If compared to other cities, where both residential and commercial property graph is going downwards, Pune real estate is going steady. While industry experts have anticipated a major decline in the real estate values, Pune seems to be confronting the forecast.
Probably because Pune was never a mainstream real estate destination, so, it never saw a huge drop in real estate prices. The slump was there but it was only for a short period of time. There are many reasons why Pune is now a preferred real estate destination.
As the IT industry drives the property demand in the city, first home sales form a major chunk of transactions happening in Pune. There is always a steady demand for property in areas like Kalyani Nagar and Baner, which are close by two major IT hubs in the city. Besides the IT and BPO industry, the student population living outside their campuses continue to fuel demand for housing in Pune.
Renowned Pune real estate developers are of the view that the Pune property prices are on the move for a sharp drop. Pune real estate agents and the local industry experts don’t think that there will be any recession in Pune Real Estate industry at least in the next 10 years. And Pune real estate builders affirm that the demand is stable and outstripping supply.
Currently, Pune property market is one of the most active segments in Western India. Private property developers as well as local property builders and civic authorities are pouring in more investments in the city.
According to the market reports, commercial property in Pune fetches about 20-25% returns on investment. This makes Pune a favorite and a preferred destination of investors.
The residential property segment is equally buoyant
It’s not only commercial property market in Pune, which has created all the buzz but also the residential property segment. These days, real estate developers in Pune are focusing on affordable houses. Prominent real estate builders like Kolte-Patil, Gera Properties have announced affordable housing project in the city. Their plan is to build one-room set and two-room set accommodation that costs between Rs 10-15 lakh.
Real estate developers are now also focusing on the bordering areas of Pune. The city centre boasts of premium capital and rental values. So, most of the users are now looking for affordable accommodation in suburban and bordering areas. And, property builders are trying to cash in on this behaviour of the property seekers. Property in areas like Kothrud, Vanwadi, Oundh are very much in demand. These areas were earlier the extension of villages but are now the hub of property development.
Residential real estate at Pune is all set to shoot high. According to the industry estimates, Pune needs almost 40,000 residential properties every year to meet the housing demands of its citizens.
Keeping this in mind, the Maharashtra government has now given a green signal to private players for setting up fully integrated townships in Pune, under the Public Private Participation (PPP) model.
To take advantage of this opportunity, Pune-based builders developer, City Group has come forward with its township project ‘Amanora Park Town’, the first one after the government’s declaration.
Under the project, the government would be providing land to the developer, who would then build up all the infrastructure comprising residential units and commercial properties. The developer will also be responsible for erecting the social infrastructure encompassing healthcare centres, educational institutions, and entertainment facilities.
Meanwhile, the Amanora Park Town would be spread in the area of about 400 acres at Hadapsar with all the abovementioned infrastructure and facilities.
As per the real estate agents, demand for medium budget residential properties in Pune is constantly increasing.
Demand for a house on rent in Pune is equally shared by employees as well as students, who come to pursue studies at this city flooded with excellent educational institutions.
Some other projects coming up in Pune:
- Greensville Sky Villas in Kharadi by Gera
- Bloomfield in Ambegaon by Amit Enterprises
- Regent Park in Baner by Gera
- Emerald City in Kharadi by Gera
- Princetown in Undri by Kumar Properties
- Sobha Carnation in NIBM Kondwa by Sobha Developers
- Picasso in Hadapsar by Kumar Properties
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"Prime" real estate & "difficult location" should not be in the same sentence.
Prime real estate is Prime real estate because it has the best of everything, especially Location!
Have you been a "for sale by owner" for 2yrs? If not, you're real estate agent is NOT educating you on market conditions & proper pricing.
If you are already in the foreclosure process you probably have about 2-3months left to actually sell it.
Drop the price!!!
If it doesn't seem possible to make a profit after costs & commissions, inquire your agent about getting into a "short sale", where the bank will accept LESS than you owe. Doing a short sale won't harm your credit as bad as actually going into forecloure & the bank owning it.
Make sure your Commercial Realtor is advertising your property on the nationally known websites for commercial properties at http://www.propertyline.com or http://www.loopnet.com
Depends on when it was sold I think. If the estate sold it and then distributed cash to you and sibling, then that's just part of the estate distribution and no tax due. If the estate distributed the real estate to you and sibling, you have a "basis" (amount paid) equal to your share of the value. If you then sell it, you will have either gain or loss for the difference between your basis and the selling price. Probably worth the $$ to get some professional advice if the amounts are big.
HOW DO I BUY THIS HOUSE !!!!!!
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Don't buy a house only because there is a short sale involved or because it is a foreclosed property- buy the house you find that is the best house for the money! Even if you are only buying a rent house- only buy because the house seems to get you a very good cash flow.
I have been in real estate sales for 31 years and there is always a scheme for con men to entice people apart from their money.
A short sale may be involved in the purchase of the property you find—or it may not. It is foolish to think that is the only way to get a good deal.
Disclaimer: Consult your tax advisor
That said, if you lived on the land/in the mobile for 2 of the last 5 years as your primary residence, you might be entitled to the first $250k if single/$500k if married of profit without paying capital gains.
If you didn't live there in the last five years, you probably need to trade into something to defer capital gains taxes. Keep in mind that capital gains run around 20% of the profit and 80% of something is better than 0% of nothing.
Any investment that you do with the sales proceeds should provide you income or equity appreciation as well as tax benefits.
You could put your money into commercial or residential real estate, land (like a mobile home park), hotels, motels or whatever. Just perform your due diligence and work with licensed professionals.
If this was deducted as a 2nd residence, then your loss is personal and not deductible. In order to have deducted the loss, the property would have had to been held & OPERATED as an investment (rental) property, Sorry.
If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com
The reason it is called subordinate is because it is secondary to the first loan. There is definately some risk involved. If the property is forclosed on, and sold at auction the first loan is paid, and the remainder of funds go to pay off each subordinate loan. You can still go after the defaulter for the remainder, but it may be hard to collect without legal fees. Most the time there are no troubles, but choose the buyer wisely.
you cannot practice real estate without a license!!! this means anyone who is an unlicensed individual who sells a home, no matter who it's for/to, for a commission. if you don't have your licnese, and act as an agent, then you can/will be fined by the Real Estate Commission & LLR. the penalties vary from state to state.
you wouldn't practice law or medicine without a license,… same thing with real estate!
Figure 6% of the sale price to the brokers (not 6% of the gross profit but 6% of the sales price) which you can probably negotiate down since the sales price is clearly very high. Just a few % of the sales price for other fees – mostly taxes. I'll bet you can get out of the deal paying maybe 6-8% of the sales price (but I have no idea what NYC taxes run so I'm not really sure how that would affect the transaction).
I'd invest the money is a diversified group of well performing mutual funds. That should easily set you up for life assuming you live within your means (but alas your children will probably blow whatever is left – the downside of being rich I guess).