Pay Dirt - Linda Cullen's Real Estate Blog

Holiday cards to clients

Linda Cullen (Coldwell Banker) — Thu, 09 Dec 2010 12:26:39 -0800

It's a must! And so simple. Whichever you prefer: the paper cards sent through the mail or one of the many varieties of e-cards. I've never been a fan of birthday cards to clients (which, to me, seems so "canned" and not sincere), but who doesn't like a holiday card? - but REMEMBER TO THANK THEM FOR THEIR BUSINESS at the same time.

The Power of Handwriting; The Power of Thanking

Linda Cullen (Coldwell Banker) — Sun, 05 Dec 2010 14:48:41 -0800

One of the best pieces of advice I've been reminded of lately is what I was taught as a child: sit down and write a thank you note. On nice paper; handwritten. "Thank you very much for the pleasure of your business; I enjoyed working with you." It need not be more elaborate than that. It should be sent immediately after any closed transaction. But, at this holiday time, perhaps there are other special clients that deserve a lovely hand-written note from you.

Why submit a "disrespectful offer"?

Linda Cullen (Coldwell Banker) — Fri, 03 Dec 2010 10:23:31 -0800

Yes, times are tough. Yes, Buyers are hoping that they can really get a rock-bottom deal. But what's the point of submitting an offer that's so much lower than anything in the neighborhood? I realize that we are supposed to submit what a Buyer requests, but don't you just wonder whether the offering agent has even had a little talk with his/her Buyer about the result that is sure to come (not just a refusal to counter, but bad feelings as well)? And if the Buyer still wishes to take that approach, perhaps it's time for the agent to cut that Buyer loose; time is valuable - who wants to be constantly writing up offers that will go nowhere?

Seller's Net Sheet (Bottom Line)

Linda Cullen (Coldwell Banker) — Wed, 01 Dec 2010 11:46:58 -0800

I am constantly amazed at how many agents don't prepare a Seller's Estimate Proceeds form - at several different possible selling prices - subtracting the commission, other sales costs, and the current mortgage pay-off. Even in my own office, some agents don't fill this out. Often when picking up an expired listing I ask if the sellers wish me to do one since they probaby already have one....and I shake my head when they tell me their agent didn't give them one. When you're buying something, you want to know what the price is. Why wouldn't a seller want to know their their expected check would be a closing?!

Seller's Disclosure Statements

Linda Cullen (Coldwell Banker) — Tue, 30 Nov 2010 09:25:18 -0800

Not every company uses one. In Florida it's not necessary for a seller to fill one out (although Florida law requires them to disclose defects not readily observable). If they won't, I'm always suspicious. The sellers that I've worked with over the years are generally more than willing to fill it out; often they ask "should I mention the little roof leak of a year ago that was fixed?" Yes is the answer! The more specific a seller is the better. It's not our job, as agents, to confirm information. But as the listing progresses, if a new issue is addressed with a repair, we should try to remember to have them update their seller's disclosure. Another good policy, when an agent asks to see the seller's disclosure,is to quickly have the Seller review the form to make sure the information is current.

Want to sell? Look around for your home's problems

Linda Cullen (Coldwell Banker) — Mon, 29 Nov 2010 05:45:47 -0800

The little problems that are there that we all tend to ignore. Is there a faucet that drips a little (inside or the hose bibs outside)? Is there some peeling paint? Is the stain still on the ceiling even after the minor roof leak was fixed? Is there a rotten board on the deck? Look in your electrical panel; are there any slots that don't have a blank plate cover? Take a real thorough stock of your situation. Make a list of very old appliances so you can think ahead to deciding whether to give a credit to a buyer (by the way....it's always better to do a credit rather than replace yourself....what you just spend money on your buyer may just toss for a higher-end item). Forewarned is forearmed, as always.

Do you have energy-efficient listings?

Linda Cullen (Coldwell Banker) — Fri, 26 Nov 2010 12:35:49 -0800

Energy-efficient features of your listings are just the ticket these days. A new, super-efficient central air conditioning system? A tankless water heater? High-efficiency windows? Programmable climate control? These are becoming hot buttons for buyers; it your listings has some of these features, make certain that you tout them right up front in your listing write-up.

Sense of Community

Linda Cullen (Coldwell Banker) — Tue, 23 Nov 2010 15:17:49 -0800

Especially in Florida, where it seems like there is just one more gated community after another in a giant urban and suburban sprawl, it's comforting to know that more folks are looking for more traditional communities (welcome back to our older neighborhoods!). The neighborhoods increasingly sought-after are those with a sense of belonging and caring, not just all about the housing stock. Kids playing in each other's back yards, biking to the local store near their community, sitting on the front porch. And as "less is more" becomes reality, not everyone is deciding they have to have their own pool - they welcome meeting their friends at the community pool.

Tricks to make a house look bigger

Linda Cullen (Coldwell Banker) — Mon, 22 Nov 2010 14:17:33 -0800

Note the following building design tricks so that you can use them in promotional phrasing in MLS to attract buyers. One way is for the ceiling height to be raised. Second is to provide a straight-through view to open space; looking directly out to the yard from the kitchen/family room area means a lot. Front porches are also back in style; adding outdoor living space and a new visit from the inside living areas. We all know that buyers sometimes feel that a house is smaller or larger than the sq.ft. denote - learn how to accentuate these positives to potential buyers.

Disappearing house rooms

Linda Cullen (Coldwell Banker) — Sun, 21 Nov 2010 11:30:01 -0800

In response to consumers wanting smaller, more manageable, homes, architects and builders are eliminating from the floor plans rooms that people don't seem to use any more. Gone are the formal living rooms and sitting rooms. Even libraries, game rooms and media rooms are becoming less prevalent. Flexible space is king. Design tricks that make a home feel bigger are now critical to new home design. Real estate agents can take this is a tip as to how to describe a home being listed in MLS. Consumers reading the descriptions online may be more likely to request information or a showing.

Maurice Fatio - Architect of Significance in Palm Beach

Linda Cullen (Coldwell Banker) — Sat, 20 Nov 2010 09:25:13 -0800

Every good real estate agent should be aware of the locally renowned architects in their area. Yesterday I wrote about an exhibit of Addison Mizner. Maurice Fatio, while not having one signature style, came to Palm Beach in the mid 1920's and designed more than 200 buildings on the island of Palm Beach in Deco, Spanish, Italian Renaissance, Regency, Georgian and wood frame. Written by Kim Mockler of Ft. Lauderdale, the book is recently published by Acanthus Press.

Addison Mizner Exhibit

Linda Cullen (Coldwell Banker) — Fri, 19 Nov 2010 17:34:01 -0800

Through January 2nd at the Flagler Museum in Palm Beach is an exhibit for all those who love the architectural style he spawned: Mediterranean Revival. The exhibit, entitled "Mizner Mediterranean: The Origins of Palm Beach Style". Mizner went for the Spanish look (which gave a feel of history and permanence to Florida which was just beginning to be developed and had no style or much history), but he had a unique approach - opening them up to the lushness of outside Florida and also creating orante interiors. This exhibit is a "must see" and it's even better to go now while the Flagler Museum is decorated for the holidays!

Regional Train System moves forward

Linda Cullen (Coldwell Banker) — Thu, 18 Nov 2010 15:36:37 -0800

A regional train system linking Dade, Broward and Palm Beach Counties, with connections to Palm Tran buses, and Amtrak has progressed to a new stage. Finishing up with a series of public meetings and the approval of the Broward and Palm Beach metropolitan planning organizations, FL DOT is moving to an environmental study and impact and cost assessment. This could take another three years. In the and, passenger service would be available on the FEC tracks through the hearts of many local towns from Jupiter to Miami providing much needed public transportation, new jobs and less road congestion.

Smaller homes now definitely a new priority

Linda Cullen (Coldwell Banker) — Wed, 17 Nov 2010 10:10:10 -0800

Remember the good old "bad" days of McMansions and super-sizing just about everything? According to an article in USA Today of Monday 11/15 by Cindy Perman of CNBC....at the top of the market in 2007 the average home was 2,300 sq.ft. (That's the AVERAGE ..... McMansions often were built with more than 10,000 sq.ft.) Today, the average home size is down to around 2,100 sq.ft. and a Trulia survey showed that more than 1/3 of Americans said they wanted less than 2,000 sq.ft. This downward trend certainly is a good thing on so many different levels.

Timing is everything - no matter how long the time

Linda Cullen (Coldwell Banker) — Tue, 16 Nov 2010 16:40:05 -0800

In December 2007 (!) I listed a condo with a wonderful gentleman who has leaving this area to take a similar professional job, but in another state; he needed to sell his condo. We both thought we had it priced correctly at that time (ha!) and we kept repeatedly reducing the price. Time marched on and my client was laid off (last hired, first fired, sigh.....) and could not longer make his mortgage payments. We changed the listing to a short sale. Bank of America, in those early days of short sales, was awful to deal with. Two Contracts fell apart because BoA would not respond in a timely fashion. The third Contract was the charm and we just closed last Friday - almost 3 years from the beginning. Stick-to-the-task is important to all parties: buyer, seller, agent(s). Don't give up hope. This story, I'm sure, is making you smile.

Making Home Affordable mortgage modification workshop in West Palm Beach

Linda Cullen (Coldwell Banker) — Tue, 16 Nov 2010 11:30:27 -0800

Tomorrow, Wednesday November 17th representatives from this federal program (Making Homes Affordable) will be at the Palm Beach County Convention Center. The workshop is from 1-7:30 p.m. It is suggested that you bring monthly mortgage statement(s), two most recent pay stubs, proof of income from other sources, two most recent bank statements and other pertinent income and expense documentation. For more information, call 888-995-4673 or go to www.hopenow.com Parking is $5 at the Convention Center. The same program is available Thursday in Miami at the Hilton Miami Downtown at 1601 Biscayne Blvd.

I love my web hosts!

Linda Cullen (Coldwell Banker) — Mon, 11 Jan 2010 14:44:54 -0800

I've had my Florida real estate website since 2003. When I needed another website (after I got dually licensed in Pennsylvania), I again went to them. Does that tell you how happy I am? So, if anyone is looking for a change..... I'd love to refer you to them!

Flamingo Park's 2009 average sales price

Linda Cullen (Coldwell Banker) — Sun, 10 Jan 2010 08:29:23 -0800

I've kept a chart of average sales prices in Flamingo Park, West Palm Beach, FL dating back to 1989 - a very interesting 20 year picture. In 1989 the average sales price was $59,889. In 1999 it was $145,156. In 2009 the number came in at $199,166. Of course that average is lower than before the unprecedented rise in the bubble years - but the 2009 average is half way between the average numbers for 2001 and 2002. If we've only gone back that far - I think that's a real decent sign!

The SE Florida Transportation Deam of the Future

Linda Cullen (Coldwell Banker) — Sat, 09 Jan 2010 14:40:35 -0800

In the beginning of SE Florida there was swamp. And Henry Flagler (and others) saw that it was good. And he created a railroad. And initially the roadroads were pretty much all the transortation there was. And then came the car... and then fast-forward to the suburbs and then .... a terrible void in public transportation in Florida and severe road congestion that we can't keep ahead of. The CSX track does carry Amtrak and some commuter trains from Miami up to West Palm Beach. The FEC track carries only cargo.

I attended a great meeting this morning put on by the Treasure Coast Regional Planning Council which has been working with cities, counties, institutions and the public to see how we can progress into a future of South Florida with large-scale rail commuter traffic - and exciting, vibrant areas around new stations. The old historic areas along the eastern edge would become every more sought-after and interesting and great places to live and get to work. And a regional hub, probably in West Palm Beach would actually tie together the FEC and CSX tracks allowing Amtrak to be able to go from West Palm Beach directly up the coast to Jacksonville and north. This is the short version of course. Want to know more?

More 2009 Hard Number Positive Statistics

Linda Cullen (Coldwell Banker) — Fri, 08 Jan 2010 14:22:02 -0800

I keep a chart of all unit sales in my area of downtown West Palm Beach, FL by month starting with 1999 - We're back to 2006 sales numbers, but the totals by year of very interesting.....

1999 - 396

2000 - 394

2001 - 332

2002 - 410

2003 - 500

2004 - 551

2005 - 471

2006 - 241

2007 - 172

2008 - 160

2009 - 242

Now let's see how long it takes to get back up to the 1999-2001 levels!

Historic districts losing their cache?? Hardly!

Linda Cullen (Coldwell Banker) — Thu, 07 Jan 2010 15:45:59 -0800

A few days ago I was at a meeting with another Realtor who used to live in, and still owns property in one of West Palm Beach's historic districts --- I do as well and would never even have thought about getting into real estate 17 years ago had not been for the historic districts here. My Realtor buddy made a statement that he didn't think that historic districts had the same cache as they used to have! It didn't take long for my hackles to go up! Anathema! Sacrilege! The emotion aside, I decided not to outwardly react. After all, if he thinks the cache is gone and doesn't promote and extol historic districts in his career - the more for me! While there isn't any area that hasn't taken the rollercoaster whammy - in the long run, especially in Florida where there isn't much "old" and one subdivision looks like the next - the historic districts will always have a cache! Touche!

<$300,000 sales constitute the lion's share of November sales in Palm Beach County

Linda Cullen (Coldwell Banker) — Wed, 06 Jan 2010 12:43:45 -0800

November 2009 statistics: No surprise here really - but 79% was a little more than I expected. Properties between $300,000 and $400,000 added another 9% - not much room left (12%) for properties in excess of $400,000! I don't expect these statistics to change significantly at any point soon.

West Palm Beach considering making lenders log in their properties......

Linda Cullen (Coldwell Banker) — Tue, 05 Jan 2010 15:54:52 -0800

Now HERE is a positive step. This morning's Palm Beach Post reported that the City of West Palm Beach is getting pretty darn tired of bank owned properties with no one seeming to care for them (to say the least) and often with City code violations mounting. No plan is set yet, but all cities should take this step. No one could have predicted now nasty so many areas look, but it's time for a decent solution. Take this thought back to YOUR municipality and county!

The sweet sound of falling inventory!

Linda Cullen (Coldwell Banker) — Mon, 04 Jan 2010 12:56:33 -0800

The particular section of Palm Beach County that I pay the most attention to is the historic districts south of downtown West Palm Beach. These are mainly single family homes, with some condos and a smattering of townhomes thrown in. In early January 2008 there were 524 units on the market. Early January a year ago in 2009 saw only an 8% drop to 483. But here we are today at 335 (a 36% drop from two year ago). The sweet sound I hear is the phone actually ringing.

Palm Beach County November 2009 stats revisited

Linda Cullen (Coldwell Banker) — Sun, 03 Jan 2010 18:01:10 -0800

No surprises here. But it's interesting to look at the breakdown. From my MLS research, there were 1,614 sales of all types of properties in November 2009 in Palm Beach County. 30% were condos, 51% were single family. Short sales accounter for 25% of the total. And 79% were sales of properties located until $300,000.