Real Estate Views from St Pete

It's interesting what we see, and what we see that we don't see. I recently posted about Perception in Yield signs. Here's another example:

We're driving along a route we frequently drive, and notice that where there was a building, there's now an empty lot. Do you remember what was there? More often than not, we think and think and just can't remember. Did we not "see" this time and time again? Yet we can't remember. 

Lately I've been reading that many of the uber-wealthy are having their homes built faster or their remodelings done faster. Time is money for these people and they want to enjoy what they want when they want. Thus they're paying for huge crews to work as many hours each day and as many days each week as allowed in a community. A hundred people may be working on a single home. Yes, it costs a lot more money, but these people don't care - or should I say they care more about their time and their enjoyment than they do about dollars. For the neighbors' sake, I hope your neighborhood has SOME restrictions on when hammering can be done.

p.s. and Why do workers generally have to have music on full blast? 

With all the fires going on in California, I didn't know whether Laurie Manny would still make it to Florida. When I saw her today I could only hug her out of joy that she's ok.

Mary and John McKnight had a pre-birthday (it's November 4th) lunch party for Laurie at Rumrunner's in Cape Coral. It was good to see old friends, including Ann Cummings from New Hampshire, and it was good to meet new friends I'd only known on line - Chris Elizabeth!

55,000 members is a big number. It's when we get together in small groups or one on one that we strengthen the roots that make us a family, or Ohana (thanks, Sally).

Thank you, Mary and John!

The Wall Street Journal had an article talking about the difficulties with appraisals in most of our markets. I found it interesting that they suggested asking for an appraiser who had many years of experience in the area, rather than taking whoever comes up on rotation. 

Our contact at Bank of America said that they can't suggest that up front, but if they aren't happy with the appraisal they can request a second appraisal and for that one, they can ask for an experienced appraiser.

With less sales and more concessions and short sales, it becomes more difficult. An experienced appraiser will know the nuances of a neighborhood and historically which features and amenities buyers are willing to pay more for.

Agents aren't all alike - and neither are appraisers.

I just finished reading The Four Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss. While parts of it concentrated on setting up an internet business selling products, nonetheless there were concepts that applied to our more common lives. Working from home. Working more productively.

One of the most important was looking at the end result. Consider working a lifetime so that at the end, when you retire, you can live near the beach, walk leisurely during the day, and perhaps catch a fish for dinner. You give up 20-50 years of your life to earn this. Contract the person, without all the "luxuries" of life, who spends a couple of hours fishing for dinner, then has lunch with friends, and watches the beautiful beaches the rest of the time. And he didn't wait all those years to enjoy this.

Scott Daniels' post on the number of properties on the market because of divorce led me to these comments:

How often when you are showing a house do you KNOW that this is a divorce situation? Is it that only half of the rooms are furnished? Is it that the living room is now a billiard room? Is it the Left-Over-Party atmosphere?

When my daughter, a REALTOR, left her husband and her home, she knew about "The Look". She sorted through her clothes and had the piles of Keep and Give-to-Good-Will.  Instead of sending the one pile to charity, she hung it back in the closet. How often have you KNOWN  it was a divorce because the closet had only men's clothes or only women's clothes? 

There have been some excellent posts on staging from Craig Schiller and others, most of them deal with furniture arrangement and decor. Expand your thinking, and Stage a normal selling motivation as well.

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area. 

I blogged earlier about the changing market and your changing (hopefully) business plan. How are you adapting? How are your clients and potential clients adapting?

Increasingly, we are showing our clients a choice of less-than-desirable choices: lead the market and sell for less than you want/need; stay where you are; rent to reduce the monthly cash outlay.  These conversations lead us to a consulting role rather than an information gathering and providing role.  

Information is available in far more places and far more depth than it ever was. We're no longer Information Providers, we're advisors, we're consultants. More often than not, our suggestions are not to sell.  So, how do we thrive in this situation? By charging for our time and expertise, not just a % of a sale, if it occurs.

Look into Mollie Wasserman's ACRE designation.

Getting calls from  banks or investors asking for your opinion on a property or on local market conditions? Charge them by the hour or by the job.

We're in a market where knowledge, wisdom and professionalism are KEY. Maybe our business plan needs to change accordingly. 

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.

Increasingly we've found agents for both buyers and sellers saying, "Just call my clients and work things out with them directly."  Now, these aren't "list in MLS only" agents and they aren't (allegedly) discount brokers,and they aren't USes (Unrepresented Sellers, once known as For Sale By OhYouKnowWhos).

Yes, we've been able to get these transactions closed, and probably more expeditiously than if the agent WERE involved, but what's going on?  Why are these agents abandoning their responsibilities? Because they have another job? Because they're lazy? Because they don't know how to proceed?  Just because they can?

If you do step in, be very, very cautious not to take on agency by implication or agency by actions. Not only should you have them sign a Nonrepresentation Agreement with you, but you should be careful that your actions are consistent with this position.

If it walks like a duck and talks like a duck ...  guess what?

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.

I've seen the media reports go from a housing upturn from 2008 to 2009. Ivy Zelman, award winning housing analyst, who corrected predicted the current housing slump, says prices may keep dropping through 2010 or 2011!

With less sales, and getting even less, and dropping prices, how have you modified your business plan? Have you been subsidizing lower income by taking from your reserves, savings, IRA or putting expenses on your credit card, expecting a turnaround soon?  What if it doesn't turn around until 2010 or 2011? By then you'll be past Plan A and Plan B - what is your Plan C?

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.

Today during a listing appointment we were discussing the commission to be offered to the selling agent. The seller commented that they had seriously considered using a "$200 fee to get in MLS company" and offering the selling agent the entire commission rather than 1/2 the commission. I asked what had changed his mind, and he replied, "You!"

He went on to explain that a) he felt the double commission would be a better incentive for agents with buyers and that b) in general he had a very bad opinion about real estate agents and insurance agents. After talking with Tami and I back in July, however, he had changed his mind, and felt that our professionalism would add value.

Gardening is very different in Florida, so don't automatically plant the bulbs and trees that worked up north. We're concerned about choosing trees and plants that are wind resistant, flood resistant, and drought resistant. Most oaks are ok, but not all of them. Most palms are ok, but not all of them. Check this website to see which trees you should plant, and which ones you shouldn't. 

You can also use your own observation. Look around and see which trees are very old, the ones that have withstood decades of winds and weather. On the other hand, drive around after a hurricane or tropical storm and see which ones did not survive.

It's always better to use native plants if you can. 

Today and tomorrow the downtown St Petersburg skies are filled with excitement. As I showed a luxury downtown condo at Parkshore Plaza this afternoon we watched the aerial aerobics from the balcony. Find photos, schedules and lots of information at www.stpetersburgairfest.com 

There are stunts and displays and even a World War II re-enactment. You can buy tickets and enjoy it close-up or you can view the aerial show from The Pier or various downtown parks.

This is also an opportunity to view the new air terminal - completed but not yet opened - at Albert Whitted Airport in downtown St Pete.  

Years ago John Galbraith of Templeton Funds chose to live in St Petersburg because he could fly in and walk to both his home (a condo in Bayfront Towers) and his office. St Pete was lucky - the Galbraiths have been significant benefactors to the community. 

 Eco-Group, the developers of New Port, a waterfront condo project in the Westshore area just south of Gandy has put its plans on hold. Ed Oelschlaeger, the president of Eco-Group, announced that they have returned more than $50 million in deposits on their 1,200 unit development. This project has been underway for nearly two years, primarily on seawalls and infrastructure for the 54 acre project, but despite the deposits, they have been unable to secure financing. They expect to redesign the project, reducing the prices which were originally from $400,000 to $3,000,000+. They may also sell the land. 

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area. 

Dee Schultz with Keller Williams in Austin was one of the panelists today at the Leaders in Luxury conference, speaking on "How to Make Your Clients Love You Forever!"

Dee said that after a closing, she doesn't give her client a closing gift - but she does give the cooperating agent a closing gift.  Now that's a new twist on closing gifts.

Dee knows that clients may come and go, but she'll be working with her peers year after year, and she knows how important it is to be cooperating colleague instead of antagonistic opponents. Expressing her thanks and appreciation for their service is a good way to be remembered. Those agents will certainly want to show her listings in the future. That's providing a great service for her clients. 

400 Beach Drive, the latest luxury condo on Beach Drive in downtown St Petersburg isn't expected to be finished until December, or perhaps January 2008. There are currently four condominium units on the market, two that are offered by the developer, and two that are "resales".  These units range from $1,760,000 for a 3 bedroom unit with 3,293 sq ft. to $2,475,000 for a 3 bedroom unit with 4,300 sq ft. All have a waterview of the Vinoy Basin and Tampa Bay. 400 Beach also looks out onto the park, and will have shops and a restaurant on the ground level.

There are currently a baker's dozen condos listed in Parkshore Plaza, a luxury condo in downtown St Petersburg, according to the Pinellas Realtor Organization. The 13 units range from $975,000 for a 3 bedroom 3 bath unit with 2,736 sq ft and a water view to $3,500,000 for a 5,600 sq ft unit, also with water view.

Two of these units have come on the market this month - the lowest priced unit at $975,000 and a 2 story townhouse with 2,979 sq ft which is listed at $1,600,000.

Parkshore Plaza has a wonderful location on Beach Drive and was completed in August 2006. 

Those who haven't yet begun blogging, even if they do see the benefits of it, often fear actually doing it. They will give the excuse that they aren't a writer.

Do you send e-mails? Then you can blog. 

You fill in a title, just as you'd fill in the subject of an e-mail.

Then you put the cursor  in the box and start typing. In one case it's a blog post, in the other it's an e-mail.

Fill in tags, or topics that you've covered.

Hit sent, post or enter, and it's done.

Frequently hotels have cards that say you can choose whether to have your bed linens changed daily or leave them, and whether you want fresh towels daily or reuse the existing towels. They give the guests a choice about water conservation.

The card here at La Posada de Santa Fe Resort & Spa ways

"Pursuant to the City of Santa Fe's Water Conservation Ordinance (Section 25-2.6 SFCC 1987) hotels are prohibited from changing linens more frequently than once every four days for guests staying more than one night. If you need your towels exchanged, please place them in the bathtub." 

These people are serious about their water restrictions.