The Cows have arrived in West Hartford Center.  It's going to be beautiful the next few days, so go check them out.  The pictures you see here are just a tiny sample.  Most of the cows are located in the Center along Main Street, Farmington Avenue, and La Salle Road.  While you're there, you can also see that the new Crate & Barrel sign has gone up, the store is opening October 18th.

I often hear agents talk about how they are representing both the buyer and the seller in a transaction.  This concept is called single-agent Dual Agency and it is legal in the state of Connecticut.  I do not agree with this practice and believe that it is not in the best interest of either the buyer or the seller to work with the same agent during a transaction.

When you have a Real Estate agent represent you in a transaction, they are compensated to represent you and look after your best interests.  If that same agent is also representing your counterpart, then they also have the responsibilty to do what is in the best interest of that person.  Since it's impossible to serve two masters equally, the end result may be that the agent is just trying to get the deal done as quickly and easily as possible, for them.

Consider this example:  The seller is working with Agent Pat and tells Pat that the least they will accept for their house is $250,000.  The house is currently listed at $265,000.  Buyers come to an open house and decide that they like the house and want to put in an offer.  They are not working with an agent at the time.  Agent Pat offers to represent them and the buyers and sellers agree that this would be fine.  The buyers tell Pat that they are qualified to spend $260,000.  The buyers also tell Pat that they feel the house is overpriced compared to other comparable houses they have seen.  They would like to initially offer $240,000 and will not go over $245,000 through the negotiations.

Now, what is Pat to do?  Pat has a buyer willing to bring an offer for the house, but Pat knows that the buyer and seller are $5,000 apart from the most that will be paid and the least that will be accepted.  What Pat should do is have the buyer submit their offer and present it to the seller.  They will most likely negotiate back and forth to their upper and lower limits and then realize that there is no overlap.

However, $5,000 isn't really that big of a gap to bridge, so Pat may try to get the buyer to extend their maximum offer price, or get the seller to lower their minimum selling price.  It's really tempting for an agent to "get the deal done" particularly if they have influence over both of the parties and know the size of the gap.  If the agent feels the gap is surmountable, it's tempting to convince one of the parties that they should offer more or accept less.

If you have your own buyer's agent, this is less likely to happen.  You tell your agent your maximum offer price.  They present your offers to the seller's agent, who then presents to the seller.  You negotiate back and forth until neither party wants to go higher or lower.  Your agent says this is the highest you will go.  The seller's agent says this is the lowest the sellers will go.  You will walk away because you don't want to offer more and your agent will not put undue pressure on you to buy this house.  It is their job to help you find another house that works.

If you want to protect your best interests in a real estate transaction, it is always prudent to have your own independent representation.  Think about how attorneys work, they never represent both the plaintiff and defendent in a case.  It's impossible to be impartial.

I'm always looking for new adventures to share and this weekend I found a great one in Canton.  Every Saturday evening, the Canton Barn holds antique auctions, starting at 7:30pm.  Now, this isn't some high-brow, snooty affair.  It's downright low key and a darn good time.

The item preview begins at 5:00pm.  Grab a pillow at the back of the room to hold your seat.  Then get a slice of homemade pie (they usually have 8-9 different flavor selections) and wait for the fun to begin.

Richard Wacht, owner and auctioneer, does a great job quickly moving through items, in language everyone can understand.  None of the garbled, fast-tongued guess-speak that usually is associated with auctioneers.  If you want to bid on something, you just raise your hand during the bidding and throw your hat in the ring.  Runners on the stage will acknowledge your bids and it goes back and forth until the highest bidder wins.  Your name is taken down and you pay with cash or check at the end of the auction (no credit cards accepted).

Here are a couple of observations...

1. The majority of the crowd (about 100 people) appeared to be "regulars" and known by the staff.  As first time visitors, and about 20 years younger than most of the patrons, we felt welcomed and comfortable with participating in the bidding action.
2. Several items went for, what I would consider, super deals.  There were several items that had a "Pottery Barn flair" that went for well less than what they would cost at an actual Pottery Barn store.  It was easy to feel losers remorse when you didn't participate in bidding on an item because you felt it would go for far more than it did.  I missed out on a nice dresser that went for $35 and a beautiful settee that sold for $40 because I assumed the bids would go much higher.  They didn't, so I lost out on those pieces.  Fortunately there are unique things available each week.
3. There were collectibles and large pieces of furniture.  If you look to collect certain items, or just need to furnish certain rooms of your house, you can find it at the Barn.
4. Buying a piece of pie was a good investment.  My tummy thanked me.
5. Showing up to preview items around 6:45-7:00pm should allow enough time.  We got there a little too early and had too much time to kill.

The hubby and I had a fun evening and will probably now make this a regular event.  It easily beats staying home and watching a movie on the couch.  Over the next couple of weeks I'm going to check out the Hartford-area auctions to see how they compare.  Stay tuned...

Yes, "ginormous" really is a word.  And it's really the only word that can accurately describe the Pinchot Sycamore located in Simsbury, touted as the largest tree in the state.  See the tiny red speck to the right of the trunk?  That's a kid!

Located at the intersection of Nod Road and Rte. 185 in Simsbury, it's a great place to have an afternoon picnic.  There is also access to the Farmington River at the site, so you can launch your canoe, kayak, or Labrador Retriever right into the water.  Have fun!

I know a lot of you are thinking "Hey dummy, you should have written about this at the beginning of the summer."  I must admit that have been greedily enjoying heirloom tomatoes, organic fruit, and corn on the cob for weeks without writing about it.  So sorry.

But in all seriousness, get out of your car and visit your local farmer's market or farm stand.  Almost every community has one on different days throughout the summer into the early fall.  Go here to find one in your town in Hartford County.  Happy, healthy eating!

There was an interesting article published in the Hartford Business Journal yesterday regarding local condo sales.  For the first six months of this year, condo sales are off by more than 16% in Hartford County compared to 2006.  However, the median price is up 1.5% over 2006.  Huh?  With more inventory sitting out there longer, why aren't buyers paying less?

My guess is that we are talking median sales price vs. mean sales price.  I ran a quick MLS search, and if you compare condo sales prices for the first half of 2006 to the first half of 2007 in Hartford County, the average (mean) sales price is down .5% in 2007.  By using the median measurement (half the values below the middle point and half above the middle point), you are able to paint a positive picture.

Moral of this story: always question statistics because they can almost always be spun in a positive or negative light... And if you're a condo buyer right now, you should have some leverage negotiating a better price.  There's a lot of inventory out there to choose from and sellers are sitting on their condos longer.

This weekend I ventured East of the River to check out the new L.L. Bean in South Windsor.  Yes, I know I'm a few weeks behind the grand opening, but I'm not a fan of crushing crowds and I needed a respite from the sweltering heat on Saturday.  Any who, these are my observations about the store...

1.  If you've been to the one-and-only true L.L. Bean in Freeport, Maine- brace yourself.  The L.L. Bean at Evergreen Walk simply does not compare.  Now, I'm not saying it's worthless, it's just a mini, mini version.  So be prepared emotionally before you go.

2.  It's still super-crowded on the weekends.  Bleh.  You might want to try an evening after work or a weekday morning if you can't handle throngs of people.

3.  If you're looking to buy an outdoor gadget/gear (fishing tackle, mountain bike, canoe, spelunking headlight, etc.) go to the store so you can check out the goods in person.  If you're looking to buy clothing, I would recommend sticking to the catalog.  I heard several people complaining that they could not find their size in a specific color that they wanted.  I heard one person mention that they drove all the way from Massachusetts but couldn't find the flannel-lined jeans.  Maybe because it was 95 degrees outside?

4.  Vertically, there appears to be a huge amount of wasted space.  The ceilings soar, but the merchandise is only on one floor.  Why not put in a second floor if the main footprint of the building does not need to be changed?

5.  The staff was knowledgeable and helpful.  And friendly even though the place was overrun with visitors.

I'll be interested to see how Cabela's compares when it opens later this year in East Hartford.

The Greater Hartford Association of Realtors recently released their statistics for July.  For the year (and July), the number of listings is up and closed sales are down.  Add to that the shrinking number of available buyers due to the mortgage industry troubles.  So, to put your home sale in business terms, you now have more competition and fewer buyers.  Time to differentiate!

1.  Most importantly, price your house right.  Be sure the agent listing your home gives you recent closed comps, but also shows you the current competition in your price range.  If you need a quick sale, and can financially stand it, price at the lower end of the range compared to your competition.

2. Make sure your house is clean and free of clutter, even if you don't have the most updated house on the block.  Cleanliness and neatness go a long way with buyers.

3. Review the pictures your agent will be posting on the MLS, Realtor.com, their company's website, etc. before they are posted.  Do they show your house in the best light?  We see many crappy pictures on the MLS on a daily basis (which feeds the other websites), so make sure your agent isn't doing you a disservice.  Good online pictures make buyers want to see houses.

4.  Buy a 1 year Homeowners Warranty.  It's like a gift to the buyer and will cost approximately $450 which comes out of your closing costs.  It gives the buyer peace of mind and might make your home stand out from others.

5. Try to make your house as available for showings as possible.  If your pets need to be crated, see if you can have a friend or family member watch them during the first few weeks of activity.

Hopefully some of these ideas will help you sell quickly.

On a more national note, here's a great inventory trends graph for the entire US...  Click on the checkmark boxes on the left of the webpage to view different city trends.

The hubby and I recently became investment property owners in West Hartford.  It's exciting and nerve-wracking at the same time.  Kind of like watching your teenager learn to drive, but with your car.

It took us about a month to get the place rented after our closing.  Here are a few tips you might find useful if you're thinking about investing:

1.  Craigslist is a free and easy way to find potential renters.  We used it in combination with Postlets and that seemed to do the trick as far as finding people interested in our unit.

2.  Try to do a phone pre-screen before meeting the people at the apartment.  Do they smoke?  Do they have pets?  How many people will be living there and signing the lease?  Make sure if you own a condo that they will follow the condo association rules and regulations.

3.  ALWAYS run a credit check.  We had a few people fill out the application and then bug out once they learned we were actually going to run their credit history.  It will save you a lot of trouble and potentially money down the line.

4.  Don't be lazy and make sure the place shows well.  The unit we bought was in fairly good shape, but had bright yellow and baby blue walls.  It was clean, so we didn't think much of it, and decided not to bother painting.  After 3 weeks of no takers we decided to paint all of the walls a neutral color.  It made a huge difference and the place was rented the next day.

ARM mortgages are just beginning to adjust and I believe that a lot of investors that bought at the top of the market are going to be squeezed soon, flooding the market with investment properties.  Additionally, due to the tightened mortgage lending practices, there are going to be fewer buyers out there, so more people will need to rent.  This will keep rental rates healthy.  So, if you have some extra cash and think that being an investment property owner might be the thing for you, it might just be the time to start looking.