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Chennai Real Estate Demand

With the real estate being hit by the economic downturn all over the across the globe, Chennai Real Estate still seems to be getting a group of buyers for residential as well as commercial property .

Real estate developers are ready to launch new projects in these cities, a study said, adding that 12 major real estate projects were announced in the last six months in the southern metros. Out of the 12 projects, six went to Bangalore, when Hyderabad and Chennai got five and one respectively. Besides, the three cities have attracted investments worth Rs.12,150 crore in five special economic zone (SEZ) projects. The Assocham has added that three major hotel projects at an investment of Rs.5,375 crore are coming up in these cities. The south is also moving fast in the power sector. Elango Industries and Toshiba will invest Rs.1,415 crore to set up two power projects in Chennai, the industry lobby said.

So, a lot of relocation factor is also going to happen with new employees from different places relocating to Chennai to these offices. So, flats for sale or apartments for rent in Chennai are forecasted to register a stable demand.

Again, the slowdown may have stalled construction projects across the country, but Chennai is set to get six to eight new malls in the next couple of years, replete with food courts, cinema theatres, gaming arcades and shops. So these Real Estate Projects in Chennai are again on the forefront where the builders are still going on with there work. Two will be functional by this year: Ampa mall in Aminjikarai will be ready by the second half of 2009 and Express Avenue on Whites Road by the end of the year.

Many smaller Indian firms, for whom high rentals had so far stopped them from expanding this maybe the right time to buy or lease office space. So, these investors relocating to Chennai to set up their offices in Chennai are searching for the right place to stay. So these people new to Chennai are actually looking for Flats for sale or apartments for rent in Chennai because again the prices have gone down heavily. A rental and capital value correction of commercial office space is underway across markets in India. Compared to a year ago, rentals are down 25-30% on average across the top eight cities of India. Some areas have been affected worse than others.

NRI’s are predicted to play a big part in buying new apartments in Chennai or buying a new plot or office space in the city. While the local buyers are hesitating from buying houses coming up in large number in the district, it is the interest of NRI’s from Canada, US, England and middle-east countries that have given a new lease of life to the real estate sector in Chennai. With thousands of NRI’s inquiring about the availability of houses, flats and villas, real estate in Chennai has got fresh lease of life that otherwise was witnessing a low business for the last four-five months.

Chennai Real Estate – Forging Ahead

Indiaâ??s real estate development is expected to grow at a pace of 30 per cent annually. This has a direct impact on the mega cities, especially the four metropolitans that provide real estate opportunities to grow manifold. Chennai real estate cannot be far behind.

There has been a huge demand for real estate in Chennai amongst the commercial and residential properties. In recent years, the city of Chennai has experienced a complete turnaround in its all-round infrastructure. The combined initiatives of the Government of Tamil Nadu and the Central Government are paying rich dividends in terms of approval of real estate projects related to infrastructural upgradations in Chennai.

Tata Realty and Infrastructure Ltd (TRIL) announced an agreement with Tamil Nadu Industrial Development Corporation (TIDCO) to jointly develop an IT special economic zone (SEZ). TRIL is a new enterprise of Tata Sons Ltd, the holding company of the Tata Group.

The SEZ will be implemented in two phases – the first phase of 2.30 million square feet will be ready by end-2009 and the remaining 1.70 million would be completed by 2011. TRIL has embarked on several projects for real estate and infrastructure development.

Located on a 25-acre plot in Taramani, the SEZ will include a five-star hotel or service apartments, an international convention centre and help generate direct employment for 40,000 people and indirect employment to another 15,000. Chennai real estate most certainly contributes in boosting economy of the state.

Not only Chennai Real Estate is developing rapidly along side the government of Tamil Nadu but also foreign developers are showing valuable interest in the Chennai real estate. For instance, the Lee Kim Tah Township development in Siruseri, near Chennai, reflects the success of Singapore companies who have forged successful partnerships with their Indian real estate counterparts.

Fort Hood, Killeen Real Estate Market Summary and Texas Housing Outlook

Fort Hood, located in Central Texas, is known as the largest US-Military base on the planet and is home to two divisions. The real estate market in the surrounding cities of Killeen, Harker Heights and Copperas Cove remains stable amid the national housing crisis.

Fort Hood Area Real Estate in Numbers*: 

Single Family Home sales* in the three cities of Killeen, Harker Heights and Copperas Cove for 2006 were at 3,078 with an average sold price of $118,009 (list price: $118,939)  

Reviewing the housing market for 2007, the unit count* was 2,781 and the average sold price was $124,031 (list price: $125,269). There were fewer home sales* in 2007 than the year before, but prices still increased 5.1% for this sector around Fort Hood. 

Between Jan 1st and June 31st 2008, 1,366 homes sold* at an average price of $126,932 (list price: $128,514). That is a price increase of 2.3% by the end of the second quarter. The numbers support an article published in Sept 2007 by CNN Money, where Killeen, TX was mentioned as the second most affordable housing market in the United States – forecasting an appreciation of 4.6% until the end of 2009. 

In 2007, properties sold* for 99.01% of the asking price. This very thin margin between sales price and list price can also be an indicator for a stable real estate market, provided that the vast majority of the time, home owners and real estate professionals listed properties according to solid sold data.  

(* Local Fort Hood Association of Realtors MLS Data for Single Family Homes and Single Family Homes with Acreage for Killeen, Harker Heights and Copperas Cove)

Texas’ Median Home Price in Contrast to the National Market: 

Texas’ Residential Real Estate Market has shown slow and steady price appreciation over the last two decades at an annual average of 4.4%, without any periods of depreciation. This can be linked to very low home prices – compared to the national average. 

The National Association of Realtors has reported a decline of the national median home price in 2007 for the first time since their data tracking began in the 1960s. In contrast to that, the Texas’ median home price rose at 3.1%.

Texas Market Outlook in Comparison: 

One of the ways to project future real estate markets is to analyze trends.

Let’s take the national housing market as an example. The real estate bubble, which developed starting in 2002, was outside the 2001 trend that is in line with steady growth since 1990. With that in mind, the U.S. median home price could continue to fall or stay at around $200,000 until it could pick up stable growth again in 2010, because it still hovers above the relatively moderate 2001 appreciation trend. 

The Texas housing market experienced in 2007 a decline in growth (in units sold), but values remained to appreciate despite the fact that U.S. median home prices were falling. Texas does not have to deal with the consequences of a price bubble unlike the national housing market because the trend of an average annual appreciation of 4.4 percent since 1990 did not significantly change during the 2004-2006 period, during which other markets sky-rocketed.  

Following the trend of 2007, in which the statewide median home price was at $147,500, it could reach $159,000 by 2010, if the core trend of increase continues. 

Bottom Line: The Texas Housing Market remains a lot stronger than the national market and continues to be a target for real estate investors. 

Sources:  Fort Hood Association of Realtors MLS, Real Estate Center of Texas A&M University, National Association of Realtors

© Patrick Maxam RE/MAX Platinum Real Estate – All Rights Reserved. This article brought to you by www.RelocateFortHood.com   and   www.FortHood-TX-RealEstate.com . You may freely reprint this article on your website or in your newsletter provided this courtesy notice, author name and URL remain intact.

Americans Split On Real Estate Agents Service

Americans are split on whether they are satisfied with their real estate agents services, according to the latest survey conducted by Housing Predictor, which forecasts housing markets in all 50 U.S. states. The online survey indicates respondents are divided on the quality of their agents services.

Forty-seven percent of the respondents said they were satisfied with their last real estate agents services, while a nearly exact number of 46% said they were not satisfied with their agents. Some seven percent were unsure.

After a national real estate boom in many states, the survey indicates that real estate agents may have a long way to go to increase the public’s perception and enthusiasm of their industry. Previous studies have also shown that the public does not blame their real estate agents for paying too much for properties they have purchased in the last few years.

Housing Predictor regularly surveys visitors to the web site on a variety of issues related to the real estate industry, which is one of the largest driving forces of the national economy. Despite the slowdown in the housing market in many states, 18 states local markets are appreciating, including Texas and New Mexico, where foreclosures are just beginning to record higher numbers.

Forecasts for more than 250 local markets in all 50 states are provided on Housing Predictor, where you may also search real estate listings and foreclosures, which is becoming an increasingly active market for many home buyers and investors.

Housing Predictor has forecast that more than two million homes will be foreclosed through 2009 due to fall out from the sub-prime loan crisis as it spreads into the conventional mortgage markets. Foreclosures are at near record high levels in many areas, but are rare in the second home and vacation markets, where a large percentage of buyers pay cash for property.

Housing Predictor is a leading online resource for consumers, home owners, the real estate industry, mortgage and financial companies, which regularly consult the web site for its unbiased independent housing market forecasts.

Coconut Grove Real Estate – Cocowalk Caribbean Style

Coconut Grove is located in the state of Florida and it has distinction of having the first hotel in South Florida built in it. At the time of its being built that is in 1882 it was referred to as Bay View Inn. Later its name got changed to Peacock Inn. City of Coconut Grove, which is also referred to as Cocoanut Grove, is located in the city of Miami in Miami Dade County. Lying towards west of Biscayne Bay, whole of this city comes under single zip code of 33133. Average home price is from $600,000 to $1,700,000.

This city has witnessed several stages of development during its appreciably long history. Out of all these stages of development, first one took place in 1825, soon after opening of lighthouse, operated by John Dubose, in Cape Florida. Next phase of development made its presence felt in this then quaint city in second half of the nineteenth century. This period, especially the 1870s, saw an influx of a large number of people to Coconut Grove. People who came here during were mainly a mixture of Northeast Americans and British immigrants. But from that time onwards a lot of development has taken place in this city.

Today this city happens to be one of the most popular cities in not only state of Florida, but also in the United States. As its name suggests this city has a touch of Caribbean life too. And this becomes most evident during Goombay Festival, which transforms this city takes on an atmosphere completely reminiscent of Caribbean lands. Shopping is one major attraction in this city in Florida. Food is another specialty of this city, which is sometimes also called as just “Grove”. Due to concentration of a large number of food outlets in this city, Grove is also known as Food Court of Miami. Besides all these, an annual art festival held over here is another major crowd puller. The Vizcaya Museum, Cocowalk, Monty Trainer’s The Playhouse are a must see in a visit to this city.

A holistic combination of all above mentioned factors has made this city very attractive to real estate hunters as well as real estate dealers. As it is the market of real estate is witnessing a massive upswing in recent times. This corner of the country has not been an exception to this trend. People are large numbers are flocking to this city with intention of making this city their home. With an active nightlife, especially after this city got annexed to city of Miami, this city is has now become a dream destination for many. Prices of homes have already crossed hundred and seventy five thousand dollar mark. And numbers of empty estates which are available for sale are also dwindling at a very fast rate. And if this rate of growth is maintained by Coconut Grove, it will soon outstrip some of its more illustrious counterparts. The nightlife is this city is only second to South Beach.

Coconut Grove Real Estate is coming back from the recent boom years and is expected to rebound by 2009. Coconut Grove Real Estate is slow, following two fantastic boom years. A few excellent communities in Coconut are Fairhaven, Terranium and Utopia. Condos subdivisions include Beacon Harbour, Cloisters on the Bay, Grovenor House. Upscale Hotel Resorts include Ritz-Carlton and the Sonesta Bayfront Hotel. Coconut Grove Real Estate is an excellent investment opportunity as inventory levels continue to rise.

Dallas Real Estate Market

Market snapshot: As of Monday, January 28th, 2008

Homes for Sale(MLS) 7548New Homes Listed 262Real Estate Classifieds 3146Foreclosures 3250

The Dallas Real Estate Market has cooled off, there are less homes being built and sold in the area, but market conditions are not nearly as bad as one would expect. Without question, the meltdown of the subprime mortgage market and the subsequent tightening of credit standards for buyers has decreased the number of homes being sold in the Dallas area. However, there are a number of indicators that suggest that the Dallas Real Estate Market is relatively stable. According to the Dallas Business Journal, the Dallas Real Estate Market ranks 3rd in the nation for investment. Dallas has one of the shortest average sale times in the nation. According to various reports, the Dallas area is the least likely of any major real estate market to see a significant drop in home values. In fact, the trend in home values in Dallas and in North Texas in general has been fairly flat. This has not been the case in many other major U.S. real estate markets, where a 20 to 30% drop in value is not uncommon. The 2007 median home price in the Dallas area was up 1% from 2006. According to a recent report in the Dallas Morning News, 30 of 45 Dallas area neighborhoods saw flat or now growth in median sale price, but various neighborhoods in north and east Dallas saw up to a 21% increase in sale price.

Commercial Real Estate – The Society of Industrial and Office Realtors’ annual forecast indicates that commercial real estate will slow down in the Dallas market in 2008. Expect to see a decline in building sales and leases as the economy slows, causing more caution in the commercial market.

What does it all mean? Overall, the Dallas Real Estate Market is somewhat down from recent years, but is doing better–in some cases much better–than other major real estate markets nationwide. The rate of new construction is down, but homes are selling quickly, and new housing demand is expected to rebound later in the year, into 2009. The market areas in Dallas that have suffered the most have been those with homes in the price ranges that subprime buyers are most likely to afford. As the subprime market has largely vanished, these areas have taken the biggest hit in falling sales volume and prices. However, statistically, these areas have a higher instance of foreclosed homes, creating an opportunity for investors to pick up bargains.