Archive for the ‘Intero Real Estate Services’ Category

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Intero Real Estate Services appoints Kevin Garty to Vice President of Relocation and Corporate Services

By Teressa Francis | December 20th, 2010 0 Comments

Top producer and award winning expert in the corporate relocation industry partners with Intero to offer a relocation platform

Real Estate and Relocation veteran Kevin Garty teams with Intero Real Estate Services to manage and expand the company’s strategic relationships with relocation companies. Mr. Garty will work directly with established corporations as well as emerging startup companies to assist in their relocation and real estate needs.

Over the course of his 25 year career involving real estate and relocation, Garty has earned a reputation for excellence. A native New Zealander, Garty began his career in the mid 1980’s by creating the very first relocation network in New Zealand and Australia as a direct response to the lack of specialized assistance available to relocating transferees to the region. After relocating to the Bay Area in 1992, Garty was called upon by Bob Moles to put his industry expertise to work by developing the relocation channel for Contempo Realty. After the company was sold, Garty went on to establish and build the relocation division for Cashin Company into one of the bay area’s most respected providers of relocation and real estate services.

“We are really excited to have Kevin on our team because he has impeccable credentials and vast knowledge on how real estate and relocation works and his ability to expand the Intero® platform to include relocation services worldwide will be a huge benefit for Intero,” said Bob Moles, Chairman of Intero Real Estate Services.

With a high commitment to service, Garty’s Relocation Departments have won numerous awards over the years, consistently being recognized for superior service and unparalleled expertise within the industry. Garty has been responsible for over 4,000 transferee home purchases and home sales during the course of his professional career.

Gino Blefari, President and CEO of Intero Real Estate Services said about Kevin, “Our success has been built around finding the right people to lead us, and Mr. Garty has the vision, experience, expertise and relationships that we need to be successful in the corporate relocation industry.”

In addition to having served on the broker advisory boards for many major U.S. relocation companies, Garty has been a speaker at ERC and BAPRM conferences and is frequently called on by Fortune 500 companies to advise them on various real estate and relocation issues.

“I am really honored to be joining the Intero family and to be introducing this innovative brand to the corporate relocation channel,” says Garty. “I am joining some of the finest real estate minds in the industry today, along with a team that has deep roots within the relocation industry. It is a thrill to team back up with individuals who have a thorough understanding of what it takes to achieve a successful transfer, and to be part of an organization that has a real commitment to developing solutions that will assist clients in overcoming many of the challenges facing the relocation industry today. Intero has an innovative platform and a worldwide brand and I am confident that my team and I will be able to deliver a unique and remarkable experience to all that we assist.”

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Intero Insider: Home ‘Value’ Still Misunderstood

By Gino Blefari | December 15th, 2010 0 Comments

There are some things in life you just can’t put a dollar value on.

One of the biggest real estate news stories in 2010 has been the watchful eye over home values. Zillow last week said that U.S. homes are expected to lose more than $1.7 trillion in value this year – more than the estimated $1 trillion loss in 2009.

But what does that really mean? Value is more than price and price only really matters when you need to sell.

From a purely mathematical standpoint, reading a statement like the one above from Zillow’s estimates makes it sound as if housing is not only a bad investment, it’s a financial sinkhole. But people are still buying homes everyday. Why?

Well, because as I said already – value is about more than price and you can’t put a dollar value on everything. You can’t put a dollar value on the time spent in your home – the years of memories and change, watching your kids grow up, celebrating milestones around the dinner table. You can’t put a price tag on the sigh of relief you get from kicking up your feet at home after a long business trip away.

I do still believe that homes are a solid financial investment – but that’s beside the point here. The point is that it’s really much more difficult to gauge the value of homes than other goods.

It’s dangerous to make these kinds of sweeping statements about lost home value. If we’re talking about actual cash lost due to selling at a lower price, that’s one thing. But to gauge value based on current market conditions when not every owner is in the market to sell is a bit misleading. It oversimplifies with math a situation that has too many other factors.

For example, say we’re talking about an older couple that bought their home for $100,000 in 1985. By 2005, their home’s perceived value had reached $450,000. By 2010, that value had again changed to $325,000 based on current conditions. Did this couple lose money? No. Did they lose value? Well, you’d have to ask them but I’m sure the answer would be no.

As we near the time when everyone will be looking at the year in review, it’s important that we not lose sight of the real meaning of “value” in real estate. As homeowners, we can’t obsess about the reports that say our houses may be worth less this year. If you’re not looking to sell, then only you can dictate the true value of your home.

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Intero Insider – 2011: Slow growth will end the decline

By Gino Blefari | November 17th, 2010 0 Comments

We are about to start a new year that will prove positive upward motion for both our state and local San Francisco Bay Area economy. We’re going to see some job growth, which will help to fuel initial growth in the housing recovery. But it’s going to be a slow start in 2011 – a year of transition is a good way to describe it – and we may not always feel like we’re making progress because of the slow speed.

Despite how slow or fast we’re moving, we are saying goodbye to the bottom and setting our sites on upward movement in 2011.

For housing, I expect to see a rise in sales volume and median prices in California in 2011 from our bottom year of 2010. I think a lot of buyers who’ve been waiting on the sidelines – either for a more secure employment situation or a signal of the market bottom – will finally move and buy.

We’ll continue to see high levels of foreclosures, but the market will continue to work through them.

In the Bay Area, there are a lot of developments that make me feel optimistic about 2011. Facebook game developer Zynga recently signed the largest lease for San Francisco office space in five years. Facebook itself recently announced a joint $250 million fund for social application developments. Stocks have been surging at Oracle, eBay, Google, Intel and other Silicon Valley tech powerhouses. And while sales volume has lagged, home prices in the Bay Area rose for 13 straight months through September, according to MDA Dataquick numbers.

These are all very positive signs that the Bay Area economy is already looking up, though we need to be mindful that miracles are not going to happen in 2011.

Here is what I am projecting:

Home buyers: Expect the loan process to be long and strict. You will need cash, a solid credit history, appropriate salary and job security. You won’t have the lowest of the low interest rates forever so you will come off the fence in droves in the spring of 2011. This rush may even surprise you as you find yourself competing for offers.

Home sellers: The folks at the California Association of Realtors have discussed the tale of two housing markets in our state: the high end versus the low end. How you come out in 2011 as a home seller really depends on which market segment you are in.

Sales of properties valued at less than $500,000 have largely been distressed properties and banks are expected to release more inventory next year. This means sellers of properties in this price range will continue to have a lot of competing inventory.

Meanwhile, sales at the high end – above $500,000 – have seen and will continue to see constraints from tightened lending.

The prognosis? It won’t be the best year to be a home seller in 2011, but be patient as there are buyers on the sidelines waiting to jump in.

Homeowners: Underwater owners are a wildcard in the forecast next year. I don’t see the trend of walking away from a mortgage ending completely, but hopefully some of the positive economic news will create a much needed sense of security for these folks.

The transition we need

We have a lot going for us in 2011. Our state’s sheer size of nearly 37 million residents, expansion of the exporting and technology sectors, and an expected rise in personal incomes are all factors we have working for us. We are still the eighth largest economy in the world with a gross domestic product of some $1.8 trillion.

It takes a lot to keep us down, and it will take a lot to pull us back to normal. 2011 won’t be remembered as a breakout year of growth, but it will be the year we turned the economy back around – the year we needed to transition from decline to moving up.

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Intero Franchise Services, LLC, expands footprint in Asia-Pacific region through listings distribution deal with iProperty websites

By Teressa Francis | October 27th, 2010 0 Comments

Intero now distributes more property listings than any other U.S. broker to the leading online network

Intero Real Estate Services, Inc. (http://interorealestate.com) a leading U.S. real estate brokerage that has recently expanded its brand globally, as a franchisor, through Intero Franchise Services, Inc. and Intero International Franchise Services, LLC, announced that is has dramatically expanded its presence in the Asia-Pacific region through a partnership with the iProperty network of websites, which contains several of the region’s leading online real estate destinations.

As part of the deal, Intero® syndicates all of its active listings to iProperty.com’s network of sites, which includes iProperty.com.sg (Singapore), iProperty.com.my (Malaysia), and GoHome.co.hk (Hong Kong). The company now displays more listings on the network than any other U.S. brokerage.

According to the National Association of REALTORS, over $40 billion in U.S. real estate was sold to foreign buyers last year. “You need to be where the buyers are to succeed in real estate,” said Al Mendoza, Managing Director of Intero Asia-Pacific. “And right now, the number of buyers in this region looking for property online is exploding. We saw the opportunity here early and plan to expand our leadership position into the future.”

“The same innovative spirit that propelled Intero from Silicon Valley to national prominence here in the U.S. is driving our expansion into new markets across the globe,” said Intero President and CEO Gino Blefari. “Being the first to do something is something we’re comfortable with and will benefit our customers and partners looking for opportunities in the Asia-Pacific region.”

The Intero Asia-Pacific regional operations offer entrepreneurs in the region the opportunity to affiliate with one of the world’s most innovative real estate brands. The Intero brands focus on technology, training and superior systems led it to become the fastest organically grown real estate brokerage in U.S. history as recognized in Realtor Magazine July 2005.

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One of a kind custom Mediterranean Estate in exclusive Paradise Valley

By Teressa Francis | October 6th, 2010 0 Comments

$6.5 million spectacular home nestled in Morgan Hill 

16370 Reynolds Drive is an architectural masterpiece and referred to as “Over the Top” one of a kind construction. Located in the most desirable street in exclusive Paradise Valley, this stunning home on 1.6 acres is the finest quality home to ever reach South County. Owners Sal and Becky envisioned a magnificent home with a mixture of rustic Old World and casual elegance. Realizing that they wanted only the finest materials and construction, they embarked upon building their dream home.

To further assist in their vision, Sal and Becky hired Michael Bonfante to design the fabulous gardens and landscape of this spectacular home. Michael is best known as the founder of Bonfante Gardens Theme Park in Gilroy and is also known as a well respected philanthropist and landscape designer. Michael’s inspiration and vision for the landscape design was to create two totally independent elements; the front yard and the back yard. The front yard feels dramatic and intimate. It creates an environment fit for family, friends or visiting political dignitaries. The backyard on the other hand provides a living experience and serves as a direct extension of the living space.

To create the lived in feel, Michael designed the landscape using over 100 types of trees including 39 different varieties. To further enhance the landscape he also brought in natural works of art in the form of large, unique rocks for personality, a natural waterfall cascading into the pool and a one of a kind custom designed gazebo. In addition multiple flower beds were also added for a touch of color throughout the yard. The landscape design ran close to ½ million for this perfect executive home.

Mitch Mazzetti Construction built this prestigious home and refers to it as the finest he has ever seen or even imagined. The views alone are amazing from this 5898 Sq. Ft. of living space plus an additional 1200 Sq. Ft. bonus room above the garage. Interior features include 4 luxurious bedroom suites and 5.5 baths adorned with stone and pewter vessel sinks, faux painting and marble floors. The kitchen is a master chef’s dream kitchen perfect for large families and entertaining complete with a large butler pantry, granite and marble counter tops, custom birch cabinets, stainless steel appliances and separate island with sink.

The extraordinary amenities extend all around starting with the state of the art wine cellar that accommodates 1200 bottles, old world stone floor, stone entrance and a separate A/C unit. This gorgeous home has solid hand scraped 8” old world walnut hardwood floors, soaring 14’-18’ ceilings, a layered lighting effect throughout the home and a dramatic dining room accented by custom chandeliers.

The exquisite exterior features include a gated front entrance that leads to an impressive driveway designed with 18,000 Sq. Ft. of natural pavers, copper exterior doors and windows, gorgeous stone patio, solar heated pool with spa and waterfall, a one of a kind custom antique slate roof and 2 separate 4+ car garages with custom 18” solid core doors, finished walls with recessed lighting, utility sink, granite counters and a craft area.

This is an exceptional South County home close to Silicon Valley but secluded in the country that combines elaborate exterior detailing from the superb landscaping to the details and custom design. Grand, yet livable interior, the home showcases the best of lasting and timeless design and craftsmanship.

Listing agent Pam Rodgers is a 34 year native of the Bay Area with experience in first time home buyers, upgrading or downsizing your home, investment property, 1031 exchanges, condos, town homes, apartment buildings or vacation homes. She also has over 25 years of marketing and advertising experience that will ensure you get the best value for your property through ads, flyers, virtual tours, the Internet and Open Houses. Pam’s guiding principles are trust, respect and integrity. Customer service is the single most important attribute that separates her from the rest. Ask anyone of her client’s and they will tell you no one will work harder for you than her. She strives to exceed your expectations by delivering top dollar for your property. Pam’s goal is to earn you as a customer for life.

For more information regarding 16370 Reynolds Drive, please contact Pam Rodgers at (408) 621-5646 or via email at prodgers@interorealestate.com.

For additional property information and to view the virtual tour, please visit http://www.interorealestate.com/homes/CA/Morgan_Hill/95037/16370_REYNOLDS_DR/2519211/index.html

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Intero Insider: What’s the Next Big Solution for Housing?

By Gino Blefari | September 21st, 2010 0 Comments

As expected, the countdown to the final closing days of the homebuyer tax credit has brought on more debate. Should the government create more programs aimed at boosting home sales or just stay out of it and let the market correct itself?

Many of the programs that were created to help homeowners and home buyers have been utter failures. Sure, the tax credit boosted sales while it was in place. But even now that conditions arguably are better for buyers – record low interest rates and lower prices in many areas – home sales continue to slog in many cities.

Another program may or may not help home buyers or struggling homeowners. But what happens when it ends? With the home buyer tax credit, we saw an artificial boost to the market, followed by the inevitable fall in sales as the immediate incentive went away.

So what’s next? As I’ve said in this column before, it’s all in the jobs, really. If the government really wants to help housing and homeowners then we need to think about security, incomes that are in step with mortgage payments, and a confidence in the future.

With interest rates as low as they are and the opportunities that abound for buyers today, it only makes sense that the missing key here is stability in incomes. Tax credit or no tax credit, life goes on. The reasons for buying and selling real estate always withstand the test of time – through markets good and bad. It’s a roof over your family’s head. It’s pride in ownership.

The government might do better to focus on helping those families who feel stuck – the ones who are underwater on their mortgages. They want to be owners. They have the means to pay. But they feel caught up in the waves of the mortgage mess that inflated the values of homes when they happened to buy. Another tax credit is not going to help them continue to pay a mortgage on a house they know they can’t sell without a loss.

Let’s get to the root of the problem, which isn’t necessarily home prices or the pace of sales. The real problem is a lack of stability and a lack of economic security. That’s the glue that holds together American ownership.

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Intero Real Estate Services, Inc. now offers property search in 13 languages

By Teressa Francis | September 13th, 2010 0 Comments

Leading U.S. brokerage announces website feature enabling easier search for buyers around the globe.

CUPERTINO, SILICON VALLEY, USA – September 13, 2010 — Intero Real Estate Services, a leading U.S. real estate brokerage that has expanded its brand globally, as a franchisor, through Intero Franchise Services, Inc. and Intero International Franchise Services, LLC, announced that it now has the capability to search any property within MLSListings on InteroRealEstate.com in 13 languages, expanding home search capabilities to buyers more comfortable using their native language.

The new translation feature makes finding property easier for the company’s international customers as well as Intero’s domestic buyers, which represent a widely diverse demographic. It is also vastly more user-friendly and accurate than “machine translation” tools, which many real estate companies currently use. Visitors to InteroRealEstate.com can be assured that native speakers have translated property information, with special attention to real estate terms.

The language option is very simple to use. Just visit InteroRealEstate.com and choose among the languages listed at the bottom of the property search box. Once chosen, all the search parameters, listing results and property details will then appear in the user’s language of choice. Languages available include English, Spanish, French, German, Italian, Russian, Japanese, Chinese Traditional, Chinese Simplified, Vietnamese, Portuguese, Polish and Korean.

“At Intero we have realized that our consumer reach goes beyond the U.S.,” said Gino Blefari, President and CEO of Intero. “Recognizing our global audience, it was important for us to make the real estate Internet experience easy and understandable – and to invest in the technologies needed to make that possible.”

“Intero now offers franchise opportunities to entrepreneurs around the globe serving incredibly diverse markets,” Bob Moles, Chairman of Intero added. “Offering a compelling online real estate experience in any language is critically important to their success.”

Concludes Blefari, “Innovation is our commitment and in this case that means delivering a better solution for non English-speaking buyers than our competitors. I believe we have made that happen.”

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Intero Insider: Why Plunging Home Sales Won’t Kill Real Estate

By Gino Blefari | August 31st, 2010 0 Comments

The latest housing news is pretty grim: existing home sales fell 27.2 percent in July from the previous month to 3.3 million, the lowest in more than a decade. We’re definitely seeing the expected drop-off coming off the end of the home buyer tax credit.

Most of us saw this coming. The very point of the home buyer tax credit was to pump life into the market and entice buyers to move off the fence. Take it away and you’re merely peeling back the covers from the real situation, showing that many potential buyers are tepid, scared of losing their jobs, optimistic that prices will come down just a little more, or simply not able to get a loan.

Amid this news, the New York Times featured a story saying that housing is no longer considered a means to build wealth.

But that’s where I need to stop and think.

There’s no getting around the fact that the market is slow and expected to be slow through the end of the year. True.

And there’s no question that flipping houses is not the part-time moneymaking hobby it once was during boom years. Very true.

But to swear off real estate as a means to build wealth is a bit dramatic. It’s true that in most cases, a buyer cannot look at a house solely as a monetary investment. It’s simply not that – it’s more. It’s a roof over your head. It’s the place where your children grow from toddlers to young adults. It’s where you spend your days and nights living your life.

A home is shelter, but it’s also ownership. Last I checked, you can’t really put a price on the kind of pride that comes with homeownership. Ask anyone whether it’s a dream of theirs to own a home and you’ll likely hear a resounding “yes.”

Again, it’s the intangibles of real estate that will keep this market alive.

A home is not a casino slot machine. It’s not a mutual fund. But it is a relatively safe way to spend your monthly housing budget. In the long-term, homes will still return value to their owners – and while it may not be in the form of doubling your returns, it is a true asset, a thing that you own free and clear after the mortgage is paid.

At the end of the loan, it’s still yours, not the landlord’s or the bank’s. Yours.

So even amid a declining market while analysts and pundits decry real estate a non-wealth builder, a dead end, myself and 60 million+ other homeowners disagree. We decided to put our money into our homes and are proud of it. I don’t think that sentiment is going to change overnight.

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Intero Insider: What Lower Demand Means

By Gino Blefari | August 25th, 2010 0 Comments

The data on the street points to lower demand for homes and increased supply throughout the end of the year. This is a recipe for market slowdown, for sure. But the news means different things to different people and entities.

Here is my take:

Home buyers: The best news is first. Buyers have it made right now. Interest rates are now at all-time lows. Not historic or near historic, but all-time lows.

And of course the higher inventory and lower demand in many markets gives the buyer more to choose from and more negotiating power simply because there is less competition from other buyers.

Bottom line for home buyers is that this news is good – excellent, in fact.

Home sellers: Simple math and physics tell us that when one side of a scale is up, the other side is down. Sellers may be on the down side of the equation here, but there is an upside. Fortunately, for the seller, this simple math can never account for the intangibles like an elite neighborhood, amazing schools, or the emotion that often is real estate.

Every sale needs just one buyer – the right one. When this occurs, the seller gets what he or she needs and moves on.

Bottom line for home sellers is that it may be tough, but definitely not impossible. If your location is coveted or your home has a lot of other appeal, there’s no need to fret.

The housing industry: Slowdown for the second half of the year, but not a halt. Be prepared for longer deals and more hurdles. These may be frustrating times, but many successful entrepreneurs are made in times of economic hardship. Be patient, work hard and don’t be afraid to innovate. Now is not the time to retreat.

Bottom line for the industry is that these slow times will weed out the weakest professionals.

Renters: Fewer home buyers can mean more renters so look for much more competition when you’re searching for your next rental. Rents may climb in some markets.

Bottom line for renters is that it may not be the best time to look for a new place. If you are financially and psychologically ready to become a homeowner, you might want to check out your buying options instead.

The economy: A slow housing market is not the greatest news for the economy as a whole. But the underlying factors causing the slow housing market are actually of more concern to the economy right now – slow job growth, massive deficit, deflation risks.

Bottom line is that the housing market will continue to be a topic of discussion in Washington. Look for more programs or program ideas to help tip the scales to faster growth.

To conclude, you see there are winners and losers in the low-demand, high-supply scenario. It’s all in how you see it. Opportunities are there for everyone.

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Ah, Loan Contingency Periods, aka Scrutiny on Your Bounty

By Ed Gory | August 18th, 2010 0 Comments

One of the most critical things when getting your mortgage to purchase a home is the loan contingency.  Speaking from recent experience, and understanding the new reality of overly scrutinizing lenders, here are Ed’s must-know things when it comes to loan contingencies:

Don’t Take Shortcuts

Firstly, please, please, please, work with a mortgage lender who has a proven record of being able to secure a loan.  This has got to be one of the most important to-do’s before you go out shopping for a home.  This is as important, and may even be more important than the loan rate you lock in.

Yet, with still so many choices out there – direct lenders, mortgage brokers, etc. – you may ask yourself, how do I find a good one?  The best source, I’ve found, is to get recommendations from friends, relatives, or trusted realtors.

A good lender who’s truly looking out for your best interest should ultimately be able to tell you what you can and cannot afford.  A great lender will go above and beyond to get the job done.

Do Your Homework

Where are your downpayment funds going to come from? From your own savings? Cashing out some WebVan stock? A gift from your solvent parents?  Whatever the source of your funds, you have GOT to make sure you let your mortgage lender know early on in the process.  Any  funds that are NOT coming directly from your own savings, might be subject to major scrutiny by the lender – and you may find yourself having to provide a boatload of documentation showing where the money’s coming from, or, in the case of a gift, additional scrutiny on whoever was giving you the money.  And of course, as Murphy’s Law would have it, that kind of scrutiny can very well happen at the 11th hour when you least expect it, probably right before you’re supposed to close escrow.

Final Thoughts

Be realistic about your loan contingency period. Don’t put it at 14 days if you’re not 110% positive that your lender can do it. Better to be conservative and ask for more days than you think you’ll need.

Be sure your lender knows of any red flags during the contingency period. Find this out early on in the process. Continually ask your lender what the current conditions to close (CTCs) are, and are they being met.

Remove your loan contingency as close to on time as possible. No one, particularly the sellers and the sellers’ agent, get more stressed out when loan contingencies aren’t removed on time.

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