Louis Vuitton and many more. The Pier also houses two exciting night spots and an impressive selection of gourmet restaurants by such distinguished restaurateurs as Steven Starr of The Continental and Buddakan. In addition, as a perennial favorite of some of the world’s most famous musicians and comedians, Atlantic City continues to host exciting entertainers year round.

The area is also easily accessible to New York City, Philadelphia, and other points throughout the tri-state area thanks to its proximity to several major state thoroughfares, including the Garden State Parkway, the Atlantic City Expressway, and Routes 40 and 322.

For more information on Bayport at Lake’s Bay, call 609-484-0096, or visit Matzel & Mumford’s website at www.mmhomes.com.

The Matzel & Mumford Organization is a K. Hovnanian Company.

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RISMEDIA, Nov. 7, 2008-Realogy Corporation, a global provider of real estate and relocation services, today reported results for the third quarter of 2008. Specifically, the company had third quarter 2008 net revenue of $1.3 billion, earnings before interest, income taxes, depreciation and amortization (EBITDA) of $129 million, and a net loss of $50 million.

Realogy’s EBITDA for the period was negatively affected by $45 million of non-cash equity losses and impairment charges from its 49.9% investment in PHH Home Loans LLC, its loan origination joint venture with PHH Corporation, as well as $15 million of restructuring charges. The net loss is after $152 million of interest expense and $54 million of depreciation and amortization expense.

“The current economic conditions of this country are weighing heavily on consumer confidence and thus on the housing industry,” said Richard A. Smith, Realogy’s president and CEO. “We are not immune from the macroeconomic shocks to the credit and financial markets. In spite of these extraordinarily difficult circumstances, we have remained focused on reducing our operating costs and investing in the growth of our business. In the past two years alone, our management team has improved Realogy’s profitability profile by more than $350 million through brokerage office consolidations, business optimization activities
and other cost-saving measures.”

In the third quarter, Realogy’s real estate business drivers experienced declines that were directionally in line with the National Association of Realtors and Fannie Mae. During this period, Realogy’s year-over-year home sale transaction sides declined by 15 percent at the Realogy Franchise Group (RFG) and were down by 10 percent at NRT, the company’s owned brokerage unit.

Likewise for the third quarter, RFG’s average home sales price decreased 7 percent and NRT’s average home sale price declined 12 percent compared to the same period in 2007.

These price declines were driven by various factors, including high inventory levels, the increased prominence of short sale and foreclosure activity and, particularly as it relates to NRT, a relative shift in the mix of business from higher price ranges to lower- and middlerange homes.

For more information, visit www.realogy.com.

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RISMEDIA, Nov. 7, 2008-Threewide has announced the successful integration of ListHub^TM at the Northern New England Real Estate Network (NNEREN), making ListHub’s important marketing advantage available to their broker and agent members.

They are among a rapid succession of MLS organizations who have joined the ListHub network this fall, also including Hudson County Multiple Listing Service (NJ), Consolidated MLS Inc. (CT), Charleston Trident Association of Realtors ® (SC), Knoxville Area Association of Realtors® (TN), Multi-Regional MLS (CA), Aspen/Glenwood Springs MLS, Tucson Association of Realtors MLS (AZ), and the Oklahoma City MLS (OK). Recent additions to the network bring the total number of participating MLSs to more than 125.

“We are excited to be offering ListHub to our membership,” said Andrew Werry, Executive Director and CEO of NNEREN. ‘With ListHub, our customers not only have the flexibility of choosing which Internet sites to display their listings on, but also where the consumer traffic goes. Brokers and agents can continue to utilize their existing website solution, driving consumer traffic to their site, or they can take advantage of the free broker/agent-branded pages offered by ListHub. Either way, our customers are starting to see the benefits of being part of the ListHub Network.”

“We welcome NNEREN to the ListHub Network,” said Rob Reid, Executive Vice President of Threewide. “They join over 125 other MLSs across the country currently offering ListHub to their customers. Brokers and agents truly appreciate how ListHub is helping them market their properties in today’s environment. The ListHub network generates critical reports for both MLS leadership and brokers, allowing the real estate community to understand the online landscape and spend online advertising dollars more effectively. MLSs are also using ListHub to provide more services to their members with no impact on their budgets.”

For more information about Threewide Corporation and ListHub, visit www.listhub.com.

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By NAR’s REALTOR Benefits® Team

RISMEDIA, Nov. 5, 2008-It goes without saying that technology is an invaluable tool for real estate professionals. By choosing the right technology and using it to your advantage, you and your agents can become more efficient and effective in almost every aspect of your work, whether you are generating leads, building client relationships, mapping driving directions or managing transactions.

Through its REALTOR Benefits® Program, NAR has partnered with several leading technology companies that can provide you with all the latest technology tools you need. Partners such as Dell and Lenovo help you save on computers, peripherals, and electronics. RELAY® and Zipform help streamline your business with online transaction management tools.

Product Bundles for Mobile Professionals

The world’s leading direct computer systems company, Dell, offers a wide variety of products that can help you and your agents be more productive. “Our partnership with NAR allows us to reach out to a large number of highly mobile professionals, which plays to our strength and much of our product lineup,” says Marcus Chugh, associations marketing program manager, Dell.

For example, Dell’s new Latitude line of laptops offers extended battery life-perfect for real estate professionals on the go. Dell also offers a wide variety of peripherals such as GPS devices and smartphones, making it a one-stop shop for mobile professionals.

Dell now offers product bundles specifically designed for NAR members at highly competitive prices. For example, one such bundle features the Latitude XT Tablet PC, which allows you to capture signatures from clients and complete transactions faster and more efficiently. The bundle also includes a GPS device, digital camera, contact management software for real estate, and even a mobile printer that you can use in your car.

“You can use the contact management software to integrate buyer, seller and property information for better client service and greater efficiency,” explains Chugh. “And using the Latitude XT tablet PC and mobile printer, you can print out listings and documents for your client right at the property.”

Through the Realtor Benefits Program, NAR members receive discounts on all Dell desktops, notebooks, and workstations, as well as a vast array of software and peripherals.

New World, New Thinking

Lenovo, a global leader in the PC market, invites you and your agents to take advantage of great deals across its entire line of cutting-edge, reliable, high-quality PC products. These include the award-winning ThinkPad® notebook, the highly acclaimed IdeaPad multimedia notebooks, innovative IdeaCentre and ThinkCentre^TM desktops, along with a wide array of computing accessories.

Through their partnership in the Realtor Benefits Program, Lenovo offers NAR members savings up to 29% on select computing products and accessories. Free ground shipping is also available on all orders within the continental United States. In addition, Lenovo frequently provides limited-time eCoupons that result in even greater savings.

Transaction Management Made Simple

Looking to streamline your staff’s workload and impress clients while ensuring closings go smoothly? Using the Relay Transaction Management system, your agents, assistants and transaction coordinators will work smarter-not harder-tracking and organizing documents, activities, and all communications easily online.

“We offer a soup-to-nuts product that allows real estate professionals to easily manage their transaction from listing to close,” says Lisa Mihelcich, chief operations officer, RE FormsNet. “Our industry-leading electronic forms software allows them to fill out forms to complete a transaction online. Our electronic transaction management system brings all the various pieces together in an electronic filing cabinet.”

Relay can be implemented across your entire office quickly and securely, so you can oversee and track your agents throughout their transactions. All of the documents for all of your brokerage’s transactions are stored at a secure, custom-branded transaction website. You and your clients have instant, secure, 24/7 access to the purchase agreement, disclosures, appraisal verification inspections and more.

Relay offers one-click integration with ZipForm®Online, the most widely used electronic forms software for real estate professionals. This allows you to instantly move transaction data and forms from ZipFormOnline to Relay with ease. Plus, integration with MLSs allows you to automatically populate forms using data from their systems.

A new product called Forms Advisor allows new agents to answer a series of questions related to a transaction. Forms Advisor pulls together the forms needed to complete the transaction and sends it to the agent using ZipForm.

For more information, visit www.REALTOR.org/realtorbenefits or call 1-800-NAR-5233.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, Nov. 5, 2008-Realogy Corporation, a global provider of real estate and relocation services, will release its financial results for the quarter ended September 30, 2008 after the close of business today, Wednesday, Nov. 5, 2008.

Subsequently, Realogy will hold a conference call to review its results at 11 a.m. (ET) on Friday, Nov. 7. The call will be hosted by Richard A. Smith, president and CEO, and Anthony E. Hull, executive vice president, CFO and treasurer. Questions to be answered on the call should be submitted in advance to Investor.Relations@realogy.com by 5 p.m. (ET) on Thursday, Nov. 6.

The conference call will be made available live via Webcast on the Investor Information section of www.realogy.com. A Webcast replay also will be available at www.realogy.com from Nov. 7 through Nov. 21.

For more information, visit www.realogy.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, Nov. 4, 2008-Howard Hanna Real Estate Services has announced its acquisition of Realty One, Ohio’s second- and the country’s 23rd largest real estate company, the company reports.

“This is a clear demonstration of our company’s commitment to this region and the core markets we serve, to their economic vitality and quality of life people enjoy, ” said Howard W. “Hoddy” Hanna, chairman of Howard Hanna Real Estate Services.

The acquisition, which ranks Howard Hanna as the fourth largest real estate company in the nation, provides many benefits for consumers in the company’s Ohio, Pennsylvania, New York and West Virginia markets:

- A larger company-wide network of 152 office locations with 4,400 sales associates and 820 employees in mortgage services, closing and title insurance, land development, appraisal services and corporate relocation .

- Availability of new mortgage money - $125 million per month - from Howard Hanna Mortgage Services

- Access to the company’s 100% Money Back Guarantee, providing greater property visibility, and buyer confidence

- Peace-of-mind with the Buy Before You Sell program from Howard Hanna Mortgage Services, providing an exclusive advanced equity loan making it possible for buyers to purchase a new home before selling their present home

“Buyers and sellers will benefit from our expanded presence. Our cultures are similar and our agents work closely together,” said Barbara Reynolds, president of Realty One.

According to the company, Howard Hanna entered northeast Ohio in 2003 with the merger of Smythe Cramer Co. The company now has 79 office locations in northeast Ohio with 2,800 sales associates and 400 employees. During the past five years, Hanna has also expanded in the region and in its other core markets.

“Today, we’ve started a new chapter in total service to real estate consumers,” said Helen Hanna, president of Howard Hanna. “We are combining leadership, knowledge and outstanding sales associates.”

Hoddy Hanna added, “We’re excited about the future and growth of our company. Our greatest sense of accomplishment has come from being an integral part of the communities we serve.”

Visit www.howardhanna.com for more information.

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RISMEDIA, Nov. 4, 2008-The National Association of Realtors(R) has stepped up its challenge to lawmakers, encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.

“Our members see firsthand the impact that an unstable housing market is having on communities all across this great country,” said Richard F. Gaylord, NAR president. “The U.S. Treasury and Congress need to work together to ensure that the American people-not Wall Street and large banks-benefit from the economic recovery plan.”

NAR sent a letter last week to U.S. Treasury Secretary Henry Paulson calling on him to refocus the Federal Housing Finance Agency’s efforts on restoring strength to the mortgage-backed securities market, which would help lower mortgage rates for all home buyers and for those who need to refinance.

Late last week, NAR provided an economic analysis demonstrating that a reduction, or a buydown, of interest rates by just 1 percentage point could result in up to 840,000 additional home sales and reduce the inventory of homes by as much as 20%. Inventories currently at 9.9 months’ supply would decrease to approximately a 7.5 month supply.

“These changes would help stabilize home values and the housing industry,” Gaylord said. “The Treasury Department has gotten off track by focusing too much attention and stimulus money on Wall Street and banks that are in turn using the money for mergers and acquisitions. The administration needs to get back to the original intent of the plan-stabilizing the mortgage and housing markets-to help families avoid foreclosure. Home price stabilization would bring clarity to the valuations of mortgage-backed securities, removing uncertainty in the financial markets and positively affecting the overall U.S. economy.”

A recent consumer survey conducted by NAR member Realogy Corp. reinforces the importance of housing in a broader economic turnaround. The survey found that nine out of 10 homeowners believe that owning a home is still the best long-term investment they can make, but nearly one-third of those surveyed said they were putting plans to buy a new or existing home on hold because of the current economic environment. In a related survey, nearly half of all brokers surveyed said that they would expect sales to increase 10-25% if 4.5% mortgage rates were available today.

Realogy President and CEO Richard A. Smith said that substantially lower mortgage rates would stimulate both existing- and new-home sales. “When home sales increase, housing-related consumer purchasing follows, and we would expect this to help lead our economy to a recovery,” he said. Both NAR and Realogy have called on the federal government to take corrective actions that will result in lower mortgage rates.

Federal Deposit Insurance Corp. Chairman Sheila Bair has presented some ideas aimed at helping millions of homeowners by guaranteeing their mortgages. “NAR would support this effort,” said Gaylord. “The government must focus on protecting homeowners and making the dream of homeownership once again attainable. This would help stabilize the housing market and strengthen the national economy.”

Toward this end, NAR submitted a stimulus plan to Congress and the administration earlier this month, calling on Congress to enact a new housing stimulus package that would help boost the economy. The plan includes consumer-driven provisions that would eliminate repayment of the first-time home buyer tax credit and expand the credit to all home buyers, make the increased mortgage loan limits permanent, and focus the economic stabilization efforts on supporting the housing and mortgage markets instead of providing capital to banks with no strings attached.

Reducing the interest rate, combined with removing the home buyer tax credit repayment, would result in an additional 10% reduction in inventory, down to a 6.5-month supply, and would produce modest home price gains of 2 to 4%. Such price gains would provide up to $760 billion in housing equity recovery for the nation’s 75 million homeowners.

“There is no question-there cannot be an economic recovery without a stabilized housing market. Congress and the new administration need to act immediately to help America’s families protect their homes, savings and futures,” Gaylord said.

For more information, visit http://www.realtor.org.

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Commentary by Boris Gruzman

RISMEDIA, Nov. 4, 2008-When I was asked to write this article I did not know who would be occupying the White House for the next four years. Since 1960, the DOW Jones hung around 800 points, up until the computer revolution of the 1980’s. From 1982 we have witness relentless rises, and a record high of 14,093 in 2007

During Kennedy’s election campaign, he charged that under Eisenhower and the Republican Party, the United States was falling behind and he, as President, would “get America moving again.”

In his acceptance speech Kennedy stated: “We stand today on the verge of a new frontier- the frontier of the 1960’s, a frontier of unknown opportunities and perils- a frontier of unfulfilled hopes and threats.”

Headlines from the 1960 presidential election are strikingly similar with what we observed during the 2008 presidential campaign. It is “déjà vu.” Our last economic expansion which started in 2001 was fueled by cheap credits. As of February 2008, the national debt equated to $33,000 per capita or $60,100 per head of the U.S. working population.

According to a J.P. Morgan Chase forecast, we will see three quarters of recession followed by 12 quarters of slow growth. BLS reports “the median annual earnings of salaried real estate sales agents were $39,760 in May 2006. The middle 50% earned between $26,790 and $65,270 a year…. Employment of RE brokers and sales agents is expected to grow 11% during the 2006-16 projection decades.”

I would argue with BLS. Improvements in productivity, innovations and advancements in technology will make it possible for each agent to sell more. Stiffer completion and higher entry level (both financial and technological) into the real estate realm will lead to less number of agents and higher income per agents.

The availability of computers and proliferation of the Ethernet is creating a new paradigm: “Ethernet search-Ethernet tour-Agent demonstration-Ethernet mortgage-Ethernet closing.” In this new cyber world, the agents with the technological edge will win. We will see larger allocations for Ethernet marketing, lead generation, office automations, SEO, etc. It also means a mobile world and more innovations for real estate applications for digital cameras and smart phones.

Prices of properties have declined substantially, making many areas look very attractive. The public will regain confidence and recessionary fears will subside. Resent antirecessionary measure will have a positive effect on core US industries including construction, and will help maintain a high employment rate and stimulate consumer spending.

In conclusion, the next President will have very little effect on real estate industry’s health. Unemployment rate among agents and brokers will be low. New exciting opportunities will be discovered on the junction between high tech selling and marketing, and old fashion salesmanship. The real estate industry is one of the pillars of the US economy, therefore the government will try hard to jump start it by continuing to offer low interest rates and other incentives.

Boris Gruzman is CEO of PropertyMinder.

For more information and to read the complete version of this article, visit www.PropertyMinder.com.

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Home-selling Strategies by Chris Kaucnik

RISMEDIA, Nov. 3, 2008-With all the options now for home buyers, many will weigh heavily whether to purchase a new home or an existing one. Often, discussions erupt that are more emotional than rational and you can be called upon for decisive wisdom. Keeping clarity in this situation means focusing your clients on their budget and lifestyle. Consider the following:

Irresistible incentives can be enticing. Many home builders are offering them, and this can make it difficult to consider purchasing an existing home. But, while many buyers will be ready for a brand-new home, incentives aren’t the only considerations attached to this important purchase. There can be more costs and stresses tied to acquiring a new home than a gently used one, and we’ve outlined a few below:

-A sudden increase in driving and pumping gas is unsettling. Generally, existing homes are closer to town, near jobs, stores, public transportation, services, schools and more. New subdivisions tend to be farther out of town, sometimes with very few of these necessities nearby. This can mean longer commutes and trips on weekends.

-Call the decorator because we’re too busy. Soak in that new home smell and feel. It’s great. But wait a minute-the windows are bare, and there’s no landscaping, wallpaper or any decorating, and the holidays and folks are coming. While this can be the fun part of a new home for many, it can turn expensive and stressful, especially for working parents with children. Buyers can often find an existing home they can live in while accomplishing the decorating changes over time without piling on more debt. And many sellers have already neutralized and made the necessary repairs in order to sell more quickly.

-The real monthly costs and taxes are what? Usually, existing homes cost less per square foot due to escalating land costs in new subdivisions. New homes are often built in outlying areas where the municipalities need to charge higher taxes as there are fewer families to pay for basic services. Additionally, newer homes are often subject to assessment fees for amenities the family may or may not use, which must be considered now and for potential resale.

-We’re feeling stressed with all this mess. New homes are often in areas where building is still occurring. Owners must be prepared for the daily noise and dust of construction crews, trucks, neighbors moving in, and more.

Chris Kaucnik is marketing director for Home Warranty of America.

For more information, please visit www.hwahomewarranty.com.

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RISMEDIA, Nov. 3, 2008-As Americans turned their clocks back on Saturday night, the National Association of Home Builders (NAHB) reminds all home owners that the change from Daylight Savings Time to Standard Time is also the perfect opportunity to test their smoke alarm systems and make sure that they work.

“The simple task of resetting our clocks is the best way to remember this easy, but vitally important job,” said NAHB Chairman Sandy Dunn, a home builder in Point Pleasant, W. Va.

Improvements in heating, cooling and electrical systems, new construction techniques and safety requirements - especially interconnected smoke alarm systems - mean that new homes are safer than ever before. But all of us have a responsibility to maintain these systems for optimum performance, Dunn said.

Home owners should consult the smoke alarm operating booklet for maintenance advice - or the manufacturer’s website if the booklet has been misplaced, Dunn suggested. And if the alarm is more than 10 years old, it should be replaced.

Tragically, smoke alarms are still missing in four percent of homes, according to the U.S. Fire Administration. These residences account for 39% of reported home fires and nearly half of all the reported home fire deaths.

“Smoke alarms are inexpensive, but they have a very important job to do: to help make sure families can leave their homes quickly in the event of a fire,” Dunn said. “All families should know how to prevent fire, have a specific escape plan should a fire erupt, and regularly inspect and maintain their smoke alarm systems. As we turn back our clocks, let’s check out our smoke alarms.”

For more information, visit www.NAHB.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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