Tag Archives: real estate

Real Estate

Proptech: Bridging the Digital World and Real Property

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We are in the midst of a digital revolution, the dawning of the Information Age. Not since the industrial revolution has so many industries changed so quickly. For a variety of reasons, real estate hasn’t taken a leading role. In fact, it’s hardly taken part. That’s rapidly starting to change thanks to the advent of PropTech.

The Meteoric Rise of PropTech

PropTech is the combination of the property and technology, and it basically refers to startups and post-startups, like Zillow and RedFin, that offer technologically innovative products and new business models in the real estate market.

Just a couple years ago, PropTech was virtually unheard of. Global investment in PropTech companies totaled just $200 million in 2011. It skyrocketed to $4.2 billion by 2016. Last year the total was $12.6b.

The new attention and investment have spurred a huge number of PropTech startups—more than we could ever list here. Here is an article where you can learn more and here is another one. A huge number of PropTech companies are exploring ways to use blockchain, the technology that makes bitcoin possible, to speed up and improve security in real estate transactions.

A summary of blockchain’s potential applications in real estate can be found in this Punctual Abstract blog: Will Blockchain Disrupt The Real Estate And Title Industries?

PropTech’s Promise in the Developing World

But PropTech won’t just change real estate here in the United States. The implications may actually be even greater in developing countries where there’s little faith in land titles and records because they can so easily be subjected to tampering and manipulation by landowners and government officials — for the right price. Blockchain may allow some undeveloped countries to completely bypass paper-based land records systems — the same way many skipped landlines (and the complicated infrastructure they require) and moved straight to cell phone towers.

Here in the US and abroad, a large gap remains to be filled before the most promising PropTech applications can be scaled and brought to market. But barring any major disruption or invention, PropTech is coming to a neighborhood near you.

Choose Punctual Abstract for Turn-Times of 24 to 48 Hours

Punctual Abstract is a national title abstracting company located in Harvey, LA that provides commercial and residential abstracts of all kinds, performing complete title searches plus attorney opinion package-deals all with the same average turn-time of 24-48 hours! To learn more, visit our homepage or contact us today!

Real Estate, Real Estate Agents

2018’s Fifty Best Markets for Realtors

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The best real estate agents in the country earn over $100,000 a year. Though skill and tenacity have a lot to do with success, so does being in the right place at the right time. To that end, Fit Small Business performed an analysis of the biggest 50 metropolitan centers in the United States to determine which were the best markets for realtors.

Their report took into account eight weighted metrics, drawing from sources including the Bureau of Labor Statistics, Trulia, Zillow, and the United States Census Bureau:

  • Mean annual wages
  • Percent of sales that were ‘flips’
  • Percent of listings with price reduction
  • Days on market
  • Inventory measure
  • Location quotient
  • Median price cut percentage
  • Median sales price of homes

The Top 10 Best Markets for Realtors

1.) Los Angeles – Long Beach – Anaheim, CA

No surprises here that Greater LA is considered best among the best markets for Realtors. It scored high in every metric examined. Realtors earn major commissions per sale. Despite the large inventory, homes only last 64 days on the market. LA realtors earn an average of just over $63,000 a year.

2.) Boston, MA

Realtors in Beantown earn an average of $67,400 per year thanks to high median sales price of $464,100. It also ranked in the top 15 in four other metrics.

3.) San Francisco, CA

Real estate valuations in San Francisco are through the roof. So are Realtor salaries. The average San Francisco Realtor pulls in over $96,000 a year.

4.) Chicago, IL

Great home supply, excellent time-on-market, and a high percentage of “flips” make the Windy City a great place to be a Realtor in 2018.

5.) Washington, D.C.

The nation’s capital is friendly to Realtors, who earn $62,320 a year thanks to good inventory and high median sales price.

6.) New York, NY

New York has four categories in the top 10, which explains why Realtors there earn more than anywhere else in the country: $97,610 a year,

7.) Denver, CO

Homes only stay on the market around 67 days in Denver, and Realtors are handsomely rewarded for their hard work, earning fourth-most in the nation: $78,630 annually, on average.

8.) Miami – Fort Lauderdale, FL

Miami Realtors do quite well in sunny Florida, earning $72,380 per year, eighth best in the country.

9.) San Jose, CA

The capital of Silicon Valley, San Jose is a somewhat small market compared to the others on this list. Yet median sales price is a whopping $1,165,000. Realtors in San Jose earn a respectable $62,300 annually.

10.) Riverside, CA

Low competition is one reason Realtors do so well in Riverside. A median sales price of  $339,000, 13th among the 50 largest metro areas, is another.

The Rest of the 50 Best Markets for Realtors

11.) Providence, RI

12.) San Antonio, TX

13.) Austin, TX

14.) San Diego, CA

15.) Nashville, TN

16.) Phoenix, AZ

17.) Philadelphia, PA

18.) Orlando, FL

19.) Dallas – Fort Worth, TX

20.) Charlotte, NC

21.) Las Vegas, NV

22.) Minneapolis – St. Paul, MN

23.) Atlanta, GA

24.) Portland, OR

25.) Sacramento, CA

26.) Virginia Beach, VA

27.) Seattle, WA

28.) Baltimore, MD

29.) Raleigh, NC

30.) Birmingham, AL

31.) Richmond, VA

32.) Tampa, FL

33.) Memphis, TN

34.) St. Louis, MO

35.) Oklahoma City, OK\

36.) Salt Lake City, UT

37.) Detroit, MI

38.) Houston, TX

39.) Buffalo, NY

40.) Hartford, CT

41.) Kansas City, MO

42.) Jacksonville, FL

43.) Milwaukee, WI

44.) Columbus, OH

45.) Rochester, NY

46.) Louisville – Jefferson County, KY

47.) New Orleans, LA

48.) Cleveland, OH

49.) Pittsburgh, PA

50.) Cincinnati, OH

About Punctual Abstract

Punctual Abstract is your national solution with a local touch, a national title abstracting company located in Harvey, LA. Whether you need an abstractor for a certain county or region, or you’re looking for a national provider, Punctual Abstract is here to help.

We have extensive experience performing commercial and residential abstracts of all kinds and perform complete title searches plus attorney opinion package-deals all with the same average turn-time of 24-48 hours! Visit our homepage or contact us today for more information.

Architecture

The Vintage of the Housing Stock in the Largest U.S. Cities, Ranked

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Anyone can look up the date a city was founded. But what does that really say about the age of a city? St. Augustine, FL was founded in 1565 by Spanish explorers, but it’s housing stock — the age of its buildings — is quite young. Las Vegas, NV was founded in 1905, but only .3% of its housing stock dates from before 1940. Nationwide, much of the housing stock dates to after World War Two. Only 14% of existing residences were built before 1940. But, as you’ll see, the vintage of the housing stock depends greatly on where you are.

Vintage of Housing Stock in 10 Largest U.S. Cities

First we will take a look at the vintage of the housing stock in the 10 largest cities in the United States. Then we’ll look at the metro areas in the U.S. with the oldest housing stock. We hope you enjoy!

10. San Jose, CA

A relatively new metro area, the capital of Silicon Valley, is San Jose, CA. 6% of the housing stock in San Jose was built before 1940. 9% was built before 1950. 21% was built before 1960. The median listing price in San Jose is pricey at $750,000.

9. Dallas, TX

Also a relatively new metro area is Dallas, TX. Just 6% of the housing stock in Dallas dates from before 1940. 12% of homes were built before 1950, and 26% was built before 1960. The median listing price in Dallas is $385,000.

8. San Diego, CA

Only 7% of homes in San Diego were built before 1940. 12% of homes in San Diego were born before 1950. 25% of homes there date to before 1960. The median listing price for homes in San Diego is $649,000.

7. San Antonio, TX

Just 6% of homes built in San Antonio, TX were built before 1940. 11% were born before 1950. 22% were built before 1960. The median listing price for homes in San Antonio is just $235,000.

6. Phoenix, AZ

Phoenix is an extremely new city with just 2% of its housing stock built before 1940. 5% of homes were built before 1950, and 16% date from before 1960. The median listing price for a Phoenix home is $285,000.

5. Philadelphia, PA

An older city, the City of Brotherly Love, Philadelphia also has an older housing stock than many major cities on this list. 40% of its homes were built before 1940. 55% were built before 1950, and 72% were built before 1960. The median listing price is $165,000.

4. Houston, TX

At this point in the list, you should be noticing strong tendencies based on geographic region. Houston, TX, like the other Texas cities on this list, has a relatively new housing stock. Only 5% of its homes were built before 1940. 10% were built before 1950, and 21% were built before 1960. The median listing price is $282,000.

3. Chicago, IL

Chicago has the oldest housing stock among the top 10 metro areas, with 46% of homes in built before 1940. Just over half, 52%, were built before 1950, and 66% were built before 1960. The median listing price is $245,000.

2. Los Angeles, CA

20% of homes in the City of Angels were built before 1940. 31% were built before 1950, and just under half, 49%, were built before 1960. The median listing price is $775,000.

1. New York City, NY

42% of homes in New York City were built before 1940. Just over half of homes, 52%, were built before 1950. 66% of homes in the Big Apple were built before 1960. Pricey by most standards, the median listing price for homes in New York City is $849,000.

The Oldest Metro Areas in the U.S.

Buffalo, New York holds the title of having the oldest housing stock in the United States, among major metro areas. A whopping 63% of homes were built before 1940. 84% were built before 1960. Detroit, Michigan is the only other major U.S. city with over 80% of homes built before 1960 (81%). 57% of homes in the Motor City were built before 1950.

Other major U.S. cities with old housing stock are Cleveland (77% built before 1960), St. Louis (77% built before 1960) and Baltimore (72% built before 1960). Want to check out other cities? Here you go!

About Punctual Abstract

Punctual Abstract is your national solution with a local touch, a national title abstracting company located in Harvey, LA. Whether you need an abstractor for a certain county or region, or you’re looking for a national provider, Punctual Abstract is here to help.

We have extensive experience performing commercial and residential abstracts of all kinds and perform complete title searches plus attorney opinion package-deals all with the same average turn-time of 24-48 hours! Visit our homepage or contact us today for more information.

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