Realty Trac just released their second quarter data. They also indicated that the average selling price of these properties was 26% below the average sale price of surrounding properties. These national trends just don’t apply in the Buffalo Niagara area at this moment in time. 48.8% of the sales in Orlando are foreclosed properties, Lakeland 45.5% and Fort Myers/Cape Coral is 43.1%. I think you can safely draw the conclusion that we are not at the bottom for the hardest hit areas.
As far as Western New York is concerned, there are foreclosed properties available for sale in the market place, however, a cursory look at the available listings indicates that foreclosure are less than 5% of the available inventory.
The Western New York Sustainable Energy Association will participate in the 15th annual American Solar Energy Society’s tour of solar homes and green building on this date from 10am to 4pm. It’s expected that nationwide over 160,000 participants will visit 5500 buildings. See http://nationalsolartour.org/
If you would like further information about the local tour or if you know someone who would like to place a home on the tour the local contact person is Joan Bozer at 716-861-1639.
What is a lockbox?
A lockbox is a secure, portable safe that hangs on a door knob, gas meter or some other secure spot. An extra key is left inside this device for real estate people to use after they have obtained permission to show your property.
Is this secure?
The lockbox can only be accessed by a registered member of the board of realtors. In addition, the realtor must also have an authorized electronic key. The electronic keys receive authorization daily via the cellular network. When the electronic key is utilized, it sends a message through this network to the central server indicating that the box was opened and by whom. This provides an enforcement component as all lockboxes are number coded and we log then when they are deployed.
Can I still use my keys?
The lockbox we use does not inhibit you in any way from coming and going as you usually do. It only hangs on the door. It does not interfere with your lock in any way.
Owning rental property can be profitable and interesting. It can also be a nightmare. I always encourage new investors to watch a movie with Michael Keaton called Pacific Heights prior to renting a unit out for the first time. In this dramatic flick, the rookie landlords let a tenant move in without verifying his deposit and all I will say is he has a big impact on their lives for a while.
Anyhow, to the point, landlords need to know what to do and what not to do. A very informative free workshop is being offered by Home Opportunities Made Equal at their offices at 700 Main Street in Buffalo, NY on 9/16/2010 at 2PM. They will also be distributing a copy of the book “A Guide to Landlords’ Rights”. If you want to attend, you must preregister by calling 716-854-1400 ext. 22 or by email at [email protected].
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