Posted by Annalisa Burgos | June 17, 2009
You’ve probably heard about the marital problems of Jon and Kate Gosselin, who along with their eight children (fraternal twins and sextuplets), star in the popular TLC reality show “Jon & Kate Plus 8.”
The couple recently celebrated their 10-year anniversary, but apparently not together. While raising a huge family is stressful enough, imagine having to deal with the media and allegations of extramarital affairs and child abuse. And to add insult to injury, the couple can’t seem to sell their former home in Elizabethtown, Pennsylvania.
The 3,446-square-foot, 5 bedroom, 2.5 bath Cape Cod has been on the market for four and a half months, and counting.
On average, similarly priced homes in the county take about 116 days to sell, according to Lancaster Online.
The Jon and Kate house is listed for $325,000 and features new bamboo hardwood floors, a security system, large rear deck and laundry room with two sets of washers and dryers.
The Gosselins paid $280,000 for it in 2006 and made some improvements to it during their TV show.
Judging solely on these pictures, I’d suggest the home needs some staging to compete in today’s challenged real estate market.
My tips? Remove the dreary blinds and bring in bright window treatments. Replace outdated fixtures and ceiling fans.
You can kind of see the deck through the blinds in this picture. Why not open them, so we can get a great view of the outdoors? Let the sunshine in!
And you can rest assured that the kitchen can handle a lot of cooking. That’s a picture of Kate with her eight children when they used to live in the home.
Last October, the couple moved 40 miles northeast to a $1.35 million, 24-acre estate in Wernersville, Pennsylvania, where they can spread out and have more privacy. (You can see the new home in that last picture.)
Posted by Annalisa Burgos | June 3, 2009
Treasury Secretary Timothy Geithner’s job is to lead the United States out of the recession. Now he’s got another job — landlord.
Geithner assumed his new role the same way many homeowners in this market do: reluctantly.
The former head of the Federal Reserve Bank of New York listed his five-bedroom Tudor near Larchmont, a suburb north of New York City, for $1.635 million in February. The asking price was later dropped to $1.575 million, about 27K less than what he paid for it in 2004.
Unable to find a buyer, the Geithners opted to rent out the home for $7,500 a month and ride out the rough real estate market.
During a time when home prices are falling faster than a ton of bricks to the bottom of the Hudson, many sellers would rather rent out a home than lose hard-earned equity or do a short sale, where you sell the home for less than what you owe.
Being a landlord isn’t all that bad. Research the local laws and consult a local real estate attorney. If you move out of the city or don’t have the patience to find tenants and maintain the property, you can always hire a property manager.
The downside is that rent usually doesn’t cover all your costs as a homeowner, especially in high-priced markets like New York. Like other sellers put in this position, Geithner still has to cover part of the mortgage payments on $1.25 million in loans and $27,000 in annual property taxes. Ouch. Looks like the housing slump has really hit home for the nation’s top economic official.
SOURCE: Associated Press; Photo by Stephen Chernin
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 | April 28, 2009
I’m trying to buy a condo in Manhattan and you know that’s nothing but drama. Running around the city via subway and cabs. Dealing with sellers who haven’t accepted the reality of the market. Trying to get financing with loan terms I want. And hello! Did you know New York City has the highest closing costs in the country, averaging $4,016, according to a survey by Bankrate?! DRAMA!
Well, now there’s a guide for anyone tired of the stress of buying, selling or financing a home. (drum roll please)
Introducing the new “Drama-Free Real Estate” series on HGTV’s FrontDoor.com. FrontDoor Freak-Out Prevention Specialist and real estate expert Tara-Nicholle Nelson offers more than 100 timely stories and tips to help you take the drama out of your homebuying, selling and financing experience. Check it out at: http://www.frontdoor.com/dramafree
Tara’s breaks down the “Top 10” action steps, strategies and insider secrets you must know; offers “Don’t Freak Out” tips to tackle the main sources of frustration; and shares her experiences and lessons learned with real-life clients in “Been There, Done That.”
If you’ve got drama you can’t handle, consult Tara’s guide and leave a comment here. We want to hear about it!
Posted by Annalisa Burgos | April 21, 2009
Looking for a place to unleash your rock-and-roll soul? Well the self-proclaimed minister of R&R Lenny Kravitz is selling his waterfront Miami Beach mansion for $2.85 million.
The 5,700-square-foot home in the exclusive Biscayne Point neighborhood features 3 bedrooms, 3 full and 2 half bathrooms, a “resort-like” backyard, open bay views, over 1,100 square feet of tiled dock and 100 feet of waterfront.
The aerial view may not look like much, but check out these interior pictures! The decor screams “rocker pimp,” with white shag carpeting, black patent-leather walls, red lacquered floors and a white padded-patent-leather bar.
Reportedly, the rocker toned down the over-the-top decor before putting his shag pad on the market. Good move since not everyone is into that retro disco look.
But Lenny isn’t the only one selling a house — browse more homes for sale in Miami Beach. And if Miami Beach is not your style, find your flavor elsewhere in Miami, FL. Check out the five Miami neighborhoods that are in demand right now.
Enjoy checking out cool houses like this? Tune in to FrontDoor’s Cool Houses Daily every day at http://www.frontdoor.com/coolhouses and submit your own cool house for sale at coolhousesdaily@frontdoor.com.
Posted by Annalisa Burgos | April 17, 2009
It’s time for another fun-filled weekend of open houses. As you brave the gauntlet of brokers eager to get your business, here are some great tips and worksheets on FrontDoor.com to help you with your search or sale.
Buyers – Hopefully, you’ve done your research and know how much house you can afford and what to expect in the homebuying process. Check out the listings on FrontDoor.com. When you see a place you like, add it to your list of “must-see” properties. If you’re working with a buyer’s broker, he/she should have compiled a list of homes for sale that meet your criteria. Before you head out, master these tips for what to know and expect at an open house. Print out FrontDoor’s Homebuying Checklist and multiple copies of the Home Tour & Open House Worksheet. Fill one out for each property you see and like. And don’t forget your camera!
Sellers – Your real estate broker should have broken down the entire selling process to you and explained how to prepare your home for the open house crowd. For your easy reference, print out FrontDoor’s Home Selling Checklist and the Home Tour & Open House Worksheet. Make sure everything is ready to make that great first impression. Now, it’s up to your listing agent to sell your home to the potential buyers walking through the door.
Speaking of open houses, don’t forget to watch Open House Sundays on HGTV, starting at 10:30 a.m. See how homebuyers and sellers just like you are working the real estate market.
Posted by Annalisa Burgos | April 15, 2009
Judging by the lines at my post office this morning, a lot of people are waiting til the last minute to mail those tax returns. Kudos to those of you who have already received your tax refunds — April 15 is just another arbitrary date. If you’re a procrastinator like me, you’ve filed an extension so you can put it off for another day.
For homeowners, tax issues are always at the forefront of their minds, regardless of the date. Tax breaks are often touted as the biggest perk of owning a home, since you can deduct mortgage interest, property taxes and mortgage points for the year you buy. This year, an $8,000 tax credit for first-time homebuyers is enticing more newbie buyers to come out of the woodwork.
Any real estate transaction has an effect on your tax situation. Whether you’re selling a home or transferring a home to a family member, research the tax implications first.
Perhaps the most contentious tax issue for homeowners is property taxes. Local governments rely heavily on real estate tax revenue to balance their budgets. Today, as home values plunge in many markets, homeowners are asking that their properties be reassessed and their taxes lowered to reflect that sharp loss in value. If you want to appeal your property tax, contact your county assessor or the local government entity that handles real estate taxes in your area. Be wary of companies that claim they can get your property tax lowered if you pay them a fee. Oftentimes, you can start the appeal process yourself.
But don’t be too hopeful. It’s a recession and many cities are coming up short on their budgets. So even if you do appeal, they may simply increase the tax levy in order to get the same amount from you.
If you’re buying a home, do yourself a favor and estimate your property taxes yourself. Real estate listings show what the current homeowner pays, but oftentimes, the property is reassessed when a new owner takes over. Do the research so you aren’t unpleasantly surprised.
For more helpful tax tips, go to http://www.frontdoor.com/home-finance/FrontDoors-Top-10-Tax-Tips/54900. And remember to always consult your tax professional before taking any action.
Posted by Annalisa Burgos | April 10, 2009
Everytime I tell people I work for HGTV, they immediately tell me how much they looooove “House Hunters.” Most of these people aren’t actively looking to buy a home, so I ask why. And the response is pretty much the same across the board — “I love looking at houses.”
Imagine that. People who just want to look at houses. Well — ask, and you shall receive. We’ve got just the thing to unleash your inner property voyeur.
FrontDoor’s “Cool Houses Daily” gives you an exclusive peek into an amazingly cool house each day. And by cool, we mean homes with over-the-top features like panic rooms and helipads, celebrity-owned homes or even a house that supposedly will extend your life!
Safe to say HGTV has mastered the art of showcasing homes and bringing the excitement and drama of homebuying and selling to viewers who can not only relate, but want to be part of it (i.e. how can I get HGTV to redo my kitchen?).
So it was only natural for HGTV to launch FrontDoor.com, with the goal of reaching the millions of Web-savvy consumers who are not only actively buying or selling a home, but those who are just genuinely passionate about the idea of “home” and real estate. You’ve probably already seen the extensive how-to guides and expert tips on the site. But how cool is it to check out some of the most unique homes on the market?
So stop by everyday: http://www.frontdoor.com/coolhouses. You’ll get a daily dose of interesting properties you never knew existed. Who knows? It may motivate you to start house hunting or at least see what other unusual homes are out there. And if you know of a cool house for sale, email a description and photos to coolhousesdaily@frontdoor.com. We could feature it on CHD.
Posted by Annalisa Burgos | April 8, 2009
I’m still hunting for that perfect home to buy, and my real estate agent hit a snag when trying to make our home tour appointments for this weekend — it’s Passover and Easter and no one is available! Now, I’m Catholic (albeit a non-practicing one, but still Catholic), but I’m still bummed. After all, I’m too old to dye and look for Easter eggs and my family is all on the West Coast.
That said, your friends at FrontDoor want to you wish you a wonderful Passover and Easter, whether you celebrate these holidays or not.
If you happen to be selling your home right now, go for tasteful seasonal staging! Like Thanksgiving and Christmas, holidays give you the opportunity to add warmth and create that real feeling of “home” that can be missing with standard staging. Plant bright beautiful flowers in your front yard for Easter or showcase your grill and outdoor patio around Independence Day.
Put away personal knick-knacks and tone down the religious decor so potential buyers can envision themselves in the space. You don’t want to distract them.
For instance, your favorite Easter bunny chandelier that Aunt Martha gave you may not appeal to most buyers, but a bunny statue in your garden can be a cute touch. Read more helpful staging tips for the holidays.
Staging your home right is critical to creating a great first and lasting impression for buyers. It can mean the difference between you getting an offer or none at all. Remember to clean, declutter and highlight your home’s best features. And get more expert tips and advice in FrontDoor’s Home Selling Guide.
Posted by Annalisa Burgos | April 7, 2009
If you’ve got $150 million to burn and you’re a huge fan of classic TV series like “Dynasty” and “Beverly Hills 90210″, we’ve got a home for you.
The widow of legendary TV producer Aaron Spelling is downsizing and has listed their 56,000-square-foot monster mansion in Los Angeles at a whopping $150 million.
Dubbed “The Manor,” the estate spans nearly 5 acres on South Mapleton Drive in the exclusive Holmby Hills neighborhood. The three-story home features a dozen bedrooms, two dozen bathrooms, a high-tech screening room (for watching all those great episodes of 90210!), library, gym, doll museum, bowling alley, wine cellar and a beauty salon/barber shop in the finished attic. The estate includes 16 car ports, a tennis court, pool/spa complex and several gardens. And best of all, the Playboy Mansion is nearby!
You’d think that with a recession going on, buyers would bulk at the price tag. But that doesn’t seem to be the case.
“We already have interest from both local and foreign buyers, even though it is very early in the process,” said Sally Forster Jones of Coldwell Banker Previews International, who shares the listing with Hilton & Hyland/Christie’s Great Estates. “The Manor is a property unlike any other. A property of this pedigree comes on the market once a decade, if not, once in a century. For that reason alone, discriminating buyers recognize it as a once-in-a-lifetime opportunity.”
If this McMansion is out of your price range, Candy Spelling is selling another property in nearby Century City for a mere $4.8 million. The more “modest” home in the gated Century Woods community has 5 bedrooms and 5 bathrooms.
If that one isn’t for you, check out thousands of other homes for sale in Los Angeles. With home prices in the City of Angels falling (as they are in many markets), you’re sure to find a home perfect for your price range.
And if you’re not buying but are just really into cool homes, check out “Cool Houses Daily” on FrontDoor.com. These homes are too cool to miss and they’re for sale!
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