New Orleans Seafood Festival | September 9 - 11, 2011

New Orleans is world-renowned for the taste and fresh quality of its seafood, much of which comes from the nearby Gulf of Mexico. Given that reputation, organizers of the New Orleans Seafood Festival felt there was no better place to hold such a festival and they turned it into a three-day event.  This year's 5th Annual New Orleans Seafood Festival will be held from Friday, September 9 through Sunday, September 11 in Lafayette Square, across from historic Gallier Hall on St. Charles Avenue in downtown New Orleans. The free festival features live entertainment, celebrity chef cooking demonstrations, local arts and crafts and world-famous cuisine from top New Orleans restaurants and caterers.  This year's participating restaurants and other food vendors, and their specialties, include: Acme Oyster House (shrimp po-boys, oyster po-boys) Remoulade (shrimp Cajun eggrolls, crawfish pie, meat pies, fried fruit pies) Café Giovanni (voodoo shrimp, chicken and sausage gumbo, strawberries and sweet cream) Drago's (charbroiled oysters) Galatoire's (shrimp remoulade, fried shrimp, BLT po-boys) Salt Water Grill (cochon de lait po-boys, crabcake salad with remoulade, crawfish and spinach boat) 7 on Fulton (seafood gumbo, seafood sausage po-boys) Broussard's (chilled seafood ceviche, bread pudding with Bananas Foster sauce) Serrano's Salsa Company (grilled fish tacos, crab cake sliders, passion burger sliders) Ninja Restaurant (soft shell crab po-boys and catfish po-boys, both served with spicy mayo) Grand Isle Restaurant (spicy shrimp, crab fritters) Although this year's musical lineup has not been completed, several acts have already been announced. They include Rockin' Dopsie Jr. and the Zydeco Twisters, Paul Varisco and the Milestones, The Revivalists and The Wise Guys. More musical acts will be posted as the information becomes available. Also featured at the festivals will be artists' booths vending the works of some of the New Orleans area's most talented craftspeople in jewelry, woodworks, textiles and more. Souvenir baseball caps, posters, T-shirts, aprons, jewelry and other memorabilia are on sale on the festival grounds. For more information go to their website at www.neworleansseafoodfestival.com.

Are you looking for US investment properties? Are you looking for a discounted short sale or bank owned property?  John Breaux can be reached at john@marathon-group.cz or +1 504-208-4331.

 

 

US Mortgage Rates Lowest in Years

Homes throughout the US are more affordable now than what we’ve seen in years and with mortgage rates lower than most of us have seen in our home buying lives, now might be the best time for investors to considering buying.

Ok, for local buyers it’s a little easier said than done.  International investors have a bit more paperwork to contend with but they can still get financing.  So consider this….

"Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers,  ignoring a large share of otherwise creditworthy buyers," Lawrence Yun, the National Association of Realtors' chief economist, said in a news release.

Yes, mortgage rates have fallen to levels seen in the mid 70s and before that, the 50s!  That means 4.15% for a 30 year fixed mortgage.  This, coupled with the lowest prices in years, should give investors more reasons to consider US real estate.  

Now, let’s look at buying and renting.  It can be done just about anywhere.  Florida is the destination of choice for many South Americans as well as European buyers.  The climate is the biggest draw followed by year round golfing and beaches galore.   One thing to also consider, that I think many investors tend to not think about, is that in the years to come the US baby boomers, those born from the early 50s to the mid 60s, will be retiring and looking for a relaxing lifestyle.  They will want to remain active and independent and Florida, as well as other parts of the South and South East will be a big attraction.

  This means any property owned and rented today will have a certain attraction to buyers 7 to 10 years down the road.   On the other hand, some of those  boomers won’t want to own and will prefer to be “maintenance free” and rent their   place in the sun.  And we’re already seeing what’s happening in the rental market – occupancies are up and owners are very happy. 

It’s more convincing now than ever before.  The rental market throughout the south and southeast will continue to do well.  Returns of 6% per year or more are out there.  Housing will recover so a resale at some point in the future (no flipping allowed) will also bring profit.  How much remains to be seen and we all have to understand that the gains people saw in the past decade won’t be there, if ever, again. 

Are you looking for US investment properties? Are you looking for a discounted short sale or bank owned property?  John Breaux can be reached at john@marathon-group.cz or +420 602 355 810 or +1 504-208-4331.

Information contained herein is for informational purposes only.  Please check with your tax accountant and/or legal adviser before making any investment decision.

A Little Something About Short Sales

Most people, including many agents, don’t understand short sales.  I’ve been asked about this a few times so I thought I’d post a brief answer on how it works.

In a short sale the bank does not own the house.  The owner of the house, the original mortgagee, is listing the house for sale in an attempt to get the bank to settle for something less than the mortgage payoff.   Most, if not all banks in the US, insist that the house is listed with a local real estate agent.  If he can secure a buyer, it might get him (the owner/seller) off the hook for the outstanding balance and still allows the buyer to get a clear title to the property.

The bank, however, can change their mind even at the last minute just before closing (and sometimes do) because they are not a party to the contract and not obligated to anything. They only agree to this if (1) They believe they will be better off agreeing to the sale than foreclosing on the property and/or (2) They do not believe anyone (the seller) is attempting to defraud them (by selling to a relative or friend). They spend a lot of time investigating to see if this is the best price they can get including getting appraisals and broker opinions. They also look into who is buying the house to be sure it's an arms length transaction and they consider the original purchase to be sure it was not a fraudulent transaction. It takes an inordinately long time to get back to you as buyer on whether or not your offer was accepted or declined. There are no guarantees.

Personally, I believe most buyers are better off not considering a short sale and would recommend looking at REO properties first. For short sales, you really have to have time to work through this process. This can be part of your search but just be aware that it takes time and it might be a waste if the bank doesn't cooperate.

Here's an interesting video just out on MSNBC which explains Short Sales in layman terms.   

Are you looking for US investment property at a discount? Are you looking for a discounted short sale or bank owned property?  John Breaux can be reached at john@marathon-group.cz or +420 602 355 810 or +1 504-208-4331.