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Is Real Estate Just about . . . Location, Location, Location??

By Carla Muss-Jacobs, RETIRED

Industry Observer with RETIRED / State License is Inactive Inactive License Oregon

October 06, 2009 12:59 PM

The real estate mantra: Location, Location, Location echoes across the nation. We've all heard this before, and we can all subscribe to it. We know what a GREAT location can do for a listing!

So the "location, location, location" chant is true. Real estate IS all about location.

But Real Estate is also SO MUCH MORE!

I've stated before that real estate is: Legal, Legal, Legal.

While our customers / clients might be looking at a home purchase or sale very emotionally [read Pacita Dimacali's recent post: STAB IN THE HEART --- when your seller says you're working for the buyer -- about a VERYemotional seller], as licensed practitioners, we must realize the sale of real property is a very LEGAL transaction. And we must act accordingly.

When working under a listing contract, that's legal.

When working under a Buyers Representation Agreement, that's legal.

Being fiduciaries for buyers / sellers and writing up offers, going into contract . . . yup, you guessed it: LEGAL.

I've written a blog about the legal aspects of real estate: CONTRACT LAW 010 . . . err . . . I mean 101

Nuff said.

Then, in an interesting blog I read yesterday, I discovered another real estate truism.

Real estate is: Layout, Layout, Layout!

Please read this delightful blog by Mary Douglas: Are you a "Space Explorer"? Part One- Square Footage Mary puts it nicely 'in place' . . . ha ha ha . . . about the sq. footage elements of a home purchase, i.e., a property's layout!

So I've come to a new conclusion, and that is . . .

Real estate is: Location . . . Legal . . . and Layout!

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Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

As long as it's not Lazy, Lawsuit and, Losers....then we are all ok? :)

Oct 06, 2009 01:00 PM

Carla Muss-Jacobs, RETIRED

RETIRED / State License is Inactive - Portland, OR

Hey Karen -- GOOD ONE!! HA HA HA OMIGOSH -- that's funny. Thanks for that LOL

Oct 06, 2009 01:02 PM

Jason Crouch

Austin Texas Homes, LLC - Austin, TX

Broker - Austin Texas Real Estate (512-796-7653)

Carla - Over the past year or two, I have found that it's all about price and condition (location always).

Oct 06, 2009 04:02 PM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Hi Carla! I'm with Jason--it's become more about the price and the condition (preferrably PERFECT!) but, location still remains in the #1 spot!

Have a wonderful Wednesday...

Oct 06, 2009 06:11 PM

Brian Madigan

RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON

LL.B., Broker

Carla,

The sage advice of "location, location, location" is of course not the whole story, although it may be the most important ingredient.

In your research for this article, did you find out who said this first?

Brian

Oct 07, 2009 12:09 AM

Oct 07, 2009 12:10 AM

Hi Jason -- yes, I concur. The price & condition are the top 2 in my book as well. I guess it just doesn't flow off the tongue as location, location, location ;-)

Hello Debe -- as with Jason, I concur. Real estate a whole lot more . . .

Hey Brian . . . good question. It's amazing to think about "firsts" . . . "You go girl!" was uttered by someone for the first time, but who said it first?? We may never know. ;-) ;-) (double winks 'cause you comments got doubled!)

Oct 07, 2009 04:49 AM

P.S. Brian -- I found this:

"I remember it being attributed to NYC real estate developer William Zeckendorf when he bought the NY movie palace, The Roxy Theater, and was going to demolish it to add rooms to the Taft Hotel in the 1950's. He said something like there are only three things that matter in real estate: location, location, location." -- Steve, Wilmington, NC

Oct 07, 2009 04:53 AM

Stefan C. Jezycki

Pacific Union International - Christie's Great Estates - Napa, CA

In Napa, many buyers want it all at the fixer upper price. I keep stressing location but the buyers are not "buying it". It is as if buyers feel that we will be in this market for ever. Some how they feel that the current climate will be in place in perptuity. Market conditions change. The decision to buy should be a longer term decision. Proper placement now is an opportunity, rates included.

This is delaing with the market between $450,000 and $700,000. The price ranges below $350,000 are strong. We have limited supply and still strong supply of buyers. Multiple offers are commonplace in this price range.

Great post.

Stefan in the Napa Valley, CA

Oct 07, 2009 05:36 AM

Carra Riley & Declan Kenyon

Brokers Guild Cherry Creek Ltd - Westminster, CO

Helping people Transition at all ages!

It is great to see all the different aspects of a trasaction presented in unique ways. There are so many dots to connect for both a sellers agent and a buyers agents. In some states the suggestion to get legal representation is right there on the contract for either a buyer agent or a sellers agent to go over with the client. Great graphic!

Your friend in the Comsic Cow Pie.

Oct 07, 2009 07:28 AM

Hi Stefan -- thanks for your comments. And you're right, market conditions change and a decision should be for the long term and because a buyer loves the house.

Hey Carra -- great new GROUP you started! It's all subjective, and there really is a lot more to real estate then the simplistic, but it was a fun blog to write and I like the cartoon ;-)

Oct 07, 2009 11:57 AM

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Carla Muss-Jacobs, RETIRED

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