Archive for February, 2010
Flips in 2010 in Coconut Grove-Will sellers have success?
Feb 27th
Flipped house!
February 27, 2010 -February is almost over- 2010 is flying by quickly……
So there are homes for sale right now that sold recently that are MORE expensive than when they last sold. WHAT you might say. Yes, some people are flipping homes. There are homes that recently have come on the market and most have done extensive renovation and remodeling since the homes were in not such great condition at the time of purchase. Some were bought in foreclosure so the seller got a good deal and is now trying to resell and may have done little or no work at all. Perhaps some sellers are trying to make a profit and others are moving for relocation reasons. Click this link to see information on active homes which also closed in the last year and half. Notice the closing price and asking price difference for some. http://tinyurl.com/yaa4vxl
2620 Natoma is now on the market for $849,000 which was purchased in June of 2009 as a foreclosure property and needed extensive renovations. The current owner had to rebuild this 1982 property in order to make it inhabitable so put some money into the house.
3699 Loquat was a foreclosure property which many buyers were fighting over and was in high demand and sold last January 2009 for $295,000 and is over 2000 sq ft and built in 2006 which was and is a steal. A buyer that was interested in another one of my properties said she had made an offer and she had said some mold remediation had to happen so not sure what else the seller had to do to make it more livable and now they are reselling for $549,000. This is a fair asking price under $267 per square foot especially since the current owners dropped money into the house with new appliances and is ready to move right in.
3907 Loquat is a great mod 50′s home all updated and renovated and on the market for $728,000 purchased as a foreclosure for $306,000 in May of 2009. It shows beautifully, very mod and classic chic.
2441 Swanson has an interesting history with 2 sales within a year of each other and the current seller just listed and priced the 2 bedroom home for $599,000; a higher list price than what is what on the market when he just closed on it in August of 2009 for $530,000. Before the current owner bought, a Ritz executive bought the house in December of 2008 for $525,000 and then relocated to Northern Florida so put it on for $574,900 after putting a good amount of money into upgrading the pool and purchased all new appliances. The house is super cute with tons of charm, a great yard and pool area and shows beautifully. If you can pick up a Grove or Gables home in foreclosure for under $400k and only have to renovated a bathroom or floors maybe even a kitchen and change some fixtures you have a good chance of making at least $50-$75k if you do the “right” upgrades and of course don’t get stressed out when you are redoing parts of the house and the “workers” don’t show up. I know from personal experience it is challenging at times to do work on a property especially if you live in the house when the workers are present. If you are not interested in doing work on a home and are purchasing a home where the seller did most of the updates and upgrades it is important to make sure you don’t pay a premium just because the seller thinks his work is worth more than fair market value.
If you would like to view any of these fabulous new listings or discuss flipping your home you may find me at Jill@jillpenman.com or 305.807.9199.
Market Report-last 6 months-33133-$400k-$999k-8/2009-1/2010
Feb 24th
You often hear REALTORS and brokers speak in terms of price per square footage. Some buyers take the price per square foot to a science and others not so much. Above you will find two charts taking in all closed sales in area 41 zip code 33133-Coconut Grove from August of 2009-January of 2010 -one chart for single family homes from $400-999,000 and the other condos and townhouses using the same criteria. Average price per square foot ranges but remains pretty stable from Aug until January of this year for single family homes under $1,000,000 from $233-$291/sq ft. averaging out over the past 6 months around $265/sq ft. For condos and townhouses, the average price per sq ft over the past 6 months is approximately $268/sq ft. Obviously, this does not include waterfront which drastically jumps up in price and does not take into consideration properties above $999k. Keep in mind you may have a property that has been renovated or have an oversized lot and list and sell above these averages price per square foot.
If you are thinking of selling your property find me at jill@jillpenman.com or 305.807.9199.
Small inexpensive changes for big profit when selling or staying put
Feb 23rd
February 21, 2010
There are several ways you can spruce up your home to sell or to even stay and make it new and fresh. I think some of these suggestions may seem like common sense but you would be so surprised how many of my clients sell because they take my suggestions seriously and change bulbs or buy fresh flowers and fix a hole in the drywall. I wrote in a past blog entry last October but did not go into this detail. From recent experience, since we are staying in our home for the time being and not moving I have done most of all of the below to give my family a fresh, new feel since it has been 5-6 years since we did renovations and updates.
FLOWERS-Try adding some inexpenisive fresh flowers like roses or lilies that smell great or hydrangeas Star of Bethlehem flower and which when bunched make any room sophisticated and chic instantly! Fresh Market believe it or not is not costly in comparison and the flowers are always fresh. You can get a dozen roses at times for $6.99. Of course, there are always the side street vendors who carry most kinds and are inexpensive as well. Some faux orchid plants are actually really pretty but for the most part fresh are best. Add color flowering plants to the outside in a planter to make the home welcoming for visitors.
WALLPAPER and/or PAINT-Painting immediately makes a room fresh and bright and clean! Transform a bathroom or bedroom or hallway or even a kitchen with YES wallpaper. It can be expensive but you don’t have to buy grade F which may cost $100s of dollars a roll. You can find really chic and classic grassclothes for $25 a roll. I just bought some at Sunny South Paint, 3202 Coral Way, Coral Gables. 305-445-9959 -most of time you can get 30% off retail price if you ask. If you are selling just stay neutral with colors so it appeals to the masses or else there is no point. Cover/plaster any large holes in the drywall.
LIGHTING-Get rid of flourescent bulbs anywhere and if a room shows dark change the bulb so it is a higher voltage. Install dimmers and three way switches. If you have an old dusty fixture get a new, fresh mod one at Home Depot or Restoration Hardware. Same thing goes depending on your taste and how much you want to spend for bathroom and kitchen hardware. Sink/shower faucets, towel bar holders and toilet paper holders may be from 1981 and not anyone’s favorite any more. So change them out -again Home Depot, Restoration Hardware, Pottery Barn, Ace Hardware and if you want to spend more and have instant name recognition Waterworks. Keep in mind Restoration has similar looks for a lot less money.
Add SISAL rugs-Cover ugly old tile floors with SISAL. Feels great on the feet, adds a layer of natural modness and most importantly hides the ugly tile you were too lazy to change out! Carpet Boutique ( www.carpetboutiquemiami.com 4103 Ponce De Leon Boulevard, Coral Gables – (305) 445-1939) will customize any size and are reasonable. Try finding rugs inexpensive at Homegoods stores or even Marshalls which have tons of home items at great discounted prices.
PILLOWS-Makes any plain piece of furniture have some flair and style. You can get them custom made for less sometimes than what you can buy them for!
CLEAN-Air ducts especially in Miami get super dirty since we have to run the AC almost 99% of time. Change Air filters regularly, have the coils on the AC professional cleaned at least once a year-don’t get to the inspection point and have to risk the inspector pointing out to the buyer that the AC has not been cleaned in years. So easy to maintain your AC. Clean the vent-get rid of the dust and any moisture that has accumulated. Clean your house in general! Sounds like common sense but I guess it is really not. Get rid of dirty dog toys, smell and kitty liter too!
APPLIANCES-Maybe not the cheapest thing to change but if you have a stove or dishwasher from 1980-buy a new one. If you put your $600,000 home on the market spending $500 on a stove or dishwasher is nominal compared to the profit of course depending what you paid for the property and when you purchased the property.
Get inspired to freshen up your home and come back to read more suggestions, receive Miami market updates and other juicy real estate tid bits. Find me at jill@jillpenman.com and 305-807-9199.
Enjoy the COCONUT GROVE Arts Festival-February 13-15, 2010
Feb 14th
Two more days left! Visit http://www.coconutgroveartsfest.com/ Admission is $10 per person and for residents of 33133 only $5, children 12 and under are free. I have been going to this event for the passed 9 years and I think this time it is the coldest in temperature which is refreshing and so nice to stroll in chilly weather. Enjoy today and tomorrow!
