Keepin’ it REAL Estate

With the debut of our LEED Gold Homes in Northside a few weeks ago. The action hasn’t stopped. These homes are unique to Northside and some of Cincinnati’s first.

Not only are they energy efficient, but they are extremely affordable as well. Nestled in one of Cincinnati’s growing communities, these homes have really made some “buzz” around town. Everyone who sees them are impressed by their simple, yet sleek design and when they realize how good they are for you and your pocket book they just can’t get over it.

As a matter of fact, on one particular showing, the buyers agent adementally insisted that we not attend the showing to demonstrate the uniquness of these properties, almost to a point of being rude. We were kind and reminded them that these properties are unique and that buyers need to be guided through to really understand how great these homes are. They arrived, we gave our tour and both the client and the other agent were raving fans by the end.

What’s so great about these homes? There really are too many details to list. So I’ll give you an over view:

1. They’re affordable.
2. They save on energy usage (40-60%) - thus saving your pocket book
3. They’re healthy - low VOC paints, no carpeting, filtration systems, etc… Possibly saving you on doctor bills
4. They have a 15yr tax abatement - estimating your taxes at ~$25/mo
5. They look cool.
6. They’re in Northside - a great growing community.
7. They’re brought to you by a LOCAL NON PROFIT - CNCURC

We and those who see them really can’t say enough great things about these houses. With all of this activity, I’m afraid they won’t last long. If you’d like to schedule a showing just give us a call!

I know that this is something that I’ve been saying over and over again “Cincinnati is a GREAT place to buy a home.”  The statistics are telling us, major news publications are telling us and now even our local news is telling us.  Well, I’m not sure if this actually made it to print form, but at least it was on the website! 

Sure its from our Cincinnati Area Board of Realtors, but its nice to have some good press these days.  Home sales are up and so is our affordability.  At least in the areas I mainly work in.  Norwood, it rockin’ pretty solid along with Hyde Park, Oakley, Pleasant Ridge and Downtown.  Our home prices are extremely affordable and our first time home buyers have money to spend.  We are lucky here in Cincinnati to have major business who recruit and keep good talent from all over the world.  This helps strengthen our urban/suburban areas.  As we see energy costs go up and the allure of downtown getting stronger, we will continue to see a strong resurgence of downtown near living.  The areas which were once considered suburbs (60-80 years ago) are going to continue to grow.

This is evident in today’s market.  Buyers are buying and it seems to be in the 100-250 range.  They’ve got the money and they know the prices are right!  From the looks of things, prices don’t seem to be going down like they were last year.  If you’ve been on the fence about purchasing a home, get off and do it.  You’ll regret it later if you don’t.

Many people scoff at it and think they don’t need it.  “Oh, it will never happen to me”  they think.  But when title issue come up, those that have it are REALLY happy they purchased it.  I’m talking about OWNERS POLICY TITLE INSURANCE.

Title Insurance is something that no one really thought too much about until the big Erpenbeck scandal a few years ago.  Had many of those buyers bought title insurance they would have been better off than they are now.  People think that Erpenbeck is an isolated incidence, but its not.  Just this week I remember why every buyer should spend the extra few dollars at closing and purchase this valuable insurance.

I have a buyer who found the perfect condo for her.  Things were smooth and simple the entire process.  Negotiations were good; Inspections barely came up with anything and we were set to close on Monday (yes this PAST Monday).  Last Thursday/Friday comes and I get a call from the title company saying they we should still be able to close, but an unreleased mortgage has come up and they are trying to clear it up.  No worries.  We as agents sometimes get calls that things have come up on the title but they can get cleared up pretty quickly, no worries.  So I thought that this was one of those times.  Monday came and still no HUD statement.  So I call the title company and they still haven’t been able to fix the problem.  This is when the entire story starts coming out.  The property in question was purchased a few years ago by the now sellers.  The entire condo complex had been rehabbed and was being resold.  The current seller purchased it, but the title company took almost 40 days to record the deed.  In the mean time the developer of the condos took out a blanket loan on the rest of the property and it included the property in question (because the deed had not yet been recorded as a sale).  So fast forward 4 years and the condo is now trying to exchange hands and there is an unpaid mortgage on the property.  This could be easily cleared up if it weren’t for the fact that the Title company was raided by the feds and is now out of business and the developer is evidently in jail for mortgage fraud.  YIKES!  The current seller can show proof that she purchased title insurance on the old HUD, but doesn’t have a copy of the policy.  The agents, the loan officer and the title company have all been working fervently to try to find someone who can get this cleared up.  We think we may have a solution.

As it stands now, we are still waiting to close.  The title insurance company in question is having their lawyers look into it to see if the policy was issued and what can be done.  Luckily my buyer has been able to move into the condo she is trying to purchase.  Now it becomes a waiting game.  Everyone is confident that we can clear it up.  If not, we’ve got to scramble to find her somewhere else to live and the seller is stuck with an unsellable property.

I was watching the news this evening and the main theme seemed to center around fuel and energy prices.  They focused on certain business who have had to add certain “fuel surcharges” to their services in order to stay in business.  Delivery businesses, waste management business, etc…

It got me thinking about my own business.  A lot of what real estate agents do centers around driving.  We drive everywhere.  We basically work out of our cars.  Sure clients can search for homes on the internet, but nothing compares to actually seeing the home in real life.  People want to look at houses, and they usually want to look at a lot of them until they find the perfect one.   This is the nature of the beast.

So, how will the rising gas prices effect my business and the entire home buying process?  Well, I certainly can’t start charging clients everything I take them out, like a taxi driver would.   I don’t think the public would go for that… But I can make sure that beforeI get them in my car that they are pre-approved to actually purchase a home.  Buyers and future buyers, listen up.  Getting pre-qualified before you go shopping is one of the single most important thing you can do.  You’re waisting a lot of your time and an agents time if you aren’t financially qualified.  You may think that you know what you can afford, but its better to know exactly.

Another way I see rising energy/gas prices effecting my business is in the areas where people want to live and also in the types of homes they want to live in.  I feel like areas that have a lot of places to walk to or ride a bike to will start to become more and more popular.  Gone are the days where remote living is popular.  People are starting to see that neighborhoods and community are important and also convenient.  Buyers are also becoming increasingly aware of utility bills and making average utility bills a factor in their home buying decision.  If there are 2 identical homes and one has more energy saving attributes, the home buyer will choose the one that will save them more money.  Hands down.

Rising Energy costs are here and I think they’re here to stay.  It will take us all a while to change some of our habits and patterns.  Ultimately we will get used to it and will have adapted our lifestyles and our businesses accordingly.  Its not the end of the world, but it makes us all think about what we do and where we live differently…

Northside - What a great community!

As they say on their website ” you are looking for an urban setting with a small-town feel, where neighbors know and care about one another, then Northside is the neighborhood for you.”  Northside is one of those strong growing communities that is rapidly making a big name for itself.  With great home prices and a bustling business district, its no wonder people are taking notice and jumping in while the getting is good.

This fantastic little community is full of history and charm.  Whats really neat is that everyone I meet from Northside, loves it and is actively involved in some way in the community.  They say they love it and they’ll never want to move away.  Much of what is happening is due to people who love the charm and character of older homes, coming and buying these gems at reasonable prices, fixing them up and then staying in then.  They are literally transforming the community on house at a time.

There are great plans and developments coming up in all sections of the community.  There is a bustling business district where you can find great food, great bars, great shoes, cloths, tattoos and more! 

I recently listed a couple of Leed Certified homes in Northside.  These are new construction homes are the “brain children” of Northside Community Urban Redevelpment Corporation. They are built with great “green” features which save you money and keep you healthy.  Look for a separate post on these homes.  They’re too good to miss!

This Just IN:

The Hamilton County Board of Commissioners voted on May 28, 2008 to reinstate HIP.

 The Hamilton County Home Improvement Program (HIP) is an initiative of the Hamilton County Commissioners and the Hamilton County Treasurer. The “HIP” loan allows homeowners in Hamilton County communities to borrow money to repair or remodel their homes or rental property at interest rates 3% below the lowest rate a bank would normally offer. Loans may be used for:

Contact Information

Patrick Hanrahan, “HIP” Coordinator
Hamilton County Department of Community Development
138 East Court Street, Room 1002
Cincinnati, OH 45202

Phone: 513.946.8234
Fax: 513.946.8240

Click here for details.

This is very exciting news for all of us who have older homes and want/need to fix them up.  This is a great thing that they have brought back! I’m very excited.  Now maybe I can redo my kitchen after all

Today, I discovered yet another great Google invention/tool that is fantastic.  Lets say you’re shopping for a home on-line and you want to know exactly what the street/area looks like without having to drive out to see it.  Maybe there is an electric tower in the back yard and you don’t know about it, maybe the neighbors house is a dump and you don’t know it until you see it.  In the past you would have to get in your car, spend time, money and gas only to discover the neighborhood wasn’t exactly what you wanted. 

Well, let me introduce you to Google Street View. Its pretty amazing, real 360 degree photos of streets. They just introduced Cincinnati as one of their cities on June 10.  I’ve spent all night looking at my house and all my friends housesl city views etc…  Just go to Google Maps and put in your address. Most of Cincinnati is there (the suburbs aren’t yet).  How did they do it?  Well, they sent a car (prius) with a camera around to drive all the streets and photo the entire view of the streets.  You can visit some of the major US cities without having to leave your couch.  I went to Alaska tonight!  Tons of fun and you probably won’t get any work done tomorrow.

Have fun! 

Seeing that I have a large Norwood following, I thought I’d send this out to see if anyone would like to get involved in our citys relay for life?

Whether it’s a friend, a family member, or the neighbor down the street, we all know someone who has been touched by cancer. Many of us are concerned about this disease and want to do something to make a difference. That’s why I’ve decided to take part in the American Cancer Society Relay For Life® . It’s an event that brings together the whole community and helps raise funds for the fight against this disease. I know you care about cancer, too, and I’d love for you to join me as part of my Relay team.

At the event, we’ll camp out overnight, walk around the track, and meet lots of new people. There is an incredible tribute to cancer survivors and caregivers that starts off the night and a moving ceremony honoring those who have fought the disease. I can truly say Relay is unlike anything else you’ll ever do. It’s a night full of fun, hope, and remembrance.

You can get more information about Relay For Life and the American Cancer Society by clicking the link below. Won’t you join me in this fight?  As a member of the Norwood Young Professionals, we have a team we have set up and we’d love to have you on our team!  Or if you don’t want to walk, come out and support us while we do all the work!

Click here to visit my personal page.
If the text above does not appear as a clickable link, you can visit the web address:
http://main.acsevents.org/site/TR/RelayForLife/RelayForLifeOhioDivision?px=7214757&pg=personal&fr_id=7373&et=LZ7hB1a5ZtVCnbpPL6dHww..&s_tafId=112185
Click here to view the team page for Norwood Young Professionals
If the text above does not appear as a clickable link, you can visit the web address:
http://main.acsevents.org/site/TR/RelayForLife/RelayForLifeOhioDivision?team_id=297729&pg=team&fr_id=7373&et=FVKzV0rv4C8d0jZgPjl6TQ..&s_tafId=112185
 

Things are moving along quite nicely for our beloved surrey square.  They’ve completely torn down the old McDonald’s (on a side note, the new McDonald’s is probably the nicest McDonalds I’ve ever seen, they even have WiFi!) and the old Media Play.  Its now just a big pile of rubbish.  In place of the mound of dirt that now sits, is to be a great big brand new Krogers!  I’m so excited, maybe I won’t have to go to Oakley anymore to do my grocery shopping.  It’s not that I hate the Krogers that there now, it’s a huge improvement from the Thriftway that was there years ago, I’m just excited to be able to purchase grocery items that the current, smaller Krogers has now. 

On the other end of the complex (I didn’t get pictures of that) things are also shaping up nicely.  Gone is the ugly pink and turquoise facade.  This is the end where Chipolte is rumored to be going in (which has been a huge selling point for people I take around Norwood).  I’m super excited about this revamping of Surrey Square.  Its definitely been a great selling point for Norwood.  As the T-Shirt says: “Norwood Happens.”

Norwood sales continue to climb.  My last 3 sales have been in Norwood, all in the past month!  If you’re looking for a place to invest and a place where the city is growing, look no further than Norwood.  I’d love to talk to you about all that is happening around town!

The following information came to me today via the Cincinnati Area Board of Realtors.  It just confirms what I have been witnessing as well!

This is great news for Cincinnati home owners and buyers!

1,635 Homes Sold in April;

Up 3 Consecutive Months

Local Realtors sold 1,635 homes last month, marking the third consecutive month of increased sales this year.  The inventory of unsold homes also improved, shrinking to 9.49 months compared to 9.75 months from March and 13.31 months from January.

                                     2008 Home Sales         Months of Invenory   

                        January            1,130                     13.31

February          1,334                    11.32

March              1,556                      9.75

April                 1,635                      9.49

Nationwide, April home sales seasonally adjusted were down 1% from March.  They were off 17.5% from a year ago. 

  “Clearly, we’re making progress in reducing inventory,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors, who noted a balanced market is five to six months of homes for sale. “With the spring housing market taking shape, we’ll continue to sell more homes and experience inventory reduction.”

 Local Realtors participated on May 4 in a project called Super Sunday, where Realtors had 2,837 open houses for the public that day. Schlosser said that based on the response from Realtors, that did spur additional home sales.

               The average mortgage interest rate last month for a fixed-rate loan was 6.14%.  That compares to 6.33% one year earlier.  It’s now 6.35%.  Schlosser said the higher maximum FHA lending amount of $337,500 in the tri-state area will help many buyers in their quest for home ownership.    

Summary of Single Family and Condominium Sales

Multiple Listing Service of Greater Cincinnati

Cincinnati Area Board of REALTORS®

April Monthly Home Sales

                                    Closings                       Gross Volume                     Average Price

April 2008                      1,635                         $249,290,612                          $152,471

April 2007                      1,968                         $335,789,557                          $170,625

Variance          -16.92%                                   -25.76%                           -10.64%

Year-to-Date Home Sales

                                     Closings                       Gross Volume                     Average Price

Jan-April 2008              5,655                          $   883,713,645                       $156,271

Jan-April 2007              6,805                         $1,135,253,662                       $166,826

Variance            -16.90%                                   -22.16%                           -6.33%