Is the rest of the country getting continuous updates on the oil spill in the Gulf of Mexico? I just have to know if people across the United States and Canada are paying attention to this mess in the gulf.

I know along the Gulf Coast everyone is very concerned. Initially it's going to hit the same areas that were ravished by Katrina - The Mississippi, Alabama & Louisiana coast. But it's not just going to affect us this time. They don't seem to have a clue how to stop it and the watershed keeps going. Natural disasters basically only affect small areas, but this is not a natural disaster. This is a man-made disaster and I cannot even comprehend the extent of the damage to our environment.

Beyond our environment, I'm going to miss my gulf seafood!! But I'm not going to miss it as much as the shrimpers are going to miss their jobs! My daughter's father-in-law's tugboat is stuck in New Orleans. There are so many people that can not work now or in the foreseeable future. Just what they needed about now! Oh, and there's the buyer that is waiting to see how this plays out before putting in his offer on one of our listings on Mobile Bay ($2,400,000). We've been working on this since January and are/were getting close.

The realist in me has to admit that there's an upside to every disaster. There are jobs associated with the attempt to protect our shorelines. There are jobs associated with assisting those that are assisting (food, lodging). My son is working helping feed workers on Dauphin Island. The contract called for 200 workers a day & it was up to about 600 yesterday. So some people have lost their jobs and some people have new jobs - but at what cost?

At least this time it should be up to BP not the Federal Government to reimburse people. It will be interesting to see how that works. And then I'd like to see what BP is going to do to reimburse our environment. Pay attention. This should be interesting.

It was a good year for sales if you were selling a waterfront home in Mobile County listed in the $100s or $200s. Twenty of the Thirty-One Residential Sales were in this price range.

 The above numbers are of property in South Mobile County on Mobile Bay or on one of the rivers or canals.

On Dauphin Island in 2010 the average price was $319,627 and there were Twenty-Nine Residential Sales.

It's amazing how rumors get started and then quickly make the rounds.
This week two of my agents received phone calls from different brokers that were trying to recruit them because they heard we were closing. I even had a broker call me! I'm the broker/owner and I'm sure I would know if we were going out of business.

I think it all started when I decided to sell my office buildings. I have been working on a new business model  that involves greatly cutting my overhead therefore allowing me to not only make a better profit, but also offer my agents a larger split. Everyone wins. I even wrote a post a couple of weeks ago -  Going Virtual Almost to get suggestions.

I have 7200+ square feet of office space. The building I am in is 3600+ and I have 15 agents. It's just not practical. Only one of my agents actually works all the time from the office. The other agents work from their homes.

I've spent all week looking for office space because I think it's important to have a new place and get moved before I do anything with the buildings I own. Now I'm thinking it's really important to find a space as soon as possible and sign a lease so I can put an ad in the paper that says "Port City Realty is opening a new office."

I'm really excited about a new office. Actually I'm looking at opening two different offices so we have two places for the agents to meet people, but still way less overhead. This is really how I wanted to do things 9 years ago when I opened, but the time was not right yet. Agents didn't have laptops and air cards. At that time I didn't even have a lap top. I think we are much more mobile now so I think now it a great time to do this.

But for the record, please pass the word...Port City Realty is changing, and growing in a different direction, but we are definitely NOT closing!!

I saw a link to this article in one of my google alerts. It's
about an incredible lady named Vivian Nault who was celebrating her 90th birthday. She was surprised by her colleagues, who were honoring her in her office that she opened nearly 50 years ago AND still runs! Here's the article. (Article by Sarah Shemkus, Picture by Ron Schloerb).

What an inspiring lady! I really like the quote, "Whatever I do, I do. If it were pounding sand into ratholes, I would do it with all my effort."

If instead of making excuses we all just did what we needed to do with all of our efforts just imagine how successful we would be in any economy! And I don't just mean financially (though I really like to make money). Vivian sounds like a person who appreciates her accomplishments and doesn't mind the effort it takes.

I would really love to meet Vivian Nault. I bet she could teach me a lot!

Very impressive Fowl River home. Exceptional inside and outside.

3000 square feet living space on 1.6 acres.
4 Bedrooms & 4 Full Bathrooms
Built in 1992

The 1000 s.f. deck includes a large entertaining area over the water, with fabulous views of Fowl River and a natural area across the water where you can enjoy water fowl, including bald eagles! Then the deck wraps to a sitting area with a fountain on the side of the home and wraps across the front of the home which over looks a beautiful wooded lawn with various landscaped areas for enjoyment.

Inside you have incredible views from every room.The seller is selling the house furnished. The furnishings were made for this home. 



 

 At one time the home was used as a bed and breakfast.

 The interior includes two bedrooms on the main floor and a master suite on the top floor.

There is also a full separate apartment, a full bathroom and an entertainment area under the house. The waterfront has a bulkhead and two covered boat slips with lifts

Offered at $849,000

We are very excited about the new office we are opening in Gulf Shores. We have signed a lease at 632 Gulf Shores Pkwy #204! This office is on Hwy. 59 across from The Original Oyster House Restaurant. We will be Port City Realty and we will also be opening Gulf Realty Partners. We have been open in Mobile County since 2001 and we have been listing and selling Baldwin County properties since 2001. We are members of both the Mobile MLS and the Baldwin MLS. We have always enjoy working in Baldwin County so we are very excited to finally have an office in Gulf Shores.

We will be looking for just a few agents to join us. We only want experienced agents who have their own websites & blogs and have the ability to to communicate effectively on line with the technology that is available today. We do a lot of REO business, so it is very possible that we are going to need some help with bpos in the area. For the most part you would probably be working from your home and/or car, but we will have a small office that has cable for your computer, a shared lobby & conference room for when you need to meet with customers or clients.

Lee Martin will be the qualifying broker. We offer high standards and low overhead. We would like for 2010 to be a year where we all are more prosperous. If you are interested in talking to us call or e-mail me. 

Top Producer was Lori Phelps. Brandy Lutz was the Top Listing Agent.

Merry Christmas to All!!

I would like to thank Kay & Ricky for decorating the balcony downtown. Thank you Brandi for making the bows. This is wonderful advertising on Royal
Street in Downtown Mobile for over a month!

And thank you Lee for working in the rain & the
mud to make sure our office was decorated
in time for our annual Christmas party!

Exciting News:
October 2009 we had a $273,600 increase over October 2008 &
November 2009 we had an $890,700 increase over November 2008!
County-wide there was an increase of $1,887,758 in November, including great progress in our area.

More Exciting News (Not quite as exciting):  OUR COPIER IS FIXED!!!!!!!!!!!!

New Listings (we're still getting them even in December!)

203480 - 3351 N BAPTISTE DR, THEODORE, AL - $45,500 - Julie Martin / Becca Fields
203872 - 8905 MCCOLLOUGH RD, GRAND BAY, AL - $199,900 - Lee Martin
203569 - 5930 GUS BROUGHTON RD, GRAND BAY, AL - $174,000 - Joe Winans
203442 - 1495 S HUNTERS CT, MOBILE, AL - $239,900 - Brandy Lutz
203308 - 17141 PHILLIPS PL, FAIRHOPE, AL - $74,000 - Brandy Lutz
203446 - 400 PLANTATION RD, #1208, GULF SHORES, AL - $114,900 - Lee Martin

http://mobmls.net/MobileReports/ListitLib/show_report.aspx?ID=INJ3878615

Speaking of Lee's new listing at 400 Plantation Road in Gulf Shores & More Exciting News....

We have signed a lease at 632 Gulf Shores Pkwy #204! We will now have an office in Gulf Shores!

Lee will be the Qualifying Broker at this office. We look forward to continuing to increase our business in this area!

Mobile saw an increase in Total Residential Sales in November 2009 over November 2008.

November of 2008 was $33,909,966. November of 2009 increase to $35,797,724.

Total Units increased from 219 to 257.

Four areas, 15 Springhill, 19 Tillman's Corner/Theodore, 22 South Mobile County, & 24 West Mobile County, saw an increase for the second  consecutive month.

Everyone should bring their families downtown Friday night, December 4^th and enjoy all the holiday fun at Mobile's first North Pole Stroll. The event will be from 5:00-8:00. As you would expect on a North Pole Stroll it will be snowing!! (regardless of the temperature) The businesses on Royal Street have gone all out and the streets will be all lit up.  The tree is up in Bienville Square and children will be able to drop off their letters to Santa in a special box there.

Other fun activities to enjoy will be:

A "Stroll Train" will be offering free rides
Children's activities at the Explorem and
Museum of Mobile
Storytime in the lobby of the Battlehouse Hotel
Carolers and other live entertainment

And there will be a balcony decorating contest at
the Hamption Inn  You can vote on your favorite
balcony. All I can say about the balcony contest is "What is Christmas colors and always wins?"

I'll be there with my grandchildren. Join us!

What is involved in selling foreclosure? I have been asked to speak on a panel at our December WCR brunch where we will be discussing selling foreclosure properties. I've been asked to turn in some thoughts before the meeting, so I am putting my thoughts together here.

When a property is assigned to a listing agent, the agent must first go to the house and see if the house is occupied. If the property is occupied then the agent must contact the occupants to try and work out the conditions under which the occupants will move out of the house. If the house is un-occupied the agent must secure the house personally or through a third party company (change the locks). If vacant, but with personal property a Personal Property Eviction must be posted. Sometime the listing agent is required to get bids and oversee the trash out & clean up of the property. Sometimes the listing agent is required to even get bids and oversee repairs. The listing agent is usually required to get the utilities turned on. The listing agent is responsible for paying the monthly bills on the property and sometimes the listing agent must also pay for repairs. Reimbursements are made to the listing agent. These reimbursements can take for 3 weeks to 8+ weeks. The listing agent needs to have a minimum of $10,000 available if they are going to have several properties listed at once.

The listing agent must do a detailed bpo (CMA) of the property using 3 actives and 3 solds. Usually the company also orders another bpo from another agent and/or an appraisal. The list price is set by the bank/asset company once they received this information. The bank/asset company also sets the commission and the commission split. You do not negotiate your commission. You get what they pay you. Sometimes in mid-listing they decide to auction it, ask you to do 6 hour open houses and then pay you half of the original commission for more work! If you won't do it someone else will, and it's all a part of the job, so you do as you are instructed.

The listing agent must do monthly activity reports and monthly updated bpos. I wish all my agents did that on all their listings. On REO properties it is required.

Here's on little side note to other agents:

Imagine having a 4000 s.f. historic house listed for $75,000? Then imagine the time it takes to answer the phone 20+ times to answer the           same question: 

Caller (another Agent): That house you have on Main St. for $75,000, is it in good condition? (or what's wrong with it?) 

Of course, if it's 4000 s.f. for $75,000 it is not in great shape, and as the listing agent, you are not an inspector and you do not have the expertise to say what is wrong with the house. You live in a "buyer beware" state and are selling a property that you/nor the seller have ever lived in. You are selling the property "as-is." The MLS is clear that it is "as-is" and the selling agent should be aware that it is a buyer's responsibility to have the property inspected to determine the condition of the property.

Now take the one property, answer the above phone call 20+ times and then multiply it by every foreclosure listing you get.  If you were helping someone it would be a different matter, but you are not. You are saying the same thing over and over, to Realtors that ought to know better. "I don't know, your buyer needs to get an inspection to determine the condition of the property." It's something you expect when talking to buyers. It is part of your job to explain to the buyers that they should get an inspection.

So please be courteous to your fellow agents who list REO properties and try not to call them to ask them the "what's wrong with it?" question. It's a real time killer for everyone!

Now, back to what is involved in selling foreclosures. The listing agent, of course, has a fiduciary duty, including obedience, to the banks/asset companies, as all listing agents do. The banks/asset companies are usually very precise in their instructions to the listing agent. Plus most of the time there are systems on the computer where offers must be submitted. Many times the banks/asset companies have specific forms that are required and very often they have a certain mortgage company they require buyers to be pre-approved through.

Listing agents are instructed to not submit any offers without proof of funds or a mortgage pre-approval letter from "xyz Mortgage company" and the system will not let you hit "submit" without these item being uploaded. If the selling agent submits an offer to the listing agent, without the required documents, then the listing agent has no way to upload the offer, because the system will not accept the offer without all the required documents. We always tell our asset managers when we have an offer. We also tell them the terms of the offer. But sometimes we are never able to submit an offer because the selling agent isn't able to get us the required documentation to upload the offer. 

Then banks/asset companies take as long as they want to respond to offers and as long as they want to get paperwork to us. They put time frames on the listing agent and the selling agent that MUST be met. REO agents have no control over the seller. They have to meet the seller's requirements to sell their properties and everyone loses out on the sale if deadlines are not met.

Once there is an accepted contract, signed by all parties the listing agent must coordinate the closing. The banks/asset companies again have a very specific way of doing things. We recently had one where the property & the buyer are in Alabama. The title company was in South Carolina and the closer was in Georgia! It doesn't make sense to us either. And sometimes is cost the buyer more money than the buyer expected to pay. It is not something the listing agent has any control over, so the selling agent should really estimated closing cost higher on a REO property to prevent a funds shortage at closing.

Once the property is closed the selling agent has to get utilities out of their name, submit final bills and work on getting reimbursed for all the expenses related to the sale of the property.

So is selling foreclosures easy money? Absolutely not. Can it be good money? Certainly. I have agents do very well working with foreclosures. I have others who would not even consider it, because of the time and money you have to invest in each listing.