DUTCHESS COUNTY REAL ESTATE

I had a very overwhelming and stressful day that ended with a 3:30 closing and a very amusing chain of events. I almost felt like a character out of a sitcom. First, let me preface this post by saying that my territory is somewhat rural - about 60-80 minutes north of NY City.

So, enroute to the closing I was running late because of a traffic delay on one of the only major highways between farmlands. I knew the back roads so I figured I'd be there 10 minutes late by finding my own detour. However, I must have driven past the buyer's attorney's office (location of closing) 3-4 times before calling the other agent to figure things out. She offered to meet me at the nearest landmark and show me the way but I was confident I knew this road well.

Ok, when I finally pulled up to the address, it was a country house on a winding road. It was looking seriously distress. No sign to indicate a business or office - it was simply an unmarked residential country setting. There were cars up and down the driveway. Then, I remembered at some point during the transaction, my client's attorney's office (which is located closer to the "city") commented on how it was hard to reach the other lawyer who appeared to be a one man show - with no admin even. When I remarked about this to the other agent she advised me that the attorney works out of his house. As I pulled up for the closing, I asked myself "could this be the house"??? Lots, of cars in the driveway...but no signage. A rotted out boat was taking up most of the driveway. I parked. Reluctantly, I approached and rang the doorbell. I was scared. An older gentleman greeted me - looking  a bit disheveled and his shirttails were untucked (no suit). "Is this an attorney's office" I said? He invited me in and slowly I entered.     

The entry was cluttered with random pieces of furniture, old files were scattered with a coating of dust, and the smell of cigarette smoke lingered in the air. I was still not convinced that I had arrived at the right place. Maybe there was a renovation in progress. But, no - this place was just simply cluttered - like no unstaged & distressed property I have ever seen. To the right of the entry, many people were gathered at a conference table that seemed crammed into a small space with more clutter surrounding it. But, right away, I recognized the the other agent to the transaction and her buyer. Phew!

Now, I finally had the pleasure of meeting the gracious and very professionally dressed attorney (in suit and tie) who I had been working with. Together and very professionally, we represented a major relocation company. I couldn't get past the other attorney, shirttails hanging out, tattered t-shirt underneath...he was definitely a country bumpkin (a bit of a slob, to be kind) and these were HIS digs! Ok, but I wondered - what did the NY sophisticate attorney think of this setting?

The closing took 1 1/2 hours. We joked alot during the closing, as usual to cut the tension. We talked about the country environment and how my community is maybe a little behind the times no matter how close we are to the big apple. I referenced the show "Green Acres" - everybody laughed. For sure, this must be what the NY Sophisticate attorney was thinking, and quite frankly so was I! I wonder if he thought we would gather later in the evening for a little cow tipping!

To be very candid, I was very embarrassed. Later, after the closing I placed a call to the other agent who had referred her buyer to this attorney. I felt compelled and couldn't help remarking about just how unusual and unprofessional this attorney presented himself. We may be a rural community, but most of us strive to maintain a certain level of proffesionalism!  

Is there a house in your community that you have marketed in the past and/or have shown repeatedly over the years as it changed ownership? There is a particular home in my town that keeps calling out to me, saying "please find me a new owner who will take good care of me and make this their permanent home"!

The year is 2004. I was the listing agent of a cute little cape cod that was worn and in need of updates but decorated nicely.  It was just after the market peeked and I had difficult sellers who did not want to accept that prices were stabilizing and perhaps falling. They were banking on their projection of strong market gains while nobody knew that very soon ahead real estate would spiral out of control. I did warn them that the market was stabilizing but they wanted their pie in the sky. I listed the property at 369K, it sold after 130 days and several price reductions at 320k. Not bad, considering the sellers paid 225K in 2002. But they were very mad that I did not get "their" price - like a 100k profit in 2 years time was something to sneeze at?

In 2006 the buyers fell into financial hardship and put the house back on the market at an initial price of 379k, eventually reducing it to $345. Well, as the previous listing agent I knew they were trying to recoop the closing costs that were packaged in to the 320K sale (contract price was actually 335K), And, they needed to have enough to pay for Realtors fees. A sale never occurred. The homeowners signed on with a new agent after they apparently consulted with the bank about a short sale. The initial price on the new listing was 330K. Eventually, it went to foreclosure and the price was further reduced to 285k.

What a deal. I knew things were bad, but I either got a great deal for the sellers in 2004 or the market really declined. Now way! So, I just so happened to have a buyer in this price range to show it to. I thought I would score my buyer a deal! But, I smelled mustiness before I even opened the door. Inside was not a pretty picture. The pipes had burst and the home was being sold and marketed as a handyman special. What a pity. Now, my buyer was handy - but not this handy.

April, 2008 - the home is back on the market at a price of 345k. Seems the person who bought the handyman special might have done a nice job after all. It was obviously bought for a flip. I just so happen to be showing it today. I feel like this house just keeps calling out to me! Maybe eventually I'll sell it again!

   New Kitchen

I'm not a stager but I can do a pretty good job of coaching people on what they need to do to get their houses spruced up for marketing. Several days ago I took a listing which went into effect this weekend. When I arrived today to take photos, the seller brought to my attention - a new entry floor he just installed. The bi-level (raised ranch) had no flooring on the lower level when I first saw the property. The seller told me he would be installing new carpet in the family room which would extend into the small hallway leading to the garage. "Bad idea", I told him. The hallway to/from the garage should have an easy to clean floor. I told him the next lady of the house will see this as a negative and I suggested he take a practical approach to ward off negative thoughts about cleaning this high traffic area. Could it have been a deal breaker? - probably not, but the goal is to eliminate as many issues as possible. So, today I was happy to see that the new carpet in the family room was installed and an easy to clean laminate was now a buffer between the garage, family room and stairway leading up to the main part of the house. And, I was happier to hear that my client got off easy in terms of expenses - a trip to Big Lots and $10 later (yes, that is all it cost to cover the small little hallway (3X3 ft). Who would have thunk?

While I was in NY City today I had an interesting conversation with a native New Yorker. I took in some history on a couple of neighborhoods. I learned that SoHo means south of Houston (pronounced How -Ston). In the East Village there is a section called Alphabet City because the street names are letters of the alphabet. My mind traveled back to my own little community an hour and a half north and I immediately thought of a neighborhood many of the locals here affectionately know as "Bird Land". Each street is named after a different bird...Peacock, Flamingo, Robin. And, if you're in the market for a home, you might be interested to know - I have a listing at 9 Cardinal Drive!

Recently one of my seller clients asked me why there were few buyers for his high end home. If you are as busy as it seems - showing homes, "where are all the buyers for MY house"? Well, that really was an easier question than it seems. While most agents might feel like their back were against the wall, I know exactly who the buyers are in today's market and what they are looking for. I knew exactly how to respond. Yes, because I work with a mix of buyers AND sellers and I know that buyer inquiries are usually specific to price. It's a price driven market.  

MY buyer clients appear to be Gen Y and Gen X. What are they looking for? Something they can afford!

The demand seems to be for homes priced 300K and below. And, these youngsters are not afraid to roll their sleeves up and do a little painting or even learn how to "Do It Yourself". Many of my younger clients are college grads with entry level salaries for their chosen profession. Most are intrigued by the idea of investing to make a profit and will consider fixer-uppers that they can flip once the market turns around. This is an intelligent generation and they don't mind the learning curve that comes with a home improvement project.

Gen Y and Gen X have grown into understanding the concept of not overextending themselves when it comes to a home purchase. One client explained that they still want to have enough money left after the home purchase to go out on the weekends and have fun. Perhaps they also have learned by the mistakes of their baby boomer parents and news media reports on the growing number of foreclosures. I am finding that even the Gen Y and Gen X newlyweds/couples are fixed on the praticality of only buying on one income. Bravo!   

Everyday, I see more and more agents in my office meeting and driving the Gen Y and Gen X buyers. The buyers ARE out there and it feels like the market IS picking up - but it all comes down to who's actually buying and what they can really afford, or might be willing to pay.

I was extremely touched today by a story another agent told me at the closing table. As her buyer was signing off on all the paperwork, her agent leaned in close and told me that the buyer lost an 18 year old son a couple of years ago due to a car wreck. I wondered why she would start talking about this at the closing table and had hoped her client was not listening in, as she talked of such a sad and tragic event of the past. Wasn't this suppose to be a happy and exciting time for the buyer as she completed the purchase of a new home? I wiggled a little in my seat as her agent spoke. This was simply not the right time and place for such a conversation, and I kind of wanted the discussion to end.

But, the agent continued. She told me, at the buyer's current home - there is a picture of her deceased son and as a memorial she placed a little stone that reads "If tears could build a stairway and memories were a lane, we would walk right up to heaven and bring you back again". Oh my gosh - why is she telling me this. I was feeling awkward. This concersation couldn't be happening at the closing table in front of the buyer. What terrible memoties to dig up now!

Still uncertain about where this conversation was going, the agent continued...She said last night when they went to the house for the walk through, as they strolled past the deck and by the garden - her buyer became noticeably silent. Then, suddenly and quietly this lady began weeping in the backyard. Uh, Oh! Now I'm thinking buyer's remorse...

Well, it just so happens that in the garden was a large stone that read, "If tears could build a stairway and memories were a lane, we would walk right up to heaven and bring you back again". 

Wow, that was enough to bring tears to my eyes and give me goose bumps. I stated that this appears to be such a beautiful "sign" from her son. The agent nodded, she told me that these were the exact thoughts of her buyer. She then explained to the buyer that she had shared the story with me. The buyer nodded at me and gave a humble smile. During the remainder of the closing as I watched from the other side of the table, I realized that unlike most buyers at a closing, this buyer was at peace with herself as she signed her life away. A beautiful story - one I felt compelled to share!

I specialize in relocation and feel it's important to mention - the process of a Real Estate transaction differs from state to state. So many agents do not know this. So many buyers and sellers need to be educated to this fact. A transaction in Ohio can close in 4 -6 weeks, while a transaction in NY can take 7-9 weeks (attorney state).

Always use caution when planning to simultaneously coordinate two transactions involving two different states. There should always be a back up plan.

Tonight I treated my husband to dinner at our local Bonefish Grill. We like to sit at the community tables in the bar area for dinner, where tonight we watched our beloved Yankees win their first season game! Sitting next to us, one elongated table over, was a group of ladies chatting. I was too busy enjoying my dinner as my husband listened intently to the woman nearby. "Did you hear that"? - he asked? I thought he was talking about the announcement that Melky Cabrera was up to bat. But, once again he was overhearing, as usual when we go out - the women next to us talking real estate. I contemplated for a moment as I usually do, but resisted the temptation. My husband leaned over and whispered, "everybody talks real estate"! -Yes, and so many times I've been tempted to interrupt these kind of conversations of total strangers and let the other patrons in a restaurant know as they talk real estate - "Here I am....I hear ya all talking - do you have an interest in real estate? ...I'm the one - yoohoo"! Instead I made the decision to pass on desert and asked for the check. There are limits to how much I will embarrass myself to get my name circulated, and this seems to be crossing the line when it comes to etiquette. But damn - so many missed opportunities. Maybe, one day I'll get up the nerve to admit to the people at the table next to us, that I was eavesdropping on their conversation and if they ever have a use for a "butinsky" Realtor - I'm the one to call"! As we drove away, I thought hard - maybe I should have bought them a round of drinks and had the server hand out my business cards! - I wonder if that would THAT have been distasteful? Getting em' sauced up to get a lead - or a DWI...Nope, maybe that's not a good strategy after-all!