Real Estate Market - Slow going...

Searching for just the right place could take a long time. And in today's economy it can be long and arduous time. There are many choices however what one may consider "just right" may discourage a Buyer/Seller with a long drawn out wait.

We are waiting for approvals, acceptances from banks and documentation from buyers for approvals. It's slow going and we all have to keep in mind "Patience is a Virtue." New construction condo projects, years in the making still has issues upon closing. Lenders have their requirements, a certain amount of units that must be closed before any they'll authorize loans, high credit scores, consistency and more. Who wants to be the first to close? Who can? In reality many cannot close during the beginning of this process with such stringent rules. It puts deposits and property at risk. However, the key is to be patient and resourceful. Don't stop at the first or second No.

Short sales are challenging and for the most part take a lot of dedication and many new professionals added to the process. The wait time here is unpredictable and at quite often Buyers are unwilling to hold out and stay the course. Slow going...

There are many people, professionals and processes that are affected by our current market challenges and unfortunately we must all expect to be mindful, real estate Today means slow going.

If you are patient and realistic about your expectations, you will transition slow and deliberate. If you are are aware and in constant communication with your real estate professionals, REALTOR, Mortgage Broker, Lender, etc., you will sail through the process although occasionally anchored, with more ease and confidence. Ultimately you will meet your goals, buying and/or selling.

More to come...


You're questions answered.

Felicia Romano

REALTOR Gurl's Blog Spot!

Define LuXe in Tampa Please?

I decided I would learn more about Tampa's Luxurious side. Therefore this blog will be the beginning of a new adventure for me. I've not seen too much LuXe here. I'm sure I've just been looking in all the wrong places. I'm requesting assistance from my fellow real estate professionals.




How do you define Tampa Luxury?



Where do I find LuXe in Tampa?



I love Avila, Cheval, Bayshore and Davis Island. But show me more and please define your idea of Luxe.



Thanks in advance.



Felicia Romano

REALTORGurl's Blog "It's the Spot!"

There are 8 Million stories...here's just one...Miami state of Mind

There are 8 Million stories...here's just one...Miami state of Mind

I learned so much about the luxury real estate market while working in Miami. I had my license with one the more famous Developers that actually began the trend of extreme Luxe condos in the financial district, Brickell, in Miami. It was exciting and believe me you learn fast that Luxury is all about Image/Perception/Price, Price/Perception/Image. It's like "what came first the chicken or the egg?" Image is EVERYTHING in Miami. And yes the perceived value in all of it. If it looked prestigious, had a high price tag and was sought after because it was perceived by the elite as being the best, it was HOT and had to be Luxe.

In the height of the real estate "Bubble" when so many things were floating sky high, structures, prices, sales, and egos, you could buy a condo for $300,000. And buy, which typically means purchased,is used loosely. Here's why? Buyer puts 20% down for soon to be constructed condo in exciting new project. Same buyer sells the unit for $450,000 to someone looking for a great deal in a 'Fabulous' new construction project. That person/new and buyer #2, has grandiose $$$$$$$ bill signs blinding their focus would sell that same unit for $690,000. If you wanted to be considered one of Miami's elite you had to be in that hi rise. Buyer #3 is elated about this awesome new project and the great price he purchased his unit at. What better way to flash your Luxe Style than to purchase another "great deal" in the same building since you were getting the best "pre-construction price" for a new building now under construction. By the time you sell your two (2) condos you will be 'Ballin!'

This is how a lot of that hot air filled that huge real estate market balloon that Burst with a loud reverberating BAAANNGGgggggg! both heard and felt all over Miami Dade, Broward, Palm Beach counties, and so on and so on...It was about Image, Perception and Price. Each buyer perceived value in the project, condo, location and the price was right for that moment. They all believed it would afford them a wealth of opportunities. Whether it was to live in luxury or afford more luxurious Image driven lifestlyle in a short time. How else could you buy and sell property that has not been conveyed, in a building you've only seen renderings for? You could do it since it was under construction right? I know that makes more sense? Or it was near completion. You did provide your 20% down. And they all did.

What is the end of the story here? Real estate deals were made 2-5 times on any one unit before a project was completed back in the day. Not so long ago I know, I'm talking '00-'05. There was a POP and we all woke up out of the daze. There were no more bright puffy clouds filled to that max, sprinkling crisp green $100 dollar bills over the cities for a select chosen few. Suddenly the sky was dark and the views were obscure. All that anyone could hear was a huge storm brewing and strong winds that just knocked many off their feet.

Some begin to prepare for the worst early. Certain things were no longer acceptable. You know the saying, "There are 8 million stories in the city." If Miami could talk would anyone listen? I clearly remember many people saying, "there are too many projects, the bubble is going to burst." I remember working for a Developer that made the decision to put an end to re-assigning contracts. Preparedness! Some say it was simply because the Developer was left out of all the extra dollars being made on those re-sold contracts. I'd like to believe the Developer was setting a precedence on getting back to what was truly important. Image/Perception/MEGA dollars, they are Ethical/Concerned/Billionaires. We followed the trend. Take note, make a list and Get prepared a Hurricane is on the way. Although we were not all wealthy a lot of us were ethically rich and for that managed to have much success in this business, even though it isn't as trendy or glamorous as often. We are still in the Re-build - Re-construction mode. You remember Hurricane Andrew right? It take a while.

Image/Perception...there is a Price!

In my next REALTORGurl, Blog, "It's the Spot!"

What is Luxury Real Estate Miami Style? What is Luxury Real Estate Tampa Style? You tell me the difference. Thank you in advance.

Felicia Romano - So. FL Realty Girl

How to maintain property values...

HOW DO I MAINTAIN THE VALUE IN MY PROPERTY?


I could research stats and look up what the economists are stating however I won't delve that deeply into this subject. It doesn't really seem there is too much most can do to save the value of their homes. Since a property in your neighborhood, subdivision, building may sell at a rock bottom price tomorrow and cause a shift downward in all the values.



That sounds pessimistic I'm sure. And it sounds a lot like we have no control over the market or even the sale of our own property right? While we may find it publicized daily that the market is slowly recovering the truth remains it is a 'Buyer's Market' and if you are selling property you may want to put your "best foot" so to speak, forward. People are looking for a bargain but more for less doesn't always equate to better deal if your property requires "more work" to call home. Consider the Short - Sale process. So unpredictable and most times very lengthy. Is the property worth the wait?



Value may very well translate into "what is it worth to me" and be considered a perspective not a hard number.

• Is this property worth selling?
  


• Should I do the work myself or have a professional make repairs? Is it worth the costs to hire a professional instead of putting the property on the market "As Is"?
  


• Is the property worth being purchased in current condition?
  


• As a Buyer, do I have the means to afford making the repairs after purchase?
  


• Do I have the money to maintain this property while waiting for it to sell? (Taxes, condo Fees, CDD, HOA, etc.)
  


• How long will the property be on the Market?
  


• Is this property worth buying?
  


• How long has this property been on the Market?
  


• Has this property been neglected? Is it worth the expense?
  


• Can I save enough for down payment and closing costs?
  


• It's a second home, I'm not a cash buyer will I get financed?
  


• Are condos worth the purchase?
  

And the list does go on and on.

Your feedback and perspectives are appreciated.

Be sure to preview this AWESOME new project - Mint at the Riverfront. Closings begin Sept. 21st. It's been almost 4 years. Is it worth the wait?? Prices have dropped, is it worth the purchasing now or shoud I sacrifice my 20%? Those are the questions I hear concerning this project. The best deals are made now. This is the last new construction building in the Brickell area for the next 5-10 years. It's beautiful, exquisite and contemporary. The association is backed by FDIC. It doesn't get much better than this.

http://www.mintatriverfront.com/ Image courtesy of Miami Condo Investments.

On this journey to identify some probing questions and concerns the public has about real estate and the real estate market I was asked over and over again, "How can I save on my closing costs?"

This was a popular question for both buyers and sellers. And of course the response will be different for buyers and sellers.

• 
  Sellers - If it's not a 'short-sale' you may consider working with a real estate professional. A BPO may help you assess the market value of your property and you can begin to plan the sale of the property with realistic expectations. Thus saving you money and maybe heartache in the long run.


• 
  Sellers - Be sure to disclose all that you know about the property. Selling as is" doesn't always afford you the opportunity of walking away from expensive repairs. Just be up front about what you know, no matter what. CYA


• 
  Sellers - It may not be necessary to spend $$$ staging properties, but if it affords you the opportunity to earn more on your bottom line at the closing table, consider it. Check out the comps and compare for yourself how your property measures up.


• 
  Sellers - work with professionals and ask your REALTOR about offering options or contributions at closing. Get estimates for repairs yourself. You want to be sure what it will cost you on closing day.


• 
  Sellers - Don't ask your REALTOR to cut their commission, explain your situation allow the REALTOR to create a strategy and they will determine what fee should be charged. At the end of the day the REALTOR is working for the same goal, to get your property SOLD.
  For Buyers:


• 
  Buyers - Get a pre-qualification examination done. Find out what you may be able to spend and if there is anything you must do to become better prepared for a mortgage with the best interest rate begin doing it NOW.


• 
  Buyers - Consider getting a print out of your own credit report and find out if what you can do to bring up your score and increase your opportunities for lower interest rates. Create a budget plan and stick to it.


• 
  Buyers - Save money - Be sure to offer 10-25% down payment for lower rate. Be sure to have money saved for estimated closing costs.


• 
  Buyers - the "List Price" is the "Wish" price however, once you have the CMA from a real estate professional, Don't "keep hope alive" by "wishing" you could offer half or more of the sales price and do that.
  Buyers - Discuss with your real estate professional the Good Faith estimate and all the possibilities involved in closing costs.


• 
  Buyers - May ask for "Sellers" contribution.


• 
  Buyers - May ask for less than the list price.


• 
  Buyers - Don't ask your REALTOR to cut their commission. Your REALTOR is motivated as you are with the same outcome in mind. They want the deal done so that you buy the property.


• 
  Buyers - Consider FHA and special mortgages for First Time Home Buyers. Consider options provided by employers for relocating and home purchase.

I'm sure there are more ideas and I thank you in advance for sharing.

My best,

Felicia Romano

What are REALTORS doing to earn their commission is a question that is not special or new. However, you may hear this more in 'Today's' economy. I remember the first time a client asked me "why" they needed to "pay" 6% for the sale of their home? I had a quick response in my head. It was sweet, professional and to the point. Then I paused, I decided to address the question after I asked a question, "may I show you a few things?" was answered with a "yes!"

What would you pay for a professional to sell your property? They answered, "How about 1 1/2%, that's enough right?" At that point I showed them a CMA and Market Strategy I personalized for their property. It was actually a few pages which included a list of advertising venues, timeline and open house schedules. They were excited about the professional photos, virtual tours, internet marketing and prints ads. The T.V./Radio ads were over the top and they thought it would be exciting to see their home featured that way. The fact that their neighbors would hear about their house for sale by me walking the neighborhood helped them understand the physicalities of this demanding position. "Wow" is the response I received after reading the marketing plan. I reminded them that they deserved V.I.P. service.

Then I gave them the contract with the 6% commission and they eagerly signed it.
After careful review and much and excitement about all the attention and V.I.P. services they would receive, they signed with enthusiasm.

REALTORS are doing what they need to do to provide quality service in a market that is saturated with obstacles. We are more diligent, resilient, resourceful and patient. While we may all work differently we understand that we are here to serve YOU.

You should expect to get what you pay for and never expect more than you're willing to give. But it's true it's always nice when you get more than you ever expected, when you get xtraordinary service.

With me you're in the V.I.P. (Very Important Person). You become a part of the LUXE Group .
Most deals are time consuming and budgets are stretched but you can count on professionalism that deserves fees paid for services rendered.

Many are in dire situations. Tell me if you were on trail for a serious crime would you request your attorney take a pay cut to represent you? And would you expect the same dedicated, quality service if they agree? This is what we do. This is a profession and we are professionals.
"Successful people aren't born that way. They become successful by establishing the habit of doing things unsuccessful people don't like to do. The successful people don't always like these things themselves; they just get on and do them."

Much success to you.

My best,

Felicia Romano

30 Day Blog Challenge - Real Estate Market today...

In today's market you hear a lot of negativity. And yes there are so many questions. I heard about a "30 day blog" challenge here in the Active Rain community. I thought about topics that were relevant and interesting. What better way address the issues we are all concerned about than asking people what do they really want to know about real estate?

Each day I'm asking the question, "What do you want to know about real estate, selling your house, buying property, shortsales and/or foreclosures?" I've found that many are asking the same questions. You may be surprised to know what many felt were the most important issues. Over the course of the next 30 days I will be sharing the responses. I really learned a lot and I'm happy to say that it will enhance my ability to provide Xtraordinary service to my clients.
In my next post I will discuss the question "What are REALTORs doing to earn their commissions?" Yes this was a 'Hot Topic'.

My best,

Felicia Romano

http://www.youtube.com/watch?v=9wU0sQHaHvA

Felicia Romano (813) 879-6800 office Bahia Realty Group