Crystal Ball Real Estate

Short sales continue!

3  hour  Seminar  today with Barry Goodman, http://www.bgoodman@greenbaumlaw.com   counsel for the New Jersey Association of Realtors and several hundred Realtors on Short Sales - how to deal with them, and be prepared for the sellers that might opt to use this route out of possible foreclosure and bankruptcy. ( if the seller has 3 or more liens - think about not taking that listing - it will be difficult to get the lenders to forgive, forget or finalize the final sale) How to find that out? Consider doing a lien search - so that all can be prepared - there might even be a lien on file that the seller is not aware of. 

If the lender releases the lien ( the amount the seller is 'short' in selling the property) and if the debt is not released - the seller  can  still  be on the' hook' for that amount. That debt should be released too - an event that might not always happen. If the debt is forgiven,, there might be a 1099 form to the IRS since it was considered income.  and there might be income tax - see a lawyer and a financial expert before making these decisions. Then call a Realtor -  The other speaker was Mimi Weisinger, http://www.mimi@mimiweisinger.com a very knowledgeable Realtor and lecturer on the subject of Short Sale, and Foreclosures.

Condo Crawl

Good idea some Realtors had to combine and advertise condos that are open on November 1 so buyers can concentrate on those available - web news and emails - plus some newspaper -we'll see the outcome - Are there buyers our there? The interest rate is low enough - 5% - and this is a good time to settle in.

Halloween weekend - slow day at the real estate office!

A slow day leads to a 'catch-up' day - calls to sellers, letters to prospective clients, getting the labels on the Holiday Card mailings, putting my new ' Wild Life Habitat' sign in our garden, clearing out summer planters and plants , and going to hear a former Montclair resident play at Trumpets. Hendrik Meurkens  - harmonica - just returned from music-prone Prague and en route to Toronto - plays all over the world and we were lucky to hear him, with his piano, drums and guitar group play for almost 2 hours - another set coming up as we left.

 Some 'trick or treaters' came by with their parents - looks as if they had fun. Heard of the dentist who is buying candy back from children. And daylight saving time ends too!!!

Closing delays--reasons......

Originally scheduled for an August closing, 65 Cambridge Road closed yesterday - delays included, oil tank inspection, removal and soil tests : asbestos removal , bank requirements ( changing requests e.g, that paid bills reflected completed work - not just that they had been paid) that meant letters from suppliers - proof of any soil contamination resolved: removal of items from the house and delays ( freezer in basement had to be cut up to get out of a doorway that had been changed over time)  - the original contents of house sale went well - and people were all understanding -however, we almost ran out of time with the mortgage commitment etc. to see the house - a nice colonial on a street near the Walnut St. RR station between Grove and Ridgewood - go to: http://www.AdrianaOtooleHomes.com- house sold at $425,000 - The attorneys and the Realtors all worked together - ( why use a Realtor?) and came to a successful conclusion ....everything cost a little more to do at each step of the way - delays always create costs....(I don't need a Crystal Ball to know that!)

FIABCI - Federation of International Real Estate

I did not get to the lunch at the UN, however did go to a networking meeting at 633 3rd avenue with Realtors from all over - US and abroad - (great day to be in the City, and walk from Port Authority bus terminal) Met with agents from NYC, Jersey City, Point Pleasant, Virginia, San Francisco and locations between. The most common topic of discussion was the ' market' - and how it is slow for most - however, there are areas where sales are continuing. ( especially with a Buyer's Broker in the city) - The international investor is evident ( the dollar works in their favor) and creates activity) Development has slowed in many areas - with the money being the biggest hindering element. When will things change? That will take a few more meetings to attend. The National Association Meeting in San Diego next month is where I'll keep tracking trends. What's happening here in Montclair? The lower priced properties - ($300,000 - 600,000 are generating interest - the upper price ranges, sporadic activity.) We'll see what this weekend brings -no Giants game, maybe good weather -  

Giants football and real estate and wet weather!

Where was everybody - our office had 4 open houses - all price ranges and Bloomfield and Montclair - and very few 'lookers' It must have been the NY Giants game - or the wet cold weather - Good thing buyers use the internet for their 'looking' .....will try next week again - other houses.

Open houses this weekend:

55 Warren Place:  46 Harrison Avenue - NOT at  87 North MOuntain, that was last weekend - successful then...not this weekend tho..

New Listings below - Open Houses this weekend!

I finally figured out how to get photos on this blog - and it is with my phone! 2 new listings to the market this week - and you can come and see them - the interior photos are already in for 55 Warren Place, and 46 Harrison will be ready by Wednesday. http://www.AdrianaOtooleHomes.com for details - Beautiful yards for each - different styles -

Do Real Estate Open Houses Work?

I don't even need a Crystal ball to know the answer to the question ' do open houses work' -because the answer is 'yes'. If the reason for an open house is to introduce a property to the market - it is ' yes'  - if another reason is to acquaint the neighbors with what is in their neighborhood - the answer is ' yes'  - and if it is for a Realtor to meet prospective buyers and sellers - the answer is again 'yes'.

We have had 2 successive weekends with open houses  - and have had successful exposures. Have the houses sold? not yet? but the positive reaction seems to imply that there is adequate interest. I think my idea of '6 degrees of separation' is having some impact. Specifically inviting members of the Victorian society chapter to several open houses where the properties have historic and architectural interest  was successful.  These are people who will pay to visit historic houses - so to see one that is also on the market -they learn on several levels - the current market and the historic implications. And they will comment on these houses to others who might be looking for such a house!  We have also invited the neighbors on a separate date - for the same reason.

The interest rate is now pretty low - hovering around 5% - a factor for buyers contemplating moving ( from a small city apartment ) to space and a good commute. To see the houses we just had open houses at : go to http://www.AdrianaOtooleHomes.com and see the latest listings. We have 4 open houses scheduled for next weekend -different prices ( $450,000 to $800,000's)

Stay tuned!

Neighbors and Victorian Society members invited to Open House- ' my 6 degress of separation' idea.

A beautifully preserved and restored Victorian home is on the market as of today, and the neighbors have been invited, as well as members of the local Victorian Society Chapter. From the quartered oak and chestnut woodwork in the home - to the iron speckled brick and the fabulous fixtures and Richard Morris wall paper - to the consistent decorating  = it is a pleasure to view.  My idea is that if many people know of a particular property  = and they live in the neighborhood themselves - they are good information sources for others. The open house for neighbors is tomorrow from 2  4, and for the public on Sunday - 2 - 4 also. To see the home, go to site; click on photos and also on ' floor plan' to get all the information, http://www.AdrianaOtooleHomes.com