kaulat

Happy Halloween, everyone! A reader turned me on to the SoCalMLS site (I usually use Redfin), which is a great tool for finding closed sales (Thanks KatyinLBC!). So here are a few quick updates on some RE in the LBC featured properties: 655 Ultimo, 90814 Purchase price (10/2007): $575,000 Original Asking Price (3/2008): $1,199,000 Final Sales Price (10/2008): $975,000 (20% discount) Profit After Commissions: +$340,000 (significant rennovation costs not factored in) Notes: For all the trash I talked, this flipper was eventually able to find a greater fool. Congratulations! The flipper got a good deal when he purchased it, used top of the line materials to upgrade, and wasn't afraid to discount when the going got tough. Have to give credit where credit is due. And may Buddha have mercy on the knife-catcher's soul. With $5,900 a month in carrying costs, he's going to need it. 514 Temple, 90814 Purchase price (9/2005): $520,000 Original Asking Price (3/2008): $499,000 Final...

Bob and I went to Syracuse Stage last evening to see Tales from the Salt City . It's a play, but not really a play, more of an extended interview with "cast" members telling their individual stories. The stories are honed from real life - they "play" themselves - by Ping Chong, the director. For 1 hour and 33 minutes I sat in rapt attention on the play (for lack of a better word). I know that part of it - a good part - was because I knew so much about what the actors described. I knew the streets, the schools, the times. I knew Syracuse, or at least as much as my own experience alotted. The main actor was Albert Marshall. We grew up in the same area of the city, at the same time, and graduated from Nottingham High School. I've watched his progress as an actor over the years and seen several shows. He was a dominant presence on the stage as he told his story. Because he is African-American, his story was different than mine, as he pointed out sever...

An anonymous reader left this comment on the West Ocean Two Auction Results post: I guess you must have never owned a nice home. I easily payed [SIC] between $1000 to $1500 per month to maintain my home which included lawn service, pool service, utilities (which should be very minimal in a condo) and ongoing maintenance. Therefore $700 per month seems pretty cheap to have all this taken care of for you. Okay, I'll bite. First, why would start off your comment in such a condescending, dismissive tone? I think your perspective is an interesting one, and one that could have started a worthwhile conversation about the merits and disadvantages of high HOA fees. But yikes. You are correct in your guess that I "have never owned a nice home." And as you've established, you clearly have. And your home was SO nice that you "payed" $1,500 a month to maintain it. We are all very impressed. And although I've never owned a "nice" home, I've lived in ple...

Let's just say, "Not much has changed!" and go and enjoy the snow that's falling outside my window. You can go and enjoy it - I will when it becomes light and fluffy and December. There are currently 137 active listings in the Skaneateles area. Last week 8 new ones came on the market; this week we have only one. It's in the town, mid-$300s, and a renovated home. I think listings will slow now for a bit which will drive people to the existing homes and reduce our inventory. Supply and demand! On the "sold" or "soon to be closed" side there are 10 marked contingent and 10 marked pending. No house moved into this category this past week according to the computer. Closings year-to-date now number 44, as opposed to 82 at this time last year. One property did close this past week: lake rights, close to the village. It had started on the market in April of 2007, took a break over the winter, and then has been marked sold for a number of mon...

Today's property just got hit with The Scarlet Number: 90 . As in, 90+ days on the market . And a closer look reveals why it has languished so long, and why it is doomed to remain on the MLS for much, much longer. Address: 401 Newport Ave, 90814 Asking Price: $508,000 Size: 2 beds, 1 bath, 1,556 sq. ft. (built in 1905) $/Sq. Ft.: $326 Purchase price: $830,000 Purchase date: 4/2006 MLS#: P648443 On Redfin: 96 days Down Payment: $101,600 Monthly Payment: $3,100 Income Requirement: $127,000 Description: Location! Location! Location! Desirable area of Belmon Heights! residential with commercial used. formaly the 'SANCTUARY' The listing description tells you all you need to know about this property's chances of selling. I mean, that has to be one of the most pathetic, piss-poor descriptions I've ever featured. Let's start with the Triple L claim. Yep, it's in a decent neighborhood. One of the Three L s down! But it's also sitting right on top of a very busy ...

I had lunch at Creekside ( http://www.creeksidecoffeehouse.com ) with Intrepid Janet who used to go to broker's opens with me over the summer. Now that she's teaching, I miss seeing her. As we stood in line she mentioned that she's feeling more at home in Skaneateles. They bought a house last year through me and we became friends. She said now when she moves through the village she sees people she knows and they say hello. It's not just me or her relatives any more. We took our lunches - I had the curry chicken wrap (so good!) - and went upstairs for a chat. A group of four women were there ahead of us and one gave Janet a lovely greeting. We laughed - "See?" she said. As we ate she told me that it's often the real estate agent who is the first contact in a new town. Janet and her family have not moved that much, but she says she's been lucky to turn a business relationship into a friendship whenever they have moved. It struck me how true that is - esp...

From the excellent Bubble Markets Inventory Tracking blog: Anybody out there think the bottom is anywhere in sight? Anyone? Bueller? Bueller?

As I was driving home from a closing - a very satisfying closing, I might add - I heard on the news that sales of existing homes rose 5.5% last month. This is the HIGHEST percentage in five years, the reporter said. Obviously some of this is the result of foreclosures being sold at rock bottom prices and the correction of pricing, now estimated at 10 per cent. I do see more foreclosures out there from the brokerages who deal with them. Just the signs. And then some sit for a while, so the price can't be that good. And frankly, not so many in Skaneateles. We are still doing all right. I had another closing on Thursday but in the city. When the home - my listing - was on the market I was overrun at an open house. We had two offers within a matter of weeks. The interest remained high even when it was marked contingent and pended. But this was a home in the low $100,000 range and in excellent condition. I will state it again: there are bargains out there. Buyers have only t...

So, let’s say you want to sell your property. You don’t read newspapers, don’t have any basic understanding of economics, but believe you are a smart, savvy real estate investor. How do you figure out how much your place is worth? I guess you could ask your realtor, but she’s living in her leased Lexus and eating from the Pot Holder dumpster these days. Plus, you are starting to suspect her commission-based opinion about “value” might be biased and misleading. So, that’s out. Well, another way to figure out what your place is worth is to calculate what you put into it and add a nice Nikki Blonski profit. After all, real estate always goes up! Just four summers ago you slapped down $385,000 for your condo, plus you dumped another 30k upgrading the place with every accoutrement HGTV told you to “invest” in: Granite countertops, crown molding, stainless steel-- the works, player! Plus, Flip This House said $1,500 in granite = $3,000 in value. In addition to what you put into it, your mor...

KatyinLBC made a comment that I want to explore. She shared her frustration with the idiots paying way more than properties are worth, thereby propping up LBC home prices. She also noted her concern about government bailouts perpetuating this nonsense for years. As far as stupid people overpaying for houses go, there is nothing to be done about that. It's going to happen, and that's their misinformed, idiotic prerogative. And there are plenty of foolish people convincing themselves this is the bottom, and stupidly buying properties at prices that reinforce horseshit valuations and prolong the inevitable return to fundamentals us responsible buyers are waiting for. HOWEVER, it's also important to acknowledge that not everyone buying a house right now--even if they are overpaying--is necessarily stupid. If an individual or family really wants to live in a detached home and avoid HOA fines, noisy neighbors, thin walls, street parking and community laundry that apartment living...

Sorry for the lack of posts--I just returned from an incredible three days in Mexico's wine country. My (ir)regular posts will resume this week. Hope everyone is doing well and weathering the economic storm as bravely as possible. Anyone out there see any silver linings?

I started to get excited when I saw the the number of active listings in the Skaneateles area - 139 - had dropped by one from last week yet there were 8 new listings this past week. How could that be? Certainly one or two could be withdrawn or expired, but more likely they were sold. The new listings were divided between re-lists (3) and new construction (4). There's also an intriguing brand new home for sale which appears to be near 80 acres that are now on the market for $1,000,000 (give or take a thousand of two.....) Incredible views, I would imagine, and a great opportunity to build. The number of contingent homes has dropped to 9 and pending ones seemed fairly static, so...... Yes! Four homes were reported as closed this past week. Hooray! Take that, 2007! You only had 2 homes close that same week! Again, this was simple division: 1 new construction, 1 waterfront, 1 lakerights, and 1 village. I thought it was interesting that the waterfront and the village home both...

I hope you guys don't get bored with these update posts, but I love following certain properties and doing a Where Are They Now months after I've exposed their greed and delusion. You may remember this booger barn, first featured in February: Click here for the entire series of posts. Well, they're still going strong, consistently dropping the price and praying to the high heavens for a sale. You really do have to respect the tenacity here. However, their story is plagued by a single, harrowing theme of steadily chasing the market down, and consistently failing to get ahead of it. The current asking price of $179,000 represents a discount of $131,000 since the property hit the MLS on February 5. That's a 42% reduction in asking price. Not saying much considering the original asking price of $310,000 was an absolute joke, but still. In February of this year I said: Long Beach is living in fantasyland. There is no other explanation for the Wishing Price behind this 95-...

I held my lovely listing, 3802 Knightsbridge Road, open on Tuesday. We had 19 agents come through the house, each one pleased with what they saw. The owners took a plain old split level with 3 bedrooms and 1 full bath and added and remodeled and added again. There are now 4 bedrooms, 2 full baths and a half bath right where it should be off the kitchen. They put up crown molding to give it a non-60s look as you walk in and got rid of the bluestone planter that was such a cornerstone of these properties. You know immediately you are in a very different home from the original. They added a HUGE kitchen with stainless steel appliances, built in ovens and a HUGE island. The overhang allows for four stools so the chef of the moment can give demonstrations in cooking (gas and jennaire right on the island!) There's a nook for the computer and patio doors that look onto the deck (of course new!) A mudroom coming in from the garage keeps the floors clean. Off the kitchen is the mast...

The last time I profiled this house , I lambasted the sellers for their greed and ignorance of economic reality. Well, since then the listing has been taken down and re-listed with a brand new, attention-grabbing asking price. A new leaf! A new attitude! A new opportunity to show (the few remaining) Long Beach buyers you're serious about selling! Um, well, not exactly. There has been a significant $74,800 price reduction, but keep in mind the original asking price of $899,800 was certifiably WTF. Interestingly, at the time I said: Expect at least a 10% price cut within the next four weeks. My well-documented prediction powers were a scant .05% off. Maybe next time. However, it's worth noting I predicted that reduction needed to happen months ago to garner any buyer interest. These financial geniuses, unfortunately, waited until last week to step up to the plate! Too late, bucko. The housing market has changed dramatically for the worse during the last few arduous months, and...

Currently there are 140 active listings in the Skaneateles area of the multiple listing service. There were 3 new ones this week: 1 with lake rights, my gorgeous Knightsbridge listing (see House of the Week upcoming), and a village re-list. The latter listing is significant because the original price was 25% higher. The comments under the special instructions are - "time to sell." I guess so. I will remember to keep it in mind as the weeks go by - did the new pricing strategy help? We do have 4 homes marked as contingent this week. Three are waterfront - no surprises there! - and my lovely Autumn Tree Court. The owners priced it to sell and by golly it did! Altogether there are now 11 properties in the contingent category and 13 pending. Of the 24, 9 are waterfront and 2 are lakerights. I read recently in the New Times an article about real estate in the higher priced waterfront towns of Cazenovia and Skaneateles. The agent they interviewed in Caz said buyers were f...

Sorry for the pun- tastic title, I couldn't resist. Today's property is caught in a dangerous spiral of bottom chasing (and I don't mean the kind of bottom chasing you did in college). Yellow light--CAUTION!! I actually feel sorry for this seller. And for no other reason than my imagination has run wild and pieced together a story about the current loanowner . You see, something about this property leads me to believe this seller is an older, single woman on the verge of retirement. The 1992 purchase date, the incredibly small floorplan , the lack of granite and stainless steel bling , and especially the outdated decor and artwork all lead me to believe this is a sweet old lady trying to offload her primary asset so she can move somewhere less expensive and live out her sunset years. Unfortunately, either due to terrible realtor advice or ignorance of the new real estate market, she has been unsuccessfully chasing the market down for a gut-wrenching 174 days. Her fragile ...

The good news is that I have clients closing on properties. I've had one a week for a bit and I expect two more this week. The bad news is that it's like giving birth. Everything is a strain. And, except in one case, it's not the banks. It's the "cogs" as the alternative title suggests. Those cogs just aren't working well. They need some grease, and what that grease is I have no idea. The banks have for the most part come through. One is giving problems but that's a direct result of the owners not signing the contract quickly before all mortgage issues went haywire this summer. The mortgage people have been spectacular, doing what needs to be done quickly. Maybe they are more attuned to the markets and know speed is necessary. The cogs are all the people involved in a transaction. The agents start the process and turn it over to attorneys and mortgage handlers. The attorneys order the surveys and the mortgage people order the appraisals. Rep...

Buddy, compared to what's in store for you, these first 49 stressful days on the market are going to feel like an AIG-sponsored massage at the St. Regis. Address: 363 Newport #209, 90814 Asking Price: $190,000 Size: 1 beds, 1 baths, 606 sq. ft. (built in 1972) $/Sq. Ft.: $314 HOA Fee: $252 Purchase price: $264,000 Purchase date: 9/2004 MLS#: P653088 On Redfin: 49 days Down Payment: $38,000 Monthly Payment: $1,400 Income Requirement: $47,500 Description: This nice, bright and cozy one bedroom condo is conveniently located in the heart of Belmont Heights. Features laminate flooring, wood shutters in the living room and bedroom. Some upgrades in the bedroom, kitchen and bath. Located in a very well maintained and secured complex. Subterranean parking with storage. I chose today's property because about six months ago I looked at a condo in this 60-unit building (to rent, duh). My first impression was: This building is kind of like 30 handicap parking spots in front of a roller der...

Yet another RE in the LBC featured property sold! Can you believe it?! And it went for the full asking price of $2,785,000! Just kidding. It's still rotting on the market after 422 days.