Apr 30
MORE than one in four Gen Y’s would borrow against their house in order to start a new business venture, according to a new study of Australia’s mortgage market.
Insurer QBE’s annual *LMI Barometer shows 25 per cent of Australians aged under 31 were likely to borrow against their property in the future.
This entrepreneurial spirit dissolves with age as only 19 per cent of Gen X (32-46 years) and Baby Boomers (47-66) will adopt this strategy, while understandably, there were no Pre-Boomers (67 years and older) who had an appetite for risk and planned to “bet the house” on a new business.
According to the research, borrowing against residential property to fun business ventures was not commonplace, with only 11 per cent of Australians saying they hade done so in the past.
Of the minority who have leveraged residential property to fund a new business, respondents from Queensland are the most likely to have done so, with those from NSW the least likely.
Future appetite for this type of borrowing is subdued, with one in five saying they were “somewhat” (13 per cent of respondents) or “very” (seven per cent of respondents) likely to borrow against their house for a business.
*http://www.qbelmi.com/Uploads/Documents/50511c41-172e-4ad3-833a-926bfe83a3f6.pdf
Tags: Business Venture, Gen Y, Venture
Apr 30
3138 E 22nd Ave., RENFREW HEIGHTS, Vancouver
ASKING PRICE $749,900
SELLING PRICE $871,000
TAXES $3,590 (2010)
DAYS ON THE MARKET nine
LISTING AGENT Patricia Houlihan, Macdonald Realty
THE ACTION: This three-storey, east end house lacked a rental unit, lower level recreation room and quiet street setting, yet the 1½-hour open house brought in over 200 house hunters who had few other alternatives to chose from, says agent Patricia Houlihan. Thus, she received nine offers, including one that waived subject conditions and added 16 per cent to the asking price.
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Tags: Heights, Renfrew Heights
Apr 29
If discount and limited-service real estate brokerages have yet to take off as spectacularly as their most enthusiastic boosters had anticipated, one reason could be that in some markets, the rules have been stacked against them, regulators say.
One obstacle nontraditional brokers have had to overcome is full and equal access to multiple listing services.
Sellers expect any broker they do business with will have the ability to place listings in the multiple listing service — and that those listings will be seen not only by other brokers, but by consumers.
Buyers are attracted to websites that offer them access to a comprehensive and rich set of listings data in their market — a fact that technology-based brokerages like ZipRealty and Redfin have built their businesses around.
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Tags: Estate, Real Estate
Apr 28
HOBE SOUND — A new town with 2 million square feet of business space and 4,000 houses would replace 20-acre agricultural ranchettes under the latest plans for a 2,716-acre tract in the Harmony Ranch subdivision.
The Harmony Ranch Development Co. of Palm Beach Gardens proposes building 1,390,000 square feet of space for corporate headquarters, 500,000 square feet of economic development space, 100,000 square feet of retail space, and 75,000 square feet of commercial service space along Bridge Road, west of Florida’s Turnpike, state records show.
The developer estimates the businesses that occupy the space will create 7,465 jobs, state records show. The 20-year development plan also includes 3,000 single-family houses and 1,000 town houses and apartments for the workers who would be employed by the businesses.
It’s the second huge development proposed this year for agricultural land along the Bridge Road corridor west of Florida’s Turnpike in Hobe Sound. B
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Tags: Harmony Ranch, Hobe Sound, Sound