Posts Tagged ‘California’

Intero Real Estate Services, Inc. expands innovative franchise network in California and Nevada

By Teressa Francis | July 26th, 2010 0 Comments

Leading U.S. brokerage announces franchises in Discovery Bay, Brentwood, San Diego and Minden, NV

CUPERTINO, SILICON VALLEY, USA – July 26, 2010 — Intero Real Estate Services <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 its continued expansion with the conversion of a former Alain Pinel brokerage affiliate in Discovery Bay and Brentwood, CA to the Intero Real Estate brand, and the addition of new franchises in San Diego, CA, and Minden, NV.

More than forty agents will join Intero Discovery Bay and Intero Downtown Brentwood franchise. This office will complement an existing Intero franchise in Brentwood.

“We are pleased to welcome our new franchisees and agents today at a time when our competitors are retrenching,” said Intero Real Estate Services COO Tom Tognoli. “This expansion speaks to our commitment to innovate and thrive in an ever-changing business.”

LeeAnn Hogge, co-owner and manager of what will become the new Intero Discovery Bay and Downtown Brentwood offices, said: “We’re thrilled to become part of the Intero® family, and feel good knowing that we’ll have the technology and expertise needed to win in today’s market.”

Bryan Hogge, co-owner and manager of the future Intero Discovery Bay and Intero Downtown Brentwood offices, added: “We’ve worked hard to build our reputations in this market and the Intero® brand will help us grow and innovate upon that foundation.”

Intero Downtown Brentwood is the second Intero franchise to open in Brentwood, CA, joining the very first Intero franchise at 5541 Lone Tree Way, established in 2005 by owners Denise McGrew and Erin Gonzalez.

Intero also announces two new franchises in San Diego, CA and Minden, NV. Intero El Cajon, will be owned and managed by Sandy Miller, and Intero Minden Nevada, will be owned and managed by Teddy Carlson-Brown.

Discovery Bay/Downtown Brentwood

  • Get new posts via email
  • Subscribe

Intero Real Estate Services, Inc. executives keynote prestigious global real estate seminars in Singapore and Hong Kong

By Teressa Francis | July 9th, 2010 0 Comments

Blefari and Moles share innovative approach to distressed property opportunity globally as well as in the U.S.

CUPERTINO, SILICON VALLEY, USA – July 1, 2010 — Intero Real Estate Services, 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 its Chairman, Robert Moles, and CEO, Gino Blefari, recently made keynote presentations at two prestigious global real estate seminars in Singapore and Hong Kong to share insights learned from leading the exponential growth of a global brokerage company in the distressed property market.

Gino Blefari, Intero® President and CEO, spoke at the iProperty Real Estate Seminar 2010 in Singapore about distressed property opportunity both globally and in the U.S. He said that while real estate is still very much a local business, market insights and technology innovation can be shared globally to new markets and new business partners. Both factors have been critical to Intero’s own growth.

“Not all markets are distressed markets, but all markets have distressed property opportunities. California has been at the epicenter of the global housing crisis, yet Intero has grown to lead in market share in Santa Clara County, the largest market in Silicon Valley, in spite of this challenge. We did so by leveraging technology and honing a deep understanding of current market dynamics and letting those insights guide our actions,” Blefari said.

Robert Moles, Intero® Chairman, gave a keynote presentation about the global distressed property opportunities at the SMART Investment & International Property Expo in Hong Kong in June. Said Moles on the experience, “We are excited to share our story of success in distressed markets with agents and investors from across the globe as we continue the worldwide expansion of our brand.” Moles continued, “Our experience in California gives us a unique perspective on thriving in a difficult market.”

  • Get new posts via email
  • Subscribe

Intero Insider: The News Is Up! And It Is…Good?

By Gino Blefari | May 12th, 2010 0 Comments

Yesterday, the good folks over at Zillow released the results of its First Quarter 2010 Survey. Was the news good? Sort of. Maybe. A little.

First, the facts:

Home values in California appear to be on the rise. During the First Quarter of 2010, home values in Los Angeles, San Francisco, San Diego, Santa Barbara and Ventura County showed marked increases.

Nationwide, home values continued to decline in the first quarter of 2010. The Zillow Home Value Index showed a 3.8% decline for the same period last year — this makes thirteen consecutive quarters with year-over-year declines. In 106 of the 135 markets tracked, home values fell.

Negative equity is rising steadily. In the Fourth Quarter of 2009, 21.4% of single family homes had mortgages that were “underwater” or “upside-down,” meaning that more was owed on the mortgage than the home was worth. In the First Quarter of 2010, that number rose sharply to 23.3% — nearly ¼ of all mortgages on single-family homes.

Foreclosures reached an all-time high in March 2010. According to Zillow’s survey, more than one out of every 1,000 U.S. Homes — a startlingly high number — went into foreclosure that month.

It is interesting to me to compare this national level data with what I am seeing here in Silicon Valley at the Street level, which is always, in my opinion, the most useful way to look at the housing market. Here I am seeing lots of signs of market vitality. Recently, a listing in Cupertino received 14 offers. A listing in San Jose received 6 offers just this week. This seems to be going on at both the entry level – where one might expect to see such things – but also towards the higher end.

This is information that, especially if you’re planning on selling a home, is very important for you to understand. You need the big picture, but also the picture in your neighborhood or on your block.

Please talk to your Intero real estate professional. We’ll make sure you have all of the facts, and every tool at our disposal to make sure that you make educated decisions about your home sale. We’ll tell it to you the only way we know how: like it is.

  • Get new posts via email
  • Subscribe

Intero Real Estate Services, Inc. makes new, more efficient real estate office model available to franchisees worldwide

By Teressa Francis | May 4th, 2010 2 Comments

The ‘AndareSM‘ Office, launched in Silicon Valley, enables real estate brokers to sustain profitability while delivering a compelling customer experience

CUPERTINO, SILICON VALLEY, USA – May 4, 2010 — Intero Real Estate Services (http://www.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, has announced that its groundbreaking Andare office model is now available to companies choosing to affiliate with the Intero brand.

The Andare model, first piloted by Intero in Silicon Valley, re-wrote the book on what a real estate office should be: a cost-efficient operation that delivers a memorable experience to agents and consumers alike. Gone are the seldom-used cubicles, replaced with wired pods for agents who drop-in and head out. Gone are the fax machines, file cabinets and copiers, replaced with wireless Internet and Web-based transaction management. The Andare office is an environment built for today and tomorrow, not yesterday.

A multimedia presentation of the Andare office can be viewed online.

‘The economics of a real estate brokerage today are different than a few years ago – that’s a fact that cannot be ignored’ said Gino Blefari, President and CEO of Intero Real Estate Services. ‘The real estate office as we have known it needed to change, so we reinvented it completely with Andare.’

Intero has developed a turnkey plan for franchisees around the globe to create their own Andare offices. Research, floor plans, operational and management practices and consulting are available to Intero affiliates that wish to open Andare offices in their markets.

‘Andare was a big part of my decision to affiliate with the Intero brand because it gave me something new and exciting to bring to the marketplace and will put me on a profitable track from day one,’ said Sandy Miller, the owner of the soon to be built Intero Rancho San Diego, California branch. ‘There’s a lot of talk about innovation in real estate right now, but Intero was the only company that delivered substance.’

  • Get new posts via email
  • Subscribe

Intero Insider: Wait – I Still Owe What?

By Gino Blefari | April 21st, 2010 0 Comments

Each day, the news brings us tiny glimmers of hope that the economic woes that have turned the real estate market into a morass of unpalatable realities might just be behind us. Each day, however, there seem to be items served alongside those glimmers that give me pause.

These items, after making me take several deep breaths, have me advising my clients, customers, and Intero agents that patience will be the better part of valor when it comes to economic recovery.

We know that millions of Americans, and lots and lots of Californians among them, have lost their homes to foreclosure. Going through that process is more difficult than most people can possibly imagine. It’s a pride-swallowing siege that affects every aspect of your life. Once it’s done, however, it’s done and, typically, people can begin the process of rebuilding their lives.

Unless they can’t.

What if, after going through a foreclosure and having a mortgage discharged, you also have a second mortgage to pay? What then?

California is a non-recourse state. This means that any loan taken for the purpose of buying a home is discharged once a foreclosure has taken place. Debt collectors cannot pursue borrowers for loans in default that were used to purchase a home.

Loans that were taken for other purposes? Lenders can, and often do, do whatever it takes to collect what is owed.

If a second mortgage was taken and that money was used to help finance the purchase of a home, then it’s non-recourse debt. But often, banks and lenders won’t tell the borrowers that. There’s a loophole in the legal speak that governs such things that says that there’s nothing preventing the borrower from “voluntarily” repaying the debt. So lots of people who’re not under an obligation to repay find themselves on the receiving end of dunning calls and letters and struggling to make payments when and where they can.

If a second mortgage was taken and it was not used as part of a home purchase? Well, those monies are due and payable, regardless.

Whether lenders will try and collect is another matter altogether.

In California alone, almost $500 billion in home equity lines of credit (or other such loans) were taken out by homeowners. Banks are going to collect when and where they can. Sadly, a borrower’s personal net worth may be the deciding factor in their decision to pursue or not to pursue.

So, what are the options?

Well, one is to pay the debt if you’re able. If you can’t, my best advice would be to consult with an attorney to discuss your options.  You may find your attorney will tell you that a short sale would allow you to negotiate part or all of your deficiency away.  If this is the case, find a certified short sale agent within any of our offices to help guide you through the process.

There are options, but it’s best to explore them sooner, rather than later. If you have concerns relating to foreclosure or your ability to borrow money to purchase a home, please consult your Intero agent. The road to recovery is a tough one, but it can be ridden. We all just have to be patient.

  • Get new posts via email
  • Subscribe

Intero Insider: Did You Hear That?

By Gino Blefari | April 13th, 2010 0 Comments

A collective sigh of relief is being issued by taxpayers who’d not only lost their homes, their dreams, and large chunks of their pride, but who were staring down tax bills that they couldn’t fathom how to pay.

It might not soothe all their wounds, but a measure passed last week by the California State Legislature will, when signed by Governor Schwarzenegger, give some much-needed breathing room to the thousands of Californians who lost their homes to foreclosure or who had to sell them in a short sale.

You see, mortgage debt that is forgiven, which happens when your mortgagor allows you to sell your home short or after a foreclosure, is taxable, both federally and at the state level. A moratorium was placed on the federal tax, but in California, a state riddled with crushing debt, there were serious questions about whether the tax would be levied.

Others affected by this measure are those who got loan modifications that lessened the amount that was owed to the mortgagor.

Assuming that the governor signs the bill, which he has said he will do, it will provide relief to upwards of 100,000 Californians through 2012, when the measure is set to expire.

Our state is certainly one that needs income, and it’s estimated that California will collect about $34 million less in taxes as a result of this bill. No matter how badly the money is needed, however, generating that income at the cost of rendering our taxpayers, quite literally, penniless is too much of a price to pay.

If you’ve been involved in a foreclosure, short sale, or have had mortgage debt forgiven, you may be eligible to claim the relief on your 2009 State and federal income tax returns.

As always, whenever you have questions relating to taxes, be sure to contact your accountant or financial planner; they’ll have the best advice and will give you the proper guidance.

  • Get new posts via email
  • Subscribe

Intero Insider: Reality Check!

By Gino Blefari | April 7th, 2010 0 Comments

Each time a glimmer of positive news about the real estate market shows its face, economists, real estate professionals, and politicians alike begin to shout, “We’re on our way back up! Nothing but blue skies ahead!”

While I remain hopeful, I think assertions like this are foolhardy and irresponsible.

Anyone who lives in the State of California, or who’s considered moving here, knows that the real estate market for the past several years has been pretty grim. As quickly as California’s home values increased through 2005, they have since fallen considerably due to the economic downturn, and foreclosures have run rampant.

Recently, some improvements have been noted. In the last S&P/Case-Shiller home price index, for example, home prices in California were shown to have strong gains. In Los Angeles, prices rose 1.8% in January. There were gains in San Diego of 0.9% and in San Francisco, the gain was 0.6%.

This is terrific news, make no mistake, but I suggest that a more cautious view be taken.

Here’s why.

Historically, spring home sales (and the spring market doesn’t wait til March to begin, I assure you) are the strongest of any throughout the year. Weather improves, making it more pleasant to look at homes, and people want to be able to buy a new home, so that they can move at the end of the school year, or what-have-you.

This year, we also have the Homebuyer’s Tax Credit driving more buyers into the marketplace. Add to this the fact that mortgage rates are still at rock-bottom levels, which have been made possible, in large part due to the Federal Government’s sizable activity in mortgage-backed securities, and the market for buyers is very, very attractive.

Here’s where things get sticky.

The tax credit is set to expire in just a couple of weeks. The pressure to buy before it expires will be gone. Strike one. The Federal government is about to remove itself from the mortgage-backed securities game. Mortgage rates are going to rise. Strike two. There’s wide speculation that foreclosures are going to get worse before they get better (unfortunately). Strike three.

At Intero, we choose to stay level-headed. We choose to stay in the game that’s currently being played, not the one that may or may not come in the near future. We are hopeful that things will improve, but until they do, you need agents who are dealing with reality. You need agents who will tell you like it is. Agents who know the markets in which they work and live. Intero are those agents.

  • Get new posts via email
  • Subscribe

2010 Census: More than Just Counting People

By Cindy O'Leary | February 15th, 2010 1 Comment

2010 Census Details:
The objective of the 2010 Census is to count all residents living in the United States on April 1, 2010. Census forms will be mailed in March and are scheduled to arrive in mailboxes between March 15-17th. Residents are asked to answer ten questions (one of the shortest in history) and return the form by April 1, 2010. Responses to the Census questionnaire are required by law.

Besides counting all residents, the 2010 Census population totals also determine which states gain or lose representation in Congress and how more than $400 billion of federal funding is spent each year on infrastructure and services like hospitals, job training centers, schools, senior centers, public works projects, and emergency services. How California will be affected by the 2010 Census will surely be an anticipated result of this survey.

All responses are confidential, by law, and cannot be shared with any other government agency such as the FBI, the IRS, welfare and immigration.

History:
The first census was taken in 1790 to determine the number of seats for each state in the House of Representatives. This census also provided a better understanding of where people lived and helped to establish settlement patterns as the nation grew. In 1902 the Census Bureau was established. Besides gathering population data every 10 years which is constitutionally mandated, the Census Bureau administers more than 200 surveys annually including the Current Population Survey and economic censuses every five years.

For more information on the 2010 Census, log onto www.2010census.gov.

  • Get new posts via email
  • Subscribe

Are Greener Homes a Passing Fad or Here to Stay?

By Tadas Narauskas | February 12th, 2010 0 Comments

solar home

Whether one takes climate change seriously or not, one truth stands tall for any home buyer – energy efficiency, resource conservation and healthy indoor air is becoming a must.  But with the economy still unraveling and the cloud of uncertainty hanging over our heads, a question looms… Can green homes gain traction in our fragile housing  market?

As you may be aware, Santa Clara County real estate market has been quite unpredictable.  It went from four months of inventory into less than one month of inventory in one year and no one really knows what the future holds.  Even some of the biggest market experts have been embarrassed and increasingly keep their Nostradamus like market predictions to themselves.

At the same time, for the past few years, we may have noticed a quiet revolution taking place in our hearts.  Not only we are craving to live happier, healthier and more empowered lives, we are seeking friends and atmosphere that will support that earning.  Also, with raising energy costs and ever growing health problems, many of us are looking for answers right where we sleep – our homes.

So what has kept more people from seeking out these energy efficient and often healthier homes?  Mainly – the lack of awareness and price.  We’ve been conditioned to think that everything green and organic come with an extra big price tag, and with a good reason!  However, when it comes to homes it’s not always true.

Some new home builders who have built green home developments in San Jose claim that their homes are not more expensive than their non-green certified competition. The reason being is that builders are able to buy renewable energy systems like solar panels at bulk prices and receive incentives from PG&E and the state.  In fact, smart builders can use fewer resources to build homes and save money on materials.  This effectively helps developers pass the savings to the consumer.

Now if an older home has undergone a deep retrofit and was upgraded with energy saving systems like solar panels or solar water heater, it may indeed cost a bit more than regular homes.  One must keep in mind though that here we must look at price vs. cost of ownership analysis.  What do I mean?  Well, imagine your home had a mortgage that is $100 higher than your neighbor’s but you were saving $150 in utility bills, would that be such a terrible predicament to be in?

One may say… but wait, some folks really go all out with their upgrades and “eco-chic” elements that they will never re-coup the costs.  It’s true, but it’s also true with high end upgrades that have nothing to do with energy efficiency or sustainability.

As for the future of our real estate market and green homes, my crystal ball has nothing but beautiful images.  Why?  Because energy conserving homes not only produce less pollution but also because owning one will absolutely, most definitely make perfect financial sense.

Think about it, if you had a choice whether to buy a home that is more energy efficient, healthier for your kids, and conserves resources or a home that was built to minimum standards that had high utility bills, which would you choose?  You see, once we are increasingly presented with this choice in the future, the decision will be as easy as popping a soap bubble.

Personally, I am thrilled to see more and more people considering the impact their homes have on the environment.  In addition, something very profound is taking place during this economic turmoil – we’re shaping to be smarter consumers.  We’re growing in wisdom that we must consider the true cost of owning “stuff”.  This is why greener homes will set new standards of quality and resource management in the very near future.

More on Green Homes:  http://SanJoseGreenHome.com

  • Get new posts via email
  • Subscribe

The Intero Insider: California Cracks Down on Mortgage Malfeasance

By Gino Blefari | October 21st, 2009 0 Comments

A little over a week ago, Governor Schwarzenegger signed several bills into law that are designed to protect homeowners and to get tough on abusive lending practices.

The new legislation is designed to bolster California’s reverse mortgage laws, giving seniors greater protections when considering such financing options, making it a felony to commit fraud in conjunction with any mortgage application, as well as to promote forthrightness, responsibility and accountability in the real estate market.

“Fraudulent mortgage practices have become more prevalent as a result of the national foreclosure crisis that negatively impacted California’s housing market and economy,” said Governor Schwarzenegger. “This legislation helps crack down on abusive lending practices by giving law enforcement the tools to effectively investigate mortgage fraud crimes and provides Californians with greater consumer protections to promote homeownership in a safe and accountable environment.”

Specifically, the bills signed into law on October 11, 2009 are:

  • AB260, by Assemblyman Ted Lieu, D-Torrance, will enact the Higher-Priced Mortgage Loan Law, which would codify a fiduciary duty for mortgage brokers, authorize California’s mortgage regulators to apply specified federal mortgage lending laws and regulations to their licensees and cap prepayment penalties and yield spread premiums on higher-priced loans
  • SB36, by Sen. Ron Calderon, D-Montebello, which will establish licensing requirements for all individual loan originators who offer or negotiate residential mortgages.
  • SB239, by Sen. Fran Pavley, D-Santa Monica, which makes it a felony to commit fraud in connection with a mortgage application. This bill makes individuals who engage in mortgage fraud guilty of a public offense punishable by imprisonment in the state prison or in a county jail for up to one year. The bill also provides law enforcement with the necessary tools to make it easier to obtain a search warrant to real estate records and documents believed to contain evidence of mortgage fraud.
  • AB329, by Assemblyman Mike Feuer, D-Los Angeles, which establishes the Reverse Mortgage Elder Protection Act of 2009 to provide senior homeowners with greater consumer protections to ensure that they are fully informed about the consequences of entering into a reverse mortgage agreement. Specifically, the bill requires lenders to provide prospective borrowers with a clear and informative written disclosure statement and a written checklist pertaining to the risks and suitability of a reverse mortgage, prior to the borrowers attending loan counseling.
  • SB237, by Sen. Ron Calderon, D-Montebello, which creates a registration program for appraisal management companies and prohibits any person or entity from acting in the capacity of an appraisal management company without first obtaining a certificate for registration from the Office of Real Estate Appraisers.
  • AB957, by Assemblywoman Cathleen Galgiani, D-Livingston, which mandates that buyers of foreclosed homes would have the choice of using a local escrow office to handle the transaction. It also prohibits a seller of residential property from requiring the buyer to use an escrow company or purchase title insurance chosen by the seller and would also prohibit a seller or residential property from, without good cause, disapproving the use of a title or escrow company chosen by the buyer.
  • AB1160, by Assemblyman Paul Fong, D-Cupertino, which requires mortgage loan documents to be translated into the language in which the verbal negotiations were conducted. Mortgage documents would be translated into Spanish, Chinese, Tagalong, Korean and Vietnamese languages.

What all of this means for buyers — and sellers, for that matter — of real property in California is that while there are now more protections than ever, constant vigilance is always in order. No matter what sort of pressure you might feel, take all the time you need to understand what you’re signing. Cross every t, dot every i. You have lots of rights and protections, but they won’t necessarily help you if you aren’t aware of them.

  • Get new posts via email
  • Subscribe