Luckily, there has hardly been any foreclosure activity on the Island. Why? Well, the fact is that most of the people who buy a home on the Island are people of means. Many of the homes that were built by Lenox Homes that lie to the north of Harbor Town are purchased by fairly wealthy parents who want to furnish their child a nice, safe place to stay while they attend college to become dentists or optometrists or do their residency at one of the local hospitals. These people don't wind up in foreclosure- they have options.
The people of Harbor Town proper are an anomaly in Memphis. They come from all over the globe. They are the people who have been brought in from other parts of the world to be the movers and shakers of our society. The human resource head hunters found them and they, luckily, found Harbor Town. They are not going to stop paying their house notes. They are not going to get foreclosed on. In the past 5 years or so of this "media made economic crisis" there have only been a scant few foreclosures and almost all of them can be attributed to a divorce or some other personal crisis.
There are a few condos in foreclosure on the south end of downtown. I had the opportunity to show three of them today. These, folks, are amazing opportunities for the savvy investor. There is a 3 story townhouse in State Place, hardwood floors through out, granite and stainless in the kitchen and a one car garage for $134,900. Unbelievable! This unit sold for $225,000 in May of 2007! As far as the second and third property goes- never mind- they are no longer available- I sold them!
If you want to grab a bargain to live in, flip or add to your portfolio- email me at ksoro@comcast.net and I will send you information. We are living in historic times! Make the most of it!!!
Showing posts with label buyers. Show all posts
Showing posts with label buyers. Show all posts
Monday, January 30, 2012
Sunday, January 22, 2012
ZILLOW- AND IT'S NASTY EFFECTS
Zillow- the real estate website that sets itself up to be the end all definition of any given piece of real estates' value is absolute hog-wash.
Please, stop showing me "Zestimates"! ( That's what they call their estimated value of any given home).
Here is the problem. Zillow, is nothing more that a computer data base. It collects the information on past sales and present listings. It has a radius of what it includes in the data that it sifts through to come up with what it thinks your (on any given property) is worth. Now, think about it. We live in Memphis. There are HUGE differences in neighborhood values- just going from one block to another- much less if you include things in, say, a two mile radius.
As I sit here writing this in Harbor Town Proper- that radius would include the Lenox Homes to the north of me on Mud Island, Waters Edge, Island Crest, the condos on the south side of the bridge, Uptown, the Pinch, and the homes along North Parkway. These are all VERY different neighborhoods, with VERY different home values. BUT Zillow does NOT differentiate. It can't. It's just a computer program.
(If we have BIG trouble with it here - just imagine what can happen in Midtown!!!)
If you don't get a real estate professional who knows what is going on in the area that you are looking in- and you rely on these computer sites- you are going to get BAD information. And don't just click the button to the realtor who is advertising on Zillow. They just paid for that- it does not mean that they know anything about a given area! Do your homework and use your heads. You should know that if you are looking at a home in the middle of a run-down neighborhood with a crack house next door , the property is not worth a gojillioon dollars, and conversely, a beautiful custom home in Harbor Town proper is worth more than a nondescript, mass produced tract home.
But Zillow- won't tell you that because it CAN'T. Zillow has never been here. Zillow has never seen the houses. Zillow doesn't understand that one home may have a beautiful view and exquisite finishes and another home has builder grade finishes that need replacing. It compares oranges to apples. So, please, don't buy into its notion. It is not accurate. Instead, rely on the advise of a smart, savvy realtor who is tuned into the area that you are interested in. Let them help you form an opinion of price. There really is no substitute.
Personally, I think that Zillow has done a lot of damage. I think that they should not be allowed to operate as they do. I believe that they have done more damage to real estate values that anyone can imagine. And I would like to see them gone. But Zillow is not the only offender- so watch out and use some common sense when making what will likely be the most expensive purchase of you life.
In the meantime- I know that if you can't beat em' join em'- so soon you will see my smiling face on the Zillow page and you will be able to click on me- and I will help you sort out what is fact and what is fiction.
Please, stop showing me "Zestimates"! ( That's what they call their estimated value of any given home).
Here is the problem. Zillow, is nothing more that a computer data base. It collects the information on past sales and present listings. It has a radius of what it includes in the data that it sifts through to come up with what it thinks your (on any given property) is worth. Now, think about it. We live in Memphis. There are HUGE differences in neighborhood values- just going from one block to another- much less if you include things in, say, a two mile radius.
As I sit here writing this in Harbor Town Proper- that radius would include the Lenox Homes to the north of me on Mud Island, Waters Edge, Island Crest, the condos on the south side of the bridge, Uptown, the Pinch, and the homes along North Parkway. These are all VERY different neighborhoods, with VERY different home values. BUT Zillow does NOT differentiate. It can't. It's just a computer program.
(If we have BIG trouble with it here - just imagine what can happen in Midtown!!!)
If you don't get a real estate professional who knows what is going on in the area that you are looking in- and you rely on these computer sites- you are going to get BAD information. And don't just click the button to the realtor who is advertising on Zillow. They just paid for that- it does not mean that they know anything about a given area! Do your homework and use your heads. You should know that if you are looking at a home in the middle of a run-down neighborhood with a crack house next door , the property is not worth a gojillioon dollars, and conversely, a beautiful custom home in Harbor Town proper is worth more than a nondescript, mass produced tract home.
But Zillow- won't tell you that because it CAN'T. Zillow has never been here. Zillow has never seen the houses. Zillow doesn't understand that one home may have a beautiful view and exquisite finishes and another home has builder grade finishes that need replacing. It compares oranges to apples. So, please, don't buy into its notion. It is not accurate. Instead, rely on the advise of a smart, savvy realtor who is tuned into the area that you are interested in. Let them help you form an opinion of price. There really is no substitute.
Personally, I think that Zillow has done a lot of damage. I think that they should not be allowed to operate as they do. I believe that they have done more damage to real estate values that anyone can imagine. And I would like to see them gone. But Zillow is not the only offender- so watch out and use some common sense when making what will likely be the most expensive purchase of you life.
In the meantime- I know that if you can't beat em' join em'- so soon you will see my smiling face on the Zillow page and you will be able to click on me- and I will help you sort out what is fact and what is fiction.
Tuesday, June 14, 2011
The Importance of REAL ART
There is something about ART that touches the human soul. It resonates. It rings true. It is hard to actually put into words but almost every one knows about this on a subconscious level.
I mean REAL art. Original ART. Prints do not have the same effect.
As with everything in life there is good art and bad art. I am talking about the GOOD, original art in this article.
A nice art collection, properly displayed will boost your property values more than just about anything else.
Okay, it may not be able to completely compensate for say a terrible location or a dreadful floor plan...but if you have a mediocre home, art can push it to the top of the heap.
Real Estate is psychology. Period. If you can see yourself living in a home, enjoying the lifestyle that is presented, you are generally on board with buying it. Staging your home with art and unique pieces of furniture make it look like a person with taste lives there. Perhaps a well traveled person. An interesting person. And everyone wants to be well traveled and interesting! So in my opinion, a good art collection is an investment that will not only make living in your home much more enjoyable for you but pay dividends when you sell.
I mean REAL art. Original ART. Prints do not have the same effect.
As with everything in life there is good art and bad art. I am talking about the GOOD, original art in this article.
A nice art collection, properly displayed will boost your property values more than just about anything else.
Okay, it may not be able to completely compensate for say a terrible location or a dreadful floor plan...but if you have a mediocre home, art can push it to the top of the heap.
Real Estate is psychology. Period. If you can see yourself living in a home, enjoying the lifestyle that is presented, you are generally on board with buying it. Staging your home with art and unique pieces of furniture make it look like a person with taste lives there. Perhaps a well traveled person. An interesting person. And everyone wants to be well traveled and interesting! So in my opinion, a good art collection is an investment that will not only make living in your home much more enjoyable for you but pay dividends when you sell.
Monday, June 13, 2011
You should not "cheap out" when buying your home
Hello from Downtown Memphis! We have been unbelievably busy! Everyone wants to live in Downtown Memphis!
I have been working with a lot of buyers lately and I thought I would blog about something that I see every now and then.
Occasionally I run into a buyer who only cares about getting a bargain. That's it. That's what they want, a bargain. And invariably they make a mistake and buy a house that , in the long run, is no bargain.
Think about it. Homes that are wonderful sell quickly and for a high price. Homes that have something wrong with them tend to sit on the market. The only way you will ever get a bargain is to buy a home that everyone else has picked over. Usually there is a problem with location, the property has a bad view, an awkward floor plan or really bad decorating. And while you may be able to go in and update a kitchen or bath for a reasonable amount of money- if you have to go in a start ripping out the flooring and changing up the floor plan you are going to run into spending some serious money.
I think, when it come to the place that you are going to live, you should just get the home that you LOVE.
Sure, everyone needs to stay with in their budget but once you have determined what that is, then go out and find the house that calls your name. Most people have "that moment" when they know they have found their new home. It usually happens within 2 minutes of stepping inside. You don't have to convince yourself of anything- you will just KNOW that you have found it.
Usually it is the men who are prone to only looking at the numbers and want to "cheap out"when buying their house. If there is a woman involved they are much more likely to buy from their heart and in doing so, they don't make a mistake and they wind up with a HOME.
Maybe bargain shopping is best to do in outlet malls.
I have been working with a lot of buyers lately and I thought I would blog about something that I see every now and then.
Occasionally I run into a buyer who only cares about getting a bargain. That's it. That's what they want, a bargain. And invariably they make a mistake and buy a house that , in the long run, is no bargain.
Think about it. Homes that are wonderful sell quickly and for a high price. Homes that have something wrong with them tend to sit on the market. The only way you will ever get a bargain is to buy a home that everyone else has picked over. Usually there is a problem with location, the property has a bad view, an awkward floor plan or really bad decorating. And while you may be able to go in and update a kitchen or bath for a reasonable amount of money- if you have to go in a start ripping out the flooring and changing up the floor plan you are going to run into spending some serious money.
I think, when it come to the place that you are going to live, you should just get the home that you LOVE.
Sure, everyone needs to stay with in their budget but once you have determined what that is, then go out and find the house that calls your name. Most people have "that moment" when they know they have found their new home. It usually happens within 2 minutes of stepping inside. You don't have to convince yourself of anything- you will just KNOW that you have found it.
Usually it is the men who are prone to only looking at the numbers and want to "cheap out"when buying their house. If there is a woman involved they are much more likely to buy from their heart and in doing so, they don't make a mistake and they wind up with a HOME.
Maybe bargain shopping is best to do in outlet malls.
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