kaulat

It's time to "monitor and adjust." I realized last week that while homes may sell, the people who input the closings may not do so for a while, so it's better to look at closings from a year's point of view. This year since the first of January I see 13 closings for Skaneateles as published through the multiple listing service. There were 7 in January, 3 each in February and March. Of these, 6 were village homes, 3 were waterfront (even in the winter!). A couple were technically not in Skaneateles, but listed in the area because of the lake. Prices ranged from $117,900 to $825,000. Generally, the sale price was about 7% to 10% off the list price. This last fact is difficult to generalize. Several homes have gone through cycles of listings, starting at a higher price and coming down as Realtors changed, as time went on and the homes became "shelf worn." The 10% figure might not be accurate in these cases from the initial pricing, just as the hous...

Over and over I am asked what is the best thing to do to sell a home. I'm on my way to just such an appointment this afternoon, and the answer will be what it always is - get rid of "stuff." Early on in my career I showed a house owned by an older couple who were down-sizing. Their home was filled with a lifetime of memories and just plain stuff. It wasn't just all over, but was boxed and on shelves, the workshop organized with every tool imaginable, and the house what my clients wanted. They expressed the opinion that the older couple would never move. "Of course they will," I insisted. "Everything will go - you can even write it into the contract that by walk-through it will be gone." "No," they said, and we looked at other homes and bought something else. To my knowledge, they were right. The home of the older couple never did sell! The family took it off the market and it sits to this day, filled with stuff, I imagine. My mothe...

Then it was past eight o'clock in Manlius, east of Syracuse, when I finished showing houses to my out-of-town clients. We were exhausted, having gone strong since 3:00. They went off for an evening of good food in a local restaurant and a long discussion of the possibilities we had seen. Great choices, but a difficult decision lay ahead. I headed for home, knowing there would be dinner on the table (thank you Bob!), a warm bottle of Ithaca Nut Brown Ale, a cozy fire and NCAA basketball games to watch. The rain started to mix with snow as I flew past Wegman's in Fayetteville onto a scary 690. Lanes blurred and I wanted a distraction. NPR was hosting a discussion of ants and their habitats. That wasn't it. I turned to AM radio and found the West Virginia/Xavier game in progress. It had been a long time since I'd listened to a game on the radio, but it was most welcome. At the breaks I heard commercials - local and national. RE/MAX apparently through Westwood O...

Last Saturday an article on the "Space House" caught my eye. The title was "Drop in housing market brings Space House price out of orbit." It was sold at auction in Chattanooga, Tennessee for $135,000. It looks like a flying saucer, complete with a retractable staircase. We have a few different homes in our neck of the woods. Way out overlooking Otisco Lake somewhere is a tree house. The owner wanted to live in one and found an architect to design and build it. To my knowledge, it still exists. Then there's the geodosic dome just outside Amber on the east side of the lake. It was on the market a few years ago and one of my clients put in an offer. It was eerie - if I said something in a whisper in one part of the house the sound bounced to another. I still liked it - quite rustic and on a great piece of land. The trees had closed in on it over the years - you wouldn't know it was there from the road. It sold for around $90,000, if I remember corre...

Man, the price cuts in Long Beach are coming so fast, I can't keep up with them! Here is the first post I wrote on this property: http://longbeachhousingblog.blogspot.com/2008/01/glory-daze.html and here is a comment from that post: [When considering purchasing a rental property] Razing an old decrepit home and constructing a nice house or some rental units can be a smart investment—IN A NICE, UPCOMING NEIGHBORHOOD. This, I’m afraid, is not one of those neighborhoods. In fact, during my tenure, gunshots, car vandalism (the fact that quite a few cars are now parked behind a gate in the back yard tells me street parking still isn’t a good idea), homeless, and even car fires (!) were yin to cheap rent’s yang. I drove by for old time’s sake a few months ago and not much has changed. And here was the second post in January discussing the $30,000 price drop: http://longbeachhousingblog.blogspot.com/2008/02/glory-daze-update.html and here is a portion of my analysis from that post: And...

Do you remember this lil ' green goblin from February's A Tale of Two Cities post? http://www.redfin.com/stingray/do/printable-listing?listing-id=1456738 Well, it turns out somebody cracked open a newspaper. The wishing price for "the best house in the area" has been dropped from a staggering $310,000 to a less staggering but still hilarious $265,000. Hey, they at least get an "A" for effort for finally waking up to the cold, hard reality that this dump, in this condition, in this terrible neighborhood ain't going anywhere until the price starts flirting with the 2000 value of $130,000. That's a Tear Down price for what is clearly a Tear Down property. And the thing I don't get is why they're selling the first place. Is it that tough to keep up with a $917 a month mortgage? Really? They did, to their credit, buy years before the housing bubble inflated to the catastrophic proportions we witnessed in '06, so I can't blame them for tak...

Listings continue to increase with the coming of spring. We now have 94 single family residences on the market. About 77 of these are actual homes, and the other 17 are "to be builts" placed by the builders' agents to show what could be placed on their lots. A good sign of the coming warm weather is that 2 of the new listings are waterfront. Soon we'll be basking by the water! There were no closings or contingent contracts filed this week. As I went through the hotsheet last week I saw a closing in Skaneateles and was excited, knowing it would show up in this blog. Unfortunately - or not - it was a home I'd sold and closed on back in February. The agent's company just closed it out on the exchange. But still - it's a closing! Adding to the listings this week were condos, 10 of them in the Seitz Building at the corner of Jordan and Genesee Streets. These have 1 or 2 bedrooms, with great views, and retail in the 500K range. There are three others o...

Story #1 One of my clients told me an odd story recently. He had been looking for a home with me for a time, and really liked one we had seen. He was still uncertain so he didn't move on it - there were some drawbacks to it as well, major drawbacks. He went to a conference on the west coast and was approached by a woman who recognized the company's name for which he worked. They got into conversation and she said she was from Utica, but lived east of Syracuse because she enjoyed the area so much. My client related his search for a home and as it turned out she lived in the same area in which this home he liked was located. Not only that, she had seen the home when she was searching too and considered it as well. She encouraged my client - and bear in mind, these are two people who are meeting on the west coast (where presumably it's warm and springlike) talking about a specific house east of Syracuse - to pursue the home and work on the major drawbacks. We are doing t...

Last Saturday Chris Briel from Skaneateles Design hosted a "How to Blog" seminar at Creekside. She came up with the idea only on Wednesday, but Saturday morning at 9:30 ten people showed up to learn about blogging. There is interest! Chris was great. She had thought ahead to provide us all with sheets on how to get started on Skaneateles Talk ( http://skaneatelestalk.com/blogs ). Three other Realtors came to learn, as did shop owners and private business people. She took us through the whys and hows and gave some great tips. Curt Feldmann from Skaneateles Suites ( http://skaneatelessuites.com ) contributed to the discussion as well. He and Chris have been sharing information for a while now, pumping each other's websites up and taking the lead to put Skaneateles on the map. He says that we are all there for the common purpose - promoting our wonderful village and lake. Curt's efforts are netting him more than 1,000 hits each and every day! I suggested to Chri...

My Redfin account is set up to send an e-mail every time a new listing matching my preferences pops up on the MLS. There haven't been too many lately. It's pretty much the same ol' properties I've been scoping out since last summer. Nothing's selling (save the occasional knife catcher who is suckered by the "15% less than the last buyer paid a year ago!") and homedebtors tempted to sell obviously know this. And the reason nothing is moving is because most Long Beach sellers have either hit their absolute pricing floor (meaning if they drop any further, they'll have to cut a big fat check to keep their credit intact or risk foreclosure) or for whatever reason they're just not serious about selling (they have a decent amount of equity or they're not under an inordinate amount of stress yet). In addition to e-mailing new listings, Redfin also sends me pricing updates on listed properties. Due to sellers clinging to the delusional hope that the mar...

After touring quite a grand new listing on broker's open today - the only one this week - I went into the office to go through my mail and leave notes for other agents. As I left, I ran into an old friend who spends a great deal of the winter (and some of the summer) in South Carolina. Although he'd hate to be called a "snowbird," his return did herald spring. As we stood and talked on the sidewalk outside Doug's, our discussion turned to real estate - surprise! He told me that last year his investment group purchased over 1.5 million in Syracuse. This represents about 15 houses. They are currently waiting for the banks to give them a go ahead for another round, but he states that it's slow. "Everyone's being careful," he said. "We have a lot borrowed out there and they don't want to take risks." He asked about Skaneateles and I told him. He reiterated the "everyone's being careful" comment, then reminded me t...

Last week I established the criteria for what would be considered in my weekly update. I want to add one other category, something that admittedly is published every Sunday morning in the real estate section of the Post Standard, but a fact that is important for context purposes. And since not everyone ("no, really?!") reads the Sunday P-S, then publishing it here makes some sense. This number is the average price of a home in Skaneateles , currently $562,500. Last year at this time the average price was $473,800. Wow! I remember when I first started real estate almost 7 years ago. The number then was around $200,000. Skaneateles' prices have increased, but not the crazy percentages that are seen elsewhere and have caused the housing crises in other parts of the country. Another point about this number: the nearest competitor is the Town of Pompey, surprisingly enough, with their entry of $243,500. Skaneateles is influenced by waterfront homes, while Pompey has la...

On my last blog, a young reader wrote in to ask about the most expensive home sold in this area in the past five years. I published the comment, and now I'd like to answer this most intelligent question. And parenthetically, I hadn't thought of using the blog this way but this is great! The most expensive house that came to mind immediately was 45 West Lake Street, and indeed after checking with the multiple listing service it was, by far. There may have been private sales, but this is the one on record with the service. It truly is an incredible house. Within easy reach of Genesee Street, with a view over the water of the village, and over 7800 square feet of newly renovated space on 1.8 acres it is worthy of "most expensive home in the area" status. The deciding factor was, in my opinion, 422 feet of waterfront, the most, I believe, within the village. I remember going to the broker's open and just falling in love. I had seen it before it was renovated and...

Today I have a quick update on our favorite MLS Manipulator over at 1055 Orizaba. Since I started tracking the complex, we've seen the following condos listed (and in some cases relisted) for sale: Unit #5 Unit #10 Unit #17 Unit #18 Unit #9 Unit #24 As of today there are three new listings: Unit # 14 Unit # 8 Unit #15 A little napkin math tells us that nine units for sale means this complex is almost HALF EMPTY. With their current asking prices ($365,000 for # 15, HA!) and hilarious $212 monthly HOA fee, it's easy to see why.

What a great afternoon! My husband and I went to the Home Show at the Fairgrounds to check out the setting for his presentation for Purcell Paints tomorrow. (This is an unsolicited plug, BTW - he, Bob Chestnut, will demonstrate painting with metallic paints and then woodgraining. Show times are 11:00 and 12:00 in the Toyota Building. Meanwhile of course I'll be doing the open house on West Elizabeth Street, a self-solicited plug.) We had a good time, running into many people we knew who were interested in the latest trends in painting. Rakel showed her skill in first Venetian plaster techniques and then marblizing, transforming a wooden column into seemingly a black marble stand in less than an hour. She was followed by Heather who packed them in for her Skimstones exhibition. This is what I would call concrete painting, using a paint/powder that hardens and can be used for flooring or countertops. We saw it out west and it was a tremendous effect, like having a carpet emb...

This Saturday, as in tomorrow, Chris Briel ( www.skaneatelesdesign.com ) will talk about blogging at Creekside, starting at 9:30. She got the idea when I asked her for some help which she readily offered. She sent out an e-mail or many, and got some good response so we'll be there somewhere in the coffeehouse. It's open to everyone who wants to come. Please join us! That scandal resulting in our resigned governor was discovered because he moved money around suspiciously. Years ago I sold a house to a man from California. He wired over the money, and the attorneys and I sat in a room to finalize the deal and close the sale. The only problem was the money was stopped en route. The federal government under the Patriot Act thought it was suspicious because the name of the road was "Burma," as in the country. Our deal almost fell apart because of deadlines! This Sunday is my open house featuring the gold coins which I bought today. I like to have fun, present s...

This is an exciting day! Today's property is a first of its kind for Real Estate in the LBC ! Address: 780 Mira Mar, 90804 Asking Price: $358,900 Year Built: 1923 Size: 2 beds, 1 baths, 735 sq. ft. $/Sq. Ft.: $488 (Rrrrrrrrrrright...) MLS#: P626601 On Redfin: 3 days Description: Bank owned property, great opportunity, Charming two story traditional spanish style, has lots of potential. Cute bathroom and kitchen, this home is perfect for first time buyers. Why buy a condo when you can own a home in a quaint neighborhood! And here's why this property is so special: Purchase price: $481,400 Purchase date: 12/2007 That's right, friends...a FIRST PAYMENT DEFAULT. This dummy, for whatever reason, decided to try his hand at real estate riches way too late in the game. Instead of fixing this place up (read: demolishing it) and flipping it for a healthy profit, he quickly discovered he didn't have enough scratch to put even one measly mortgage payment together, let alone make im...

Our old Himalayan, Hermes, is going to see Doc Schnabel tomorrow at the Weedsport Animal Hospital. He has a horrendous cold that is getting worse it seems. He's lost a lot of weight, and we are very concerned. Whether he has a week or a year, he is closing in on the end of his life and I want to somehow memorialize that life. I came home early today to sit by the fire and read while he slept on a piece of paper on the floor. He's chosen - as is his wont - to do his own thing, which is to sit on my husband's chair in his workshop instead. That is the essence of Hermes - he has his own personality and will do what he wants, even more so than most cats. My son and I gave him to my mother Christmas of 1992. She had insisted on no more animals because she wouldn't be around to take care of them, she said. (She lived another 14 years, protesting that every day was her last.) We brought him over to her house in Syracuse in a basket and let him find his way out. It too...

If you’ve ever spent a reasonable amount of time in Belmont Shore, I’m sure you’ve all seen this place. The reason I’m featuring it today is because I think it perfectly encapsulates The Great Housing Ponzi Scheme, unadulterated greed, and the ridiculousness of our consumer culture. Address: 109 Park Ave, 90803 Wishing Price: $2,785,000 Year Built: 1925 (but it looks like this new house was built in ’07) Size: 4 beds, 5 baths, 3,900 sq. ft. $/Sq. Ft.: $714 (HAHAHAHA!) Purchase price: $750,000 Purchase date: 4/2007 MLS #: P594673 On Redfin : 209 days Description: The only 'Belmont Heights Estate-sized Home' located on the largest SFR Lot in Belmont Shore, just a block from the beach! Stunning, architectural-built like a piece of the furniture. One of a kind home offers formal LR & formal DR, 4 BRS 5 BAs (Twin master suites rest between a great room. )FR w/ FP . Almost 4,000 sq. ft. on a 6,100 sq. ft lot (2-1/3 lots) This is the largest lot and most presitigious home loca...

I have to admit that one thing I didn't find at the RE/MAX Convention was a great deal of out of the box marketing ideas. I didn't take a lot of classes, but they weren't aimed at this anyway. A couple years ago I listed a beautiful home here in Skaneateles that took a while to sell. It was in the high 600s, so we were prepared for a lengthy marketing experience, should we say. It was just when the market seemed to be turning, and we were reading about the extraordinary measures some agents were taking to make their homes more enticing. "Give people an incentive, and they will respond," said one of the RE/MAX presenters. So we did. We (the owners and I) offered round trip tickets to Europe or beyond, imported ornamental balls, a monetary incentive to the agent who would sell it, and a list of other smaller goodies. The story was picked up by the Post Standard and there we were - above the fold on the front page! We were invited on to a local afternoon talk show to...

A bit of background: I've always had a fairly firm grounding in what I believe psychologically. I think people respond to the world because of what they think about it. Simply put, if you think things will turn out well they generally do. Norman Vincent Peale was perhaps the greatest advocate of this school - the power of positive thinking. As a student I was inculcated in B.F. Skinner's methodology. He literally funded the labs at Mount Holyoke and we learned Skinnerian thought. It made sense as far as it went, but there seemed to be more. My pigeon learned rapidly to peck at the stimulus, but I had to think he was getting fairly tired of "learning" by my Friday lab. In grad school at Ohio U I was introduced to Albert Ellis and Rational-Emotive Therapy. That made sense. The client worked on things that needed to be done, and thought produced emotions that produced positive feelings. Entering real estate I was introduced through Gallinger to Maralyn Schwartz. She gave...

Back to the convention.... The opening session told the story of the RE/MAX co-founders. I knew it, of course, but just hearing it again and seeing them out there on the stage reminded me of what an incredible accomplishment and organization RE/MAX truly is. It was started in 1973 - the year I graduated - and has grown to be THE largest real estate company in the world. From the ideas of four people working together to improve the lives of agents and give them more control over their businesses, there are now offices in 68 countries around the world. Fifty-five of those countries - over 2,000 agents or brokers from outside the United States - were represented. Awards went to Canadians and Texans, Austrians and South Africans. And those four people were still involved in the company. The session also had plenty of Vegas glitz with dancers and costumes and sets depicting the different decades. Commercials were shown from the eras. One showed Prudential and Coldwell Banker buried ...

In my January post Love Thy Neighbor , I featured one overpriced condo clinging to a ridiculous wishing price and his heartless, disgusting, comp-killing, bank-owned neighbor who priced $40,000 lower. Well, that ruthless, scumbag bank (in the eyes of the wishing price neighbor) just made the weekly open houses a hell of a lot more uncomfortable. That's because the bank who owns #8 recently dropped the price another $30,000 to $369,000 (If it sold today at that price, the bank would eat $65,000 including commissions). Now compare that new price to #13's $439,000 fantasy pricing and tell me what kind of day he's having. While I respect Unlucky #13's pricing strategy (offend all buyers with a ridiculous price and STICK TO IT), if #8 miraculously sold for $369,000, #13 would IMMEDIATELY have to knock $60,000 off the price of his nearly identical property to meet the new comp and have any chance at a sale. The worst part is that Unit #8's dramatic price reduction ha...