1. Evaluate your existing exposure. “People who already own a house should make sure they evaluate the percentage of real estate exposure already in their investment portfolio and then decide if they want to invest more,” says BMO economist Michael Gregory. “Evaluate whether the benefits you earn from tax breaks on your second house are worth the risks associated with investing more.”

2. Identify what is it you really want from the property. “Do you want to make a quick $30,000 in a very short period of time or would you be happy with earning $800 to $1,000 a month for the rest of your life?” asks Ozzie Jurock, former president of Royal Le Page and a Vancouver-based real estate author and TV personality. Jurock says investing in smaller towns is a good bet because even if the property does not substantially appreciate, one can always be assured of a fixed income for life through manageable rents.

3. Ignore national statistics. Focus on the numbers and trends that directly affect your market. Check if population growth, average income and job creation are faster than the provincial average, say experts. Also key is whether a major transportation improvement is occurring nearby. And don’t let a single booming industry (such as automotive) or one high-growth sector (such as oil) influence long-term investing decisions.

IS THE AREA AFFORDABLE?

4. Is the area’s affordability index in the hot zone (between 25 and 39 per cent)? RBC puts up a free affordability index chart on its website that can help investors. Experts say you don’t want the property to be too expensive or too cheap: Too cheap and the renters become buyers; too expensive and property values may stall.

5. Buyer beware is still the golden rule says Maria Britto, former president of the Brampton Board of Trade, and realtor at Remax Realty Specialists Inc. Brokerage. Keep on top of real estate rules by contacting the governing bodies in the industry, such as the Canadian Real Estate Association, says Britto. For example, recent rule changes mean agents now need to sign contracts with buyers in an arrangement similar to what they do with sellers.

6. Use an experienced broker. Once you get your research done, use a broker who specializes in buying and selling houses for real estate investing.

7. Start small. For the first-time investor, Britto recommends trying a free-hold townhome (which doesn’t have maintenance fees). “These are not only affordable, but there’s always a good supply and demand for them and they can give you an affordable income,” she says. This holds true in bigger cities such as Toronto, Vancouver, Montreal and Calgary, where immigrant populations are high. New immigrants prefer to rent for their first few years in the country and they tend to choose locations close to transportation systems, malls and grocery stores.

Is the location forward looking? Don Campbell, author of 97 Tips for Canadian Real Estate Investors, says it is crucial to determine whether the provincial and local political leadership creates a “growth atmosphere.” One way to tell is by looking at whether the region’s economic development office is helpful. If they are difficult to deal with, you can assume they will be the same in their dealings with potential employers looking to move to the area, says Campbell. Also, check to see whether the area’s infrastructure — sewers, commercial and industrial space — is being built to handle future growth.

ARE BABY BOOMERS MOVING IN?

9. Is the area attractive to baby boomers? Check whether there are lifestyle options such as parks, recreation or water facilities nearby. The 2006 Statistics Canada census data shows that places such as British Columbia’s Okanagan region has seen a significant increase in population since the last census as baby boomers look for attractive retirement locations.

10. Think suburban. The 2006 census report talks of the suburbanization of Canada. Larger lots and lower real estate prices are drawing more people to the suburbs and bedroom communities that are mushrooming across the country. For example, Chestermere, outside Calgary, has grown by 148 per cent.

I’ve been watching the Dwell video series which follows a NY couple rebuilding a home in Harlem. Trying to build ‘green’ while keeping a budget … not easy to do in New York. Below is the complete set of videos so far with the final outcome available in a few weeks.

Episode 1: Finding a Building in NYC

Episode 2: Building the Green Dream Team

Episode 3: A Green Brownstone?

Episode 4: Starting to Build

Episode 5: It’s Not Easy Being Green

Episode 6: Doing It Yourself

Episode 7: Too Late to Turn Back

Episode 8: The Devil Is in the Details

Episode 9: The Home Stretch

Peebles Corp., a developer of hotels and other real estate, said it bought 13 acres of land in Las Vegas to build a $2.5 billion high-rise condominium and hotel project a half mile from the Las Vegas Strip.

The company paid $65 million for the land, an outside spokeswoman, Natalie Bedoya, said. When completed, the project, called “Las Palmas,” will have four 55-story glass towers with a total of 1,000 condos and 800 suites in a hotel designed by architecture firm Arquitectonica, Peebles, based in Coral Gables, Florida, said in a statement.

The 4.5 million square foot development will not have a casino, the company said. It will be on Paradise Road, east of the Wynn Las Vegas Golf Course and include a spa, retail space, a restaurant and a pool in a “sky lobby” 400 feet above ground.

“As Las Vegas continues to mature as a world class luxury destination, so do its travelers,” Donahue Peebles, founder of closely held Peebles Corp., said in the statement. “More than 50 percent of travelers visit Las Vegas for reasons other than gambling.”

The first building in the development will have a “six-star” hotel on the lower floors and 100 condos on the upper floors for “wealthy buyers who want privacy and exclusivity,” Peebles said. The condos will have 10 to 12 foot ceilings, 24-hour concierge service, 18-hour room service, a health club and views of Las Vegas, Peebles said.

The Internet is an interesting place when people can ‘purchase’ property that doesn’t exist. Read the story below to find out more.

HONOLULU –Real estate is often a long-term investment. But 10,000 years? Lo’ihi Development Co. will soon start offering oceanview lots speculators won’t even be able to stand on for many millennia. That’s because they’re currently submerged more than 3,000 feet below sea level — on an underwater volcano called Lo’ihi, located about 20 miles southeast of the Big Island.
Article Tools.

His Web site will be renovated in the next couple of weeks to officially begin selling parcels for an introductory price of $39.95. Buyers will receive a brochure and a “deed,” but much like Internet groups that claim to sell stars, they probably can’t call themselves owners.

“What’s the scam?” said Norm Nichols, co-developer of the online venture. “If you really think there’s something here that you can’t live with, nobody’s forcing you to buy it. It’s meant to be fun.”

The Web site advertises, “Lo’ihi Seaview Estates: Real Estate for the Future. Grand Water View Front Lots.” A photo of the sales office is a raft in the middle of the ocean.

Nichols and his business partner, Linda Kramer, both Honolulu entrepreneurs, envision online chat rooms and newsletters to discuss everything from street names to what kind of government to install. They want to hold a “homeowners association” meeting — a boat ride over the volcano — every April Fool’s Day.

Scientists don’t really know when, or if, Lo’ihi will break the surface of the Pacific Ocean. Many guess about 10,000 years, but it could be much longer than that.

Stephen Levins, head of the state consumer affairs office, said the offer could be a problem if it were serious. “However, if the Web site is clear it’s a parody and you’re not going to be receiving an actual interest in real estate, that’s something else,” he said.

That’s right! The CitizenrÄ“ Corporation plans to give you $25,000 or more in gear, CitizenrÄ“ says it will loan you a complete rooftop solar power system, install it for free and sell you back the power it generates at a fixed rate below what your utility charges. The company hopes to make back its investment with those monthly payments, augmented by federal tax credits and rebates.

Sounds like a great idea. More than 7,000 people from Maine to San Diego have already signed up for systems. And why wouldn’t they? With no upfront costs — aside from a modest security deposit — consumers can save on their electric bill and help roll back global warming at the same time.

Founded by a solar power veteran and a former tech company executive just 18 months ago, and still officially in a pre-launch phase, Citizenrē says it has $650 million in bank funding behind it. Enviro-actorvist Ed Begley Jr. has cut an eight-minute video for the company website

The New York Times has a great article on how Abu Dhabi is on the verge of a $27 billion residential, office and hotel development planned for Saadiyat Island (Island of Happiness).

Read the complete article here

Trace Lofts, a historic meets modern living spaces project in Seattle’s 12th & Madison neighborhood, has unveiled additional details for its initial offering of 42 Built Green lofts converted from a 1919 warehouse, scheduled for completion in summer 2007. Complete floor plans, finishes, price ranges, and historical information about Trace and the surrounding neighborhood are available at www.tracelofts.com. Additionally, Trace is now accepting qualification applications and reservation appointments throughout February, giving interested buyers an opportunity to reserve their loft living space prior to the April opening of the on-site buyer’s information lounge.

2006 numbers are out claiming that; “It was the worst housing slump in nearly two decades.”

According to the National Association of Realtors. Sales of existing single-family homes fell 8.4 percent to about 6.5 million, the biggest annual decline since a 14.8 percent drop in 1989.

I guess this all depends on location and I’m sure some of you out there are happy that real estate is slowing down, given the price of housing in some parts of North America.

Read the complete MSNBC article.

Dubai Real Estate Institute was launched as the Middle East’s first academic institute for real estate professionals.

This institute has been established to address the recent growth witnessed by the real estate sector in the UAE, and the region as a whole. It will also cater to the growing need for industry specific education in the region.

The Dubai Real Estate Institute will open in the forthcoming academic year, offering graduate, post graduate, executive programmes and short courses on real estate studies.

A board of directors has been established to drive the vision of the Dubai Real Estate Institute. The panel currently comprises three entities of Dubai Holding including Sama Dubai, Tatweer and Dubai Properties. Dubai World, Emaar, Emaar India, and Dubai Islamic Bank have signed on as its shareholders. The institute is seeking further partnership with leading real estate players across the region.

With the aim to increase the knowledge base of real estate professionals, the institute is finalizing plans with several international real estate universities to offer industry specific courses.

Addressing the real estate markets in the MENA region, Asia, Eastern Europe and Turkey, the modules on real estate fundamentals will include the study of real estate process, property development, principles of real estate evaluation, real estate finance, real estate banking, risk management, real estate law and value engineering.

Students will also acquire in depth knowledge in marketing, management and financing of real estate space, institutional context, economics of urbanization, historical pattern and structure of city growth, public policy issues regarding urban environment, and market analysis.

Industry specific courses will comprise architecture and history, international real estate, mixed use development, project management, governmental relations and computer applications in real estate analysis.

Just in case your curious:

The most expensive home sold in the United States last year was a New Jersey estate - An English-style, Alpine, N.J., residence with guest cottages, pool and tennis courts sold for $58 Million, the Institute for Luxury Home Marketing said Monday.

The 63-acre estate, located five miles from Manhattan, sold for $58 million and was bought by Advanced Photonix CEO Richard Kurtz, according to a news release. Henry Clay Frick II was the seller. The property included a 10,000-square-foot mansion.

Read the complete story … link