Archive for May, 2012

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Luxury Insider: Financing At Clouds Level

By Alain Pinel | May 30th, 2012 0 Comments

It is fashionable these days to pay cash for a very-very expensive home and close within a few days. Nice!  However, some of us, unfortunate mortals, actually need to get a loan to purchase a multi-million dollar property….. So I thought it might be helpful to write about the various options available today, just in case you are in the mood to buy a luxury home. Of course, since I cannot pretend to be an expert in the field, I chose to speak with one that I know & trust, Valerie Avril, a Mortgage Banker with Western Bancorp. Here is what she told me.

Basically, as all of you know, there are two roads to get you to where you want to go: private banking & traditional lending. Depends who you are and what you want.

Private banking may have the favor of the following buyers:

  • Clients who have a pre-existing assets relationship with a bank and may be offered a rate lower than market. Beware of the turnaround time with is consistently worse with larger banks.
  • Clients with high liquidity/net worth who have access to financing terms otherwise not available with the traditional lending route
  • Foreign Nationals (with high liquidity) who do not have the option of getting jumbo financing the traditional way.

Traditional lending is still the most common way. There is plenty of money available. As a matter of fact, there are more jumbo lenders today than 6 months ago. The catch is that the guidelines to qualify and pay the bills are tighter than before. The dirty name is “reserves”.

The reserves required by most lenders represent somewhat of a hurdle. Some lenders demand from the buyer 6 to 16 months of PITI (principal + interest + insurance + property tax). On a $1,300,000 loan, a 6 months reserve equates to $48,000 of added funds; on 16 months, it represents a reserve of $130,000. Ouch!

80% loan to value ratio up to $2M is available through a few lenders and some will go up to $5M with 30% down and a compelling adjustable rate in the mid 3%.

Each lender has its own niche products, making it advisable to work with a mortgage banker who has the flexibility to work with the wholesale channel and gain access to multiple sources.

Guidelines also differ from lender to lender. Unlike Fannie Mae or Freddie Mac, financing (conforming loans) jumbo mortgages are not confined to the findings of an automated underwriting engine (Desktop Underwriting or Loan Prospector), therefore enabling lenders to morph their jumbo product offering based on their risk assessment strategy.

A few lenders have developed guidelines to allow borrowers to utilize their assets as income, thereby increasing their qualification power, while traditional underwriting standards will only look at income shown on tax returns. There are now programs, such as asset depletion or asset dissipation qualifying that will provide a boost to the income being considered. Good news for high liquidity borrowers with low or fluctuating income.

For many high end buyers for whom cash is no problem, the easiest option widely used at the top end is to make a cash offer to get the edge over contingent offers in a bidding war, and eventually regain a portion, albeit small, of their equity by refinancing immediately after the close.

Oh, by the way, if you can and want to pay cash, you might still consider getting a loan of “only” $1M, which is the ceiling for maximum interest deduction, and bridge the difference with cash. That might not save you a ton in taxes but every penny counts when you are a millionaire!

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Intero Insider: Digging Deeper Into Negative Equity Situation

By Gino Blefari | May 30th, 2012 0 Comments

This past week, Zillow released its latest Negative Equity report, giving some numbers on the percent of homeowners who owe more on their mortgage than their homes are currently worth. Nearly 16 million homeowners were underwater on their mortgages in the first quarter of 2012, owing a collective $1.2 trillion more than their homes were worth, according to Zillow. That’s nearly a third of all homeowners with mortgages, which sounds pretty bad if you ask me.

However, this is just the type of statistic that needs some digging to fully interpret and understand before allowing it to upset you or affect any buying or selling decisions.

As Zillow points out, despite being underwater, foreclosure is likely not imminent for most of these homeowners as 9 out of 10 continue to make their mortgage payments on time without any problems. Only 10.1% were more than 90 days delinquent with mortgage payments during the data period.

But let’s also not forget that time can and will change things for homeowners. Being underwater is only a serious problem if a homeowner suddenly is unable to pay their mortgage and needs to sell, needs to sell for some other reason such as job relocation, or is facing a market and situation in which his value has dropped severely below market value – to the point in which the home is likely to not recuperate value over the homeowner’s lifetime.

For most underwater situations, the owners will likely stay or want to stay in their homes for a long period of time, which gives the market a chance to recuperate value, in many cases. Not that long ago, people expected real estate values to move only in the long-term. In other words, no one was expecting to double their money in the next five years – or, by that same sentiment, to recuperate a dip in value in the next five years either.

In fact, if you apply the same principles as stock market investing, which requires more time to see increases in overall value of the original dollar put in, it feels more “normal” to take a long-term view on real estate values. Not many stock investors, which tend to be everyday workers who invest their retirement savings in portfolios that, by design, take at least 10 years to produce a meaningful investment outcome.

Another good point to the negative equity report is that many homeowners in negative equity are not deeply underwater, according to Zillow’s numbers. Nearly 40% of underwater homeowners owe between 1 and 20% more than their home is worth. Of course, some owe much more and markets vary in severity of the problem, with Las Vegas, for instance, being a metro in which more than one quarter of homeowners with mortgages owes more than double what their home is worth.

As with all real estate statistics, it’s important to construct the context around the negative equity report to get a clearer picture of what is happening and who is affected. Just because a homeowner is pronounced underwater doesn’t mean he’s in dire straits – or that his home will blight his neighborhood. A rise in negative equity wouldn’t even necessarily mean there’s an impending rise in foreclosures. Dig deeper to understand what is going on, folks!

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Luxury Insider: Facebook vs. Greece

By Alain Pinel | May 23rd, 2012 0 Comments

Do you believe in Santa Claus? I do. I did not when I was a kid, but now I do. I have to. I am so sick and tired of the dull-to-bleak-to-depressing news about the economy that I am now looking to Santa for help. He might as well do something for the adults for a change. Kids cannot have everything. Not in my house anyway.

Today, Santa looks a bit like Mark Zuckerberg. Forget about the beard and the red stuff. Don’t personally know the guy –although he lives a few minutes away-, but I like what he can do for the grown-ups. He can make us believe that people can still make the difference, no matter how badly our political leaders can mess up our affairs. He can bring back the invigorating will of success, the excitement of creating and winning. We used to call that the American spirit.

I know that the stock has been heckled a bit since Day 1, “morning after” syndrome I guess. So what? This IPO thing is still giant and should be celebrated as such, rather than described by some blasé and hard to please commentators as a dud. Everything is relative, to say the least. Are we losing our common sense? As we say in my old country: “Let’s not be more royalist than the king!”

If I were to write a serious book today, I would title it “Facebook vs. Greece”. That’s the 2012 version of “Ambition vs. Complacency”, or “Standing up vs. Laying down”, or “Making money for others vs. Burning other people’s money”. I don’t know what’s going to happen to Greece (or I am afraid to tell) but I was trained to always propose a solution whenever confronted with a problem. Here is my recommendation and my silent prayer to Santa Zuckerberg: “Mark, listen to me, buy Greece, make it a resort for the employees or something like that, today the price is good, you don’t have to say I am the one who told you.”

I have been preparing for the big IPO. I am now waiting for the Facebook lottery winners to buy some nice homes over the next few months. A Realtor friend of mine, someone who is nearly always right when he agrees with me, tried to temper my enthusiasm (should I say my expectations?), suggesting that many new techie millionaires were the subdued type and might not buy a bunch of pricey homes when they finally clear their cash. Well, I’m not sure I buy that.

When a guy wakes up with, say, $50M in his back pocket, I don’t care how subdued he is, he buys real estate. He might put half, that is $25M aside to create another Facebook, but I guarantee that he will put much of the left over on a nice pad with a roof on top….$25M can still buy a decent home in the US!

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Intero Insider: April Sales, Values Trending Up

By Gino Blefari | May 23rd, 2012 0 Comments

The latest housing numbers are out and the message is clear: Things are heating up in markets across the country once again, and the best news about this is the fact that it’s no longer just investors who are gobbling up properties. Now we’re seeing more demand and sales coming from primary residence buyers.

Sales of existing homes increased 3.4% to an annual rate of 4.62 million in April from March, and were up 10% from the same month a year ago, according to the latest numbers from the National Association of Realtors. The best part of this news is that home values also increased 10.1% to $177,400 in April. The increase in values may seem to hurt affordability, but in actuality it tends to spur more buyers who are on the fence to make a move while conditions are still great.

Buying conditions are still excellent for buyers. Average rates on the 30-year fixed-rate mortgage were 3.79%, according to Freddie Mac’s latest survey measuring the week ending May 17.

Not only are the numbers good – they’re showing strength in all the right places. A healthy market is one that sees sales and values increasing at a reasonable pace, and one that is not unevenly filled with distressed properties and investor buyers.

The share of sales that were foreclosed properties is slowly diminishing. Distressed homes, which include foreclosures and short sales that sell for deep discounts, accounted for 28% of April sales, with 17% being foreclosures and 11% being short sales. This was down from 29% in March and 37% in April a year ago. Foreclosures sold for an average discount of 21% below market value in April, according to NAR, while short sales sold at an average 14% below market value.

The share of buyers who were first-time purchasers increased to 35% in April, up from 33% in March, but down slightly from 36% in April last year. Meanwhile, investors purchased 20% of homes in April, down from 21% in March, and holding steady from 20% during the same month last year.

Depending on your market, you may be seeing a plethora of discount deals still out there, or multiple bid situations. NAR says this is because inventories are tight in some markets, notably the Washington, D.C., area, Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle. Expect stronger price increases in most of these areas in the coming months.

All of this shows that to talk about the condition of the housing market right now, you really need to first define which segment you’re talking about: first-time buyers, foreclosures, city, state, neighborhood, etc. The market is moving in a few different directions, depending on where you’re looking. Overall, things are definitely trending up, but be sure to understand which segment you’re trying to assess before drawing any big conclusions.

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Mortgage That Matters: Remember The Eight Track Player?

By Rick Soukoulis | May 21st, 2012 0 Comments

It’s beginning to feel a bit like ground hog day. For the past five years it seems that the beginning of summer is marked by some huge event that causes turmoil in the world’s financial system. This year the Greeks are up to it again and the international accounting rules appear to be changing around how banks hold mortgage servicing…

Why do I watch these sorts of events? And what does it mean to us at a local level?

Well……. I have been saying for months now that the future of lending is the regional mortgage banker. Not the mega banks. Over the past few years, Chase, Bank of America, MetLife and others have either stopped lending in the mortgage market all together or have cut back on mortgage staff to bare bones. Given the pending new accounting standards, Wells Fargo, the only 800 lb gorilla left in the space, will have to curtail their aggressive approach to their mortgage business. The new rules will create a level playing field with mortgage bankers who will simply outperform the banks.

What does this mean to that old fashion thing call service?

A borrower called Bank of America Corp. in March to ask about refinancing the mortgage on his Oconomowoc, Wis., home, a saleswoman told him the company was “swamped with business” and that it would call him back in 60 to 90 days. 60 to 90 days? Really? I could be dead, divorced or unemployed by then.

As rates have fallen (they are currently at historical lows), many lenders, especially big banks, have not been able to or have not desired to hire staff to keep up with demand. It now takes the nation’s biggest mortgage lenders an average of more than 70 days to complete a refinance according to Accenture Credit Services, up from 45 days a year ago.

The result? Frustrated consumers who have to wait months to lower their payment and Banks who charge more for loans to slow business down enough for them to catch up. Based on FNMA’s historical pricing, mortgage rates should be around 0.50 percentage point lower . That gap is going straight into the big banks pockets. Where’s my bail out?

So let’s get this straight; the government is trying to encourage lenders to lend, the housing market is in desperate need of lower financing costs to sell houses and borrower’s budgets are in dire straits but banks are taking 70+ days to lower your rate and are charging a whole lot more for their terrible service. Their per loan revenue is higher than it’s been in decades.

How did this happen you ask? The nation’s four largest banks now account for 55% of all loan originations, up from 38% in 2004. This is the classic “He who has the gold” scenario that FNMA is seeking to reverse.

It looks something like this:

FNMA and FHLMC, the government sponsored entities that everyone loves to hate, has actually encouraged the trend of adding more approved lenders nationally and has been adding staff to review and process thousands of regional mortgage bank applications.

They know the future of mortgages looks more like a neighborhood lender than it does a huge national bank. Last year FNMA only had 400 lenders selling them loans out of the 1,100 approved seller/servicers. That 400 represented a tremendous amount of concentration or what we call “counter party risk”. You can only imagine the “he who has the gold” conversations that went on between FNMA and the likes of a Bank of America when it came to buying back a loan.

Today FNMA sees the homeowner being best served by thousands of lenders across the nation who can quickly scale up and down given rate movements and consumer demand. Local service, where customers could actually come in to meet with a human or make their payment has a strong allure for customers. Local lenders, who make or break their reputation in their own back yard everyday may find it a whole lot easier to do right by those same customers.

The massive leverage the big banks have wielded over the agencies and us borrowers for years is about to end rather abruptly. It is my prediction that 24 to 36 months from now, entrusting one of the “Big Four Banks” with your mortgage loan will be a little like having an 8-track player in your car and a phone that you carry around in a suitcase.

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Luxury Insider: Luxury Property Buyers Are (and should be) Hard To Please

By Alain Pinel | May 17th, 2012 0 Comments

Can’t wait for May 18th, a.k.a. “Facebook Day”! Two more days to speculate on how much the IPO is going to raise and what will be the valuation of the company, both Guinness Book of Records instant new entries. Of course my main interest lies somewhere else: what are the top employees, the “lottery winners”, going to do with their millions? To tell you the truth, I already know the answer, and so do you.  We have been there before.  The new millionaires will buy million dollar homes. Simple as that. You and I would do the same, right?

The second question, even more interesting to me, goes as follows: who are they going to trust with their home search and the negotiation? What brokerage firms? What agents? Why?

Last year, Luxury Portfolio, our partner for international marketing, released a White Paper on the subject, titled a mouth full: “How Today’s Highly Affluent U.S. Consumer Selects Luxury Real Estate Associates and Brokerages”.  Reading it is always an education as 5 years of recession changed consumers’ mindsets, motivations, expectations and market sensibilities. Today’s luxury buyers and sellers know the difference between acts and empty promises, between the brokers who can deliver and those who wish they could, although they are not sharing the scoop with their clients.

Because, as the study suggests, high net worth individuals are savvy and used to conducting their own research online on domestic and international markets, agents must be able to serve as a resource by having both a global perspective and an even greater store of research and information at their fingertips. Few do. Few can. That goes especially for service, which is predicated on the brokerage’ and the agent’s ability to market globally high-end properties in high-end ways.

The wealthy, today, want to feel that they have made an instant profit the day they close on a purchase. And they know what they are talking about. The access to internet research has empowered them to access information which previously resided only with the professionals. The luxury market is not to be confused with all other price segments. Six out of ten consumers say that an agent who specializes in high-end real estate is important to them. They want their agent to be affiliated with a strong organization and network. Intero, through Luxury Portfolio International’s website, helps its agents meet this criterion as about 85% of the property listings from all over the globe are priced over $1M.

According to the White Paper, internet presence, high visibility print and reporting tools are key. 71% of the affluent consumers say that it is critical for their listings to appear in Google search results. 48% wish to see placements in Unique Homes and 47% in the Wall Street Journal. 38% say representation in the DuPont Registry is important. Consumers are also interested in receiving customized and personalized reports showing where their property is being marketed.

The bottom line, according to the White Paper? Good reporting on all marketing tools and services is critical. We should note in that respect that Luxury Portfolio International is the only luxury real estate program that gives agents the ability to report on comprehensive listing metrics, from inquiries and views down to which city, state, country a visitor came from and even what language or currency they use. It is as good as Luxury Marketing gets.

Happy hunting!

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Intero Insider: Why You Should Never Try to Time the Real Estate Market

By Gino Blefari | May 17th, 2012 0 Comments

“Is now a good time to buy my first home?” is an age-old question that all renters ask themselves at some point. The arguments pro and con vary widely – with some hinging on hard statistics that will show good reason pro and con, and others relying solely on more intangible things like lifestyle, future plans and core values.

The Wall Street Journal printed an in-depth take on this argument pro and con, with detailed and well-sourced points of view from both Eric Lascelles, chief economist at money management firm Global Asset Management (pro buying now), and Gary Shilling, president of A. Gary Shilling & Co., an economic consulting firm in Springfield, N.J. (con buying now).

Their arguments in a nutshell:

Mr. Lascelles: “Investors understand that this is the mother of all buyer’s markets, and won’t last forever.” Conditions are amazing with low interest rates that can be locked in for the life of the loan, ample supply and low prices in most markets. Because investors see this opportunity, they’ve been gobbling up properties for themselves. The open window for average home buyers won’t be there long.

Mr. Shilling: “Buying a house now would be a disastrous investment if prices fall another 20% or more.” The problem is excess inventories, which will continue to pull prices down. Shilling and his associates have calculated an excess of 2 million housing units in the market.

What’s missing here is a deep discussion of the psychology of homeownership, which can’t be dismissed. If renters have it in their heads that they want to buy a home at some point in their lives, they’re most likely going to lean toward Mr. Lascelles’ view of the current real estate market. Why not buy now, when conditions are so good? And with investors increasingly taking up more share of the homes being sold each month, there is a sense of urgency that the days of buyers’ favor won’t be here forever.

What’s also missing is acknowledgment of the completely individualized situation in each local market, and each household. These high-level arguments are interesting, but unfortunately are meaningless to most of the people sitting at kitchen tables making the decisions to buy or not buy. What goes into those decisions revolves much more around the family finances, job outlook, and neighborhood housing market. Sure, savvy buyers will be reading the news and keeping up with how the overall market is moving. But, at the end of the day the national market forecast and economic indicators are not something you see on the average family’s “back of the napkin” short list of considerations for whether to buy or not to buy.

Real estate is local, and individual. Because of this, many attempts to “time” the market by entering at just the right time are either subjective or futile. Buyers are much better off timing their decision with what fits with their own lives.

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The Luxury Insider: East Meets West

By Alain Pinel | May 9th, 2012 0 Comments

The Chinese are coming!…Or should I say a lot more are coming, and contrary to those who came over to the US in the 19th century, the new wave of Chinese immigrants are coming with lots of money and are eager to spend it. They are changing the real estate landscape and setting new real estate values in many states and regions.

The first Chinese immigrants, laborers for the most part, arrived in the mid 1800’s, “escaping” from the poor Southern provinces of the old country to look for job opportunities on our West Coast.  Life, for a while, was hardly better than the one they left behind. The attractive mirage that the Gold Rush represented absorbed most of them. From mining for gold, they eventually gravitated to railroad labor. They became low wage workers for a booming industry busy with the construction of the Transcontinental Railroad.

According to Wikipedia, the Chinese accounted for over a tenth of the population of California in 1880. Today, the percentage is down to roughly 3.5% (about 1,300,000), but we are not talking about the same curriculum. Today’s Chinese Americans represent a huge economic power and their appetite for real estate will not be satisfied anytime soon. They want a lot and can afford the best.

This is especially true in California’s Silicon Valley, home of the brightest and most ambitious new Chinese Americans. Many of them, young top guns in the fields of engineering & sciences, came in the mid 1980’s, screened with a fine comb by their government which paid dearly for their scholarships in leading universities. One of them was Minhua Jin, now a star real estate agent for Intero Real Estate in Cupertino. She routinely works with Chinese American clients.

Minhua explained to me that unlike most of the “typical” buyers and sellers, the Chinese buy but they very rarely sell, if ever.  They keep what they buy and, as long as they can, they buy more of the same. There are plenty of reasons for that:

  • New laws were enacted in Mainland China a few years ago limiting to 4 the number of residential units any person could buy. Now that money is flowing over there, there is only so much art or items of value people can put their hands on to protect their wealth and build equity.
  • In the main country, they cannot buy the land on which the real estate is built. It belongs to the government, which is leasing the pad for 70 years. Considering that there is no clue as to what may happen when that lease expires, a lot of homeowners and investors are obviously unsecured about their investment in China.
  • Government policies are changing often, further complicating the process, the pertinence of the investment and therefore reducing the appetite for local real estate.
  • Education is a very big deal in China these days, especially business & technology rather than just academics that they do well at home. Whenever possible, well to do families send their kids to the best schools in the US or Europe. Some go back; some stay.
  • Overall, the Chinese are not rich people. Perhaps only 1% of the population can dream of ever buying a home (or many) in the US…But you know what? 1% of 1.4Billion people is a lot of people, a lot of qualified and determined buyers!
  • Chinese real estate in key cities multiplied about twenty times in value over the last 15 years or so; those who bought made enough money to buy anything, anywhere, whether in San Francisco, or New York, or Paris, or London.
  • The Chinese currency is going up while the dollar is going the other way. Buying a multi-million dollar home here is getting to be very affordable.
  • The Chinese, as an old & dear tradition, believe in real estate. They aspire to own their home. You might call it the “Chinese Dream”.

It is clear that the impact of Chinese Americans and Mainland Chinese on US real estate is rapidly changing the rules of the game. It can only accelerate with a growing number of buyers and their growing purchase power. Chinese Americans are part of the new technologies, part of the new wealth. In the Silicon Valley, for example, 1 out of 5 high tech start ups are led by people from Chinese descent, according to a study done by Annalee Saxenian, a UC Berkeley professor.

Knowing how to work with the Chinese is no longer an interesting option for real estate agents, from one coast to the next. It is simply a mathematical necessity.

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Intero Insider: Help for Underwater Homeowners

By Gino Blefari | May 9th, 2012 0 Comments

Despite the recent bout of good news that’s spreading through some real estate markets in the U.S., the word “underwater” is still part of the vocabulary in many others. In fact, the problem is still so widespread that Freddie Mac, the U.S.-supported mortgage company, this week announced it will drop a fee associated with refinancing deeply underwater mortgage loans.

The fee drop signals that the government and its mortgage giants Freddie Mac and Fannie Mae are determined to make the Home Affordable Refinance Program (HARP for short) work. Freddie Mac said it will eliminate a fee of 0.5 percentage point, known as a “cash adjustor,” on home loans that are refinanced under HARP and have balances greater than 125% of the property’s current market value.

The move aims to help underwater homeowners refinance their mortgages, thus enabling them to stay in their homes (as opposed to foreclosing or walking away). Freddie Mac officials said that they hope the drop of the fee will encourage more homeowners to take advantage of HARP.

There were 11.1 million homes with negative equity at the end of the fourth quarter 2011, according to a report from CoreLogic. The number of homes with negative equity (or that were “underwater”) was up from 10.7 million the previous quarter, showing that the problem had not stopped growing at last tally.

Many underwater homeowners do wish to stay in their homes. Refinancing and taking advantage of HARP can help. But some good old motivational math can also help tremendously with moral, which is why I thought these calculators developed by HSH are interesting and potentially helpful:

  • KnowEquity When is a calculator that aims to help underwater homeowners answer the question, when will I be above water again?
  • KnowEquity How is a calculator that aims to help underwater homeowners what it will take to reach equity within a specified time frame.

Both calculators are helpful if you are trying to set a goal to stay in your home. Knowing what you need to do to get there is a powerful motivator.

Unfortunately, when looking at the numbers, underwater mortgages will not be disappearing anytime soon. While some markets are seeing values increase, it’s just not enough to offset the lost equity that spans 11.1 million home loans. So seeing a bit of positive news in the form of help and motivation on this front is worth flagging.

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Intero Franchise Services, Inc. Expands Across the Mississippi

By Teressa Francis | May 8th, 2012 0 Comments

Nashville, TN veteran real estate office gains fresh start with Intero

Intero Franchise Services Inc., a company affiliated with Intero Real Estate, Inc. (“Intero”), recognized as one of the fastest-growing and most innovative brokerages in the industry, announced today that it has expanded into the greater Nashville, Tennessee area.  The Grand Opening will take place on June 7th.

Located in the Nashville suburb of Murfreesboro, the office is ideally situated to service Nashville, Green Hills, Franklin and Brentwood.  This office will mark the 44th franchise and the first to be east of the Mississippi, increasing Intero Real Estate’s reach farther than it’s ever been in the U.S. “We are excited to extend the Intero brand across the Mississippi.” Gino Blefari, Intero President and CEO, says.  “We go where we find people who are the right fit for the Intero brand because they have the same values and believe in the culture we’ve created.  In Murfreesboro, we found those people.”

The location, a former Prudential office, will transition with 48 agents and will be growing.  Intero Middle Tennessee, as it will be called, is owned by Mark Rowland and will be managed by Don Day, both real estate veterans with over 15 years of experience.  “We were really attracted to Intero’s Leadership Team and their ability to continue to gain momentum during a time when so many seem to be losing it,” states Rowland.  “The technology platform and operational support provided by the company will truly make a difference in all of our future transactions,” adds Day. “We can move forward with our business knowing we will be well taken care of.”

With this change, Intero Middle Tennessee will be focusing on the luxury market, taking advantage of Intero Prestigio, a luxury division providing an exclusive menu of global marketing services customized for each property.

Intero Middle Tennessee

3173 S. Church St.

Murfreesboro, TN 37127

About the Intero® brand

Founded in 2002, Intero Real Estate Services, Inc. has quickly become one of the premier real estate brands in the U.S.  In 2004, Intero Franchise Services Inc. began franchising and currently is operating in many of the western states.  In 2009, Intero International Franchise Services, LLC embarked on developing territories in Asia Pacific, Europe, Middle East, Africa, and the Americas.  The companies are private and headquartered in California’s Silicon Valley.

Contact:

Teressa Francis

+1 408 342 3010

tfrancis@interorealestate.com

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