Archive for October, 2010
Shopping Malls Swing Property Prices In Chandigarh
Chandigarhs strategic location makes it a real estate hotspot of northIndia. It is the nucleus of all business activities for neighbouring areas. Traditionally Sectors 14 17 18 and 22 are popular for their highstreet retailing. While Sector 18 and 22 are popular for hardware goods apparels shoes etc. Sector 17 hosts top retailer brands and thus draws a very elite crowd.
However the concept of retailing is changing here. The advent of organised retailing has changed the real estate profile of Chandigarh. Presently the city has smalltime shopping arcades like V3S mall Mega mall City Mart etc. Popular retail house Ebony is located in Sector 9. This multiproduct store has alliances with Wordsworth Planet M and Ivory Store to cater to niche requests like books music cassettes and designer apparels respectively.
Besides this real estate developer Realtech group have started the construction of City Emporio Mall next to Tribune Chowk. The mall will sprawl over an area of 2.5 lakh sq ft and will be operational by November 2008.
Recently the Haryana Urban Development Authority HUDA permitted the construction of two malls in Sector 5 Panchkula. Panchkula though under the Haryana municipal boundaries is located near Chandigarh and serves as an extension of the city.
All these developments have brought Chandigarh on Indias retail map. With this the property rates for commercial spaces have also hiked. Property dealer PS Kang cites it as a positive development. The advent of this mall culture has attracted a lot of commercial buyers. Almost every retail brand has its presence in Chandigarh or is in the expansion mode here. And this affects the property prices directly and is good for the market. This creates a strong demand in the market. Today 2 acre of commercial land in the Industrial Area is being sold for Rs 1.5 crore. It seems like an unfair deal but this is what commercial properties are fetching in Chandigarh.
Kang has been dealing with Chandigarh Properties for almost 12 years now and agrees that this is one of the best phases for the realty market. With such positive indications one can only hope that the citys commercial squares will witness a boom in future.
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Setting A Fair Price In Sale By Owner
Selling your home by owner means that you need to set a fair asking price. Not only should the asking price suit your needs but it should also attract potential buyers as well. You will find out soon enough that if you priced your home too high that people are going to stay away. This does not mean that you should set a below market value but you should price your property fairly.
Of course there are times when you may feel that lowering your asking price is the thing to do. If you are faced with this decision there are several things that you should look at. First off how did you price your home in the first place? Did you base this on other homes in your area? Or did you decide to do this without any prior knowledge? If you priced your home fairly the first time around based on comparable properties you may not want to lower your price. But if you did not do this it may be time to make a change. Remember if your asking price is scaring buyers off you are going to stay put for a long long time.
It is not always easy to lower the asking price of any home. After all this means that you are not going to get nearly as much money when you make a sale. But instead of looking at this as a bad thing take a closer gander at the other side of the situation. The quicker that you sell your home the fewer carrying costs you are going to be responsible for. So in the long run there is a very good chance that things are going to work out in your favor. There are many reasons that you may need to lower your asking price when selling your home by owner. This is not to say that you should jump the gun but if buyers are turned off you may want to consider this. But remember you do not need to greatly lower your asking price. A few thousand dollars may be all that you need in order to attract a larger buyer base. Overall your asking price has a lot to do with how quick you sell your home as well how many inquiries you receive.
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Serious Real Estate Investors Need To Build Resource Lists
You may have heard that one of the best ways to make yourself truly wealthy is to become a private real estate investor. While it is true that the millionaire real estate investor does exist in every state in the nation it can also be a difficult way to begin to build up your own personal fortune. There are more books written and sold each year on how to become a real estate investor than on many other topics in business and selfemployment. The main reason that the real estate investors get singled out is because their money tends to come in either; large immediate chunks or as passive income over a long period of time. And as investment strategies go both of these options can be great.
One of the most important parts of becoming a private real estate investor is the process of networking and building resource lists of professionals such as lenders bankers sellers agents buyers agents real estate investor agents carpenters plumbers etc… who you can call on to help make your transactions run more smoothly and who can answer any questions which you might have from time to time.
Nothing is more important to your business than making good contacts in the lending industry. Whether you work with banks direct lenders or mortgage brokers you need to have lenders available to work hasslefree with you to help finance your deals.
One of the best things you can do if you will be looking to expand into other geographic areas with your real estate investment business is to find other real estate investors already working in that particular area generally those who simply rehabilitate the properties to flip or hold as rentals. Finding them is as simple as placing an ad in the local newspaper and screening out the callers who are looking to work with you rather than purchase a home from you.
Once you have some potential joint venture partners for your real estate investment business then it is time to partner with some of those other investors when it is appropriate for both of you to do so. You can even ask your new partners to do much of the legwork there in their own area and for their compensation they will be paid out of the escrow from the deal. If you are able to find other quality professionals to work with then you really can have a winwin relationship working together.
It is also always a good idea to network with all of the real estate agents in the areas which you will be investing in property. Every private real estate investor should have realtors out in the field who will let them know about available property even those not yet listed in the MLS. Once a realtor knows what you are looking for and what kind of deals you prefer they will call you when they know about a property which you might be interested in.
One of the most important tools for professional real estate investors is to build up lists of people you can partner with to help get the work you need done. By having lists of people you trust and can work with when you need to you can be ahead of everyone else in your area.
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