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Showing posts from July, 2011

The Update - A Lot Late

But we will play catch-up. I must say that really only the blog has suffered due to Liam's birth.  I never thought I would be so consumed but I am.  I still managed to find time to sell, buy and close properties with my clients in the last few weeks - just not the time to write about them. So - since I did the research and then got interrupted by The Call to go to Manhattan "now!" I will start with what I pulled together.  This is the second half of the update - what sold and closed between (gulp!) June 16th and July 13th in Skaneateles. Two new properties were marked contingent, both larger village homes bringing the number of contingent properties to 7 in all.  "Under contract but do not show any more" is a tiny waterfront - can't wait to know what it did actually sell for!  There are 12 pending - a larger waterfront is new to this list. What has closed is the most interesting part of this update.  As of July 13th, there were 29 closed single family homes

Consciousness

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What else could you ask for? A city's listings hovering around around long term highs - double those of the financial crisis, 12.5% of those listings are home to nothing more than arachnids and a developer is getting primed to serve up some off the plan goodies. Fist pump for Devonport. Devonport's old maternity hospital, a long-term haven for asbestos ingesting vandals, will morph into an art-deco apartment complex.16 ground-level units, 17 units on both the first and second floors, seven third-level units and fourth floor penthouses. After a finance delay and about a year after the developers got their hands on the joint, someone's stumped up the cash for the $10 million development.   Now my response would be obvious by now, but who cares? $10 million into the local construction coffers, can't see anything wrong with that, nor prettying up something more noxious than this blog. But who are these developers kidding? Some of the first responses to the news... I'v

Argonne, Baby, Gone: UPDATE IV

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Anonymous writes: This house has been in default - NOD filed 1/27/2010 (apx. 14K delinquent). [Trustee Sale] filed 4/29/10. Sale postponed, then I'm sure was eventually cancelled with no new NOD filed. Currently off the market, probably trying to modify $400K 1st TD. Problem is there's still some equity in it so likely will be denied. Thanks for the inside information, Anon. I actually tried to get in to see this house when it was still on the MLS. They wouldn't even take appointments. Like the vast majority of short sales, it wasn't actually for sale. From what I've been told, you are correct that they are in the process of modifying the loan. As I predicted in May, they'll play the short sale game and sign up for every government program (HAMP, HARP, HAFA, etc.) to buy some more time and enjoy the free/discounted rent. But what definitely WON'T happen is the bank foreclosing. It's going to be a long time before we see this place back on the market.

Confidence

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Don't you just hate it. A new post all ready to go, then some smart arse goes and sells a house. A house that's been on the market over two years, already discounted 23% and wait for it, declares boom times are just around the corner. Of course, as this site and others have regularly proven, the real estate industry is damn adept at finger painting with poo and shouting, "look Mummy, I've painted the sun." With six bedrooms and three crappers, this Burnie house is reasonably impressive. Sleep in a new bed for most nights of the week and never get bored by sitting on the same toilet twice in a row. Hey, I'm sold, but most weren't. Hence the reason it's been on the market for over two years. It started out with an ambitious $1.5 million price tag, which eventually wiggled its way down to $1.15 million, with the vendor willing to negotiate on that. Of course the discounting was superfluous to the report in the The Advocate... PRDnationwide property consul

Our News

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We welcome to our family Liam Jude Brooks-Barr born the morning of July 15th in Manhattan to Alex and Rachel.  He is our first grandbaby - and what a beautiful baby he is!  He weighed 8 lbs, 3 oz and has gained an ounce over the past day.  He was 22 inches, just an inch shorter than Alex was when he was born in Seattle.  Both were born under the full moon.

"You are Never Old, Until Regrets take the Place of Dreams"

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So I have fallen down on my writing.  I could claim busy-ness, and I certainly have been.  Over the weekend I was gone both days from before 8:30 to about 8:00 at night.  I keep returning exhausted, but when houses are selling one goes with the flow.  Because the spigot can be turned off, as quickly as our pond drained a week ago.  "Fish" was left high and dry - literally - but I rescued him and gave him a whole new world in my in-laws' pond....what a fish story! The reality is that about a month ago I was speaking with an agent who said I should be careful, that in writing about homes I am in danger of violating a listing agreement.  In our contracts we present to the owners they have the right - and all do - to say they do not want third party comments about their homes.  It's a new clause, and I routinely check it.  But she said that I was walking a thin line with this blog.   Now, for the most part I am complimentary, and I do not identify homes or properties unle

The wind

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I wandered around the joint, pretending to be interested. In fact I may have been, but like the other dozen or so tire-kickers, it depended on the price. Though I was later informed by my prettier half, "no one was there to buy, they were only nosing around - just like you." Ok. I was busted on that one because the place was empty - about as surprising as Lady Gaga wearing a hat made from goat turds - and being empty meant there was plenty of access to taps, showers, toilets, cupboards, wardrobes. You could turn, pull, push and open everything to liked and if that didn't get the hormones racing, there was always the auction in five minutes time. Apparently that was what gave me, and the other rubberneckers, away. We weren't here to look at the house, just to see what the house went for - if it went at all. And if everyone at an auction is only there to watch other people bidding... yeah, you know what happens next. The auctioneer cracked his whip and rounded us into

The Magically Expanding House: UPDATE III

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Price changed from $639,000 to $609,000 Ouch. This is getting uglier by the day. They've knocked off $90,000 from the list price and still no action. I mean, psychologically how do you think that feels? This flipper is still ahead of the game considering he paid only $405,000 in April 2010, but that seemingly fat $204,000 profit cushion isn't as comforting when you consider the 15 months of carrying costs, the substantial money he sunk into the flip ($80,000? $100,000?), and of course paying out commissions ($36,000). It's not like he'll lose money on the deal -- I think even in the worst-case scenario he'll break even. But I'm sure he'd like to gain some profit for his trouble, so with the fall and winter months (and his one-year MLS anniversary) approaching it would be wise to keep cutting. But with a listing history like this, would you characterize this flipper as "wise"? Jul 08, 2011 - Price Changed $609,000 Jun 17, 2011 - Price Chan

Social

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Facebook. Where else you can read the intimate thoughts of people you haven't spoken to in 15 years? It's the one thing that gets me out of bed each morning.Well not true, but in the midst of Facebook friends telling me how Mondays suck, Wednesday is hump day, Thursday is Thirsty and Friday is the start of the weekend, they soon start blabbering about the calamities of their relationships or financial predicaments. When this happens, I get mildly aroused. Even more-so when they mention real estate. See, whoever manages their rental property just tossed them the latest appraisal and they weren't happy. Mid-five figures below what they expected. While acknowledging the market was bad (a common theme) this was their property, a combination of brick, mortar and tile, that should be in no way subject to market forces. Some were aghast - imagine houses falling in value. Others offered support - the appraisal couldn't be accurate. Some realistic - lucky you're not on the G

Skaneateles Real Estate - The Bi-Monthly Update (sort of)

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Welcome to the Third of July - the day that is second only to Christmas Eve in my family.  This is the day when flares are lit around the lakes and the celebration for the Fourth of July begins.  Salt potatoes are the starch du jour, Bob's watermelon-shrimp-avocado dish takes center stage, and the world is magical for one glorious summer evening. So if you are thinking of moving to Skaneateles, or moving around within the Skaneateles area - please consider these new listings.  In the village you could move to a lovely stucco home now on the market in the mid-$300,000 range or go smaller up the street for a granited kitchen in the mid-$200,000.  4519 Jordan Road If you want to put in some work, you could buy the little one we just listed (see photo) for $39,900 in the Falls - it is gutted and ready for you.  Or the unfinished 4,000sf home now listed in the mid-$200,000 just outside on the east.  Remodeled and done on five acres - there's a new one for just over $300,000.  If you