A real estate companies report that in Providence, homes prices drop by half compared to the same period in 2008.
I do not quite agree with the data as my research shows a slight different result. Anyway, it is always a good idea to listen to different voices.
PBN.com: Providence sees home prices drop by half
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3 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 08:48PMWe have a high end jewelry manufacturer for sale now. This is a family business with over 20 years of history. The business has been designing and manufacturing high end jewelries for major jewelry retailers across the country. Average sales in the past 3 years have been well over $2million with a strong SDE (Sellers Discretionary Earnings). The business is only priced at half a million now which is very close to SDE. The business is located at New England area and can be relocated.
For more information, please contact Crebbers as below.
Crebbers is a merger and acquisition firm that helps your businesses achieve your merger and acquisition goal. We are one of the only firms that handle international transactions. contact us today to find out how we can work together.
Huiting Zhuang, CEO/Co-Owner
tell: 401-484-7322, 
Crebbers LLC, international Merger, Acquisition & Consulting
0 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 05:27PMWhen the economy is bad, you do not need to be an economist to know the economy is bad. Everything around the corner is hinting that and you can just feel it.
Yesterday, I checked my mailbox as usual and a letter from supercoupon pops out. Usually, I can expect about 40 coupons in one mail. This time, the envelop just feels much light. Turns out that only 7 Coupons this time.
Those include coupons from: subway, dish network, directv,an air duct cleaning company,a phone company,a home security company (I guess this is in high demand now) and another air duct cleaning company.
I would assume when the economy is bad, businesses would want to do more marketing but apparently, the when the economy is bad, the first thing most businesses would cut is marketing dollar.
Real estate agents, are you also cutting your marketing dollars?
5 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 05:18PMThe farmers' market is to open from next week in Rhode Island. As RI is such a big state (48 miles by 37 miles), the summer apparently does come to the state at the same time. Therefore, the farmers' market is scheduled to open from southern RI first. Farmers' Market in Northern RI will gradually open late in May.
For more information, please visit:
0 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 05:04PMI hate to relay any negative news but I have to relay this one.
I do not want to write more details about the case. In summary, the RI police has found that a medical student of Boston University might have killed a model that he met on craigslist, in a hotel in Warwick, RI.
Read more details here yourself.
Craigslist has been used by many cons to take advantage of innocent people. Whether you are a real estate agent or not, please be very careful when dealing with people you know from craigslist. Please take every step to protect yourself.
0 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 04:47PMToday is the second session of the Spring Academy by the Pawtucket Youth Soccer Association.
The weather could not be better--a whooping 83F. My daughter's session began from 11am but we arrived around 10:15am and the field is heavily populated. Below is a shot of the training session.
If you live in Pawtucket and have children and missed the spring academy, please remember to sign up for their summer academy. Lots of fun.
0 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 04:20PMThis spring in Rhode Island seems rather long. Finally, summer seems to come. This flower tree was taken yesterday in my neighborhood. Yahooo! It is officially summer here.
This picture was taken around 6:30pm which is a little bit dark. If I have taken it around 5pm, the flower would look much better.
Location: in the Oak Hill neighborhood of Pawtucket, RI, right bordering the East Side of Providence.
3 comments • Huiting Zhuang,Sell your business overseas • April 25 2009 04:08PMThis is a nice article on short sales.
1. Price is usually set by the agent & seller, not bank: The agent and seller often create a very low asking price in order to attract buyers. The bank is normally unaware of the asking price; however, the bank has the final say in what an acceptable offer will be. Since the bank has the power to ultimately accept or deny offers, their lack of price awareness often leads to the process taking longer than anticipated. The bottom line is that the buyer needs to remain positive and patient throughout the entire process, sometimes even for months.
2. Loans owned by 1 bank usually better than 2: If the seller has loans owned by two different banks it is a lot more difficult to approve the short sale. This is something the agent or the buyer cannot control; it simply depends on the willingness of the bank or banks involved. While the reasons are beyond the scope of this guide, buyers should know that when the seller only has loan(s) with one bank the short sale often becomes more buyer-friendly. A savvy Realtor can let you know this type of information.
3. Lowball offers get slow or no response: Remember that the bank is typically unaware of the pricing during a short sale. When lowball offers stream into the bank they are often scoffed at and rejected, giving the prospected buyers little or no feedback. Surprisingly, it may also take painstakingly long to hear back even on good offers due to the high volume of transactions lenders are inundated with these days.
4. Agent must check comparables before submitting offer: The agent must be sure to check recent home sales in the area to give buyers a better idea of the properties that are selling. This will give the agent and the seller appropriate grounds for an asking price that will be more likely to be approved by the bank. Checking comparables will also give the buyer a better knowledge of what price homes in the neighborhood are selling for and ultimately make them a more informed homebuyer.
5. Don't hang your hat on the property: Short sales aren't necessarily "short." It can sometimes be a very long process. Don't get your hopes up for just one property, keep your options open and continue to actively look at multiple properties. Buyers must remain optimistic, the right property will come along. In most areas it is completely legal and risk-free to have multiple offers out at any given time with the proper contingencies.
6. Sellers with other properties or too strong of financials may not qualify for short sale and/or may be asked to pay the difference: Sellers that own more than a handful of properties or have an extremely large net worth will probably not be eligible for short sale. In some cases the seller will be asked to pay the difference of the sale. The seller might even need to sign a promisary note stating that they will pay back all or most of the debt. This has virtually no effect on the buyer as long as the seller cooperates.
7. "Approved" prices are quickest: It is important to remember that short sales are not always timely; however, making an offer on an "approved short sale" can be a quicker process. An "approved short sale" has a price that has already been given the green light by the bank. This could be due to the fact that another interested buyer made an offer that was approved, but didn't end up buying the property. These types of short sales are some of the most highly desirable.
8. Some banks look want strongest buyers, some want strongest offers: The bank has all the power in approving short sales. The bank can pick the most appealing buyer, which may mean different things to different banks. Some banks may prefer the buyers with large down payments while others just want the highest price regardless of down payment. Many buyers want to know if they will get a deeper discount for an all cash offer. This is very hard to predict and one will never really know until they make an offer. As long as the buyer is surrounded by a good team we would advise them to do just that.
9. Repairs are seldom done, credit is more frequent: If there are improvements that need to be made on a home, even if they are necessary to get a loan, it is often unlikely that they will be done. Typically there is some sort of credit issued and the buyer must take the responsibility of fixing anything that is broken.
10. When you get approval, must close on time: During a short sale there is no leniency with the closing escrow date as there often is in a traditional sale. During a short sale, exceptions are rarely made and the buyer must close on time. Because of this, it is important to take care of all loan paperwork immediately after opening escrow. We'd advise buyers to be extra prepared and try to have the loan finalized a few days in advance of the closing date. If there is going to be an issue that will prevent closing on time, a request for an extension will need to be made immediately. If the request is made early enough, many banks will grant an extension but don't just assume it will happen.
Are you looking for a real estate professional who knows the FORT RUCKER and Enterprise Alabama Real Estate market and can get the results you desire? Let me put my knowledge, experience, and dedication to work for you.
As you move towards a possible decision on selling your home, or purchasing a new home in the Wiregrass Area, I hope you'll contact me.
Let me know if I can be of further help in the process.
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CENTURY 21 Regency Realty, Inc.
(334) 477-2694
www.RuckerPCS.com
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2 comments • Huiting Zhuang,Sell your business overseas • April 24 2009 10:43PMAssociateed Press reported yesterday that NY times, the parent of Boston Blobe, asked the UNION to make a concession of 20 Mil; otherwise will shut down it.
I do not know too much about this topic other than the board of Boston Globe is fighting with the UNION. But I do know all newspapers are facing a hard time, with with the challenge of both the economy and the internet. It is hard to believe the Union wants the business as usual when the business is not as usual in reality.
As far as Merger & Acquisition is concerned, I do not think it is relevant as I think the possible shutdown does not have too much to blame on the Acquisition by New York Times in 1993.
As far as real estate is concerned, I remember once the Mass Realtor Association complained about its negative report on real estate market and threaten to not buy and ads and Boston Globe quickly conceded.
Secondly, Boston Globe does have a very decent Real Estate Section. Below is today's real estate home page.
8 comments • Huiting Zhuang,Sell your business overseas • April 24 2009 03:03PMBeing in the merger and acquisition business, we are very sensitive to international mergers, both public and private companies.
Yesterday, Yahoo announced that it will shutdown the free webhosting service--Geocities.
Yahoo acquired Geocities for $3 Billion back in 1999 but they never figure out a make-sense business model for this acquisition. I know they will have to close down this service but I am surprised that they made the decision this late.
Merger&Acquisition is a very complicated thing. Other than emotional and ego type of M&A (companies made M&A not because of any M&A reasons), M&A is just a first step. A company will not make money for anybody unless it is taken really good care of.
From Day 1 when Geocities was purchased, its business model has stayed the same. And this very business model is NO business model. (end)
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3 comments • Huiting Zhuang,Sell your business overseas • April 24 2009 02:31PMMany people try to understand the second largest economy--the China market, one of the few market economies left in the world.
At Crebbers, we understand and know both the US and China economy. We keep track of all the latest trend in both countries.
The auto industry has been a mess here in the US. According to Xinhua News Agency, in the first quarter of 2009. 2.68 Million of cars were sold. In March 2009 alone, 1.11 Million were sold which makes China the biggest auto market in the world.
In the Shanghai Auto Expo today, a new concept car debuted by Geely Auto (China) inc. The car only costs $1400 to make!
Update: this car could be powered by either rechargible battery or Solar energy.. To my understanding, one congressman has already bought the exclusive right to re-assemble this model in the US and it DOES meet US safety standard.
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If you need to acquire a business in China or you need to sell a business that could be acquired by international buyers, please contact us today: 401-484-7322 or visit us at http://www.crebbers.com
14 comments • Huiting Zhuang,Sell your business overseas • April 23 2009 09:17AMIf you want to know about the Chinese economy or the BRIC (Brazil, Russia, India and China), you can read this article on the Apr 20, 2009 issue of Newsweek.
Rana Foroohar is an editor of Newsweek. She seems to be pretty knowledgeable. Most of what she said is pretty right. However, please be o cautious that so far most articles about the economy of China are very bipolar: the economy is either evil or paradise. The reality is it is neither evil or paradise. This article by Rana is no exception. She talks about the paradise side of the same story.
2 comments • Huiting Zhuang,Sell your business overseas • April 18 2009 10:08PMMany people as me why merger and acquisition. Why international. The big driving force of course is Richardo's comparative advantage theory. Comparative advantage theory mainly tries to explain why we need to do international trade even one country is significantly competitive than another country in almost EVERY aspect.
It sounds difficult to understand but in reality, we are doing it every day. Many business owners are good at almost everything. But still they would hire an office manager and even train the manager to do what she/she is told to do. Why? Because it is more time-effective for a business owner to focus on more productive stuff.
The comparative theory is actually what drove the international trade between USA and many other developing countries. And it will keep powering the international trade and M&A for years to come.
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Crebbers is a merger and acquisition firm that helps your businesses achieve your merger and acquisition goal. We are one of the only firms that handle international transactions. contact us today to find out how we can work together.
Huiting Zhuang, CEO/Co-Owner
tell: 401-484-7322,
Crebbers LLC, international Merger, Acquisition & Consulting
0 comments • Huiting Zhuang,Sell your business overseas • April 18 2009 08:13PMEverybody wants to be a boss. When two firms merger, apparently two bosses will become one. So why merger?
Well, there are many reasons:
While I can go all day writing the benefits (and disadvantages) of mergers, it would be best to look at some real cases.
A week ago, Providence Business News published an report: Firms Brace for possible consolidation.
Two multi-decades old insurance firms are planning to consolidate (merge) to "cut down on overhead and share some employees" (direct quote).
While the reports indicates "such a merger is a going trend in the insurance industry", it is actually true in most industries. With the current economy continues going downhill, the trend will last for quite a while.
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Crebbers is a merger and acquisition firm that helps your businesses achieve your merger and acquisition goal. We are one of the only firms that handle international transactions. contact us today to find out how we can work together.
Huiting Zhuang, CEO/Co-Owner
tell: 401-484-7322
Crebbers LLC, international Merger, Acquisition & Consulting
rain@crebbers.com
http://www.crebbers.com
1 comment • Huiting Zhuang,Sell your business overseas • April 18 2009 01:47PM(Rhode Island) According to a report released yesterday (Apr 17) by RealtyTrac.com, RI foreclosures increased 59% over March 2008 and 54% over Feb 2009.
Nationwide, 341,180 were reported, a 17% increase than Feb 2009.
According to the report, demand is gradually picking up but the increasing demand is not enough to offset the increase of foreclosures.
To get a personal opinion of this report or how it affects your decision to either buy or sell, please contact us.
(401) 484-7322
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1 comment • Huiting Zhuang,Sell your business overseas • April 18 2009 01:01PMBy Huiting zhuang
(Rhode Island) According to our research, Houses are on average sold below assessment statewide in the first quarter of 2009.
This research studied all 39 towns of the state of Rhode Island. 1973 houses are sold in the first quarter of Rhode Island. On average, houses were sold at 75% of town assessment. Of the 39 towns, we only observed Jamestown as an exception.
On average, houses are sold at 92% of listing price
In the period, 97 listings were expired in Rhode Island and they were on average 120% of assessment.
For more information, please contact Huiting at
(401) 484-7322
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Appendix: RI Sold Listings from Jan to March 2009.
0 comments • Huiting Zhuang,Sell your business overseas • April 18 2009 12:32PMThe result does surprise me at all. I joined this industry knowing this and therefore I join to change it. (hopefully).
The following post is simply one non-conformists opinion, albeit a relatively educated one...Its my hope that my words, cutting as they may come across, cause an epiphany for more than a few...
This entire post is based on The California Association of Realtors 2008 Home Seller Survey (released in July 2008, I just happened upon the PowerPoint presentation a few days ago) but the statistics are just as relevant today, if not more so...Granted this survey is but a snapshot of an industry, yet pictures are worth thousands of words...You can read the entire survey here. (All statistical references in this post are derived from the aforementioned survey).
Public perception of the real estate professional and the greater industry is amongst the lowest of any on record. Consumers are looking for an alternative to the 'traditional' Agent and they're defining what this alternative is, yet relatively very few professional are heeding this demand and actually providing a tangible solution. This Survey demonstrates to me that 90% of Agents are not providing what the consumer wants...and it is ALL ABOUT THE CONSUMER.
Personally I know alot of fantastic real estate professionals. Genuinely great people, passionate, always striving to better themselves, their clients, the industry they serve and represent...they're worth every penny they command...they dont suck...I'm just a sucker for a good title (no pun intended). I could fill this page dropping names like Jay Thompson, Kris Berg, Missy Caulk, Bill Gasset and 30 others nobody has heard of as examples of who I consider to be the vanguard of where this industry should look to as ministers of positive change. Unfortunately, they're in the minority and a few good apples don't ripen the bunch.
Agent Perception: I can Has Consumer!
Talk to most any real estate professional and they will tout their expertise, knowledge and marketing prowess as the main reason you should retain their services. Most will maintain that commission rates (should) mean very little to the consumer and they're worth every penny.
Consumer Reality: You Suck!
According to the respondents:
Number One factor considered when choosing an Agent? Lowest Commission.
Last reason? Most knowledgeable. <-- If this doesn't snap you into reality, nothing will.
You'd best start putting your knowledge out there if you hope to attract a client...get a blogsite that rocks, start dropping neighborhood knowledge, get a killer IDX solution...substantiate your value!! The days of being a prude with your listings and expertise until you had an executed contract are over.
I can find out more than you know.
~70% of respondents polled on 'Information from The Internet vs Information from Agent' indicated that the Net provided information that was as useful, 'different' or more useful than an Agent. I can only surmise that 'different' means information an agent couldn't or simply didn't provide. In the Age of Information, lack thereof is akin to being useless.
The ~31% that said The Net provided less useful information than an Agent are part of a 50% declining trend over the past 5 years.
You're still (a) very necessary (evil?).
~95% of respondent sellers still used an agent, which makes perfect sense. I often state that: While technology won't replace a good real estate Agent, the Agent that properly utilizes technology will replace Agent that doesn't.
Consider- 74% of 1st time respondent sellers considered not using an Agent, up 46% from 2007.
You can't market your way out of a brown paper bag.
Of the reasons given for using an Agent only 7% said it was for 'Better Marketing Exposure'. Ummm, isn't this what an Agent's core value proposition is supposed to be, to market property? Consumers clearly do not believe Agents can effectively market their property...yet online and offline marketing is the 1st and 3rd highest reason for choosing an Agent. This is a huge disconnect and opportunity at the same time.
84% of respondent sellers are searching online and 96% Agents polled use print advertising. Helllllooo!?! Can you say poor ROI, waste of money? Newspapers and other print media are going out of business because less and less people read them. Advertising in these dinosaurs is of almost no value going forward.
Only 57% of agents use multiple photos or a virtual tour as part of an online home listing. This just blows my mind. I'd guess that 50% of the 57% that actually use multiple photos look (kinda) like these:
Proper Feng Shui can do wonders for a small space.
Extra long chain for convenient access to light.
Sweet shower curtain stays with home!
Thanks to MLS Trash Can for the pictures. Descriptions by me.
Seriously, an agent who can't manage to market a property with quality photographs should have their license suspended on principle alone.
You're being perpetually judged.
97% of respondents interviewed 3 or more Agents. 50% interviewed 6 or more Agents. Consumers are getting more and more finicky about who they hire. Agents better step up how they present themselves. Better have an impressive resume and a killer suit = a slick engaging blogsite & robust IDX solution.
Here's a scary thought (depending on who you are):
Consumers are lurking on your blog, stalking your FaceBook page, following your Twitter stream, viewing your Flickr account, reading your answers on Trulia, Zillow & ActiveRain, evaluating your IDX, the quality of your multi-media marketing, processing how you engage comment threads and otherwise perpetually judging you under the cloak of anonymity.
How are you representing yourself in public and when you don't think anyone is looking?
The silver lining in this post could be that 'The Bar' is so low in a consumers eyes, those Agents willing to set aside their perceptions and confront reality are in a great position to capture some huge marketshare. Take this information and use it to your advantage rather than deny its validity.
Many Agents are out there cleaning up despite this 'depressing' market...Find them, reach out to them, study their successes...I find the most successful people in life are more than willing to share their successes and help others get there too. Reciprocity is still live and well...
3 comments • Huiting Zhuang,Sell your business overseas • April 16 2009 08:58PMCurrent Real Estate Trend--A study of RI market (Jan~Mar, 2009)
Disclaimer: This research is released as is. While all information is deemed accurate, no strict academic validation has been done due to my time constraint. Readers are encouraged to duplicate this research if you need to make serious decisions based on this research.
I spent about 4 hours on researching the current Real Estate market in Rhode Island yesterday and today as a preparation for our next move in the real estate market.
I mainly want to address three questions.
The data were pulled from RI-MLS system in Apr 14.
Below are partially what I found (the full report is available upon request).
I then studied how VT affects the DOM--days on market. The result is astounding: A mean of 98 days vs 158 days. The T-test is 0 (less than 1 billionth).
For those who understand statistics, that means the two data set definitely got different means. In plain English: VT definitely help sell a listing faster!!
See the right picture for more details.
I then studied the EXPIRED listings from Jan~March. There are 97 of them.
(401) 484-7322
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3 comments • Huiting Zhuang,Sell your business overseas • April 15 2009 08:07PMHappy Easter everybody. I guess by now most Activerainers know the rescue of Captain Richard Phillips. For those who do not watch TV at all, you can watch the news here. Kudo to the US Navy. Kudo to the brave Captain Richard Phillips.
4 comments • Huiting Zhuang,Sell your business overseas • April 12 2009 03:27PMMany Realtors advertise "it is the best time to buy". I would tell a story to clarify what this means.
When a store closes its door, people understand the owner will just sell everything at even lower than clearance price. So in consumers mind:
Going out of business=incredible low price + once in a life time deals.
But to make this equation really work, we need to make two assumptions:
Unfortunately, many people would just use the equation and forget the two assumptions. And unfortunately some people would take advantage of this. See my post: want to take advantage of circuit City liquidation? Be careful. In reality, it has been reported that many store owners would bring outside stock and sell over-priced stuff.
Now the current housing market, especially the housing market, it is exactly the same thing. The "it is the best time to buy" statement makes it as if you can go out in the market and grab a house hoping it will be a deal.
Wrong.
I have to admit it is a good time to buy but buyers have to use their thinking to do their homework (due diligence). The good deals are to be found with effort, not to be grabbed randomly.
If you cannot do your own homework, find a local smart, loyal, knowledgeable and experienced Realtor probably is your best option.
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