(COLCHESTER, VERMONT February 2, 2016) — Hergenrother Realty Group’s Keller Williams Realty Coral Gables Realtor Juliet Restrepo recently listed their first international property, Palmetto Sunset in Cartegena, Columbia. Palmetto Sunset is an exclusive residential property in the renovated district of El Laguito in Cartagena. The building includes retail and commercial space, with the residential units starting on the 10th floor. Palmetto Sunset is being developed by Grupo Area and Jaxi Builders, Inc.
Each floor has four units with a mix of 1, 2, and 3 bedroom units ranging from 741 square feet to 1157 square feet. Prices range from $150,000 to $300,000. Each unit has direct ocean views, quick access to beaches and shopping, and a private balcony. Amenities include a state of the art fitness center, a beautiful wrap-around sun bathing terrace with views of the city, an entertainment room, a playground, a spa with Turkish bath and sauna, and an expansive pool terrace with panoramic views of the Caribbean Sea, Tierra Bomba Island, and the city skyline. Boating, surfing, fishing, shopping, dining and entertainment are just steps away.
Palmetto Sunset would make a great primary residence, vacation home, or an investment property to be used for rentals.
Hergenrother Realty Group’s vision is to change the way people live and play. HRG was founded by Adam Hergenrother in October 2011 to foster leadership and leverage among Realtors across the country. By providing their agents with exceptional centralized services, including world class coaching, training, administrative support, and lead generation, they allow agents to focus on their ONE thing – helping people buy, sell, and invest in real estate.
HRG is headquartered in Colchester, VT. Their flagship team opened in October 2011 in Portland, Maine. In under a year, their model, systems, and training took a $7 million a year producer and created a $25 million dollar producer. Four years later, the Portland team is #1 in the state of Maine and sold over $40 million in real estate in 2015. Their systems work. Since 2011, they have launched in Hartford, CT, Naples, FL, Miami, FL, Portsmouth, NH and Twin Cities, Minnesota with plans to open additional teams worldwide.
The National Association of Home Builders tax and policy expert Rob Dietz, reported an approximate increase of 8,000 single-family homes that were built solely to rent in the 2nd quarter. This data was collected from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design and NAHB analysis.
“The share and count of built-for-rent starts are off post-recession highs and will likely approach historical norms as the housing market continues to expand. However, given the relatively small size of this market, care must be taken when tracing changes in the estimates.” Dietz said.
The data and analysis found that the market share of single-family homes built-for-rent, measured on a one-year moving average, rests at 3.8% of total single-family starts for the second quarter of 2015. Quarter-to-quarter movements are usually not large due to this market segment being so small.
Dietz noted that the current market share remains higher than the historical average of 2.8% but is down from the 5.8% registered in 2013.
The Mortgage Bankers Association (MBA) has recently released the Mortgage Credit Availability Index report (MCAI) which is a report that analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool. According to the report, the mortgage credit availability have increased 2.9% in July, where the index was benchmarked to 100 in March 2012.
A decline in the MCAI indicates that lending standards are tightening, while increase in the index indicates loosening of credit. Of the four component indices, the Conventional MCAI saw the greatest loosening which is up by 5.2% over the month, followed by the Jumbo MCAI which is up by 4.7%, next is the Government MCAI which up by 0.9%, and lastly, the Conforming MCAI which is up by 0.4%.
Mike Fratantoni, MBA’s Chief Economist said, “Credit availability increased in July, mainly driven by higher-balance loan programs.” He also stated that, “Many investors are fine-tuning their cash-out refinance requirements to meet increasing borrower demand for home equity financing. Some investors increased the availability of low down payment loans.”
Known to many, Interest-only Mortgages are the toxic villains of the housing crash. So why is it making a come back? Mat Ishiba, CEO and President of Michigan-based United Wholesale Mortgage says “I think it’s opening the door back to responsible lending, giving people choices.”
Unlike before, they are being more stringent in their offerings of these interest-only loans. To qualify, you must process it through brokers, have a minimum credit score of 720 FICO, you must qualify on what the payments will be once they’re adjusted higher, and you must be willing to put 20% down.
Is it worth even considering? According to the Vice President of government affairs at the Center for Responsible Lending, Mitria Wilson, “It’s a far riskier product, a product that some consumers will be able to utilize beneficially, but by and large, most consumers do better with a 30-year fixed-rate mortgage.”
The Mortgage Bankers Association (MBA) reports that the mortgage volume last week regained almost exactly what it lost the previous week, as interest rates stopped climbing and have slightly dipped lower.
Total mortgage applications for both refinancing and home purchases rose to 4.6% on a seasonally adjusted basis for last week, which included an adjustment for the Independence Day holiday. However, mortgage application volume is 22% higher than it was one a year ago.
MBA reports that refinance applications rose 3% last week over the previous week, while applications for home purchases saw the biggest spike, increasing 7% week-to-week. Applications for home purchases, viewed as a gauge of future home buying activity, are now 32% higher than a year ago.
Lynn Fisher, the MBA’s vice president for research and economics said, “Overall, trends in mortgage applications last week were consistent with the ongoing shift towards a purchase market accompanied by growth in employment and higher interest rates, and although contract interest rates fell by 3 basis points due to economic uncertainty abroad last week, they remain 40 basis points above April levels, and the refinance share of mortgage applications fell to 48 percent, the lowest rate since June of 2009.”
Alex Villacorta, Ph.D., vice president of research and analytics at Clear Capital, said “With a first full look of the spring buying season and six-month update to the forecast, our data through June confirms our initial projection that 2015 would be a non-growth year.” Villacorta further said, “In January 2015, we forecasted total 2015 national growth would come in at 1.3%, more than five percentage points from where we ended 2014 at 6.7% national growth. Here we are six months later, and there is very little evidence to change our view that the year will end up with price growth coming in just around the rate of inflation. Our adjusted forecast calls for year-end national growth of 2.6%, falling within our initial projected range of 1% – 3%.”
Although San Jose is starting to go the way of San Francisco, at peak levels and now leveling off, both have been red hot markets, supported in large part by strong job growth. On the other hand, while both San Francisco’s and San Jose’s year-end growth rates are projected to remain positive, at 3.4% and 3.2%, growth for both regions through the second half of 2015 is predicted to fall into negative territory, at -0.2% and -0.4%.
“While both markets are projected to have total 2015 yearly growth rates of around 3%, entering winter 2015-2016 on the down side is of great concern. What started as ‘red hot’ at the start of 2014 may end as ‘in the red’ come 2016.” Added Villacorta.
ADAM HERGENROTHER AND UNIVERSAL PROPERTIES NETWORK NAMED ONE OF AMERICA’S TOP 1,000 REAL ESTATE PROFESSIONAL TEAMS BY REAL TRENDS, AS ADVERTISED IN THE WALL STREET JOURNAL
Universal Properties Network, a division of Hergenrother Enterprises, had an impressive 468 transaction sides and $102.6 Million in sales volume in 2014, making them one of the nation’s top real estate professionals.
(COLCHESTER, Vermont – July 1, 2015) – Universal Properties Network (UPN) and Adam Hergenrother with Keller Williams Realty were named one of America’s top real estate professional teams by REAL Trends, as advertised in The Wall Street Journal. For a third year in a row, they belong to “The Thousand Top Real Estate Professionals,” a prestigious national awards ranking sponsored annually by the two respected publications. Universal Properties Network is now ranked in the top one half of 1 percent of the more than 1,100,000 REALTORS® nationwide.
The Thousand real estate professionals was announced on June 26, 2015, with four separate categories honoring the top 250 residential agents and agent teams for excellence in:
- Individual Sales Professionals—Sales volume
- Individual Sales Professionals—Transaction sides (in each real estate transaction, there are two sides that can be represented by a real estate agent: a buyer’s and a seller’s.)
- Team Professionals—Sales volume
- Team Professionals—Transaction sides
For the first time, REAL Trends has added two new categories to The Thousand ranking based off of average sales price. Like the other categories in The Thousand, both of these are broken down into the top 250 residential agents and agent teams for excellence in:
- Individual Sales Professionals – Average Sales Price
- Team Professionals – Average Sales Price
In 2014, Universal Properties Network had 468 transaction sides, ranking them 50th in the nation, and $102.6 million in sales volume, ranking them 149th in the nation.
“The best individual agents and teams—including Universal Properties Networks’ award-winning efforts—were nothing short of phenomenal considering the recovering real estate market,” said Steve Murray, founder of Denver-based publishing and communications company REAL Trends, which compiled the list.
“Becoming a member of such an elite group as The Thousand is an incredible accomplishment in any market, but what Universal Properties Network did during these challenging times is impressive on so many levels,” said Marti Gallardo, vice president of classified advertising for The Wall Street Journal. “UPN’s efforts topped 99.99 percent of the more than 1,100,000 REALTORS nationwide.”
“We’re thrilled and humbled to be name to The Thousand,” said Adam Hergenrother, CEO of Universal Properties Network, who serves buyers, sellers and investors throughout New England and Florida. “Our team is passionate about being the real estate solution for buyer, sellers, investors, and other agents, and I think that dedication shows in our numbers. We’re so grateful to our clients, whose support has molded us into the team and organization we are today.”
“We are very proud of our teams at Universal Properties Network,” said Hallie Warner, Chief of Staff of Hergenrother Enterprises. “As UPN continues to expand and join forces with top agents inside and outside of New England, we look forward to assisting many more customers and clients achieve their real estate goals.”
The ranking of The Thousand can be found at: www.thethousandrealestateprofessionals.com
About Universal Properties Network – Universal Properties Network’s (UPN) vision is to change the way real estate professionals live and play. UPN was founded by Adam Hergenrother in October 2011. UPN is passionate about leadership and leverage. By providing our agents with exceptional centralized services, including world class coaching, training, administrative support, and lead generation, we allow agents to focus on their ONE thing – helping people buy and sell real estate.
Our flagship UPN team opened in October 2011 in Portland, Maine. In under a year, our model, systems, and training have taken a $7 million a year producer and created a $25 million dollar producer. Our systems work. We have since launched in Hartford, CT, Cranston, RI, Portsmouth, NH, and Naples, FL with plans to open 150+ additional UPN teams in the next 5 years. For more information visit www.joinupn.com.
About The Thousand – This awards program was developed jointly by WSJ. Custom Studios (and is not affiliated with the Editorial Department) and REAL Trends, a leading source of analysis and information for the residential real estate brokerage industry. REAL Trends The Thousand honors America’s elite real estate agents and their companies and is compiled and analyzed by REAL Trends with a special ad section included in The Wall Street Journal.