From the May 6, 2008 Wall Street Journal, in an article by Cyril Moulle-Berteaux.
The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.
The boom made housing unaffordable for many American families, especially Read more »
There was an article in todays Wall Street Journal about the sale of Tribune Co. (owner of the L.A. Times, Chicago Tribune, Chicago Cubs, and a bunch of other assets) to “real-estate mogul” Sam Zell. In the article was a brief, BRIEF, comment on our Memphis Grizzlies majority owner, Michael Heisley.
Anaylsts and potential bidders estimated that the Cubs could fetch $600 million. Among those who have expressed an interest in the past: Mark Cuban, owner of the NBA’s Dallas Mavericks; Jerry Colangelo, chairman of the NBA’s Phoenix Suns, and real-estate investor Donald Trump…Locals who have expressed an interest include…Michael Heisley, majority owner of the NBA’s Memphis Grizzlies.
What’s with all the NBA guys wanting to move into Baseball? Can you imagine George Steinbrenner owning an NBA team?
Pop Quiz: If you were selling your baseball team to the owner of an NBA team, would you sell it the owner of the:
a) Dallas Mavericks, 61-12 and reigning Western Conference Champs
From today’s WSJ: (subscription required)
Some real-estate professionals say they are being mistaken for sometime investors by the Internal Revenue Service, and that could prohibit them from taking advantage of certain tax and economic benifits.
Consider the case of of David Friedman, a real-estate broker and property owner in Los Angeles. Like many professionals in the business, he not only sells homes to consumers, he also buys and sells undeveloped land and owns single-family homes that he rents out. He says he works every day and has amassed holdings in Southern California and Oklahoma that are valued at $20 million.
Mexico. Michael Allen of the Wall Street Journal wrote this about U.S. retirees moving to Mexico and causing a “land rush”. Unsuspecting retirees are getting duped by property “flippers”.
“Real estate prices have spiked so quickly - roughly doubling in the past five years - that unscrupulous promoters sometimes try to flip property they don’t even own.”
I don’t know much about Mexican land development laws, but I know this: God is saving a dark spot for the people who steal retirement money from the elderly. It’s right next to the place for people who hurt kids.
Will Hicks is an affiliate real estate broker licensed in the State of Tennessee. Prior to his career transition into real estate, Hicks was a SCUBA Instructor with the International ALERT Academy of Big Sandy, Texas and the National Academy of Police Diving, based in Miami, Florida.
Hicks says he’s been asked many times about the odd transition from SCUBA Instructor to Real Estate Agent. “Teaching people how to SCUBA dive was the most fun 10 years of my life. But you can’t eat fun.” You can’t pay the rent with it either.
You can reach Will Hicks in Memphis at (901) 758-5670 or (901) 828-9200.
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