The Burj Dubai

When the world’s tallest building was inaugurated on January 4, 2010, the record books braced themselves to receive a flood of new entries.
At over 800 meters and with more than 160 floors, here are some of the essential numbers associated with the world’s tallest building:

95 – the distance in kilometers at which Burj Dubai’s spire can still be seen
124 – the floor location of "At The Top, Burj Dubai", the world’s highest and only publicly accessible observation deck with an outdoor terrace
160 – the number of luxury hotel rooms and suites
605 – the vertical height in meters to which concrete was pumped in the construction of Burj Dubai, a world record for concrete pumping
504 – the distance traveled, or ‘rise’ in meters of Burj Dubai’s main service lift, the most of any elevator
49 – the number of office floors, including the 12-floor annex
57 – the number of elevators
1,044 – the total number of residential apartments inside Burj Dubai
3,000 – the number of underground parking spaces
5,500 – the capacity in kilograms of the tower’s service lift
31,400 – the amount of steel rebar in metric tonnes used in the structure of Burj Dubai
28,261– the number of glass cladding panels making up the exterior of tower and its two annexes
15,000 – the amount of water in liters collected from the tower’s cooling equipment that will be used for landscaping irrigation
900 – the length in feet of the world’s tallest performing fountain, The Dubai Fountain, that lies at the foot of the tower
19 – the number of hectares of lush green landscaping that envelops the foot of the tower
12,000 – the numbers of workers on site during peak of construction

Home Value Loss Now but Increased Pricing Expected in 2010

By Phoebe Chongchua, Realty Times
There’s bad news and good news coming out of the housing market. Forbes Magazine released study results by Local Market Monitor that showed the cities that lost the most value are concentrated in some areas of California, Florida, Nevada, and the Northeast.

These cities were impacted by local and national factors such as increased unemployment and the rising cost of housing which resulted in homebuyers gambling on the odds of whether they could afford long-term housing.

West Coast housing markets fared the worst, losing the most value—21.6 percent since their peak. Florida housing lost 31 percent, the Northeast lost an average of 8.6 percent, and the Midwest lost, on average, 5.6 percent. The top five cities to lose value in the West (most in California): in California--Merced, (-62.11 percent), Stockton (-54.29), Modesto (-52.42), Vallejo-Fairfield (-47.62), and in Nevada—Las Vegas-Paradise (-47.53) In the South, the top five cities to lose the most value are located in Florida: Port St. Lucie (-46.43), Cape Coral-Fort-Myers (-46.38), Naples-Marco Island (-43.63), Bradenton-Sarasota-Venice (-41.52), and Fort Lauderdale-Pompano Beach-Deerfield Beach (-39.93).

In the Northeast, the top five cities to lose value are: Providence-New Bedford, R.I. (-17.30), Worcester, Mass. (-16.17), Atlantic City, N.J. (-16.15), Poughkeepsie-Newburgh, N.Y. (-14.60), and Barnstable Town, Mass. (-14.48).

Moving to the Midwest, the top five cities to lose value are in Michigan: Detroit-Livonia (-30.66), Warren-Troy-Farmington Hills (-27.95), Flint (-27.47), Ann Arbor (-20.37), and Jackson (-17.30). Source: Forbes, Francesca, Levy (12/21/2009).

According to First American CoreLogic’s LoanPerformance Home Price Index, home prices are expected to fall another 4.2 percent in 45 of the largest housing markets before hitting bottom. The Press Release states that, “The declines will be driven primarily by the large levels of foreclosures in these areas. However, improvement in both levels of inventories and unemployment are projected to prevail in the spring of next year, resulting in an average year-over-year appreciation of just under one percent by October of 2010 for these metropolitan markets.

The report also stated that, “In August 2010, the index is projecting that 12-month appreciation for national home prices will be 4.6 percent and that home prices in two of the most depressed markets, California and Florida, will show gains in excess of 7 percent.” Cities that are projected to experience the strongest recovery in 2010 are primarily concentrated in the large urban areas of California: San Francisco (+5.7 percent), Los Angeles (+5 percent), San Diego (+4.7 percent) and Sacramento (+4.6 percent).

The report cautions that a large inventory of homes owned by banks but not yet on the market could affect the increased pricing progress. Mark Fleming, chief economist for First American CoreLogic stated in a December Press Release, "We are continuing to see improvements in the year-over-year home price change as prices have remained relatively stable since April. The additional government support for the housing market has stimulated demand and restricted supply in 2009.” However, Fleming, added, “How these government supports are removed in 2010 and the moderation of pending inventory and negative equity will be critical to the continued stability of the housing market.”

Treasury Policy Change

By Kenneth R. Harney, Realty Times

The Obama administration announced a blockbuster policy change over the holidays that didn't get a lot of press attention, but will affect the housing market for years.

The Treasury department said it is now committed to support Fannie Mae and Freddie Mac with as many billions of dollars as is necessary to get them through the next three years. There'll be no limit whatsoever anymore.

Previously the Treasury had limited its support to $200 billion apiece for the two formerly-private, now government-controlled, mortgage finance giants.

From here on, the Treasury said in its policy announcement, there will no “uncertainty about the (government's) commitment to support the firms as they continue to play a vital role in the housing market during the current crisis.”

Though some critics howled that the Obama administration is writing a blank check, the significance of the move for real estate is potentially huge, for several reasons.

Number one: Fannie and Freddie provide funding for well over half the U.S. mortgage market -- making home sales and purchases possible for hundreds of thousands of consumers.

Number two: The fact that the two companies have an explicit, full faith and credit backstop from the U.S. Treasury means that Fannie and Freddie can borrow in the capital markets at more favorable rates. Those lower costs of capital can then be passed along - at least in part - to home loan borrowers in the form of lower interest rates.

Finally, a key reason for the policy change - which also included permission for the firms to retain larger mortgage-asset portfolios - is to help Fannie and Freddie provide deeper loan modification assistance to greater numbers of seriously troubled borrowers.

Both companies are now expected to reach out and offer loan principal forgiveness to delinquent and underwater home owners - something that the current Obama loan modification program does not permit.

Partly as a result, Obama's “Home Affordable Modification Program,” or “HAMP,” has been only minimally successful in attracting the participation of borrowers in the deepest trouble - especially those so far behind and underwater that they are walking away from their houses, sending back the keys to their lenders - and ultimately losses to Fannie and Freddie.

If the revised policy helps keep larger numbers of home owners out of foreclosure and out of walkaway mode, the impact on local real estate markets and home values could be significant over the coming couple of years.

Keller Williams Named #1 Most Recognized National Franchise in America

With real estate agents being independent contractors and fiercely loyal to their respective brand the vote quickly garnished huge attention. It went viral through various social media networks, blogs and emails encouraging agents to vote.

In the end an astonishing 11,355 agents voted, casting just over 390,000 votes for 33 different real estate franchise brands making this — according to knowledge — the largest survey of its kind in the industry. The survey required real estate professionals to vote for a franchise on a scale from 0 – 5; starting from “Never heard of the brand” all the way up to “Excellent brand.” The brand’s scores in all categories were taken into consideration to determine the overall rankings. In the end there was a significant difference in the vote count between most of the top 10, thereby solidifying the placement of the brands.

Although another survey can produce different results and rankings, we are confident that this is a very good reflection of the real estate brokerage industry’s current opinion and awareness of the franchise brands that serve them.

The Top 10 real estate franchises, most recognized by the real estate industry as quality national brands are:


Keller Williams Realty
Coldwell Banker Real Estate
RE/MAX International
Century 21 Real Estate
Prudential Real Estate
Sotheby’s International Realty
EXIT Realty
ERA Real Estate
Weichert Real Estate Affiliates
Better Homes & Gardens Real Estate

The franchises that made it to the Top 5 were to be expected and are also the five largest real estate franchises in the country. The Top 5 also comfortably attracted more votes than the second five on the list, strongly pointing to the industry’s own internal belief that these are the top five franchise brands that agents would like to work for.

Keller Williams Realty’s surprising #1 ranking was most likely due to the strong, above average online and social media presence of their agents and the fact that during 2009 KW surpassed RE/MAX in agent count according to a widely published REAL Trends survey..

The 103-year old Coldwell Banker franchise has been the beneficiary of many NRT, Inc. acquisitions that have allowed the brand to remain at the forefront of many agents in a positive way. RE/MAX with their powerful consumer portal has also enjoyed the highest profile on national television of all the brands, thereby probably contributing to their high ranking.

Reasons To Sell Your Home During The Holidays

12 DAYS OF CHRISTMAS MEANS 12 TERRIFIC REASONS TO SELL YOUR HOME DURING THE HOLIDAYS!!! OR… 8 DAYS OF CHANNUKAH PROVIDE 8 REASONS TO SELL YOUR HOME DURING THE HOLIDAYS!!!

READ OUR IDEAS HERE
1. People LOOKING NOW are great buyers – they are more focused if they are looking now!!
2. Less inventory while others gear down means less competition for your home now!
3. Lots of people wait until January so why should you? Be first and Be done!
4. Houses show beautifully when decorated for the Holidays!
5. Emotional holiday buyers want your beautiful home and are more likely to pay your price!
6. Some buyers have time off work and can look now!
7. Some people must buy before the end of the year for tax - or other - reasons!
8. January is new jobs month. Catch those transferees now!
9. You can schedule around your family needs during the holidays and buyers will understand.
10. If you sell now, you can delay closing or extended occupancy until early next year!
11. If you sell now, you will be ready to buy right away with a non-contingent offer! Sell high and buy low!
12. And isn’t that the best reason to have a HAPPY HOLIDAY!??

From our family at Keller Williams Gold Coast to Yours, May we Wish you a
HAPPY HOLIDAY AND A GLORIOUS NEW YEAR!

Tricia Fox Group Sells Chicago

Look for the Tricia Fox Group advertisement appearing in the January issue of Chicago Social!

First Time Buyer Event at the New Park Monroe

Thursday December 3rd, Park Monroe, the Tricia Fox Group of KW Luxury Homes and Guarantee Mortgage are hosting a First Time Buyer event at the newly opened Park Monroe Penthouse Room at 65 East Monroe from 5-7:30. Guests will enjoy cocktails and appetizers and a real estate discussion followed by a tour of several hand-picked Developer Units The new condominium project offers spectacular views and unique roof top amenities, perched high above the 55 East Monroe office building.

Tricia Fox states, "This is a unique opportunity to talk real estate and view the New Park Monroe. Andrew Surma from Guarantee Mortgage will discuss first time or repeat buyer incentives and the current market conditions. 2009 has produced the Tricia Fox Group's second best year in real estate sales. Interestingly, our group results mirror the Gold Coast area stats - most of our sales were either Luxury Category over $1.2m or First Time Buyer category, under $500k. Tax incentives, lower interest rates and good old-fashioned great pricing favor the latter New Buyer Category. Why the surge in executive luxury sales? An educated guess is our buyers seem to want a nice place to live and enjoy and are moving away from the financial corrections of 2008."

The next Fox Group informational seminar will be on December 16th at 5:30 at the new Trump International Condominiums. The Fox Group has sold in excess of $42m at Trump this year. There will be informative discussions from financial industry expert Justin Cozart and Realtor Tricia Fox relevant to the luxury market place, followed by holiday wine and appetizers and a tour of available Trump Residences. Justin Cozart states, "2009 is the year to get a great deal in real estate, from negotiated prices of inventory to outstanding interest rates".

Interested parties for either event can RSVP to attend by contacting marygeorge@triciafoxgroup.com or call 312-981-5361.