Monday, May 31, 2010

The Palm Dubai

The Palm Dubai despite initial setbacks has become a huge global success, offering some of the most sought after freehold real estate around the world. The original Palm Dubai, The Palm Jumeirah has since spawned two other Palm projects, The Palm Jebel Ali and The Palm Deira. The Palm Jumeirah was first unveiled to the world back in 2001 and caused a huge stir, as nothing as ambitious has ever been attempted before. Not only was the project a first in terms of construction, the concept of owning a property on a man made palm shaped island out in the waters of the Arabian Gulf was also a hugely novel concept. Built by Dubai developer Nakheel, the Palm Jumeirah has been described as the ‘8th Wonder of the World’, and along with the Palm Jebel Ali and Palm Deira, The Palm Trilogy will increase Dubai’s shoreline by around 72 miles.

The Dubai Palm projects are clearly not your average freehold real estate developments, and offer buyers the opportunity to own a truly unique piece of freehold real estate in one of the most desirable locations in the world. And the building of the Palm Jumeirah has since reestablished the boundaries as to what is possible in regards to land reclamation projects around the world. Nahkeel has since begun construction of the World Dubai, and will soon begin construction on the Dubai Waterfront, which once complete will take the mantel of being the worlds largest land reclamation project. The Palm Jumeirah and Jebel Ali will consist of the main palm trunk and then 17 fronds on which the bulk of the freehold property will be built.

And property on the Palm Dubai has become incredibly popular since its launch, and is amongst some the most expensive freehold real estate within Dubai. The project has captured a global audience, and as such investors are queuing up from all around the world to get their own piece of freehold real estate on the island. And whether it’s a freehold villa or apartment you are looking for in Dubai, the Palm Jumeirah will no doubt have something that you will like. Both the Palm Jumeirah and the Palm Jebel Ali will for the most part feature similar properties, but with the Palm Jebel Ali featuring more in the way of entertainment options.

However the Signature villas will also provide residents with their own stretch of private beach. Signature Villas therefore attract the highest prices of the property of the Dubai Palms.

There are also numerous apartment options. There are Shoreline apartments set along the trunk of the Palm, and the Palm Golden Miles Apartments located just a little future up the trunk. Both offer a wide range of facilities, such as gyms and pools, and both are within close location to the Palms main shopping and entertainment area, ensuring you never get bored. And there are also the Palm Marina apartments, which offer a freehold home with a great view and your own boat mooring at the Palms Marina.

The Palm Jebel Ali will also feature a collection of Waterhomes. These exclusive homes which will be situated in between the crescent and the crown of the Palm, sitting out in the Arabian Gulf, suspended above the water on stilts. With just 1060 four bedroom water homes available, they are increasing difficult to obtain, such has been their popularity. The Palm Waterhomes are laid out in such a way so that from above they will spell out a verse of a poem written by Dubai’s ruler, Sheikh Mohammed Bin Al Rashid Al Maktoum.

All the Dubai Palm projects offer buyers the opportunity to own some truly individual residential freehold property in Dubai. People from all around the globe are aware of the Dubai Palm projects, and whilst this is now reflected in the high price of the freehold property on the islands, in this instance it is certainly a case of getting what you pay for, especially when you consider the facilities and entertainment option based on the islands. If you wish to know more about the Palm Trilogy, then please get in touch.

Saturday, May 29, 2010

Italy property information.

When it comes to buying a second property it is essential that you gather together as much about second property mortgage information as you possibly can. Taking on a second property is a big commitment and of course as you want the best start and the best advice then you should go to a specialist broker.

A broker can deal with the mortgage for you to help you find the best available deal and along with this they will be able to give you the best advice when it comes to second property mortgage information. Finding a mortgage for a second property can be difficult; the options available to you for the second home will differ from those of the mortgage you took out for your first home and this is where expertise can really come into it. While of course you will have to pay for the specialist advice in the long run this can save you a great deal of money is you make the choice yourself.

Of course the choices you have when it comes to the mortgage depend totally on what you are buying the second property for, if you are buying just as a second home or holiday home then this will make a difference as opposed to purchasing the property to be used as a buy to let rental.

A broker can find all the second property mortgage information that you need once you have defined what it is you are going to do with your property. Turning the property into a buy to let can be a great investment but along with the mortgage repayments you will also have many other outgoings to consider including insurance for your new property.

Again going with a specialist broker is the best way to fond what is needed to cover the property and yourself. In going for the buy to let the insurance which will be much more extensive but this is to be expected, however you can great deals in this just as with the mortgage.

If you are turning the property into a buy to let then you have to make sure that the property meets the requirements set out. Theses include making sure the property is fully furnished and you have to make it available to rent for at least 140 days out of the year and make sure that you do let it for 70 days within a specific period of time. When it comes to second property mortgage information a broke is the most reliable way to ensure you get the best deal.

Thursday, May 27, 2010

Freehold Property in Emirates

Non-GCC expats living in the United Arab Emirates (UAE) were previously only permitted to rent property, or own property on the federal law approved 99-year leasehold basis. This all changed in 2002, when the Dubai government permitted the ownership of freehold property to expats, which has changed the real estate industry in the Middle East and Gulf regions.

Dubai Freehold Property
As the emirate of Dubai is not rich with oil like Abu Dhabi, Dubai has always focused on the development of its economy by establishing itself as a trading hub between the East and West. In addition to this, it is also establishing itself as the tourism destination for the region, so it has worked heavily on the promotion of real estate development.

The Dubai government began the promotion in 1997 with the setup of the publicly quoted Emaar Properties and Al Nakheel Properties. A year later, Emaar began work on Dubai Marina and followed this by the development of the Emirates Living Community developments (The Springs, The Meadows, Emirates Hills, The Views). The Emirates Living Community developments were first announced on leasehold basis, but unfortunately weren't a big success in the market.

The major property boom in Dubai occurred in May 2002, when Dubai's crown prince General Sheikh Mohammed bin Rashid Al Maktoom issued a decree to allow foreigners to buy and own freehold property in selected areas of the city, know referred to as New Dubai. The same month also witnessed the announcement of Nakheel's manmade island, The Palm Jumeirah, which followed a year later by the second man-made palm-shaped island, The Palm Jebel Ali. All previously developed leasehold property was automatically transferred to freehold.

After the initial property boom, various new developers joined the market, the most popular of which are Damac Properties, Dubai Properties (Estithmaar Realty Fz), and ETA Star Properties. Freehold property in Dubai is currently limited to areas on Sheikh Zayed Road, Jumeirah, Jebel Ali and along the Emirates Road.

Dubai Freehold Property Law
On the 14th of March 2006, Dubai's government issued its long-awaited law legalising foreign ownership of properties in designated areas of Dubai (article), but doesnt give property owners permanent residence visas or an automatic right to work in Dubai (article).

Freehold in the rest of the United Arab Emirates
Once Dubai began its offering of freehold properties to citizens of other countries, the other emirates weren't to far behind to follow in Dubai's footsteps.

Ras Al Khaimah
Ras Al Khaimah was the first emirate to emulate Dubai, which included its 1,300 residential unit development named Al Hamra Village expected to be completed by 2007. The second freehold development for Ras Al Khaimah, is spread across 50 acres of beachfront land of the five-star resort facility is The Cove. Another popular RAK property is the 1 million square meter tourist development, Saraya Islands.

Ras Al Khaymah's government has setup its own public joint stock property development company, RAK Properties, which received freehold rights for all its properties from the city's ruler in November 2005 (article). RAK Properties has a wide range of projects planned for the city, which includes Julfar Towers, Mina Al Arab, Mangrove Island, and Khor Qurm.

Ajman
Ajman was the second emirate to follow, when they announced its 15 freehold residential apartment buildings named Al Naeemiya Towers, which is expected to be fully complete by 2006. The same company who developed the Al Naeemiya Towers have continued their portfolio of ajman properties with Al Khor Towers, Al Rashidiya Towers, and Al Corniche Tower. Tameer Real Estate announced its development of a US$ 300 million (AED 1.1 billion) freehold residential and commercial project in Ajman, entitled Al Ameera Village, which is being built on the Emirates Ring Road and expected to be complete by 2007. Other Emirates Road projects include Emirates City, and Al Humaid City.

Sharjah
Sharjah has also begun offering property for foreign ownership, but it has presently stuck with leasehold. Some of its upcoming towers include ABBCO Tower, Sharjah Gate, 32-storey Al Taawun Tower, and the 47-storey Al Sandos Tower. Tameer also has various towers it will be building throughout Sharjah and Al-Hanoo is developing the 60 million square foot Nujoom Islands.

Umm Al Quwain
Tameer is also developing the Emirates Modern Industrial Area that will mainly cater to the manufacturing industry, which is being built near the famous UAQ Aviation Club. In addition to this, Tameer will also be developing the AED 30 billion Al Salam City, which will be situated along the Emirates Road in Umm Al Quwain and completed by 2010. Umm Al Quwain's property ownership law states that non-GCC nationals can own property but not the land (article).

Fujairah
Fujairah's efforts into the freehold market have been limited to the 43-storey 170-meter Al Jabar Tower, which will contain 270 residential apartments, commercial shops and showrooms and is being developed by Al Jabel Contracting.

Abu Dhabi and Al Ain
Abu Dhabi's property law came into effect on the 14th of August 2005, when Abu Dhabi's government announced the permitting of 99-year land ownership and renewable 50-year surface ownership to foreigners in specified areas in Abu Dhabi (article). Properties by Aldar Properties and the Al Reef Villas project by Manazel and Hydra Properties will permit foreign ownership according to the new property law.

The Definition of Freehold
The United Arab Emirates currently doesn't have a federal law defining freehold. Once the freehold property law is in effect, it will means that the property purchased by a foreigner will be put his/her name for life, which allows him/her to register the property in the Lands Department. The owner will then have full rights to the property and has the right to sell, lease or rent their property at their own discretion. Property owners and their immediate family, will obtain renewable residence visas for life, which can cost Dhs. 5,000 per person.

Wednesday, May 26, 2010

1.
Step 1

Wells Fargo is very clear about what a mortgage customer should do if they're at risk of missing a payment.
"The sooner a customer notifies us of a problem, the more options we'll have available to help," the bank says.
"Homeowners should begin by calling us and expressing their interest in keeping their home; the sooner a homeowner reaches us, the more options we have to find a solution. Timing is critical for borrowers facing financial difficulty."
2.
Step 2

Customers should contact the appropriate Wells Fargo office:
Wells Fargo Home Mortgage Customer Service: (800) 678-7986
Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
Wells Fargo Financial: (800) 275-9254
Wells Fargo Home Equity: (800) 944-4601
The customer's most recent statement or payment coupon provides the best information about which number to call.
3.
Step 3

Wells Fargo says that the troubled borrower can prepare for the call by gathering income and expense documentation including pay stubs, household bills such as utility and telephone bills, grocery expenses, transportation costs and any other required expenses that the household must meet each month such as school fees or college tuition payments.
Additionally, customers need to know their loan number, which is listed on their monthly statement.
"This helps us understand the customer's complete financial picture," the bank says, adding that, even if the customer is too depressed and panicked to gather all the information they should still get on the phone.
"The most important thing is to call," Wells Fargo says.
4.
Step 4

Wells Fargo Home Mortgage says it has a number of options available to help customers facing financial difficulties and, which will gladden every homeowners heart, only uses foreclosure as a very last resort.
"We make every attempt within the confines of investor requirements to develop an individualized solution that helps our customers get through a difficult time so they can stay in their homes," the bank says.
5.
Step 5

One Wells Fargo option that may be offered to troubled borrowers is a "Repayment Plan."
"A repayment plan is one of the more common solutions we employ for customers in default," the bank says. "It is a plan that allows the customer to cure the delinquency over time, while still making their regular mortgage payments."
6.
Step 6

Another option that may be available is called a "Loan Modification."
"Customers in default may also be given an option to modify their current loan," Wells Fargo says.
"A loan modification changes one or more terms of the original note, such as the interest rate or unpaid principal balance. A loan modification brings a delinquent account current because the past due interest and escrow are added to the unpaid principal balance, which is then re-amortized over the new terms."
7.
Step 7

Another possible Wells Fargo option is "Partial Claim" of "Claim Advance."
"For some customers who have loans insured by HUD or a private mortgage insurance company, a partial claim or claim advance may also be an option," the bank says.
"In this situation, HUD or the mortgage insurer would advance funds to reinstate all or part of the past-due payments and the customer would sign a note to HUD or the mortgage insurer for the amount of the advance. The note can sometimes be secured by a subordinate lien on the home.
"The borrower would resume regular payments on the loan and is responsible for payment of the note to the insurer. Oftentimes, repayment of the note isn't required until the time that the mortgage is paid off, thus not increasing the borrower's monthly mortgage payment."
8.
Step 8

If you want to put it all behind you, a further option from Wells Fargo is the "Short Sale."
"A short sale can be considered for borrowers who wish to sell their home," the bank says.
"The proceeds of the sale are used to pay off the mortgage. Any amounts still remaining due on the loan may be waived.
"This option is generally available when market conditions place the home' s value at an amount less than the total amount owed and resulting sale proceeds are short of total amount owed to pay off the mortgage obligation."
9.
Step 9

And yet another option for the beleaguered borrower is the "Deed-in-lieu."
"A deed-in-lieu is an option that allows the borrower to voluntarily transfer the property back to the investor rather than foreclosing on the property," Wells Fargo explains.
"This is based on investor approval and determined based on the reason for hardship. In some cases, a borrower may be required to contribute funds to facilitate this transaction. It may also be required that the borrower list the property on the market at fair market value to attempt to liquidate the property prior to acceptance of a deed-in-lieu."
10.
Step 10

Wells Fargo says it will not usually accept partial payments of money owed.
"Unless the customer has a partial payment agreement in place with our loss mitigation department, we cannot accept partial payments," the bank explains.
"Without a prior arrangement, if a partial payment is received, the funds are deposited in a holding account known as suspense. The funds will remain in the suspense account and the loan is not credited until additional funds are received to make the full mortgage payment."
11.
Step 11

Wells Fargo says they are always willing to work with customers and are able to provide help to a majority of those in trouble with payments.
"We will be able to help most customers, but not all," the bank says.
"For example, if the loan they have with our company is sold to investors, we look for solutions that align with the customer's financial circumstances while respecting the contract requirements that we have with investors.
"Customers should continue to stay in touch with us to see if new solutions become available that might work for their situation.
"As our economy and interest rates continue to change, solutions may be available today that were not available a month ago.
12.
Step 12

Wells Fargo says the process of offering mortgage help does not differ much for either a homeowner who is missing a regular payment or a homeowner whose mortgage is about to reset.
"Borrowers only need to make sure they contact the correct Wells Fargo customer service team," the bank says.
Again, those numbers are:
Wells Fargo Home Mortgage Customer Service: (800) 678-7986
Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
13.
Step 13

Wells Fargo says there are generally no fees associated with a particular workout option for borrowers, but that this can vary based on individual cases.
"Fees that may already exist on the loan -- for example, attorney fees for a foreclosure -- must be dealt with in some fashion through that particular workout option," the bank says.

Tuesday, May 25, 2010

Difference Between Charge, Credit, and Debit Cards

A 'Charge Card' carries no pre-set spending limit and the statement balance must be paid in full at the end of the billing cycle (usually every month). The most recognised charge cards on the market today are American Express and Diners Club.

A 'Debit Card' is like an ATM card that you have with your savings account. With this type of card, you must have funds in the card account before you can make a withdrawal.

In contrast, a 'Credit Card' carries a pre-set credit limit and only a minimum payment is required to be paid each month (interest is applied to balances not cleared in full).

Monitered Security System

A monitored security system could help you and your family feel safer in your home, and protect the investment you've made. A system guards your home, belongings and family while you're there as well as when you're away.

A monitored home security system protects your family from the dangers of:

* Intrusion through any door or window.
* Smoke or fire.
* Carbon monoxide leaking into your home.
* Water damage caused by broken pipes or bad weather.
* A medical emergency or panic situation.

High quality monitored security systems are encouraged by insurance companies, who will often offer a discount on your home insurance costs if you have a system in place. Today's monitored systems:

* Ensure prompt response to a break-in, fire or hazardous situation.
* Let you summon help with a button that activates a silent alarm or a siren.
* Allow two-way communication. If you trip the alarm accidentally, you give the operator a security code and cancel the alarm.

One study suggests that homes with monitored security are three times less likely to be burglarized. Complete systems protect in many ways:

* Perimeter alarms give early warning of an intrusion.
* Glass-break detectors and door/window contacts detect entry through basement, ground floor or other windows.
* Strategically located infrared motion detectors make sure an intruder will be detected.
* Your system can tell you where the intruder is, or was.
* Loud sirens will scare the intruder away, or silent alarms can alert police without the intruder knowing.
* Warning decals on points of entry can scare off a would-be burglar.

Investing in a monitored security system could make a big difference to your family's peace of mind. You could feel safer in just a day or two!

Friday, May 21, 2010

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The Call Experts

European Property

Buyers and sellers of European property are reportedly holding off from making any transactions because of the continued uncertainty over the direction of the sterling/euro exchange rate.

There is almost an equal amount of evidence to support both currencies seeing increased strength in the near future. So it is understandable the both sides are waiting.

“A lot of investors are sitting tight at the moment as no one’s really certain what will happen,” says Tom Holian, a dealer at Foreign Currency Direct.

Last year the strength of sterling against the euro completely collapsed, and continued to fall. In the final quarter of last year it plumbed the depths of 1.00GBP/1.05EUR, and there was even talk of the two reaching parity with each other — this was averted when the UK successfully pulled out of recession.

Since then sterling has been slowly clawing its way back up, with 1.10 euros becoming the new ceiling as we progressed through the first quarter of this year. Sterling was helped immensely by the eurozone debt explosion in Greece, which weakened investors’ faith in the euro and sent sterling to the dizzy heights of 1.15 euros, with 1.13 being the new average.

This is where we hit the standoff. On the one hand you have the massive debt problems in the Eurozone, which continue to put downward pressure on the strength of the euro against all currencies except sterling. This is because, on the other hand you have the fact that the UK also has a massive budget deficit in need of spending cuts, and the massive uncertainty caused by the impending General Election.

The election could easily weaken sterling, in fact it is unlikely to strengthen it, whilst the Eurozone debt balloon still has a long story to tell, and sterling will likely strengthen during this.

A hung parliament is likely to spell weakness – though analysts at Foreign Currency Direct believe this is already in the price. However, both World First and Foreign Currency Direct think that sterling will strengthen later in the year against the euro.

Today the UK released its GDP figures for the first quarter, which show a 0.3% growth in the UK economy year-on-year, and a 0.7% growth over Q4 2009. Now we wait on Eurostat to reveal the EU’s first quarter results, to see what currency is going to really benefit here.

With all this uncertainty, it is understandable that people would rather wait and see before buying and selling property in Europe.

But given the circumstances, if the euro does have a run against sterling following the election, it is likely that there will be a rush on euro to sterling conversions, as people know that it is most likely to be a one-way street in favour of sterling for as long as it takes Europe’s debt issues to be resolved.

Thursday, May 20, 2010

What's our total tab now in shoring up Fannie Mae and Freddie Mac? About $200 billion?

How much more will we subsidize these losers?

What is so special about home ownership that it deserves all these subsidies? I rent. I'm a blogger. I'll never own a home. I'll never get unemployment insurance. In bailout nation, there's no bailout for the humble blogger.

Alan Zibel writes: WASHINGTON (AP) — Freddie Mac is asking for $10.6 billion in additional federal aid after posting a big loss in the first three months of the year. It's another sign that the taxpayer bill for stabilizing the housing market will keep mounting.

The McLean, Va.-based mortgage finance company has been effectively owned by the government after nearly collapsing in September 2008. The new request will bring the total tab for rescuing Freddie Mac to $61.3 billion.

But the company's CEO Charles Haldeman said, "We are seeing some signs of stabilization in the housing market, including house prices and sales in some key geographic areas."

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