Household Tips

by Linda Hutchinson

I am here today to share some household tips with you. OK…not the kind of tips you would expect.  To be honest. I don’t do dishes, don’t cook and have help around the house. Too much darn real estate to sell out there and I couldn’t care less what stain peroxide will remove.

But I do want to give you some buying tips for finding just the right house for you:

1. Get pre-qualified. This is important. Too often I have buyers who come in ready to purchase a home and they think they know their price range. In today’s lending world, you have to sit down with an expert and talk to your lender. They can assess your financial situation and let you know, quickly, at what price point you will be comfortable. Surprisingly enough, it’s usually not the home price that matters. It is how much cash you have to put down and how much you have to pay per month.
2. Narrow your search. There are so many listings in Orlando and many of them are luxury homes and many of them are homes in the $250,000 range. I have NEVER seen so many homes under $300K that were this high quality. If you were wondering if you could afford a nice home in the low $200K range…now is the time. They are out there and they are fabulous. BUT…you have to know where you want to live. Looking all over God’s green earth will only confuse you and wear out your agent. Chose a location and go for it!
3. Be prepared to compromise. This may come as a shock to some but NO HOME IS PERFECT. There are many beautiful homes but not one has everything. I have not yet met a buyer who said this home was absolutely perfect. Most buyers end up with homes that are close to perfect and most importantly, make them happy. That is true perfection.
4. Buy something you can afford. You don’t have to spend a fortune and you don’t have to spend up to your maximum loan limit. Buy what you will find is reasonable and enjoy life a lot. It is better to buy something you feel fits your budget than to buy a home that leaves you cash poor.
5. Be satisfied. As my Dad always says…there is always someone with more than you and someone who has less than you. Be grateful for what you have and enjoy living. To borrow Martha’s phrase…It’s a good thing!

Cheers, Linda

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What in the world??????? Orlando Real estate remains strange but solid.

Rates are climbing. The President is signing and BUYERS are out in droves. Maybe the interest rate increase is a GOOD THING with buyers realizing that they have to get out there and buy a house NOW!  Here are my facts…today I showed homes to three buyers with another two set up for tomorrow. That is a busy weekend my friends and buyers are back in the market.

Every week I think to myself that I cannot be shocked anymore and then another week comes and I am shocked! Things change so rapidly that only serious real estate agents can keep up.

Here are some highlights:

1. Short sales are STILL A BAD BUY. Banks can NOT seem to make decisions that will save thousands of dollars and help move a property out of foreclosure and into the SOLD category. Everyone is talking about short sales and newspapers and newscaster seem to think this is the panacea everyone looking to stop foreclosure proceedings. Trust me…it isn’t working. There is no “YES” person at the bank. Realtors often are in over their heads on this one and I strongly believe that short sales are a waste of time. Until the banks get SHORT SALE DEPARTMENTS with an actual knowledgeable people in control that can make decisions…don’t bother.
2. Foreclosures are coming. This is a guarantee. I heard recently that only 20% have come on the market in Central Florida. Sadly, I think this may be the case. This could affect home values for a few years in Central Florida.
3. FHA loans are BACK. GOOD NEWS HERE. We need these loans to stimulate sales. Bad news, the maximum amount you can borrow in Central Florida/Orlando is only around $350K. No enough for most homes on the market.

We are in a market that changes daily. I don’t say that lightly. One day we have loans, the next day banks are tightening standards. Recently, we had a rate increase yet President Bush is signing legislation to help homeowners in foreclosure crisis. Every day is a new discovery. What does this mean to you? It means that we stay the course, work hard and get your home sold. It remains my number one priority.

Luxury Cottage Lifestyle

I not a fan of posting articles on my blog but this one caught my eye and I wanted to share it with you. Why does it appeal to me? Because it is really what a lot of people are looking for today in the housing industry. They will sacrifice space and other amenities in order to have a sense of community.

They want green space, they WANT neighbors, they want to belong. Everything old DOES become new again. It’s our grandparents and great-grandparents lifestyles and it’s back. So charming and oh so enticing.

What price can we put on community? Well as you can see here…a cottage home runs around $700K which is pretty substantial for your average home buyer. But it is a dream lifestyle for those who can afford it.

Pretty impressive stuff and kudos to the architects.

Here you go:

Daily Real Estate News  |  July 21, 2008

Small Homes, Cottages Score Big With Buyers

However, home buyers these days increasingly are interested in smaller homes that consume less energy and encourage interaction among neighbors.

Developers in cities such as Seattle, Boston, and Milwaukee are building cottage developments to meet the rising demand.

Architect Ross Chapin and developer Jim Soules have erected nearly 50 Craftsman-style cottages during the last 10 years in the Seattle area. (Watch Video: Choosing Cottages Over McMansions)

The quirky homes sell for as much as $600,000, despite the fact that they range in size from just 800 square feet to 1,500 square feet.

Chapin uses clever design tricks, such as corner windows and skylights, to give the illusion of more space. He also makes the most of every inch by including crawlspace storage and built-in bookshelves and cubbies.

“These days, we drive to the house, open the garage door, go in,” Indianapolis developer Casey Land told the Wall Street Journal. “But it’s important to get to know your neighbors. I think people miss that.”

Source: Wall Street Journal, Sara Lin (07/18/08)

Orlando Luxury Home Stats – Plenty of Options, Plenty of Sales

There are currently 15,661 homes for sale in the Central Florida region – specifically, Orlando! WOW. That’s an astounding figure.

But what is even more interesting is that there are 699 homes currently for sale over $1M in Orlando with the highest priced home on the market hovering around $12M. Most of these homes can be found in the Dr. Phillips/Bay Hill or Windermere areas (all in the same neighborhood) and sales there remain brisk. Most, if not all, are on ski lakes. Waterfront brings top dollar in Orlando.

Currently there are 37 homes pending for sale over $1M with the highest priced home under contract at $6.12M having been on the market for almost a year.

Finally, in the last 90 days, there have been 699 homes sold over $1,000,000 in the Orlando region. For many areas of Florida, there weren’t 699 homes sold in ALL price ranges. This is VERY good news indeed.

So should you think that there is a lack of interest in homes in the luxury price point…you only have to look at the facts. Just keep in mind it pays to live in Windermere…the home of many professional athletes! It also pays to live on water! No wonder they call it the City Beautiful.

Dome, sweet dome – it’s a rich dog’s life

Every now and then I have to remind myself that dogs have the best life! So now your dog can have its own DOME – it is a dog crate with attitude. For those who are into luxury items for their dogs…this is a work of art and the basic version can be yours for only $420. For those who want a dome home in 22K gold leaf – it’s affordably priced at $11,000. I can’t make this stuff up, folks! This is obviously for people who really, really, really LOVE their dogs and who don’t intend to leave their children an inheritance.

This would look perfect in that contemporary; Frank Lloyd Wright designed home that is just begging for a luxurious doggie bed in the corner. Something to make it look more warm and fuzzy maybe? So what if it cost as much as a small mini-cooper.

Check out www.gopetdesign.com for more information. I wonder if the dog comes with the $11K? Too cute for words.

PS: I promise after this to blog about real estate again.

 

 

 

A Cat Tale – Lessons from my cat on buying a home

By Linda Hutchinson

I was watching my cat today and was amazed at his ability to precisely clean himself until he was satisfied. He left no stone unturned and was a fresh and happy kitty. What Tiger (I know his name is super-original) exhibited was precise planning, implementation of his plan and satisfaction at a job well done.

What does this have to do with real estate? Well it’s a stretch (pardon the pun) but we would do better to follow Tiger’s lead in looking for a home. We should leave no stone unturned, plan precisely and implement our plans. Then we sit back, enjoy our new homes and pride ourselves on a job well done. I call it – basic cat theology.

One of the ways we can turn our economy around is by spending. I wonder how many of us in recent weeks have reacted to the gloom and doom news accounts by cutting back spending and buying into the panic. While I don’t encourage a free-for-all of spending. I do think we are part of the problem instead of part of the solution.

Buyers…it’s time to spend. Sellers…it’s time to sell. Let’s all help the economy move forward not only in baby steps (buy milk) but in big steps (buy homes). We can get this whole wide world back on track by planning, implementing and watching the results. Now that’s a purr-fect day!

Sotheby’s Survey says…

ARCHITECTURAL DIGEST AND SOTHEBY’S INTERNATIONAL REALTY® BRAND RELEASE EXCLUSIVE SURVEY FINDINGS ON

LUXURY REAL ESTATE MARKET CONSUMER TRENDS

Survey Findings Contradict Media Perceptions in the Marketplace

New York, N.Y. (July 7, 2008)-Despite media reports to the contrary, real estate is still considered a sound investment and affluent consumers are confident both in the current housing market and that the value of their home has remained constant, according to a consumer research study undertaken by Architectural Digest with Sotheby’s International Realty Affiliates LLC. In the newly commissioned survey, “Seeking an Extraordinary Lifestyle,” 85% of respondents agreed with the statement, “I think real estate continues to be one of the better investments a person can make.” The study further revealed:

* 72% of respondents believe their primary home value has remained constant or increased in value over the last 12 months (46% remained constant; 26% increased).

* Nearly two-thirds of respondents report that current conditions have “no effect” on their likelihood to sell their primary home (63%).

* In the coming year, 79% believe the value of their primary home will continue to remain constant or increase (55% remain constant; 24% will increase).

* In the next year, more than half (54%) of the million-dollar homeowners plan to buy, sell, build or invest in a new home.

* 69% of million-dollar homeowners agree that now is a good time to add to one’s real estate holdings.

* 71% agree, “Over time, nothing beats real estate for building one’s personal wealth.”

The respondents feel that the media plays a role in the perception of the current real estate market conditions:

Half (50%) of respondents think the media exaggerates conditions to make the market seem worse than it is.

“This study confirms that even in a downturn economy, our readers are what we call ‘recession- proof’,” said Giulio Capua, vice president and publisher of Architectural Digest. “They continue to spend money on real estate and other luxury goods and services.”

According to Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, the study proves that real estate continues to be seen as a valuable investment opportunity, especially among consumers in the luxury market.

“This study validates the assertion that real estate is one of the best long-term investments a person can make, regardless of current market conditions. Affluent consumers know that real estate plays a key role in their long-term strategy to increase personal wealth,” said Good. “And among those consumers seeking to add to their real estate portfolio, the top criteria for choosing a property are location, price, amenities and home features.”

Research Methodology

Beta Research Corporation conducted a geo-specific mail survey to 3,500 Architectural Digest subscribers with a household income of $100,000+ and a home valued at $1,000,000+ on behalf of Condé Nast Publications in the following designated market areas: New York, Los Angeles, Chicago, San Francisco/Oakland/San Jose, Boston, Atlanta, Miami/Ft. Lauderdale, San Diego, Denver and Detroit. The survey was conducted between February 19 and March 14, 2008. There were 510 respondents.

About Architectural Digest

Architectural Digest is the world’s definitive design magazine, reaching an audience of over 4 million readers each month. The magazine features the work of world-class authors and photographers and regularly presents a “first look” at the homes of leaders in the fields of entertainment, fashion, business, society and the arts. For more information, visit www.architecturaldigest.com

About Sotheby’s International Realty Affiliates LLC

The Sotheby’s International Realty network currently has more than 9,500 sales associates located in more than 485 offices in the United States and 32 other countries and territories.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

Just the facts…real estate fact or fiction

By Linda Hutchinson

In the sixties there was a long-running radio and television police procedural drama about the cases of a dedicated Los Angeles police detective, Sergeant Joe Friday, and his partners, called Dragnet. It remains the most popular police show in television history.

The most famous line spoken was “Just the facts, Ma’am.” When Sgt. Joe Friday stated that…you knew he wanted the people to take the emotional and subjective parts of their stories out of the case and just give him the facts.

Well today…that still holds true. When it comes to your listings – stick to the facts. What do I mean? It’s OK to embellish but you can’t lie. When you measure a room and put the dimensions in the MLS…make sure the measurements are correct and you use the proper measuring tools (not your feet). A room that is 12×10 should really be 12×10 per a measuring tape or measuring device.

Facts govern everything you do. When you get into any dispute…stick to the facts. Don’t get emotional or highly agitated…just remember the facts. When a Seller argues that there have been no showings on their listing. Give them the market statistics. Maybe their home is not priced right. They can’t argue the facts. When a buyer wants to offer a ridiculously low offer on a house – give them the facts. Most reasonable people relate to and will not argue the facts. Facts are facts and they can not be disputed.

So go out there and do your jobs…stick to the facts and it will help you stay out of trouble!

Happiness in a box… owning a home

  

by Linda Hutchinson  

I remember as a small child going to McDonalds on Saturday ONLY and having the rare treat of getting a Happy Meal. I heard someone recently talking about the use of the term “Happy” and “Meal”. It seems like the people at the golden arches were on to something when they coined this term. Can a meal make you happy? Is happiness guaranteed in a box?

Now let’s segue that concept toward owning a home. In Orlando today, McMansions grow and expand the Central Florida real estate skyline. Where there were once quaint cottages and bungalows is now expanded and enormous estate homes squeezed onto prime lots. It’s happiness in a box.

Buyers today need to realize that a home IS happiness. It’s not the size that matters…it’s the location and the feeling you get when you walk into a room and know you have come “home” – it is an intangible and indescribable feeling that this is the place where you want to relax and rest. It’s your sanctuary.

Buyers and Sellers would both do well to remember that happiness really doesn’t come in a box. It comes when you make ANY place your home. It’s when you buy something not for the investment value but for family value. We have forgotten that happiness is more important than anything and you can’t achieve it with buying more and bigger things. It happens when you intentionally bring happiness into your home.

Be it ever so humble…