kaulat

I write this as rain pours down outside. I let Koko out for a minute and realized that our small fish pond is higher than it's been in a very long time. The downspouts are streaming water - and have been for at least a couple hours. Check your basements, everyone! Beware of water on the road! This is a gully-washer! The other night was vastly different as I drove home late from an appointment. Yes, I was showing houses in the dark again, I'm afraid! I caught part of a discussion on NPR about micropolises - not megalopolises, but the opposite. The idea was that small areas with all the amenities would flourish in the new age to come because of energy concerns primarily. People would want to walk to the grocery store and buy locally, doctors and lawyers would be nearby as well as private homes. "The wave of the future!" I drove down Route 20 right about that time into Skaneateles. I think the definition of micropolis must include "village." There a...

On Hobart's eastern shore sits this 4x2 - now begging for a bid at 440k.See nothing was forthcoming at an ambitious 500k and reality soon set in. Well not quite that much reality, this house is two weeks off chalking up six months on the market - one of those dubious milestones, that can only signal one thing - buyers must be stupid! That's what it is, right? Not your agent actually levelling with you, very bluntly and suggesting you're well overpriced. Or you actually considering your price might be too high. No it must be those morons who want you to give it away! Unfortunately, in these circumstances, modesty prevents a discount, because back in late 2007 the princely sum of $430k was paid. And we all know real estate only goes up, so how can anyone expect to sell for less than they originally shelled out? Things get very sticky around this point, with saving face the prime objective, but ask yourself a question - when Dun & Bradsteet reports that referred debts for ...

In 2005 it probably seemed like a good idea - $560k for this 3x2 in Devonport. Five years pass and at $500k, no one seems to think it's a good idea any more.  This, after an initial listing at $569k, six months back. I can only speculate what was happening back in June 05 when over half a million was laid down for something, that frankly looks like a block of flats, but I suspect there was a lot of real estate agent bluster and a whole lot more of rampant house hormones on behalf of the buyer. It wasn't a $560k house then and it sure as hell isn't a $500k house now. So how did the owner find themselves thinking $560k was a good buy? It's here I'm reminded of a article written by Peter Schiff back in 2004. Schiff visited a rental house in Orange County, California. Out of interest, Schiff asked the agent how much the house was recently bought for. The agent replied 1 million dollars, Schiff then inquired as to the holding costs and taxes, adding them to the loan cos...

I pulled the covers down and flicked on CNBC this morning, just to catch trader, Mark Fisher being asked how he’d get the US housing market moving again. While I found his answer slightly odious, it was clear he’d nailed how to get anyone to buy anything. Make them believe it will be more expensive tomorrow and they’ll buy it today – which let’s be clear, also pushes up the prices today. Fisher’s plan was simple – hand out green cards to any foreigner who wanted to live in the US and intended to buy, and live in (no renting out), a house. If people had no incentive or concern pushing them to buy today, they wouldn’t – especially if they thought prices would be cheaper tomorrow. The idea green card would probably work – high net worth individuals having access to US residency on the purchase of a house, clearly there would be some house price pressure. Yet, it’s the psychology behind the ‘more expensive tomorrow’ idea that the real estate and building industries understand and conti...

Ah, the moon! I was up early this morning to walk Koko and as I got to the end of the driveway I looked down the hill and saw the moon. It took my breath away. Absolutely full, with clouds drifting past, seemingly closer to earth than normal. As we walked down the hill and the sun came up it receded. But I told Bob at breakfast that I don't think I've ever seen it like that, in the morning. We live in a wondrous place! Then I went out to see a house way out on the country with an old friend. Nine years we've known each other and he still hasn't bought a house! But we see plenty of places, he leaves my card at open houses, and we've been involved in each other's families. Bob reminded me I haven't made a red cent off him yet - but so what! Today we saw the most beautiful view - and I've been seeing many beautiful views of late! The opposite hill seemed unreal - so close you could almost touch it, move the tiny tractor and tiny cows around the h...

Over the past few weeks I have been searching for property for my clients. I've talked about it before - the log cabin on acreage, the stream with acreage, the acreage without a gas lease, homes for parents and children on the same property - all dreams that people have that within their price ranges I don't think they will find. But they do - and when they do it is amazing. Recently people who have been looking for two years have found their dream home. We moved swiftly and secured it - but of course, we know that it isn't closed until it's closed, so I am sorry but I can't tell you more. There are happy endings to tales - and the happy endings are still continuing. But I need help, and as I have in the past, I will put it out there to see if someone has or knows of a property that will make a family - and an agent, I admit - quite happy. It's not listed, I do know that. We need: Skaneateles Schools Waterfront Acreage, or access to acreage from the prope...

It was a momentous moment. After four months and two discounts, the pictured house dropped below the 400k price level. Why is this so momentous? The house sits within one of Burnie's McMansion estates, where eight houses, equating to over 20% of this estate are up for sale, and all houses were listed over 400k. That was until this week. It's now at $399,000 (I'm sure that $1000 was a true psychological barrier for buyers) down from $425,000. Reluctantly this owner has seen the writing on the wall and offered a token discount, while no doubt the other vendors keenly observe. Only one other vendor has seen fit to discount, and this amongst a group of houses that have sat, without interest, from two to seven months. The pictured vendor may still walk away with significant gains, the house was purchased in 2002 for $179,500, but it's the newer owners in the estate who will be getting edgy. When you shelled out 400-600k over the past couple of years and the guy across the ro...

Some worrying stats regarding family violence were released this week, these could be linked to any cause - if you were so inclined to draw long bows. So like any blogger worth his salt, I'll interpret them on behalf of the barrow I'm pushing. Overpriced housing. Reports of family violence in Tasmania are up 500% in the past decade. Scary statistics, but thankfully Ruth Forrest MLC was on hand to interpret the reasons for the rise. Predictably, unemployment and drug use got a run, along with the vague and redundant term 'life pressures'. If you can't be more specific, why bother giving throw away quotes to the media? Considering Forrest sat on the Housing Affordability Select Committee, you'd expect she may be able to offer a little more insight as to what 'life pressures' consist of. During those hearings, in 2007, the HIA acknowledged that: ...Tasmania is now sitting around seven times the household income so we are actually rated as one of the least a...

Sold on 09/01/10 - $440,000 After 15 months on the market (so long they finally gave up and returned the staging furniture -- check out the new listing photos) and 12% in price cuts, they finally found a buyer. Look, this is a beautifully restored house in a decent neighborhood (I'm being generous...this lower-income, rental-filled 'hood is marginal at best), but this buyer still overpaid. Straight up. He could have waited a bit longer and saved himself a substantial chunk of loot. $383 per square foot, although an okay deal on the surface, is at least $120 more per square foot than the going rate in this area. Yes, you have to factor in how the plethora of condos in this rental-inundated area affects the ppsft, but the overall point is that's a rich premium to pay. And it goes back to the aforementioned golden rule of real estate: Buy the crappiest house in the nicest neighborhood. And look, I get that some people would rather let another jackass spend all of his loot pain...

So I spent a couple days last week de-cluttering. It was marvelous! I found old photos I thought had been misplaced, Alex's great Garfield tape from second grade, and let go of tons of things that didn't measure up to those findings. We made barely nothing on the garage sale and took a load to the Thrifty Shopper store in Sennett on Grant Ave. They keep a clean and neat place, and I felt good giving things away. But after 48 hours with some time to rest I only made it through our bedroom, my bathroom, the "Adirondack room" guest bedroom and closet, and the kitchen. That was it. I will have to do the rest another time. On to what else happened this past week! There are currently 148 active listings in the Skaneateles area of the multiple listing service. The village has 31 of these listings, and there are 35 waterfront properties. Five new homes came on the market this past week. Two are in the village - a sweet 2-bedroom for the mid-$200,000 and a pretty 4-...

Officially a short sale. Shocker. But you have to congratulate this delusional twit on riding the Extend-and-Pretend Express for an astounding 228 days. Any bets for the date of the Notice of Default? And in those 228 days his realtor hasn't even bothered to fix the typos...rats from a sinking ship. +++++++++++++++++++++++++++++ 5576 East VESUVIAN Walk, Long Beach, CA 90803 Asking Price: $799,000 Beds: 2 Baths: 1.25 Sq. Ft.: 1,200 $/Sq. Ft.: $666 Lot Size: 2,400 Sq. Ft. Year Built: 1957 MLS#: P719642 On Redfin: 53 days Down Payment: $160,000 Monthly Nut: $4,300 Income Requirement: $200,000 Description: The Opdahl Residence, 1957 by Edward A. Killingsworth, FAIA. With the use of two 18 ft. tall redwood walls at the setback lines on both sides of the property, Killingsworth skillfully created an oasis of privacy for the glass walled structure, reflecting pond & peaceful gardens within. Considered by the architect to be his most important work, the house stands as a prototype fo...

It was an act of treachery, the likes of which this country had never seen. In the midst of a global financial crisis, investment banks were falling, countries were going broke and people were losing their life savings to scam artists. Just at this time, the leadership of the country decided to throw $14,000 packages out of the trenches, into the battlefields, and hope its most financially illiterate citizens would chase them. It worked. Thousands chased the money, chased up house prices and grabbed themselves a big debt backpack right when interest rates were at extreme lows. Of course in defending this, we found that truth was not the first casualty of war, truth became the first casualty when Kevin Rudd and Tanya Plibersek opened their mouths. Gone was the talk of the first home owner's grant causing unaffordability, now it was the one thing helping kiddies buy their own house. And most nearly anyone with a dollop of grey matter between their ears knew what the real game was - p...

The price was "$405,000" and changed to "$395,000" Gee, that only took 142 days. Can't wait to see what the next 142 will bring. This is the second $10,000 price cut in as many months, but it's obviously too little, too late for this idiot. Then he has the balls to exclaim, "Reduced $20K!!!" like it's any different than a 560-pound woman shrieking, "I dropped half a dress size!" So freaking what? This thing is still insanely overpriced for the neighborhood and current market (don't forget about this fresh $325,000 comp ), so why don't you just take it off the MLS and stop wasting everyone's time with these piss-ant price reductions? For those of you keeping score, he's just $5,000 above his peak purchase price. Add in commissions and renovation costs and it's going to be a long, shitty, nail-biting winter for this Dwell -fellating poser. ++++++++++++++++++++++++++++++++++ 4301 East 2ND St Unit 2F, Long Beach, CA 90...

Being the simpleton I am, it be-hooves me to ask a lot of questions. Maybe I'll come to an understanding, maybe I won't, but people are less likely to spin a line if you want a couple of facts to back up what ever excrement is dribbling down their chin. Apparently there's a housing shortage in Australia, which in turn must mean there is a housing shortage in Tasmania. Well, if you're a real estate agent and you want to snag that sale and justify that price tag, just throw that one into the mix. Putting the fear of god into a buyer, subtly hinting their commodore station wagon could be their long term abode, is a good way to close the deal. I had the misfortune of stumbling across this blog , which as it happens, is probably infinitely more well read than mine, but thanks to the 4 people who've stopped to visit. A short summary, if you're too lazy to look, we were graced with the regular staples: - now is the time; - property is low risk; - use the equity in your...

Sold on 09/09/10 - $1,200,000 To recap, after purchasing this property right after the peak of The Great Housing Bubble for $950,000 , the former owner demolished the existing home and built this overwrought monstrosity with what I imagine was a hefty construction loan. Unfortunately, the minute ground was broken on this eyesore of a McCastle, the real estate market began its horrific, Great Depression-esque decline. Stuck with an asset that was losing money before it was even completed, he spent the next eleven months sweating .50-caliber bullets, wishing that the housing market would somehow stop its rampant, freight-train powered return back to normalcy before he got his masterpiece on the market. Wish in one hand, and crap in the other...and see which one fills up first. We all know how that worked out. And so, in January of this year, after dicking around with extend-and-pretend short sale tactics, the bank finally foreclosed on his ass and took back the property for $1,260,000 ...

I am so looking forward to de-cluttering the house in the next few days in preparation for a garage sale this Saturday. When I placed the ad, Lisa asked what I had for sale. All I could say was "stuff" because I really don't know. I know some items - clothes, furniture, the ubiquitous "collectibles" - but I do not know what I'll find as I start the grand rummaging. And I am talking only about the house - not the apartment (probably won't get there) or the basement (that's another three days!) or the garage. But it will all be pulled out, looked at, organized, thrown out or given away or stored as nostalgia I can't part with - yet. It's de-nesting, and it feels good. So, short and sweet - a tweeted update blog? - and we are off and reading! There are currently 147 active listings in the Skaneateles area, 29 of these in the village. There are two new village listings - one that is re-listed (and I think a pretty good deal) and another t...

In the port side city of Burnie, someone's had a gut-full of being a landlord. Two and a half months ago these two units were listed for sale at $315,000 and potential buyers were being lured with the promise of a  property that represents income plus growth . While the income remains, that growth has quickly become the stuff of Santa Claus, the tooth fairy and a reformed Brendon Fevola. Like sands through the hourglass, so are the discounts on this property. $315,000, quickly became $299,000, quickly became $290,000. And with that, evaporated the chance this vendor was going to experience any growth. Previous purchase price? $282,500, back in early 2008. Factor in the $10,000 or more in closing costs and the agent fees this time around and I'm not sure all those tax deductible, negative gearing losses are quite working out on this one. Just remember, this is water off a duck's back. And you'll be reminded of such, next time you see a property story on news.com.au - aft...

Fairfax is losing trust and respect at an alarming rate, leading more readers to question if they are bought and paid for by the real estate industry, a new survey has shown. Only a quarter of readers and potential readers surveyed in the Media Landscape Confidence Index thought Fairfax still had any credibility on real estate matters, down from half the respondents in 2009. "The vast majority of readers find Fairfax real estate reports to be little more than comedic, myth filled love letters to the real estate industry. An indictment on those writing the reports and an indictment on Fairfax itself for giving column space to industry 'experts' to push sales," the report found. By any measure, spruiking is on the rise as the real estate industry pushes into spring, attempting to jump start the market, through fear, paranoia and even blame on the buyers themselves, for not chomping down enough housing debt at the peak of the market... And so the so the story goes. As an...

Over the weekend we've been dealt divergent stories on the Australian real estate market. One essentially misplaced from the daily horoscopes, Libra and Scorpio: buyers will be madly snapping up houses in Sydney over your birth months. The other regarding Queensland's dying property market and the resultant carnage ripping through real estate offices, with many agents now dead on the battlefield. According to Andrew Carswell and Vikki Campion in the Daily Telegraph (yep, it took two minds to cobble this tale together) MORE than 100,000 Sydneysiders are waking from winter hibernation ready for a spring home-buying spree that experts predict will jump-start Sydney's property market.  Real estate agencies are anticipating a record flood of inquiries in coming weeks. What follows is a series of quotes from agents, one more laughable than the next, based on their hunches and assumptions. The kind investment analysis you'd hear at the bar after four pots, is now passing for n...