GOING, GOING, GONE

The Miami Heral reported that a condo auction held in Miami yesterday resulted in a fairly good turnout. This could be a sign of things to come which is great for those standing on the sidelines waiting patiently for the right time to buy:

Miami had its first condo auction yesterday – 20 new units at Platinum Condominium, a 22-story, 199-unit tower. More than 300 people showed up – investors hoping for a bargain; homebuyers hoping for a good deal; and other condo developers curious to see how auctions work. In the end, the units probably sold for slightly less than what they’re worth on today’s market. Eight of the 20 units required no minimum bid, and selling prices ranged from $181,500 (one-bedroom) to $357,500 (three-bedroom). The sales could be bad news for the developer, however. The selling prices now become comps used for appraisals, and that will impact the value of all other units in the building. “Next week or the week after, look for the lawsuits on this building,” says Jack McCabe, a Deerfield Beach real estate analyst. “Many people who bought (earlier) are now upside down. The place isn’t worth what they borrowed, suddenly, thanks to this auction.”
Source: Sept. 21, 2007, The Miami Herald, Jack Dolan

Home Gyms Are Latest Must-Have Amenity

The following article points to the growing popularity of the home gym. The
equipment available today is increasingly sophisticated and compact which allows
for a highly functional exercise area even with limited space.

Home gyms are the latest must-have amenity. One-third of new and potential
home buyers say a home exercise room is either essential or desirable,
according to the National Association of Home Builders.WCI, a developer of
luxury homes, began noticing the shift in luxury home design to more
lifestyle-driven floor plans in the 1990s, as baby boomers began demanding
health-related amenities such as home gyms, spas and meditation rooms aimed
at helping them live longer, says Gabe Pasquale, chief marketing officer of
the company’s Northeast region. Ninety percent of the custom homes designed
by Abramson Teiger Architects in California include home gyms. Most are
about the size of a regular bedroom and have room for a treadmill or an
elliptical trainer, plus a multifunctional home-gym machine.

Source: The Associated Press, Della De LaFuente
(07/29/2007)

Sellers shoot for YouTube hits

A Chicago Tribune article, Sellers shoot for YouTube hits, by business columnist Mary Umberger looks at one way some sellers and buyers of real estate are using video to market and shop for properties.

Try for yourself. Go to YouTube and type real estate in the search field. You will find hundreds of property videos and related items.

The article also refers to Joel Burslem's blog, Future of Real Estate Marketing. Burslem provides valuable insight into the interaction between real estate marketing, technology, and social media.

The article also mentions WellcomeMat.com, which has been dubbed the YouTube of real estate.