Only 12 percent of Chicago Real Estate Companies are looking to hire
In a survey of real estate CFOs and senior comptrollers conducted by the Chicago-based financial advisory firm Grant Thornton LLP, only 12 percent said their company will increase hiring in the next six months and nearly two-thirds, 63 percent, plan to reduce bonuses.
Real Estate companies are also reducing health care benefits, 401k benefits, and stock options. Real estate firms are trimming the fat, even while the real estate market continues to show signs of improvement. Real Estate companies, according to the survey conducted by Grat Thornton LLP are most concerned about the cost of employee benefits.
While the Chicago Real Estate market is improving, these numbers illustrate an extreme contradiction in the real estate industry. While real estate companies remain optimistic about the future of their industry, cost cutting measures reflect a distinct pessimism in their own industry.
Is the real estate industry in a true recovery mode, or is a second micro-bubble emerging. As of right now, it is not clear, but there definitely a discrepancy between internal practices of real estate firms and gauges of the real estate market. Speculation surrounding real estate is always apparent. But is it beneficial when the speculation directly opposes the actions of Real Estate firms and brokerages?
So what can we learn from this contradiction? Is the market over-valued? Is a secondary bubble forming after we slowly emerge out of the recession? Whatever the case, it is clear that the real estate market may still be over-valued, as firms still continue to cut costs, while the real estate market continues to improve.
Daniel Prager is an social media marketing consultant at The Ocean Agency where he also dabbles in SEO and content creation. He works with some of the top Chicago Real Estate Firms
Why Should You Buy Investment Real Estate In College Towns?
Now seems to be the best time to invest in properties in college towns where housing demand is high due to a soaring rental market according to the New rules of real estate by Business 2.0 Magazine. With home prices still out of home buyer’s range, and homeowners selling their homes due to rising interest rates, rents are expected to increase nationwide. This makes buying investment property in rental markets such as college towns an attractive option, one that is already being pursued by investors. Rents are expected to rise by 5 % by the end of this year according to the National Association of Realtors (NAR), and investors are looking at college towns with increased interest.
There are two major reasons why it is prudent to buy investment property in college towns now. When compared with other rental markets, the rentals in apartment buildings in college towns are much stronger and hence more profitable. This has been augmented by the fact that apartment buildings in college towns are fewer in number. This demand for apartment buildings has also increased due to the rising admissions in colleges mostly from the Gen Y or the echo boomers, which has further increased the asking rates in the college town rental markets. These properties have a low vacancy rate, especially in buildings located near the campuses. Investors in commercial apartment buildings also get to increase their rent with the mounting demand making such investment a highly profitable venture.
So if you are a prospective landlord who has decided to encash this favorable situation, then you can start with choosing the college town that has the lowest ratio of university-owned beds to the student population. As Michael Zaransky, co-founder of Prime Property Investors in Chicago says, prospective investors would do well to pick the college towns that have the ratio of university-owned beds to students at 30 % or lower. One should also look into colleges that propose to expand their student ranks by 2 or 3 % every year.
Investors should also need to take into consideration the disadvantages involved in owning commercial apartment buildings in college towns. The business could be trying sometimes, and involves risks with college policies liable to changes and the difficulty involved in predicting volatile student demand. However, considering the high rate of returns that the investment has to offer, the pros seem to far outnumber the cons making buying investment property in college towns a smart option.
OfficeFinder™ | Outstanding Service For Locating Office Space For Rent In Chicago
OfficeFinder™ provides users with the premier real estate directory, hosting exhaustive lists of office space for rent in Chicago and other major American cities. With over 550 markets (and their available office space) represented in the OfficeFinder™ search system finding office space has never been so easy or pain-free.
Since its launch in 1995 OfficeFinder™ has served private and corporate users with the most convenient resource for finding office space in their cities. The OfficeFinder™ team has personally assisted over 160,000 businesses with finding the perfect real estate for their purposes, helping to make the process as simple as possible and creating ideal matches between spaces and companies for more than a decade.
Finding office space for rent in Chicago or other major American cities can be a nightmare but the OfficeFinder™ system is specifically designed for making this process as easy as possible. Whether a user comes from a tiny start-up or a massive corporation OfficeFinder™ is suitable for the needs of their company, bringing every listing available in their area to their attention quickly and efficiently. The OfficeFinder™ Online ToolKit and City Search systems use powerful search engine technology to allow users to easily narrow down applicable fields and choose from listings as specific as “office space for rent in Chicago”. OfficeFinder™ offers its technology completely free of cost in order to let every user give the system a try without commitment and discover the difference that the service can make for their relocation needs.
OfficeFinder™ is able to create great matches between companies and real estate deals by assessing the needs of every business and finding the perfect office space currently on the market. Its City Search and Online ToolKit put incredible power at every user’s fingertips, letting them view only the buying, leasing or rental opportunities that suit their business’ requirements. Finding office space for rent in Chicago or other American cities is incredibly simple when making use of the OfficeFinder™ system.
The official OfficeFinder™ website is filled with helpful information specially designed for office space renters, leasers or buyers. Visitors can browse through numerous articles that help demystify aspects of mortgage rates, leasing processes and more. OfficeFinder™ was conceived as the premier resource for office space hunting but over the years it has grown into a hub for everything to do with commercial real estate, becoming an invaluable resource whether a reader is looking for office space for rent in Chicago or is just interested in learning more about their range of options.
With unparalleled access to office space for rent in Chicago and across the continental United States, OfficeFinder™ is the clear choice for users throughout the nation. Finding commercial real estate shouldn’t be a chore and OfficeFinder™ works well to make the process as easy as possible, allowing its users to get their business settled into a new home without requiring time-intensive, frustrating office space searching.
For more information on OfficeFinder™ and office space for rent in Chicago, visit OfficeFinder.
OfficeFinder is a large network of highly qualified experts in office tenant representation working locally in over 550 markets across the USA, and internationally. For more information, visit www.OfficeFinder.com.
Real Estate in Second Life
Americans love games. Maybe it’s a cultural thing, and of course the passion for games isn’t limited to this country. From the beautiful simplicity of tic-tac-toe to board games like checkers and Monopoly, card games and on up to the sophisticated gaming systems like Xbox and Wii, the quest for entertainment has been a constant.
Grand Theft Auto rolled into stardom with its high-tech portrayal of a futuristic city that mimicked New York, called Liberty City. Names ranging from The Statue of Happiness, GetaLife Building and Rotterdam Tower are obvious tips of the hat to the Big Apple. But Grand Theft Auto is a bit darker and more violent than many gamers prefer and for many the search for a virtual world with nearly infinite possibilities and less crime has lead to Second Life, or SL.
Now with the current near historic real estate and housing market slump, it’s only natural that Second Life, arguably one of the most popular virtually reality games, might be even more appealing to new gamers tired of the gloom and doom of real life real estate.
Second Life started up in 2003 and is owned by Linden Lab. The whole premise of the game is based on virtual real estate, and just like in real life, money can be made by it. That’s real money, converted from the Linden Dollar currency used in the game. If you want to really enjoy the possibilities offered and have some serious fun in Second Life, you have to own land to do it. In reality players are leasing the virtual land, they don’t really own it, but the premise is the same.
A player wants a small parcel of land pays a fee every month, similar to rent. As you move up in land ownership, you pay more per month. The more land you own, the more you can do in Second Life. It’s the ultimate in real estate speculation without the risk. You have to be premium member of Second Life to own land, and the more land you own the higher your monthly fee is to Linden Lab. Players can own small parcels without paying any more than the basic monthly fee or you can opt for your own island. Linden auctions off parcels of land or you can buy and sell with other residents of Second Life.
There have been undocumented cases of residents generating a secondary income or even making their living off of real estate deals in Second Life. Reselling virtual land or renting out parcels can generate a monthly income, as strange as it may seem. If you think about it, besides the monetary aspect, it could become very addictive to some players. You would have all of the excitement of real estate deals, speculation and potential profit or loss without the headaches of insurance, mortgages or taxes. That has to be a major draw for some residents of the virtual game.
The value of land in Second Life can be increased much the same way as in real life. Residents can improve the land by building houses, adding businesses or even landscaping the property. A resident of SL could purchase enough land to develop projects as big as these luxury condos in Chicago http://www.chicagocondodirectory.com/luxury-condos and rent or sell the units for an income.
By the same token, Linden reserves the right to add more land to the game under the Acts of Linden, which can suddenly decrease the value of land by increasing the supply, should the market get out of hand.
There also used to be a First Land program to entice new players. You could join with a premium account and get a small parcel of land without having to pay a monthly fee. This practice was shut down in early 2007, however. And just like in real life, there are abandoned parcels of land that are thrown back into the rotation and come up for auction.
There are also other factors at play in Second Life that mimic real life, such as obnoxious neighbors. Some residents have been accused of creating offensive parcels of land in an effort to lower the value of neighboring parcels and force sales. To try and limit disputes, Linden started allowing covenants in 2007. A covenant basically allows anyone owning a region of land (which is supposed to hold up to 100 residents) to set rules that have to be followed or else loss of land will occur. This keeps residents who rent or own within that region from defacing property.
Of course with any type of land rush, you’ll find real estate agents and Coldwell Banker was the first company to jump on the Second Life bandwagon. The company set up shop in the virtual world in 2007 and purchased a large amount of land tracts on the mainland of SL. Its plan was to divide up the land into 520 units, with half being for sale residential homes and the other half as rental property. Coldwell planned to market the homes(which buyers won’t be able to customize or change) well below the going rate on SL and also offer everything from helicopter tours to information on real life condos, houses and property.
Coldwell Banker was not only the first large real estate company to join SL, it was the first to actually put a real life property up for sale on Second Life. Complete with a three dimensional replica of a $3.1 million estate located on Mercer Island, Washington.
With the popularity of virtual home tours and the power of the Internet growing, coupled with the housing market slump of 2008, Second Life may become an escape and even an investment for more people.
Kelly Brandon keeps you updated on Chicago condo developments, home improvement tips and real estate advice on the Chicago Condo Directory.Article Source:http://www.articlesbase.com/real-estate-articles/real-estate-in-second-life-1297812.html
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