• Ten local real estate experts talk to New York Magazine about finding the next hot neighborhood; Corcoran CEO Pam Liebman picks West Harlem:
“'It’s “a true New York neighborhood,' says Liebman, adding that it’s near three parks and has great transit. The early-2000s brownstone boom deposited lots of shops and restaurants on the main avenues, and the varied housing stock—condos, rentals, houses—brings in all sorts of residents. 'People are calling specifically to live there,' she says."
• Bernice Ross says the 'expert' model of real estate is dying as younger consumers begin to buy (via Inman):
"Today's Gen X and Gen Y clients have no use for experts or gurus. Instead, the next generation of clients wants to do it their own way. I was recently speaking with a trainer who is very passionate about helping agents do a better job of generating leads from social media. This is what he said: 'Once you meet someone on Facebook, Twitter or LinkedIn, the main goal is to get them from being online to being face-to-face.'"
• According to a study by our clients at Move.com, investor interest in real estate has tripled (via RISMedia):
“Interest in real estate as an investment has more than tripled in the past year. In fact, 17.2% of potential home buyers today say they plan to purchase a home in the near future as an investment compared to just 5.6% in March 2009. The survey also found just over ten percent (12.3%) of Americans planning to purchase investment property in the near future say they will pay for the property using 100% cash, and 12.8% will use cash for more than 50% of the purchase price and finance the rest."
• The mortgage modification program is set to assist only 1 million borrowers (via CNN/Money):
“The Obama administration's mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found. Only 168,708 homeowners have received long-term mortgage modifications under the president's plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their loans, according to the Congressional Oversight Panel's latest report, released Wednesday."
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