The Real View

head_left_image

Incredible Windows (not Vista!)

                                             

Palm treesThough I live in palmy, balmy coastal San Diego County, my south-facing office windows at the Carlsbad Forum occasionally melt candles and ignite otherwise cool tempers. These floor-to-ceiling shaded and plant-screened windows were just tinted—in a last-ditch effort to avoid black-out draperies and one very grumpy Realtor and writer.

That may explain an unusual and abiding interest in window technology. And there must be a Murphy’s Law somewhere about the best solution to a problem arriving two days after implementation of an inferior one.

In this case, I just discovered “switchable” mirror windows that make regular-looking windows disappear by turning into mirrors. It appeared to be a dream-come-true for energy conservation, privacy and those who are otherwise destined to sit by windows that magnify the sun’s heat.

On cooler days and evening, I treasure the hillside and verdant views—and the warmth thatSwitchable windows comes through the windows. On hot days, I would welcome a windowless cellar. The idea of windows that can quickly and easily change to reflective mirrors should excite us all—especially now that we are all seeking ways to lessen our dependence on petroleum fuels.

Clever Japanese scientists Kazuki Yoshimura and Shanhu Bao have recently developed this new technology utilizing and manipulating, among other things, a magical mix of gases between two panes of glass. Smart home builders should take note!

Clever and timely reporting by Lisa Zyga and PhysOrg.com brought this whiz bang technology to my attention. For further reading, go to:

http://www.physorg.com/news89369874.html

Real Value in Real Estate Gossip


World of gossip

      

 

Gossip: It is a loaded word that alternately intrigues and informs, delights and dismays. Last week’s blog on real estate gossip, for example, raised the hackles of a few agents—and the interest (and some concurrence) of others. As for me, I’ve enjoyed the diversion and have paid much closer attention to the frequency with which it occurs in my own professional life as a San Diego real estate broker.

The results are interesting. In the last few days, I have heard whispers of:

1) A pocket listing for a prime rental. It won’t hit the San Diego MLS for several months.
2) Several murmers about what sellers of certain properties will really accept (but won’t allow in the MLS).
3) What a particular lender will likely accept on a particular prime short sale in Carlsbad, Ca (yikes!).
4) Who recently purchased a San Diego coastal golf frontage home, and will likely take less than what they paid for that home in order to get the San Diego beach home they really want (source? a neighbor).
5)What the owners of a premier oceanfront home in North San Diego County will actually accept for their property.

 

 

As a former news reporter, I have few problems about asking folks both probing and casual questions. Over the years, I also have learned the importance of:

1) Ferociously guarding our sources of information when necessary. 
2) Protecting the privacy of our real estate clients.
3) Never making personal attacks.
4) Never writing, and seldom speaking, in anger.
5) Adhering to my own strict code of ethics, as well as that of the National Association of Realtors.

 

 

And finally, a note to those who think I advocate the withholding of information from the MLS to the detriment of my clients: That is never the case. No agent has the authority to post a “pocket listing” to the MLS. A signed agreement is needed to do so. Nor would I ever advise an agent (and certainly not myself) to withhold critical information from the MLS or from a buyer/seller. As agents, we always have the obligation to disclose pertinent information to and on behalf of our clients. But I can’t tell you the number of times I have had clients ask me not to publicize their divorce, pending move, financial difficulties, or illnesses in the MLS. And prior to quietly sharing any of this information with other agents, I always get permission from our client to do so. To do otherwise would be an absolute breach of trust.

Even so, there is always the natural flow of chatter, discussion (and gossip!!!) that occur among real estate professionals day in and day out. It is no different from attorneys, physicians or stock brokers who work together in their respective professions. There is an ongoing and daily exchange of both important and trivial information being passed from one to another to another. And if I were a buyer or seller of real estate, I would certainly want to deal with an agent who was well-connected with his or her professional peers.

Jackpot signFinally, I have yet to meet a client whose ears didn’t perk up at the mention of… real estate gossip.

 

 

 

 

The House Guest from Hell

                        

Tangled webLast summer we sold a lovely $1.8 million Carlsbad, CA home to an out of area partnership. One partner lived in Los Angeles, and the other in New York. It was to be their retreat in paradise, and a place to meet potential clients.

In two short months, this paradise has turned into a real estate nightmare that could rival that 1990 Melanie Griffiths film, Pacific Heights-with the evil tenant who just wouldn't quit. This true-life story is one that could give any homeowner nightmares.

Around six weeks ago, the Los Angeles partner invited a friend to stay at the Carlsbad  home for "a short while." He reasoned that she could keep an eye on things and meet appliance repair people. It was a casual arrangement.

The New York partner was not involved with the invitation, but decided to go with the flow--at least for "a short while." A dangerous assumption was made that everything would work out in a timely fashion.   A couple of weeks ago, New York called the guest and advised that she should plan on departing around the first of February because the house would be full of invited business associates. House Guest hung up on New York mid-sentence. 

Ever the calm one, NY wrote an email clearly and politely asking HG to be out of the home by Feb 3. The near-immedeiate response from The Guest prompted New York to call me this morning pleading for help.It seems the partnership was given an ultimatim to provide a "severance package" to the guest before she would even consider making a move.

A call to the California Association of Realtors Legal Hotline confirmed my worst fear: They had a tenancy at will situation and if things were not resolved beforehand, the partnership would likely have to go through full eviction proceedings, which could take up to 90 days. Meanwhile, New York is still planning to bring friends and associates to the home in early February. And if the House Guest from Hell has not departed, it will be a story for the textbooks (or the National Enquirer).

For San Diego real estate, relocation and referrals:
http://www.SanDiegoPreviews.com

 

Elephant Hide Wallcoverings

Yes, Craig Schiller, there truly are such abominations--and probably enough to bring out the ire of all the Active Rain Animal Activists. How does a Realtor stumble upon such things? Sometimes obscure research uncovers the imponderables. 


Big UmbrellaFor example, I didn’t consider luxury home insurance to be that interesting or that blogworthy until I read of an appraiser who tried to figure out the replacement value of the elephant skin wall coverings in a Seattle manse. That appraiser, James King with the Chubb Insurance Group, makes it a practice to thoroughly investigate the luxe and unusual features in Chubb’s insured luxury homes to make sure a realistic replacement value can be assessed. And sometimes that challenge requires more than a little research.


 

In the case of the elephant hide wall coverings, King was unable to determine replacement value, especially since the wall covering had been installed at the turn of the last century, before elephant hunting restrictions were in existence (or Craig Schiller and other accomplished home stagers were born). His solution? Value the replacement as leather wallpaper: A very, very expensive treatment and alternative. To be sure,  King's appraisal stories could fill a large and fine leather-bound book.

 


After reading this story, I couldn't resist calling the Chubb Insurance Group directly to discover other challenges and solutions involved in insuring luxury homes. Mark Schussell, Chubb Vice President and Public Relations Manager, was kind enough to take my call–and patient enough to answer my many questions. The Q&A's may interest you.

Read the rest of this entry »

Priciest Home Sale in 2006


Del Mar EstateRealtors and public alike are fascinated by record-setting news, and most of us are curious to know about the most expensive home sold in the last year.

In San Diego County, the winner of record would be a stunning 3–bedroom, 3.5–bath Del Mar oceanfront beauty sold by Jennifer Moores to Marsha Naify for $18 million.

The ultra-luxury real estate market in San Diego is a healthy one, with at least 37 homes selling above $5 million last year. And 2007 is poised to be even better.

That  Del Mar sale, though, pales compared to a report filed by luxury home writer Bernice Ross. She tosses aside California, Hawaii, Florida and New York as contenders. The winner? New Jersey!  It appears the most expensive closed  single residential sale for 2006 was a $58 million, 63–acre estate located just five miles outside Manhattan. Clay Frick (heir to the Frick Collection of rare European paintings) was the seller, and the buyer was Richard Kurz, who has plans to subdivide the property into an unknown number of estate lots.

Meanwhile, the luxury home market looks to be a healthy one in 2007.

For more ultra-luxury real estate reading, go to:

San Diego Luxury Homes and More

Ultra-Luxury Home Sales to Soar in 2007?
Breaking All Barriers: Luxury Homes Reach Nine Figures
And Just What is a Luxury Home?

 

Ultra-Luxury Home Sales to Soar in 2007?

 Last month, there was lots of buzz about hefty year-end bonuses being paid to Wall Street performers. Many were wondering how these flush folk would spend the largesse. Would it go for bonds, or bling or luxury real estate?  The latter would seem a likely and comfy target.

Even though home sales slowed down overall during 2006, the ultra-luxe end of the market has flourished. Luxury home sales at $5 million-plus were up 11 pecent nationwide last year according to property sales data-tracker  DataQuick.  And for what it's worth, 2007 appears to be even more promising with declining interest rates, weakness of the U.S. dollar (making our properties even more attractive to foreign investors), and the hedge fund industry, which has created a new class of zillionnaires. Add to this wealth pool a tight supply of trophy, super-luxury and museum-qualilty homes.

Another very interesting element is the footloose factor. Many of the world's most afflluent people are no longer bound by geography. With today's communications infrastructure, meeting attendance, operations supervision and other tasks that once required bodily presence can now be handled from just about anywhere on this planet. Desirable and disparate areas-such as  San Diego, Aspen, Scottsdale, Manhattan or Milan-are becoming primary, second or third home to this class of real estate "collectors."

And for what it's worth I have noticed an uptick in  Google searches for ultra-luxury real estate.

Also see: http://activerain.com/blogsview/29635/US-Real-Estate-a-Bargain

 

Real Estate Gossip

Real estate gossip can be golden....

Golden eggThis isn't a reference to catty back-biting that might center on flings, blings or lifts.  Rather, it is the very specific, professional and constructive whispering that goes on between real estate agents who trust one another. It is information savvy buyers crave--and not only in the San Diego real estate market.

This unpublished information shared between professionals is often the information that creates a successful real estate transaction. Many desirable properties are sold before they ever hit the Multiple Listing Service (MLS), as a result of "pocket listing" data being shared between agents. Sometimes there are unpublished reductions, seller motivations, or other personal urgencies that require a fast sale-and such news can travel quickly through a connected professional grapevine.Secret

This precious information cannot be found in the Multiple Listing Service (MLS), on agent websites, in classified sections of the newspaper-or from the "disconnected" and desk-bound real estate vendor. But it is information so valuable that it could save a real estate client far more than any real estate commission. This is a case where gossip can be golden.

HandshakeIn fact, we are now considering the use of Non-Discolosure Agreements (NDA's) in our real estate practice. This unpublished information might be viewed as proprietary, and certain sellers wish to protect their privacy as much as possible. If buyers wish to be privy to such information, there should be no problem in abiding by the agreement which will also likely include Buyer-Broker provisions.