Archive for
May, 2009
Posted by Annalisa Burgos | May 29, 2009
I’ve been looking for a place to buy in Manhattan for about three months now. Today, my real estate agent tells me that during the summer, open houses shift from the weekends to weeknights. Or you have to set up an appointment to see the place during a weekday.
What?! That means I have to dash from the office to a property crosstown or wherever during my lunch hour (which I don’t normally take). What a major inconvenience.
According to rule #57 in the home seller’s handbook, sellers should make their homes as accessible as possible to attract as many buyers as possible, especially in a buyer’s market. Okay, there’s no handbook per se, but think about all the foot traffic you’ll miss out on. Don’t sellers want to sell their properties quickly? Manhattan is so weird.
In addition to inconvenient open houses, here are a few more pet peeves I’ve had during the house hunting process (and things sellers and agents should keep in mind when marketing their properties):
1) Not posting pictures of the inside of your home online. I’m one of the more than 80 percent of buyers who search for homes for sale online and if you don’t have pictures, I move on to the next listing that does have pictures. These days, your agent should be insisting you include pictures with your listing. If he/she doesn’t, ditch the agent.
2) Posting blurry pictures or ones that are so small you need a magnifying glass to see anything. That’s almost as bad as not having pictures at all, so take clear, appealing pictures. And get rid of the clutter so buyers can see the space, not your stuff.
3) Exaggerating what your home has. One listing I saw read “HUGE terrace.” Since outdoor space is something I want in my new home, I set up an appointment to see the place. To my dismay, the “HUGE terrace” was neither huge nor a terrace! It was a railing that ran along the outside of the bedroom with barely enough room to fit one person! I refused to deal with that listing agent again.
4) Not being prepared for the home tour. I’ve toured properties where the agent doing the showing had no idea what the house or building offered. It was a case of the blind leading the blind. Each time I would ask a question, the agent would give me a blank look and say “I’m not sure about that. I’ll look into it and get back to you.”
What are your biggest pet peeves with the house hunting process? Post your comments below and share your stories with us!
Posted by Annalisa Burgos | May 28, 2009
Ferris Bueller was that teen every kid wanted to be. Cool without trying and got away with everything.
I never dared to try anything Ferris did, but watching “Ferris Bueller’s Day Off” was like my own way of vicariously playing hooky from school, driving a 1961 Ferrari 250 GT California and singing on a parade float.
Well Ferris fans, you too can own a piece of pop culture history. Remember Ferris’ best friend Cameron? His Chicago-area home in the movie is listed for $2.3 million by Sudler Sotheby’s International Realty.
You also get the adjacent auto pavilion, which housed that infamous Ferrari that took a sad plunge into the ravine.
Located at 370 Beech St. in Highland Park, an affluent suburb on Chicago’s North Shore, the 5,300-square-foot, contemporary-style house was designed by architects A. James Speyer and David Haid.
It features four bedrooms, four full baths, a fireplace, a three-car garage and incredible views of the surrounding woods. Vintage Ferrari sold separately.
As for the Bueller home, that house is actually in Long Beach, Calif., and not for sale as of yet.
Posted by Annalisa Burgos | May 27, 2009
I never bought a Snuggie. I saw the informercial and laughed at such a ludicrous idea. A year later, Snuggie’s creators are the ones laughing, having sold more than 4 million of those things. Everyone I know has one and raves about them.
I didn’t see that coming.
So it dawned on me, if an infomercial can sell blankets with sleeves, chopping devices, a metal bar you hang on your doorway (Iron Gym) and other random stuff, it can sell houses.
Now bear with me, I’m going somewhere with this.
I was up late one night and one of those “make millions in real estate” commercials came on. You’ve seen these ads — some self-proclaimed millionaire investor goes on TV to hawk their book about how to strike it rich. This particular night a guy named Dean Graziosi was on. I had never heard of him before, but he claimed to have the secret to cashing in on our turbulent housing market. Normally I would have changed the channel. But he must have said something right cause I ended up listening to what he had to say.
What struck me about Dean’s pitch was that he didn’t approach it like “Hey! This is your chance to make money off of people’s misery. Go buy a foreclosure now!” Instead, he talked as if the viewer was a homeowner in financial distress or in danger of losing their home. Sure he’s an investor trying to make a buck, but his testimonials were from people who had major debt and were able to overcome it. I did some research on him, and he generally got good reviews. In a market like this, where so many are frozen with fear, it was nice to hear a positive message of empowerment.
Okay, no, Dean wasn’t actually selling homes on his infomercial, but he was selling a strategy for buying bargain-priced homes that most people are unaware of. And doesn’t that help reduce inventory? The National Association of Realtors (NAR) says housing inventories are up 8.8 percent to nearly 4 million units. Normally, you should have no more than a six-month supply of inventory. At the current level, it would take more than 10 months to sell all these houses.
This week’s batch of housing data shows things are not as bad as they could be, but we’re in no way near recovery. (A few “positive” reports and some economists are throwing that word around again). NAR said April’s existing home sales rose 2.9 percent, with distressed properties, including foreclosures and short sales, accounting for 45 percent. That’s still putting pressure on home prices, which according to NAR, are down 15.4 percent year-over-year.
Meanwhile, the S&P/Case-Shiller National Home Price Index says home prices in March fell 18.7 percent from a year earlier, in the 20 major cities it tracks. Furthermore, home prices have fallen 32.2 percent since the market began its decline in mid-2006.
Oh and did I mention that a new wave of foreclosures are expected to hit the market through the end of this year? More ARMs are about to reset and more properties are moving through the foreclosure process, so expect the number of foreclosures to continue to rise.
Bottom line: There are so many houses for sale out there and not enough buyers to buy them. So maybe an infomercial isn’t such a bad idea. If more people knew how cheap a house can be, more people would buy one, especially if there’s an $8,000 tax credit and tax benefits. I mean if it worked for the Snuggie, maybe it’ll work for real estate.
And yes, I did buy Dean’s book. I’ll let you know how it is after I read it.
Posted by Annalisa Burgos | May 25, 2009
Every time Memorial Day rolls around, my husband dreams about grilling amazing food and entertaining friends in our awesome outdoor kitchen.
But since we live in Manhattan, that dream will have to wait until we can get more acreage. But we can start shopping now. Here’s my collection of favorites from across the Web.
Really love the look of natural stone with stainless steel appliances embedded.
And you have to have a pool with your outdoor kitchen!
The one thing I would add is a walk-up bar built into the pool connecting it to the kitchen area. That way people who are swimming can refill their drinks without getting out of the pool!
And check out FrontDoor.com for tips and inspiration for turning your outdoor area into the perfect oasis.
Posted by Annalisa Burgos | May 21, 2009
We typically think “going green” refers to one’s efforts to be more environmentally-conscious, whether it’s recycling products or reducing the use of natural resources. The barrels in the photo to the right, for instance, are used to capture rainwater that is reused to irrigate the landscape and garden of HGTV’s Green Home in Port St. Lucie, Florida.
In real estate, the green movement has created a new way for agents to market themselves. Introducing… the “green” real estate agent. And in this case, “green” doesn’t mean “rookie” (though we know many of those, don’t we?)
A green agent is basically someone who has gone out and taken a course on environmentally sustainable housing and gets certified. Many companies offer green certification, including the U.S. Green Building Council (Leadership in Energy and Environmental Design, or LEED, designation), the Association of Energy and Environmental Real Estate Professionals (ecoBroker designation) and the Green Certified Real Estate Education Company (green certified).
While LEED is widely recognized, it’s unclear whether the other “training” options really transform you into a reliable green housing expert, but it’s out there and some agents are taking it. Also not sure if green agents charge their clients more for their expertise, but from what it looks like, it’s simply another way for an agent to stand out from his/her competition. It’s up to the consumer to decide whether the label actually adds value.
One thing is for sure. You won’t need a green agent to show you HGTV’s awesome new Green Home!
Take a virtual tour and check out photos of the home and read more about what makes the home green and its neighborhood Port St. Lucie.
The best part? You can get the beautiful Green Home for FREE! Enter once each day at www.hgtv.com/greenhome. Hurry, you’ve got til June 5 to enter.
Posted by Annalisa Burgos | May 19, 2009
Let’s face it. Sellers in this market need as much help as they can get. When you’re competing with foreclosures and heavily-discounted new construction, your home needs to stand out. Play up your strengths, whether it’s a great view or amazing kitchen. And if you’ve got a REALLY unique feature, FrontDoor.com is the perfect place for you to market your one-of-a-kind property!
FrontDoor’s Cool Houses Daily (www.frontdoor.com/coolhouses) highlights the coolest, kookiest and most unique homes for sale across the U.S., from a custom-built grown-up treehouse for sale in Texas to the former home of gangster Al Capone listed in Chicago.
Each day, we showcase one new property that has a great story or very unusual selling feature, chosen from our more than 3.6 million for sale real estate listings.
Each Cool House is featured for about two weeks and actively promoted through FrontDoor’s weekly newsletter sent to 400,000 engaged home lovers and via various social networks such as Facebook (www.facebook.com/FrontDoor) and Twitter (www.twitter.com/HGTVFrontDoor), plus throughout the Web site itself.
Realtors and brokers can add value to their clients’ listings with CHD. Just go to the CHD page (www.frontdoor.com/coolhouses) for details on how to submit your cool house for sale. “Our audience appreciates a good story and we are always on the look out for new and unique ways to highlight homes available through FrontDoor,” says Rich Lacy, vice president and site director of FrontDoor.com. “This feature showcases additional dimensions to a listing.”
And for home lovers like me, it’s cool just to see what’s out there.
Posted by Annalisa Burgos | May 18, 2009
I’d say I moved a lot in the past 10 years (LA to Dallas and back, LA to NYC, NYC to Knoxville and back). Lucky for me, I haven’t had any major moving nightmares, though I’ve heard many a story from friends and family. Lost belongings. Shipped cars arriving months later. Movers breaking things. It’s safe to say that moving comes with risks.
But with proper planning, moving to a new city can be more exciting than stressful. And in the spirit of that thrill of beginning a new stage in your life, we unveil FrontDoor.com’s new “Major Move” series!
Each video is packed with helpful tips for every stage of your move, from planning to purging to packing. Plus, get worksheets and pointers to help you save time and money.
And don’t forget to check out FrontDoor’s Moving section for more inspiration!
Posted by Annalisa Burgos | May 14, 2009
Unless you’re a seasoned real estate investor, most buyers are uncomfortable with approaching a homeowner who’s going through foreclosure and offering to buy their home. Rightfully so, since it’s a very difficult time, emotionally and financially, for the homeowner.
But it’s during this first stage of foreclosure where you can find the best bargains, often through a short sale. Try these helpful tips when dealing directly with the homeowner. Negotiations require patience and tact to avoid hang-ups and slammed doors.
In RealtyTrac’s April foreclosure market report, activity is up 32 percent from last year to another record-high level, mainly due to the first two stages of foreclosure: mortgage defaults and auctions. The third stage — bank repossessions or REOs — fell to their lowest level since March 2008, but RealtyTrac’s CEO James J. Saccacio expects a spike in REOs as more loans “move through the foreclosure process over the next few months.” Not surprisingly, Nevada, Florida and California were the states with the highest rates of foreclosure.
As more homes go through the foreclosure process, more homebuyers are flooding the market in search of bargains. We already saw that in the first quarter, as increased foreclosure sales led to a 14 percent plunge in the median home price from a year earlier, the biggest drop on record, the National Association of Realtors said on Tuesday.
Did you know each state has its own laws governing foreclosures? Do your research before buying. Read about each state’s laws and stay up-to-date with the latest foreclosure news.
Posted by Annalisa Burgos | May 13, 2009
Star Trek mania has gripped us all. (For the record, Star Trek was sold out when I went, so I saw X-Men instead. But I’m jumping on the bandwagon anyway.)
Today’s younger, sexier movie version of the sci-fi franchise proves that geeks aren’t the only ones into aliens and outer space. In fact, the real estate world has its own spaceship fetish.
Take this spaceship home on a hilltop in a suburb of Johannesburg, South Africa, featured on HGTV’s World’s Most Extreme Homes.
The unique, 450-ton structure is made of 50 tons of reinforced steel and special windows manufactured to withstand intense weight and winds. Set above a rocky landscape, the home looks like a flyer saucer that just landed.
While it may look like a spaceship on the outside, it’s a typical home on the inside, with three bedrooms, living and family rooms, a kitchen, dining area, study, game room and garage.
Take the tour >>
Or you can live long and prosper in Chattanooga, Tenn., where this spaceship home was sold at auction for $119,000 in December 2008. The 1,500-square-foot, three-bedroom, two-bathroom home was the model home for what was originally intended to be a subdivision of spaceship-style circular homes. But the builder discontinued the project. Take the tour >>
While Star Trek the movie may have raked in more than $75 million in its first weekend, it’s unlikely that Star Trek the home will generate that kind of moolah. These kinds of structures cater to such specific tastes that they violate the cardinal rule of home selling: Appeal to as many potential buyers as possible.
Posted by Annalisa Burgos | May 12, 2009
Model/actress Milla Jovovich may be known for killing zombies, but it seems she won’t be making a killing in real estate.
It’s been about a year since the Resident Evil actress first listed her four-story, four-bedroom home in the West Village for $8.75 million. Today, it’s listed at $7 million, about 600K more than what she paid for it. She’s cut the price twice already, and if she doesn’t get any bites, she may have to do it again.
The Greek revival townhouse features an extravagant master suite, walk-in closets behind mirrored French doors, cast-iron railings, mahogany banisters, five fireplaces, stone heated floors, solarium and roof terrace.
Plus, you’re on trendy Greenwich Avenue, which is packed with great bars and restaurants.
Jovovich, known for her roles in action and sci-fi films, is engaged to writer/director Paul W. S. Anderson and has an 18-month-old daughter Ever Gabo Anderson.
To see more fascinating homes for sale, check out Cool Houses Daily. Browse more listings on FrontDoor.com and explore the neighborhoods in New York City.
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