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STAGING MAKES A STATEMENT IN A BIG CITY CONDO......

By Paula Hathaway, REALTOR, LBA

Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

December 10, 2007 06:18 AM

There is a condo in New York City that I just heard about that was staged, put on the market and sold within a week .

It sold for $1million over the asking price!This information came to me via my sales manager who was speaking with another manager in New York...Apparently this tid-bit has set every progressive broker in the city to get themselves aligned with a "Staging Service". I haven't heard the stats yet on this, nor have I seen any public records to substantiate the sale yet, but my company Prudential Douglas Elliman just had a managers meeting in Florida and one of the key topics was Staging and the necessity of this important new trend to the future of real estate brokerage.

In California, I understand that Staging is just another part of doing real estate business. Are there any stats that might give some insight as to how much staging influences the sale of a property?

Does anyone on the West Coast or anywhere for that matter, have any definitive information that can be used to guide us here on the East Coast? There seems to be a dearth of statistics about this new "industry" and it would certainly be helpful to everyone now if there were a source for this critical information. Maybe real estate professionals can begin to identify staging information on their sold listings; such as:

1.Was/is the house staged or not?

2.If it sold, did it sell for less or more than asking ?

3.How many days, weeks, or months on the market?

This could be relatively simple to add to our technology and can mean the difference between a much needed source of statisical information for the real estate business as well as the new Home Staging Industry. I have a request in for this data to be added to our listings here at Prudential Douglas Elliman; it will be interesting to see if there is an adequate response.

Please give any feed back that you may have regarding these statistics or where I may find them.

Thank you.

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Terrylynn Fisher

Dudum Real Estate Group - BuyStageSell.com - Walnut Creek, CA

HAFA Certified, EcoBroker, CRS, CSP Realtor, Etc.

One of the reasons you don't find alot of statistics is that you, as a Realtor know that most statistics are not comparable to other properties. Thus, it is hard to quantify. You know, unless you have two homes next to each other one staged, one not staged, same age, condition, etc. How do you really compare?

I have a townhome listing that sold in 35 days, the market time is 11 months...so how do I tell you that in a statistic? It is hard. And, it sold for 97% of the price...doesn't sound like a great staging statistic, but in our market this is great for 2007 when many things are selling 10 - 15% under asking price. Two years ago, it would have sold $25000 over price and alot higher price.

Then there are the training companies who keep statistics. Most of those are years ago...in a hot market and the ones that they really keep are the $20-$50000 over asking because that sounds better for staging. The market was a huge part of that...so how do you measure it. I am with you, I would LOVE to have some statistics that are reliable, etc. But where do I get them. I feel your frustration.

Terrylynn Realtor/Staging Specialist

Dec 10, 2007 01:06 PM

Paula Hathaway, REALTOR, LBA

Douglas Elliman Real Estate - Southampton, NY

...A Local Expert in all The Hamptons

HI Terrylynn,

Thank you so much for your expert opinion..I respect what you have to say because I read your profile and you certainly have been at it for a while. I have been in real estate for 15 years and we here in the North East have gone through several different trends in real estate sales over the last 10 years.

At one time, when prices were still relatively low and the average person was just realizing that they too could become a home owner, home buyers were buying fixer-uppers. In fact, first time buyers almost always bought a house that needed work because it fit in their budget and they could fix it up as they lived in it. New houses were rare here for the average person.

Now, in the past 2-3 years sales trended to the "turn-key" because the perceived value in a higher price category of home includedthe cost of renovation. Now that trend has morphed to include a perfectly furnished home where the buyer is more apt to buy the home furnished than empty--the deal today can be made or broken over furniture and the things that make the house irresistible to the buyer includes the way it is "staged" or furnished.

So, I think my point again is that it all sounds good when we talk about it but until we can come up with some form of concrete statistics "staging" is just another pretty word that can be dropped from the vocabulary of real estate brokers very quickly if it can't be supported by solid data. I think we both agree on this point. Hopefully some "Techy" will come along and have an answer for us <:o)

Dec 10, 2007 02:17 PM

Jackie Peraza

Perceptions AdverStaging(TM), LLC - Framingham, MA

Home Stager - Framingham, Massachusetts

Paula- I'm just not sure that we're going to be able to give accurate statistics on staging right now. Some training companies have closely guarded their statistical information as proprietary rather than share it industry wide and so we're having to recreate the wheel quickly. Fortunately, that work is well underway. Craig Schiller, through Stage It Forward is gathering data, as well as RESA, the Real Estate Staging Association. I'm not sure, but I expect the training companies are continuing to compile their own data as well.

"Staging" in itself is a very broad term and one many of us recognize as requiring specific terminology to delineate levels of, exactly for situations such as the "turn key" example you've given.

I was just speaking today with an individual about this need, because what you are speaking of is a relatively new and specific market here in the Greater Boston area. I am seeing an upturn in requests for high end "turn key" resale staging to include renovations and high end furnishings. In the last week I have been contacted by 3 separate entities all with properties having a pre-renovation appraisals in excess of $1 million.

I expect this is result of the market. Again, it's important to note that even if we did have staging statistics they probably wouldn't be an accurate reflection of this newest change in staging requests - it's a new phenomena as far as I've heard or seen outside of the coastal communities or vacation rental properties. Maybe someone else can tell me otherwise.

I'm sure all of us would be interested in additional information regarding the staged property that sold for $1 Million over asking - now that's exciting news!

Jackie

Dec 10, 2007 06:17 PM

Paula Hathaway, REALTOR, LBA

Douglas Elliman Real Estate - Southampton, NY

...A Local Expert in all The Hamptons

Hi Jackie,

Thanks for your input and valuable information, and isn't it something if it is true that some training companies are holding onto valuable data? The only way Staging will survive as a credible industry is if it can be supported by concrete statistics.

I just heard from a fellow ASHSR chapter president in Connecticutt and she had her first meeting with the Home Stagers from there. She had 12 Home Stagers and Redesigners attend and they are all ready to take on the business that is beginning to open up there.

I am hearing stories all the time from Stagers in my own area AND real estate agents in my own office and the word is getting out there--word of mouth is very effective if you have the right peope talking it up.

Now the key is to substantiate it and we will be on our way to a National success rather than a West Coast Phenomenon.

Dec 11, 2007 08:32 AM

Abby Roselli

ALR Home Staging and Showcasing, LLC - Staten Island, NY

Staten Island Home Stager

I was wondering what it was going to take to light the Big Apple on fire with staging! Talk about opportunity! Everyone I know from up there is like "What's home staging?" then when I tell them they think I'm brilliant, like I came up with it or something! LOL Woo Hoo for the NYC staging community!

Dec 12, 2007 06:39 AM

Paula Hathaway, REALTOR, LBA

Douglas Elliman Real Estate - Southampton, NY

...A Local Expert in all The Hamptons

I agree Abby,

You would think that the progressives in the big NYC would have been on top of it wouldn't you?

But, then again, don't forget that the Interior Design industry does not take too well to interference in their "balywick" so from that standpoint, it isn't too surprising.....I had a conversation the other day with a "doubtful diva" from an upscale furniture store out here and she was not too nice when I gave her my thoughts on the difference between Staging and interior Design.

Her remark was "well thats a pretty broad statement!" when I said Stagers have to think of the bigger picture when they stage a home. (vs. a designer focusing on the wants and needs of a particular client) Her come back was that Interior Designers have talent and stagers don't....well, do I need to tell you what I said back to that? All kidding aside, I was very nice to her and told her that if she has any interest in the future to be sure to call me. I left my name and number and then told her about our meeting scheduled for january 15th for a conference call with all the stagers here on Eastern Long island...we will see if she participates.

Thanks for your response!

Dec 12, 2007 08:06 AM

Abby Roselli

ALR Home Staging and Showcasing, LLC - Staten Island, NY

Staten Island Home Stager

I think the # of progressives are outweighed by the nay-sayers up there.

LOL: my graphic is CRABAPPLE! How appropriate! =)

Dec 13, 2007 12:49 AM

Paula Hathaway, REALTOR, LBA

Douglas Elliman Real Estate - Southampton, NY

...A Local Expert in all The Hamptons

Very funny!---by the way I just checked out your website and see that you are the Abby form ASHSR; congratulations on your being Chapter President in Atlanta...I was just named chapter President for Eastern Long Island--including the Hamptons. This will be a very interesting situation getting everybody on board here...as you can see, there is quite an attitude out here for Stagers! <:o)

Dec 13, 2007 12:57 AM

Toronto's 2 Hounds Design: Decorating + Staging

2 Hounds Design + Home Staging - Toronto, ON

Paula, the best way for you to get stats that you will consider quantifiable is to start using a stager. You know your market you know how long listings sit, you know what they sell for in X condition. Now start using a *good* stager...not a family member or friend but someone who's work is fabulous and will give you references from fellow Realtors. You will know whether or not to continue with staging in a few months.

I'm willing to betting you will end up with the stager as your 'ringer'. If you do try out staging, let us know how it goes for you; we would all love to hear.

BTW, it is a very broad statement...I think there are many wonderful stagers who are not decorators or designers...but I will guarantee you a decorator or designer will do a fabulous. job of staging. Designers especially...who do you think created the 'spa' in the home? Who created the 'hotel' feel? These are two very popular staging trends...stagers (I'm including myself here) do not come up with anything new. We translate.

Dec 13, 2007 02:13 AM

Jackie Peraza

Perceptions AdverStaging(TM), LLC - Framingham, MA

Home Stager - Framingham, Massachusetts

Dane - very well said.

Jackie

Dec 13, 2007 02:25 AM

Marla Hofstee

Design by Marla - Burbank, CA

Design by Marla- Home Staging, Burbank & Los Angeles, CA

Paula,

Staging (even in California) is a relatively new concept that still has a lot of opposition or at least, misunderstanding. I agree that staging has to have concrete statistics but, as some of the responses have indicated, its hard to get apples to apples comparisons.

All that I know, is that staging helps to sell a home. It's like detailing a car, no one should try to sell without "detailing", unless they are prepared to sell for less than top dollar.

Marla

Design by Marla, Burbank, CA.

Dec 13, 2007 02:28 AM

Paula Hathaway, REALTOR, LBA

Douglas Elliman Real Estate - Southampton, NY

...A Local Expert in all The Hamptons

Thank you all for your responses; Dane, I think you may have the wrong Idea about what I was trying to get across. There are Interior designers here in the Hamptons that have been Staging for years now....and do not want to identify it as such; why? I just found out: I spoke to an old friend of mine who started out as a medical office interior designer. She did very well and expanded into the residential interior design. Then about 2 years ago, she started staging and advertises it as such. I like her very much and I will not lose her friendship over this, but when I told her that I am staging now and in fact have been named chapter president for Eastern Long Island, she told me she had no interest in meeting with a group of stagers because what she does is so different. She does not want to join a group of stagers here because what she does is so special that she does not have time to talk with us. She has been in Interior design for 35 years. Now I will eventually get her to understand that I am not going after her business; that she is not someone that I think of as a competitor. In fact I don't look upon anyone as a competitor because what I am trying to do here is to give Staging a credibility that it just does not have right now. The only way that can happen, whether we admit it or not, is to be able to substantiate and unify so that we don't all appear to be scrapping over the same jobs---to appear as if we all hate each other. There is so much work here that we all are NEEDED at this time.

By the way, I added a full state-of-the-art spa and gym in my house in Vermont in the mid 80's and I have buying, renovating and decorating homes since 1989. My houses have sold for top dollar and if you have any interest, go to my new website and look at the befores and afters that I have done:

http://www.hathawaystaging.com I would love to hear what you think...it is a brand new site this week!

Dec 13, 2007 06:16 AM

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