Staging Anew

1260ribbs

That photo above is from my listing last December on Ribbon in Foster City. It shows a real live staged living room. This whole house was staged at a cost of about $3000.00 Fortunately, the house sold quickly and we didn’t have to worry about paying for additional months. Most of the homes I sell have some degree of staging done to them. Many of them, especially if they are vacant desperately need staging. Without it, the house will undoubtedly take longer to sell and will sell for far less money. Even if you have an immaculate home it’s worth having a stager come out and give you tips on maximizing your home before you put it on the market.

Well, in 2009, there’s a new kid in town. That kid is the virtual stager. Several websites have sprung up that will stage your vacant home…virtually. For far less money, these sites will make your place look like they have real furniture in them. Here’s a couple of links for your viewing pleasure.

 VirtuallyStagingProperties.com and VirtualStagingSolutions.com.

Interesting, aren’t they? For a few hundred dollars you have a virtual tour showing a fully staged home. Now, whether or not that helps sell the house…who knows. I suspect the buyers who preview these homes online will be a little surprised to see a vacant house upon actually going into these places, but hey! I’ve seen one of these in action at a house in Redwood City recently. I do think they are a good opportunity for many properties…particularly in 2009 when everyone seems to be conscious of saving money.

Staging has proven itself to me over the years. It’s undoubtedly worked, and this new addition is an interesting idea. I’ll be anxious to see if it really does work.

Funky Foto Contest Winner Week 75

marlin

Too easy!! The light in question this week belongs to, of course, the Marlin Cove Shopping Center. Some of you actually knew the name of the place too. Good job! Alot of others knew the place by the name of the shops there. Congratulations to Erika Jahnke who arrived first and wins the $30.00 gift card to Diamond Harbor Seafood in Edgewater Place. Good job Erika! Also arriving with the correct answer was Narayanan, Lakshmi, Dana Ferri, Jim S, Kirk, Tammy Shueh, Kim Lloyd, Edna, Steve Toler, Swapnil, and Divya. Great job folks!! See you again on Friday when we’ll do it all over again!

Not Hannah Montana…Please!


Entertainment Scientists Warn Miley Cyrus Will Be Depleted by 2013

This will be very, very bad news for my daughters…and good news for me!

Funky Foto Contest Week 75

stucco

I guess I have a thing for lights as of late, huh? This weeks question is quite simply, where is this light hanging? This weeks winner will receive a $30.00 gift card to Diamond Harbor Seafood at Edgewater Place. All the rules of the road are available to view on the left hand margin as well as on the bar above. The winner along with all other correct answers will not be published until Monday morning. Any and all silly jokes, smart alecky quips or comments and all wrong answers will be published immediately. Have a great weekend! Go buy a house!

A Whole New Ball Game

839lurqs

It sure is remarkable how different the market is right now versus 6 months ago. As I’ve mentioned before, in February there were over 40 single family homes listed  with 3 pending sales. Today there are 20 active single family listings and 9 pending sales. One sort of interesting aspect to these pending sales are the fact that 4 of the 9 are over $1,195,000…all recent sales too. Even more dramatic is the condo/townhouse category with 24 active listings and a whopping 31 pending sales. It’s clearly a turnaround.

Of those single family actives there’s a few that are really interesting and are worth a look.

831 Schooner listed by Jan Majeski of Alain Pinel for $1,138,000. I don’t know what it is about Jan, but she always seems to list spectacular, updated, drop dead gorgeous homes! It’s sort of weird actually! Just once I want to see Jan list a fixer upper…please! This house is really, really nice.

728 Ranger listed by Bernard Accristo, Broker for $1,088,000. This is a pretty interesting house with sort of a fun addition. Sort of modernish. Definitely worth a look.

1402 Leeward listed by Joan Flood of Alain Pinel for $799,000. A single family house, not an REO, at Antigua for under $800,000. OK, it’s only 1470 square feet but that sure seems like a good price to me. I have to admit that anytime I see photos online that don’t include any interior shots I get a little nervous. Still…

839 Lurline listed by yours truly for $1,319,000. OK, it sold already…but it’s my listing and I get to tout it! Plus…it’s gorgeous and it’s on the wide water! (See above pic!) I guess Jan Majeski isn’t the only one who get’s wonderful listings!

It really is a whole new ballgame…homes are selling again!

The New Normal

new-normal

Multiple offers are sort of common again in the Mid Peninsula and last week I had some clients who wrote an offer on a 3 bedroom house on Exeter in San Carlos that was listed for $749,000. We came in at $750,000 and lost it…the house ended up selling for $780,000. You know what? The scenario of large overbids is really rare in my experience. I’ve been involved in 18 multiple offer events, with either a buyer or seller, in 2009 and with the exception of five offers made on incredibly discounted REO’s all the rest sold right around the asking price. The overbids were at most a few thousand dollars. My listing at 900 Flying Fish got 8 offers…and only one came in over asking. It went over at total of $888.00. One offer came in $150,000 under asking (a hilarious waste of time!).

At least for the time being, this is the new normal in Peninsula home sales. In 2009 161 homes have sold in Foster City…both single family and condo/townhouses. Of those, only 4 single family and 18 condo/townhouses sold at or over their asking prices. 72 single family homes and 81 condo/townhouses closed.

I did a little study the other day and discovered that in the price range over $1,150,000 in Foster City in 2009 the average sale came down in price an average of 11% so far this year.

Clearly, there are situations whereby a large overbid is entirely appropriate and necessary. If there’s 22 offers on the property you want, you’re not going to get the place with an offer at asking. That auction at 857 Canis springs to mind that came on the market at $300,000 for a 3 bedroom, 2.5 bath townhouse at Isle Cove. It sold for $564,500…and probably should have. Nobody else has dared to price a home that aggressively but there have certainly been other discounts that have prompted multiple offers…and overbids. It’s certainly not the norm, however.

This is clearly not the time to go crazy with an overbid. If you lose a home to somebody that does…that’s OK. There will be others and the odds are greatly in your favor that you’ll get a home, at worst, around the asking price.

Funky Foto Contest Winner Week 74

hall

Good job, and good awareness to everyone who spotted the fact that these lights are in multiple places. The fact is that Friday’s foto was taken under one of the lights at City Hall. Congratulations to Lakshmi Suresh who wins the $30.00 gift card to Waterfront Pizza. Good job Lakshmi!! Also coming in correctly were Alex O, Shrikant and Debbie. Good guessing everybody! Thanks for playing…see you again this Friday!

Argumentative?

Sort of reminds me of real estate negotiations…

Funky Foto Contest Week 74

light

It’s a UFO! Hovering over Foster City! …or not? What is this thing…and where is it? That is the question. This weeks winner will receive a $30.00 gift certificate from Waterfront Pizza at Edgewater Place. All the rules of the road are available to view on the left hand margin as well as on the bar above. The winner along with any and all other correct answers will not be published until Monday. Any and all silly quips, snide remarks, poor attempts at humor will be published ASAP along with all wrong answers. I hope you enjoy the weekend!

Sweating Out The Appraisal

sweat

I’m not at all sure if it’s like this for buyers and sellers right now (I think it is!) but nothing is producing as much stress and nervousness in this market as is the seemingly long waits that are occurring around appraisals. Sure, there are those deals that slide through and the appraisal is done in the first week…but a whole lot of them are taking much longer. Often it takes a couple of weeks just to get an appraiser to set an appointment and since criteria is so much more rigid we worry that it won’t come in to value…and then what?

As I’ve said before here, Realtors and even the reps at the banks have no ability anymore to speak to the appraiser. If it doesn’t come in there’s no arguing the point. If an appraiser is inexperienced you could be in for a problem. If the appraisal comes in lower than your purchase price somebody has to make up the difference if it’s to close.

I have a transaction currently in El Granada whereby the appraiser was sent via the HVCC system. After about 3 weeks in escrow I get a call from a young guy who asks me to open the listing for him the next day. I notice he’s calling me from the 209 area code. I ask where he is…Stockton. He tells me he’d like to meet me at 10:30AM the next day and also shares with me that he has a 9:30AM appointment in Oakland and will just zip on over after that job. Oakland to El Granada in a half hour to 45 minutes? 

“Do you think it’ll take longer than that” He asks.

“Have you been to El Granada before” I reply.

“No” he says. “And where exactly is El Granada? Isn’t it in Half Moon Bay?”

This dialog didn’t get me all warm and fuzzy about this appraisal to tell you the truth. As of this morning we’re still waiting for it to come back in…it was done last Friday!

2009 is a strange and different world in Real Estate…it really is.