kaulat

I had an interesting week. Several - many - times I used the update information, all the statistics, while speaking with people. I found I could rattle off the number of listings and closings, knew where Skaneateles stood in relation to Camillus and other areas, was conversant with the trends. This weekly update forces me to know what is happening - and knowing that, I feel in control. (Not that I'm a control freak or anything - not me!) There are currently 162 active listings in the Skaneateles area. Of these, 8 are new this week: 5 brand new (without a history) and 3 re-lists. There were no sales or closings. We still have 19 closings listed for the year in the multiple listing service. Being that this is the Fourth of July holiday week, I thought a bit of history might be interesting and also give some perspective on the market. And since we're at the mid-point it is a good time to pause and take stock. The results of this search are actually incredibly informative. Just the...

Sorry for the lack of updates. I've been traveling quite a bit (to Florida and Baltimore, MD--two hotbeds of real estate disaster). Today I'm going to avoid talking trash* and am featuring a seller that should be applauded for their acceptance of reality and their no-holds-barred pricing strategy. Address: 1833 E APPLETON St #8, 90802 Asking Price: $165,000 Size: 1 beds, 1 baths, 684 sq. ft. $/Sq. Ft.: $265 HOA Fee: $90 Purchase price: $260,000 Purchase date: 1/2006 MLS #: I07143120 On Redfin : 273 days Down Payment: $24,750 Monthly Payment: $1,200 Income Requirement: $41,250 Description: FOR MORE INFO SEE AGENTS COMMENTS. SPACIOUS, TURNKEY CONDO, 2ND FLOOR UNIT WITH BALCONY & PLEASENT VIEW OF PARK LIKE COURTYARD. UNIT FEATURED HARDWOOD FLOORS, & CLASSIC CERAMIC TILE, NEWER KITCHEN CABINETS, BUILT IN MICROWAVE, STOVE, DOUBLE PANE WINDOWS THROUGHOUT. EXELLENT LOCATION IN DESIRABLE ALAMITOS BEACH , JUST FEW BLOCKS FROM THE OCEAN, AND WALKING DISTANCE TO THE PARK, SHOP...

This goes out to everyone who unfortunately learn the hard way that "It's not closed until it's closed." I have a friend who somewhere in upstate New York was selling her beautiful home. It was on the market - 4 bedrooms, 2.5 baths - very lovely in a country setting. One Realtor quoted her well over $300,000 for a list price but she decided that she would use the services of another Realtor who started under $300,000. Pricing is everything. The house, minimally furnished, languished on the market for 9 months until a buyer made a low offer but they countered to bring up the price a bit. Closing was set for early April. The day before closing, for reasons still unknown, the buyer called the town's building inspector/code enforcement officer and asked about the fourth bedroom. It was located with a full bath on the third floor of this 1990-built home. The building inspector pulled the files - yes, the contractor who built the home had a Certificate of Occupanc...

I have to admit, it was hard to choose this week. I saw 5 houses in 3 hours - from Camillus to Auburn, and three of them are stuck in my head. I am not choosing the fantastic waterfront property off East Lake Road with the winding drive down to a ton of wood, stone, ceramic and tile plus creative lighting throughout. Not the sauna and the wine cellar, or that kitchen with every upgraded appliance and gorgeous granite. It's offered at $2,000,000 and seems a bargain at that. I am also not choosing the totally decorated and reconfigured home on West Genesee - again stone and tile and tremendous style whose price includes all the furnishings: $729,900. I liked - and forgive my taste but I thought it sweet and full of potential, "a little bit of heaven" the owners called it - a home I saw on Richard Road out past Borodino. From the wood stove on the main level to the wood stove in the basement, I was charmed. I loved the views most of all - 12 acres down not to the lake,...

The numbers don't show it, but we are suddenly talking about buyers. And that is a very good thing! There are currently 157 listings in the Skaneateles area in the multiple listing service. There were 9 new ones this week - 2 were really new and 7 were re-lists or reconfigurations. For example, a lot can be sold as a lot or as a "to be built" with pictures of what the home would look like. Several of these new listings are waterfront (across East Lake Road really) luxury mansions. Two homes sold this week - one in the village and one in the country. It felt good to speak with people who pulled up the listing and say, "Oh, I'm sorry! That one was just marked contingent." It takes only one pebble to start a landslide! One property also closed - true waterfront, sold over the winter. I went back and looked - the last village closing was March 5th. The mantra is "we can do this, we can sell, we can do this, we can sell....." Sitting at my op...

Yesterday I held open beautiful 11 Onondaga Street in the village. The first couple through said they were just looking, having recently bought in the village. We spoke a lot about the history of the house. They agreed that it seemed older than its 100 years as assigned by the taxes. I told them that when I had 72 Jordan Street the local historian corrected the taxes and we ended up about 20 years younger than previously reported. After saying good-bye to them I greeted an older woman who was signing in. She said she had lived in the house as a little girl, her mother had been born in it, and her great-grandfather (I think) had built it and lived across the street. She was thrilled to have the opportunity to return to the house. Magic! Her mother was born in 1901, so that took care of the correctness of the tax information. She said very little structurally had changed. What people identified as possible additions actually weren't. Still the rear of the house was utilitarian and t...

Some people just don’t get it. If you bought a house during the last three years and are trying to sell it today, it will cost you a significant amount of money to get out. PERIOD. The idea of breaking even (let alone making a profit) is as dead as Anna Nicole. This is especially true in less desirable areas of Long Beach. Naples, Belmont Shore, and Belmont Heights sellers have a remote possibility of getting out with their financial livelihood intact, but everyone else is pretty much done like a Thanksgiving turkey. This seller, with 6 years of ownership in a good area of Bluff Heights is in a position to get out with at least some equity. However, by asking nearly $900,000, they are going to learn very quickly that their house isn’t as special as they think it is. $577 per square foot is a joke. An atrocious, greed-infected, self-indulgent sense of entitlement is on full display for all of us to see. Lucky us. Address: 366 Orizaba Ave, 90814 Asking Price: $899,800 Year Built: 1918 Si...

When I first heard about hypermiling I was hooked. I only got a bit of how to do it on NPR, but I've been looking into it ever since. Hypermiling means driving your car to get the absolute best gas mileage possible. A few simple changes - and awareness - can increase gas mileage tremendously. The first report I heard talked about figures above 100 miles per gallon! I heard later that the driver had a hybrid to begin with, but I knew this was a challenge I wanted. My Scion was getting about 30 miles to the gallon, an increase of 2 miles because I was more aware and driving slower. Someone else suggested that it had over 8,000 miles on it and that was improving the gas mileage. Enter hypermiling. The following are the changes I made: Take the car out of gear and roll in neutral Try never to go over 2000 rpms Get to 5th gear ASAP Roll up to stop signs or red lights Roll through stop signs (I do this rarely!) Put the seat belt on before starting the car (tough to change old habit...

Yesterday I went blithely down East Lake Road thinking I'd have time to see a few homes. I saw only two - but I spent a lot of time talking about the market both with the agent holding open my House of the Week and with another from the east side. We all agree - it's a different year. The house I saw was out past Borodino on Nunnery Road. I fell in love with the pictures - but I was also wary when I saw the word "project" and the price. I knew the house - I'd passed it many many times and always thought it needed a bit of attention. I suppose now that I've been inside, I realize that was an understatement. It needs so much more. The six open boxes of baking soda in one of the bedrooms was a clue. So was the straw in the room beyond the kitchen. I looked into the basement and the agent kindly suggested "You don't need to go down there." I agreed. But so much potential! Almost 3000 square feet, possible 5 bedrooms, 2 full baths one up and ...

Back on May 19th I published the number of agents currently in the multiple listing service. At that time there were 3,104. As of today, there are 2,881. Times like these are difficult for agents who "do real estate" as a side business or just part-time to stay in the business. Monthly fees, yearly dues all must be put in perspective of what is actually being earned. Syracuse is still a vital market, and our multiple listing service covers all of central New York. Prices are staying up there - probably because they never were inflated - and we are listed in the "Top 10 Real Estate Markets" of the U.S. However, fewer homes are being sold - about 5% to 10% down from last year. Skaneateles is a different market. Currently there are 18 closings on the record, down from 39 last year by this date. We also have 152 active listings under single family residential and another 15 condos. Amazingly, there are 80 "lots and vacant land" listings, too. Presumab...

One of my first blog posts featured a stunning, if controversial, example of Avarice is Bliss. This house exemplified the entire premise of this blog: Long Beach, while a great city in its own right, pales in comparison to Orange County regarding schools, low crime rates, incomes, and cleanliness, and therefore cannot possibly justify asking prices that match (and in some cases exceed) the premium levied in OC . However, Kool -Aid knows no bounds and Long Beach sellers (particularly those in less desirable areas of Long Beach) got drunk on Equity Juice and priced homes in less desirable neighborhoods like they would in Irvine, Huntington Beach, or much nicer cities in LA County. By putting their greed on display, they held themselves out for ridicule and humiliation. Hence, the impetus and inspiration of this blog. So, here we are today, more than a year after the home was first listed on the MLS at a laughable $454 per square foot. Like many others, the seller gave up and the propert...

As I drove out on Friday afternoon to Golden Meadows to see Jackie, I heard the news about Tim Russert's death. I called Bob to tell him and then listened to PBS for more information. I had only come to watch Meet the Press this year during the primary season. I knew of Tim Russert because I was a news junkie, but hadn't really appreciated his insight, character and abilities until recently. I knew also that he was a huge sports fan and from Buffalo - how could I avoid knowing that! - and that he'd written about his father, Big Russ. We spent the weekend doing quiet, small town things. Friday night we watched NBC until we couldn't take it any more and then ate dinner on the deck until it got dark and then beyond. We had the first strawberries of the season - and actually, they were the dinner. Saturday I worked in the office, then went out to the lake and chose to read on the deck and talk to neighbors. I took phone calls about my listings - "if you list, yo...

At the risk of being repetitive, here is another sample of price reductions around Long Beach. Seems to be a rising level of desperation on the streets: 637 Atlantic Ave #6 Long Beach, CA 90802 : The list price was "$309,000" and changed to "$279,900" ($30,000 reduction) 637 Atlantic Ave #3 Long Beach, CA 90802 (same building as above. Major carnage at this address): The list price was "$289,000" and changed to "$259,900" ($30,000 reduction) 616 Cherry Ave Long Beach, CA 90802 : The list price was "$305,000" and changed to "$275,000" ($30,000 reduction). If it sells at this price, it will represent a $200,000 loss! Fun fact: this POS sold for $710,000 in 2006. I mean, just how good was the crack in this neighborhood? 1637 E 5th St #301 Long Beach, CA 90802: The list price was "$385,000" and changed to "$295,000" ($90,000 reduction--on a condo!!) It's scary to be a seller right now because the comp...

I heard of the death of an old friend today via the small network I have with other old friends. No names here - the obituary has yet to be published in the Syracuse paper. But it's one of those moments that stops me. I called a local friend who I knew would know the details, and he filled me in. It helps some. I was able to fill in some blanks for the other old friends. Memories pushed me back to junior high school in Syracuse - Levy, on the east side. Since then I've realized that those three years were really the beginnings of lifelong friendships. Those were the crucial years of learning to belong. We had so much fun, it seemed, in those days. We traveled as a group, something new to me, raised as an only child. It was neighborhood fun - playing kickball in the field at Levy in the evenings, ice skating in Thornden park after dark, watching the boys skateboard down Berkeley or watching the boys play football in front of the dorm on Euclid. I saw the old friend at o...

I spent Tuesday doing my own broker's open for my new listing, 158 Shire Way in Camillus. I ate ice cream - I had promised something "nutritious and yummy" but wilted under the 90 degree heat. Whole milk, fresh fruit in the ices, good dark chocolate around the mini-Dove bars - that's nutritious, right? The house was invitingly cool and I sat in the eat-in kitchen at the table watching the skies and listening to public radio through the whole-house speaker system. The skies showed at first rumbling dark clouds and I heard about extreme lightning storms threatening the area. The rain came in buckets and then stopped. The tornado warning followed with a list of afternoon school closings and cancellations across the region. Never a dull moment! It felt right to be in that house. The owners had purchsed it as an investment and leased it back to Ryan Homes for use as a model. In exchange they received many upgrades and the interior decoration to make the model gorge...

In case anyone out there thinks the worst of the price declines are over and it’s time to “take advantage” of the deals out there, I want to provide a sample of the LB real estate carnage I receive in my Inbox every. single. morning: 1919 Beverly Way #102 Long Beach, CA 90802 (I believe we’ ve featured this building before): The list price was "$315,000" and changed to "$265,000" ($50,000 reduction) 5418 Heron Bay Long Beach, CA 90803 (we’ ve seen this one too ): The list price was "$869,000" and changed to "$799,000" ($70,000 reduction) 1054 E 2 nd St #303 Long Beach, CA 90802: The list price was "$425,000" and changed to "$350,000" ($75,000 reduction) 917 Euclid Ave Long Beach, CA 90804: The list price was "$475,000" and changed to "$381,000" ($94,000 reduction!) A pricing bottom you say? Darlin ’, we’re just gettin ' warmed up.

This past week I was asked about the different areas on the west side where we were viewing homes. "Which are in most need of offers at this time?" In other words, where are the bargains going to be found? Just the facts. Skaneateles has currently 149 active single family listings. According to the MLS, 18 have closed this year, 5 of which are in the village. In the past 90 days none in the village have closed and only 7 outside the village. There are 3 properties that were marked contingent in the past 30 days. Camillus has 161 properties listed as active. According to the MLS, 98 have closed this year. In the past 90 days 59 of these have closed. There are 26 properties that have gone to "K" status in the past 30 days. Marcellus has 66 active single family homes for sale. There have been 21 closings this year so far and 12 within the past 90 days. In the last month another 5 have gone to "K" status. Now, Skaneateles is the higher priced mar...

Showing my properties or holding open houses I hear on occasion that people want to "work with the listing agent" exclusively, instead of engaging a buyer agent to work on their behalf. It always puzzles me, and since I am not confrontational I don't want to say "Why on earth would you want to do that?!" especially if it's the first time we've met. My rationale is this: the listing agent has undertaken the responsibility of working for the sellers of a property. He or she has fiduciary duties to the seller: obedience, loyalty, disclosure, confidentiality, accountability and reasonable care. The goal is to sell the house at the price agreed upon by the seller and the listing agent. I think buyers believe that part of that duty is for the listing agent to give inside information to the buyer about the property and "what the seller would take." This is precisely what confidentiality means. Should the seller say, "Let's list it at $...

Sometimes when I see a property that is so clearly driven by delusion, I want to call the listing agent and set up a meeting with the buyer. Curiosity gets the best of me and I obsess over the circumstances of the sale, and I want nothing more than to pick the brain of the seller and gain some perspective on their tenacity in the face of such disastrous odds. This property is a perfect example of that. Address: 420 Redondo #203, 90814 Asking Price: $379,000 (HAHAHAHAHA) Year Built: 1970 Size: 2 beds, 1 baths, 1183 sq. ft. $/Sq. Ft.: $320 Purchase price: $344,000 Purchase date: 3/2005 MLS#: P579512 On Redfin: 380 days Down Payment: $37,900 Monthly Payment: $2,900 Income Requirement: $94,750 Description: Rarely on the market-2 bedroom unit in prestigious Redondo Plaza. Walk to beach, restaurants, shops and night clubs. Open floorplan with great views of the city and PV Hills. See the Queen Mary fireworks from your balcony. Huge master suite with mirrored wardrobes. Large bathroom feature...

These days are full and long. Today I listed a multi-family in the city (as in Syracuse), received a commitment for a new listing, enjoyed a session on open houses with Mary McNeill, showed a home in Camillus, and then ran back to the office to put in the listing (see task #1). So forgive me if Tuesday's broker's open was not discussed! I did my own broker's open anyway - and only one, thank goodness! It's my new old listing at 188 East Genesee Street here in Skaneateles. I listed and sold it five years ago. The gentleman who owned it passed away while it was listed and the estate sold it at the end. My clients bought it from pictures they saw on the internet and walked into it the first time on the day of closing. (Needless to say, I'm using some of the same pictures for this listing.) Because of the circumstances of the sale, I have a very tender place in my heart for the home. I really liked the old engineer. He reminded me of my father who passed away in ...

Since being linked to Calculated Risk and Dr. Housing Bubble, I've received a considerable amount of new readership. I love it, I crave it, and I couldn't be happier about it. Knowing I have a readership, no matter how small, keeps me motivated. Faithful reader gm (by the way, I love all of my readers--whether they provide a handle or are anonymous) left this in the comments section of the Happy (Almost) One Year Anniversary! post: How about this new listing. Btw, love your blog. [Editor's Note: Flattery will get you everywhere ] This is a comp killer in LB if I've ever seen one. Been watching for a while now (sorta have to wonder if this lister is looking for a bidding war too), but without further ado - - http://www.redfin.com/CA/Long-Beach/778-Molino-Ave-90804/home/7607092 I think it still has a way to go to hit the bottom. Interestingly enough, this property has been in my Redfin "Favorites" list for quite a while. If gm has been watching as long as I ...

So much to write, so little time....maybe just spot notes so I don't miss anything. Active listings, listen up! We now have 149 residential listings in the Skaneateles area. I think it's like the price of gas - it just keeps going up with no end in sight. There were 14 new residential listings this past week: 4 re-lists, 2 new construction possibilities, and 1 commercial building listed as a single family because it has an apartment in it. There are now 18 closed properties for the year. Last week a waterfront property, pended in September of last year, closed. List price: $739,000. Closed price: $775,000. May I say "Go figure"? The answer is "location, location." There was a lovely home marked contingent on the west side of the lake with lake rights - and in this case it was "condition, condition." Very beautifully remodeled home on incredible grounds - and under $500,000. I checked out last year in the multiple listing service. I ma...