All Forum Posts by: Mark Updegraff

Hey Everyone, 

   Thanks for stopping by.  I'm glad we have such an active community that likes to play local and get social.  I'm planning to get out to the next FFREIA meeting if anyone wants to meet up there and after.  

If you or anyone you know has a license and wants to kick it up a notch, we've created some impressive statistics with a very nice trajectory and I need more passionate agents.  I'm actively training and recruiting the brightest brokers in the area and hope if you know anyone you'll kindly send them my way.  

I've created the best payouts with the lowest fees available to attract top producing agents and give them a place to shine.  We're excited, and I know when you see our vision you will be too!  

Sincerely,

Mark Updegraff

http://www.democratandchronicle.com/story/money/bu...

I think real estate professionals are going to be caught of guard next year when low inventory meets even higher demand. IMO sales will be a little stronger in suburb areas and the markets where buyers can still get a good value are going to get really heated. Right now the spread between a city house in a good area and a city house in an "up and coming" area is 60-90$ / sq ft. That is a HUGE spread in price per sq ft for a city . IMO, the price per sq ft in nice areas will continue to inch up. In the "up and coming" areas we've got such a glut of bank owned REOs, current foreclosures, and deferred stock that prices will continue to have lower comps and will keep appraisals from skyrocketing quickly. Nice product will continue to climb in price per sq ft in the "up and coming" area (already seeing it, I'm hitting the top of the market every time on sales in this area when product looks good for retail buyers) but there will be opportunities for people to pick up the previously deferred, foreclosed, REO stock with enough room to make some money flipping into it to the retail buyers. Flippers in my market are typically happy with a 10-15k profit when all is said and done but as things have gotten tighter this has become difficult unless you're buying from a wholesaler or getting a really good deal off the MLS (MUCH harder as there are so many buyers and low inventory). I predict the average price per square ft will be up $5 in my target area next February / March and $10/ft by the end of 2016. That still leaves a huge gap, so I could see my estimates here still being conservative... Time will tell!!!

A lot of foreign people are looking for shelter in the US.  I'm seeing a lot of cash buyers from China and Canada.  The Canadians are buying what I consider garbage for the most part, but those from China are just seeking stability and are more gearing toward the areas near development or in well established markets.  I think the garbage areas will be relatively flat over the foreseeable future and those with some potential will continue to close gaps between retail and undervalued.  After all, people want the hope of gain.  I don't think prices will go back personally, so IMO making money in RE may start to take on a different look.  Like flipping into the markets where you have the most buyers / bidding wars.  Of course you've got to know your numbers and be careful.  Margins are smaller on the smaller values and people are starting to pay to much for projects because they can't afford retail and "want a discount" even if they don't realize what the actual cost is going to be.  They figure they're doing a lot of it so they're getting the $ out of their work and sacrificing the profit that should be there just so they can get in cheap... might as well get a second job....Anyway, I still see the market as abundant with absolutely no problem getting my clients heavy cash flowing deals in where I believe the be the most strategic locations of Rochester.

I'm not sure about your market, but ours has been changing pretty rapidly.  There is a huge shortage of inventory and even when people try to low ball new listings and then "walk" because the seller won't come down I end up hearing their cries months later that they can't find anything better than the deal they were trying to squeeze a couple K out of, and the fact that the current deals are even worse...  Appraisals are slow to catch up to some of the hotter markets which is keeping prices from shooting up super quickly, but if you run some of the numbers I'm seeing values going up 20% in particular areas over the last year. Of course it is all relative to where you're buying.  In the higher end markets I think a lot of people got ahead of themselves by looking at the pace of the cheaper markets and thinking they would be similar, but they aren't loosing money flipping into it either.  Most of them are listing high and then price reducing but then selling fairly quickly after an appropriate reduction while still making over 10% annual.  All and all, great time to be investing in RE in Rochester as long as you understand the old market is GONE.

@Joshua Dorkin maybe if we keep the "upstate" active and fill it with Rochester NY threads we can get something for Rochester exclusively?  Not saying we need to kill upstate, but if no one is using the 4 NY sub forums and we're willing to, it would make sense to hijack one of them ;C)  

Headed to Upstate now!

I came to Rochester NY in 1997 and at first never really envisioned myself settling in and making it home.  This is the same for most young professionals that are studying at the universities and is evident in the few that stay and find jobs in our city.  Most people don't realize, but Rochester's population actually peaked back in the 1800's and has been in decline ever since.  We're plagued with tons of deferred housing stock, slum lords, city owned vacant lots from properties taken back, and a gluttonous oversupply of office & industrial space yet I remain optimistic for this river city's future.  Right now we're in the beginning phases of setting up workforce development programs and acquiring space for redevelopments that have a community facing aspect while remain profitable enough for investors to undertake.  

What is it that entices you to upstate?  

What needs to change to make you more successful?

Hi all,

     I'm in need of a full time bookkeeper with quickbooks background.  If you or anyone you know is looking for employment in the city of Rochester NY, please have them send me their resume.  

     We're also looking for more licensed agents.  If you're not happy with productivity at your current brokerage, Updegraff Group has a lot to offer!  We're looking for like minded individuals that want to grow professionally and be high volume producers.  We're structured to be the highest paying brokerage in town.  We also have copious amounts of leads if you're struggling.  If you're not doing as well as you think you should be, there is probably a reason.  Let us help you succeed!  

Sincerely,

Mark

Thanks y'all for jumping into the UpState Forum!  Lot's of people use the term UpState, and since I've got my BP alerts set up... it isn't solely used by New York Upstaters... apparently lots of different states like to throw around 'upstate'  Anyway, I digress.  

SOOO, all you Upstate NY peeps.  How do we define ourselves geographically?  I know a lot of people interpreting "upstate NY" think of areas north of NYC....  In fact I had a friend in college (RIT) that came to Rochester (upstate) thinking he would be close to NYC.... WOW!!  He should have looked at a map first.... 

Upstate is a huge and somewhat ambiguous term for areas in NY.

How are we going to effectively use this forum?

Buffalo, Rochester, Syracuse, Albany...  I don't necessarily want to talk to all these groups if I'm digging into my local markets.  

waiting for @Joshua Dorkin approval and then we can 100X the Rochester sub forum.  

Come on Josh, set us up and we'll make it the most active sub forum you've got :D 

Cheers,
Mark

The bahamas are expensive to build in.  I wouldn't build a stick house, but it seems most builders don't care and throw up houses that are not built to last.  Sales are also pretty slow...  how do you make money in Bahamas real estate?