Cyndi's Blog

Just Thoughts on Fellow members question.

Cyndi Kerr (Sandals Realty) — Fri, 01 May 2009 06:38:19 -0500

Just read a fellow Active Rain Members Blog about BPO vs Appraisers - This was my response (Below) which I hope generates a whole nother branch of thought for people. Her question was should Brokers and Agents be paid for BPO's and whether the law stating banks could no longer higher appraisers be supported. ............:

Interesting - I am in Florida and do BPO's. We do not do appraisals, however a current market analysis of the subject property based on a long list of items - which does not include a professional inspection and include such things as electric, plumbing, roofing ect. - however does include square footage, size of lots, amenities included, location, number of buildings, usage, zoning, data from tax records ect. and pictures of the subject properties. This does give a basis of comparison - adjustments may be made to show where the market is. Using sold properties from the last 3 months, pending sales and current actives a analysis will extrapolate where the price points in the market are. Oh, by the way - research as to market factors, environment factors of location and general market conditions are also taken into account. The amount of time and research is significant.

This is an REO market currently and one of the factors in my opinion were that the appraisers did work for the banks. Here is Sarasota we have gone from an inflated price point to some of the steepest losses in equity to the point that many homeowners are in foreclosure and walking away.

In one example I know where the bank appraiser appraised the home at 250K in dec 2005 and a CMA today shows that house would most likely sit on the market as houses around it sell for 50K to 80K - I believe 200,000 to be a significant loss - do you? Location does impact as does what your neighbor's properties go for.

1. I do BPO's and do not take listings at all from the banks.

2. A BPO does not take the place of a home inspection by a qualified engineer.

3. Banks seem to not want to take responsibility for their part in the housing .....debacle. Yet their hands are out to the government for decisions they made that led to it. Hmmmmm

I Think it should be an at arms length whether it is a BPO or an Appraisal.

Use Americans

Cyndi Kerr (Sandals Realty) — Thu, 12 Mar 2009 11:44:32 -0500

My Association uses GE Supra Key's - I just found out today that GE outsources its customer service to India. Where does your electronic key company out source too?

In today's American Economic condition I believe that outsourcing jobs to other countries is wrong. I do not care if it is cheaper. We are at 10% unemployment in this country, lets ship more of the jobs overseas.

I am calling for a voluntary boycott by Realtors of any tool provided by a company that does not use American's for ANY and EVERY job function/position in the company.

Got a Job?

Cyndi Kerr (Sandals Realty) — Mon, 02 Mar 2009 08:21:11 -0600

Happy New Year - I know, I know its March 2 already. I have not been actively posting here on Active Rain. Alot of that because I have been concentrating on switching gears and thoughts. Here I am in one of the paradise towns of SW Florida with all of these excellent investments being put on the MLS and no buyers.

So I got a job where I get paid to show up 40 hours a week. I still put 40 hours into the R/E, but I am still not getting paid for it. I don't like working 9 - 5, but in this economy you do what you have to do. Working a strictly structured 40 hour week has certainly brought me into the reality that the Middle Class worker is disappearing along with middle class families buying homes.

I am doing BPO's for Sarasota and Manatee Counties - and it is amazing to me the amount of sellers with houses listed for over 400 days that will not move on thier price points.

Anyway continued good luck to all you out there selling and buying in this market. Visualize on.

2009 around the corner. Got game plan?

Cyndi Kerr (Sandals Realty) — Mon, 29 Dec 2008 08:51:52 -0600

2009 is approaching rapidly - and I am going over my game plan for the year. So far I have a lot of what I will do, not that this is a resolution list, but rather a confirming list.

I will increase spiritualality, networking opportunities, and dedication to blogging.

I will continue to contribute to the collaboration of a childrens book, go to Master Mind and be involved in the Law of Attraction Secret group.

I will start Nia classes Jan 6th, (anyone in SW Florida interested visit www.michelesoriginal.com ) and learn how to put my body into some sort of condition. This Nia yoga and meditation will be ongoing fixtures in my life that I commit too.

I will contribute to a blog every morning.

I will learn to listen more closely to my family, friends and customers.

I will be responsive to those who ask for help and those that do not.

I will have fun.

I will remember to be grateful on a daily basis and speak that gratitude out loud and in writing.

I will bless myself with my parents company.

I will strive to the hightest and best for myself and those around me in all aspects of my life including Real Estate BPO's, consultations, and sales.

Consistancy - A compliment?

Cyndi Kerr (Sandals Realty) — Sun, 24 Aug 2008 09:06:07 -0500

I was recently thanked for being consistant in showing up at meetings - I attend a Law of Attraction Course and a Master Mind course with this person. My first thought was Hmm - a compliment or not - predictable, stable or needy and dependent? Or was the person just noticing that I was a component of thier life that they recognized as being around alot? Could it be, they were just noticing that they themselves were consistent in attending these meetings?

Now I am thinking about what consistancy is. Being dependable - I see that as part of it. Another is finding resources (notice source contained in that word) that I can tap into and know there will be a positive outcome. Another is repeating over and over (which on the surface sounds boring) an action that brings positive rewards. If you consistantly send out a message and it is the same message - people will respond. Being consistant in your attitude allows people to know you as a person.

So if your intent is to be positive and have a positive affect then be consistant in sending out postitive.

Hmmmmmmmm. Being consistant is a compliment.

Property Taxes in Sarasota - Where to find information.

Cyndi Kerr (Sandals Realty) — Mon, 28 Jul 2008 07:03:51 -0500

Recieved an email about Sarasota Taxes and thought I would share my reply:

Taxes - What I can do is give you the link to the Tax Appraisers Offce for Sarasota County. They have a great explanation on how taxes are calculated and how Sarasota Couny appraises for taxes in Sarastoa.

Click this link (Or copy and paste if linking has been disabled):

http://www.sarasotataxcollector.com/PROPERTYTAX_PAGES/PT_GeneralInfo.htm

This will give you an overivew on property taxes in the county (which Siesta is part of) and you will be able to follow this link to the milage pdf download for 2007 millage rates.

Note that these may change yearly so you should check each tax year.

http://www.sarasotataxcollector.com/Documents/2007millages.pdf

Another site you will want to visit to do your due diligence is the Sarasota Property Appraisers Office. Jim Tedora is currently the county appraiser - has been for a number of years. This link will also lead you to information on the Homestead Law and how it would effect you as an owner of property here in Sarasota - the site is full of information.

Happy Co-incidences

Cyndi Kerr (Sandals Realty) — Fri, 25 Jul 2008 07:48:08 -0500

Following the theme of manifestation. I have been invited to an Emerald Evening in the Sarasota Rosemary District. Cool. Basically its a stroll through a neighborhood with some of the oldest frame, authentic Florida homes. A majority of these buildings have been here since at least the 1920's, 30's and 40'.

But don't think the houses themselves are old, many have been made young again. Just about all have been rehabed and made pristine in the last five years as the affluent art lovers moved into the area. This is a great area to stroll with lush overhead canopy overhead much of the time.

There will be outdoor music, and a scavenger hunt for the invited to participate in. This sounds so much like fun! Thirty local artists and vendors will have stalls and offerings ( I am reading the invitation). There will be "new age" thinkers and music by Brian Boyd.

And I think.... what a great way to get viewers to come to your open houses - you see much of Rosemary Court District are artists studios and upscale galleries with several properties for sale. Sotheby's apparently organized this. What a great idea! And fun!

Sarasota MLS SAR SALES REPORT

Cyndi Kerr (Sandals Realty) — Thu, 24 Jul 2008 10:42:53 -0500

Sarasota Sales have slowed for June, however pending sales shows an increase in sales:

FROM SAR

The Sarasota MLS saw a slight dip in sales for June 2008 compared to the previous month, and home prices continued to normalize as the local market entered the slower summer sales season.

Overall sales stood at 559 in June - still one of the highest months for sales during the past year, but lower than the May total of 627 sales. Single family home sales in June 2008 stood at 411, matching the level from June 2007. But condominium sales dropped to 148 from the previous year's total of 186. Sales had been increasing each month in 2008 prior to the June dip, from 329 in January to 627 in May.

Single Family and Condo Sales

Last month's (May) pending sales stood at 692, the highest in the period. In June 2007 only 543 pending sales were reported. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings in upcoming months and an improving market in the mid-summer months.
Sales prices saw a decline in June, dropping to a median of $250,000 for single family homes, and $275,000 for condominiums. The price for homes was $274,500 in May, and The June 2008 report continued to show strength in pending sales, which stood at 698 - the second highest level since June 2006.

Inventory levels were lower in June 2008 for the fourth consecutive month, and are the lowest they have been since February 2006. There are 9,108 single family and 4,765 condos listed, buyers continue to enjoy an abundant selection of more affordably priced housing to review and purchase.

The reduced inventory has resulted from a combination of fewer new properties being listed, and higher sales numbers. As the inventory continues to decline, the market will return to a more historical balance. And as the market approaches equilibrium, the buyer's market we've been experiencing will vanish, and price appreciation will return to the market.

Local Goverment infringes Property Rights?

Cyndi Kerr (Sandals Realty) — Tue, 08 Jul 2008 06:07:53 -0500

Gillespie Park was a non deed restricted nieghborhood with a voluntary home owners association. Yesterday Sarasota City commisioners voted to restrict parking in front yards of homes in that nieghborhood and demand that cars be parked in the street.

1. Why should the commision have ANY right to dictate to the property owners whether or not they should park in thier own yards?

2. While I agree that it will make the appearance of the homes to be more "groomed" it seems to be a basic infringment on the property owners. After all, they moved into a non deed restricted area so they did not have to deal with unfair arbitrary community decisions about thier property - the property they own - the property they hold mortgage and deeds on.

3. How many of the cars that will be parked in the street will be vandalized and broken into? I know that when I have to park my vehicle in the street I am a nervous wreck all night that it will be side swiped. Will the commisioners re-inburse insurance claims and pay for vehicles damaged while parked on the street? - after all they are the ones forcing people to park there.

4. I heard on the Channel 6 Local news this morning one commissioner say that they hoped it would slow traffic through the area - and all I could think was - build a speed bump, post some slow down signs, or hey how about doing a traffic sting and giving speeding tickets in the neighborhood.

I can only see this decision as a reduction in property owners rights and an arbitrary unfair act.

July 6 - Sarasota Foreclosures

Cyndi Kerr (Sandals Realty) — Sun, 06 Jul 2008 07:47:44 -0500

There are foreclosures oall over the city of Sarasota Real estate list prices being in the 90K range to the 156 range. One of the "strange" things I have noticed is that majority of the foreclosures only have one bathroom. Do you think there is any correlation between one bath homes and foreclosures? lol

Seriousely its getting to the point where I am going - omg that house sold for 300K last year and the bank has it on the market for 150K - wow. I have also noted that so many of the Sarasota foreclosures have been stripped of appliances such as washer and dryers, stoves and fridges. These are replacemet costs the buyers will have to deal with. Banks will not replace or reduce price based on these items. In some cases those having to leave have ripped out walls and/or torn up carpets. Buyers should be aware that a majority of these foreclosure homes that are in that price range are TLC and handyman specials.

Becuase I noticed that I did a search of foreclosures where the banks are asing 200K - 300K - .......still majority appear to be TLC. 300 - 400 - huh only one foreclosure listed in the MLS popped up in this search range, nice - hardwood floors, 3/2 caged pool, nice shade trees and curb appeal hmmm. Lake Estates - community pool, tennis courts. I like it. 400 - 500k - 1 listed in the mls - gorgeous granite counters, what appear to be cherrywood cabinets, two fireplaces, 2 wetbars, pool, over 1/2 an acre...very nice at 499K. Interesting only 2 higher end homes foreclosed?

All of these that I looked at are bank owned. All require proof of funds or qulification letter from a bank. Interesting also is the fact that Countrywide appears to own the majority of the foreclosures on the MLS. hmm Does anyone know what percentage a bank can own in real property/real estate?

Good Morning World

Cyndi Kerr (Sandals Realty) — Sat, 05 Jul 2008 05:46:22 -0500

Yesterday was independence day and it was celebrated all over Sarasota County. The Bay front fireworks went on for almost an hour. Siesta Key also had fireworks as did Bradenton. I did not attend any of them. :) Fast asleep by 9:00 - not really sure what that means. I did go down to 10th St Park and saw the power boats for the Grand Prix Race. Some awesome machines. I believe today is the race day and I will wander out to Lido to watch for a while. The thing about the boat races is unless your on the water with binoculars its pretty hard to watch. It Saturday so Farmers Market is happening in down town Sarasota this morning. I think I will go get some veggies.

Wake up - Buyers Market is here.

Cyndi Kerr (Sandals Realty) — Thu, 03 Jul 2008 12:06:39 -0500

I love living in Sarasota Fl. We have white sand beaches, we have art and theatre, we have excellent school systems, Universities and Colleges. Within the County of Sarasota we have farms, ranches, industry and world reknown destinations such as St Armands Circle and Longboat Key.

You can go from the sophisticated to the relaxed - literally by walking down Osprey or Being at 5 Points. Want bay-front dining - Marina Jacks and Phillipi Creek. Want international cuisine - check on line at Sarasotalocal.com for a comprehensive list of dining establishments - way to many to even think about.

Siesta Key Beaches, Lido Beach, Anna Maria - these are a few of the coastal keys that run our gulf boundaries. From the art festivals on Siesta to the fine Dining experience of Longboat Key Club Restaurant's.

Do you fish - lets go out to any of the three rivers - Manatee, Brandon, Peace River. Want golfing - some of the premier golf courses are located here. Tennis - lets talk Bolleteri or Longwood Run, and even The Meadows - one of the first planned communities here with some very excellent properties on the market at extremely reasonable prices. I would be happy to provide a cma for any home you are considering when we work together to find your new investment/home. Call me.

What I like the most at the moment is the prices on some of the older homes up for resale. What bargains, what inventory. Now is the time to buy if you want a deal in my opinion - we have not seen these price points since before 2001.

Investing in Foreclosures?

Cyndi Kerr (Sandals Realty) — Thu, 03 Jul 2008 11:39:56 -0500

What are your thoughts in investing in foreclosures. Where do you see the potential for cash flow? These subjects are burning the blogs up. One very ahead of the curve agent here in Sarasota is even offering a Foreclosure Tour. What are your thoughts on these?

I think it is great marketing and wish I had thought of it a month ago. The other thing is I want to post a listing of active foreclosures in sarasota - bank owned homes that is, here on active rain but I don't know if I can. I am going to check into it though.

Shortsales - I really don't like what I hear about banks and shortsales. I could list those as well since agents have to identify them as such in our board.

Sarasota Market - Buyers where are you??

Cyndi Kerr (Sandals Realty) — Wed, 02 Jul 2008 11:45:27 -0500

There are so many houses on the market that investors would want to know about and I don't seem to be able to find any. Investors that is. There is a Handyman 4/1 and 2/1 attached area the bank is asking 159K for. That is 150K less than it sold for in 2/2007 - just over a year ago. Definitely needs work but if you went in at 90% of asking and the bank took it - then put 30K into it, the house would cash flow on a rental basis. No offers on it yet that I can tell- neighborhood demographics should be looked at - bank if following other patterns should be lowering the price this week 20K - So an offer at 91% of 139K........

That's just one property I found. There were 2 condo's under 100K within 5 minutes of the Beach (Siesta) - I have not seen those prices since 1997. And these are 2/2's!! one was in Tregate Manor - I was surprised to see that price.

Yes these are foreclosures, Yes the banks are looking for qualified cash buyers, and yes the bank may take 6 weeks before you know if the offer is accepted or not. But look at the return possibilities and look at where we are in cycle which historically is 7 to 9 years.

Sarasota has location, location, location. Sarasota has a buyers market going on. Give me a call.

Price of Gas and Impact on Area Covered

Cyndi Kerr (Sandals Realty) — Tue, 24 Jun 2008 11:17:39 -0500

It's interesting how my area covered is shrinking. I use to cover from Tera Cia in Manatee County (Just before Skyway) to as far south as Englewood/Punta Gorda. I just gave a referral to a Venice Realtor I use to work with - it was too far to go.

I covered that area becuase thats how far I use to travel before people actually used 75 to get around (yes this was the early 80's). I could get from point A to point B in less than an hour - now it takes almost 2 hours because of traffic. I learned the roads as they were created.

I just recieved a referral from an agent that does not go south over the Skyway - I still cover Tera Cia, I am still willing to go a little north -but I am marketing to my local neighborhoods more. Gas was one of her reasons, the other was location. She does not know Manatee County. Thank god I do. :)

Gas impacts us as Realtors and I am wondering if anyone agree's with me that area covered for many of us will shrink.

What a Great Group

Cyndi Kerr (Sandals Realty) — Thu, 19 Jun 2008 15:31:00 -0500

My aunt is a quilter and my mom has one of the neatest quilts I have ever seen. Of course I am bias as my great grandmother quilted it for her (my mom's) birth in 1934. That quilt is over 70 years old and the neat thing is that I know it will be gifted on to one of her grandchildren and it will tell my great grandmother story, thier great, great grandmothers story - gives me a sense of continuity - it was quilted out of cloth from her childrens (10) clothing she had collected. Thats pretty neat when you hold a quilt in your hands and you realize the histor of this piece of gingham or that piece of cotton or wow look there is some levi jean. It's been mended a lovingly couple of times over the years, first by my grandmother, than my mom. We may ask my aunt to correct a little tear I found last week.

Affordable Quality Luxery Homes in Sarasota

Cyndi Kerr (Sandals Realty) — Thu, 19 Jun 2008 14:13:09 -0500

Like most markets Sarasota has had a down turn in prices and an increase in inventory. We are also seeing sales as Sarasota is a premier destination. That inventory includes some very very (did I say Very) nice homes on Longboat Key, Siesta Key, Tera Cia and Bradenton Beach. As a local I expect that the cost of a home on LBK will be more than one on Siesta Key or Bradenton Beach but in comparing prices there is not that much difference. Tera Cia being more exclusive yet a different (read more relaxed) atmosphere than LBK from my point of view - of course this is most probably do to the amount of semi new construction that has gone on in Tera Cia. Regardless, I am seeing excellent price points on the island properties. Let me know if your interested and I will do a search and email you the information.

Center of St Armands Circle

Have a great day!

Cyndi Kerr - www.cyndikerr.com

BPO's 2

Cyndi Kerr (Sandals Realty) — Thu, 19 Jun 2008 13:13:36 -0500

So as I wrote in my last blog on the subject of BPO's I was interested in finding out registering, where to go and how to do. Most of the replies (though appreciated) were cautionary in nature. I have since paid a minimal fee to recieve a list of vendors that are either a. Registered to work with various lenders and then hire you to complete the process or b. Lenders that want you to sign up.

Now having followed 10 of the links so far it takes roughly 15 minutes to fill out the information per company/lender and there are no definites. They all have asked the question how many BPO's have you done in the past - I have to put zero. I don't know if this will disqualify me as a possible BPO agent.

I am still researching BPO's and I still would like opportunity to do BPO's. Is any one in Florida currently work in this capacity?

Sarasota Resales and Prices

Cyndi Kerr (Sandals Realty) — Wed, 18 Jun 2008 11:20:40 -0500

Sarasota seems to be selling. Yeah. Sarasota has a lot of inventory on older homes that have not been rehabbed. Yeah again if your an investor. I am seeing 2/2 homes under 100K in Sarasota and that is a great number for some of the neighborhoods I am seeing them in. If your an investor that has a bit of vision and can see how these homes will increase in value let me know. If youwant a list of currently active houses (not mobiles or trailers) under 100K let me know and lets talk about what your looking to invest in and how I may help. Below is the area I cover.

Cyndi Kerr - Realtor

Interview Process

Cyndi Kerr (Sandals Realty) — Wed, 18 Jun 2008 10:16:18 -0500

Its interesting going through the interview process. What questions will they ask, where are you goal oriented, how will you market this home, what type of advertising, ...... the full gambit of questions and the whole time I am thinking - I will market the property to the best of my ability, does the same question really have to be answered so many times - Well the answer is yes - part of the my job as a Realtor and a person is too answer questions as fully as possible as many times as they are asked. Being willing to answer honestly is important and with so many sellers here in Sarasota that bought at the top of the market now trying to understand why the house is worth 1/2 of what they bought it for it is VERY important to answer questions and to substantiate where the numbers and information come from. No one likes the bearer of bad news - so how do we turn it around? I keep the information factual and give links so they may double check the information. I provide copies of the solds from both the local MLS, but also from the tax roles so a potential customer understands that I know of what I speak. Its a hard lesson for many people.

What are BPO's Really

Cyndi Kerr (Sandals Realty) — Tue, 17 Jun 2008 09:49:19 -0500

So I am looking for a way to generate income since my last two contracts fell through - contingencies of sales not met so they will stay in N.C. and N.Y. instead of coming down to sunny florida. I started to find all these sites about BPO - Broker Price opinions - I am very tempted to try them out. There seems to be a sad side to these when the homes are still occupied but about to go into foreclosure. On the good side, I now know how to get my investors the heads up on properties that will be coming onto the market at "reasonable" prices.

Thanks for the comments - seems there are knowledgable people out there. Does anyone feel like sharing WHERE you would register to do BPO's?

Sarasota Stat's Looking Good

Cyndi Kerr (Sandals Realty) — Mon, 16 Jun 2008 18:52:19 -0500

Just got the statistics from my local real estate board - SAR - Stands for Sarasota Association of Realtors. It show that we actually have an increase in the medium price of new homes. What it doesn't clearly show is that inventory for older non rehab homes are up and the prices are hitting rock bottom. There are so many shortsales and foreclosures listed they almost beat the number of "normal" listings. An investor would get some great buys in this market. SAR reports that "Home sales in the Sarasota MLS for April 2008 stood at 567 - the highest level in 10 months, and approximately 72 percent higher than the sales in January 2008. In 2008, sales have been progressively stronger month by month, possibly due to the influence of the new property tax portability law adopted in late January. " The report continues and lets us know that the medium price of a home in Sarasota has now risen to 235K. That's great from a realtors point of view right? Not really. I still am seeing alot of realtors use new homes as comps to old non rehab homes. Really have to be careful when doing CMA's. Its hard to explain to a potential customer that the price point they are hoping for is unrealistic due to the age of the home - especially when they go to Zillow or some other source that never views the home.