Quality, Vlaue & Conveninece! The Piedmont Perspective, Vol 84, February 18, 2009
What’s New?
Thank you to those of you who wrote back last week to respond to the Trivia Question “What does QVC stand for?” At least a dozen sharp subscribers got it right away and several other readers correctly identified two of the three initials. The correct answer was (drum roll please . . .) “Quality, Value & Convenience!”
And the lucky winners to two FREE tickets to “Shopping the Musical” were: Penny Robb, Alexandra Manoles, Jason Zeledon, Su-san Lichen and John McWilliams. Thanks again for playing and have a great time at the show!
It should come as no surprise that, Quality, Value and Convenience are also three important staples that drive home prices as well. Gone are the days when buyers conveniently “overlooked” flaws - minor or major - in order to remain competitive in the prevailing marketplace.
In today’s more conservative marketplace, even cosmetic blemishes such as old carpeting or an anemic paint job can easily derail a prospective sale. Sellers, resist the temptation to save money by foregoing painting, staging and necessary repairs. The extra effort and investment upfront typically results in additional “value added” to the home and often mitigate any problems an empty or tired house might otherwise highlight (such as sloping floors). Bring a Quality home to market and you WILL get prospective buyers through it.
Selling quickly; however, depends on where you price a property. Whether the home is “picture perfect” or a total “fixer,” price the home appropriately if you wish to attract purchase offers in quick time. (Hint: if your home has been on the market longer than 21 days, chances are its’s overpriced!) While Buyers might wish for the “deal,” it’s hard to deny real value when they see it. Offer Buyers real Value and you are sure to attract and achieve the best result!
As for Convenience, expect homes with coveted locations to attract stronger interest. Being within walking distance of shops, markets, restaurants and public transportation all add to a home’s desirability and Convenience and that’s added value as well! (For a quick assessment of your home’s walkability score, go to www.walkscore.com)
When markets become less certain, Quality, Value and Convenience become more important than ever!
What’s Coming?
Like the Magnolia trees around town or the bearded iris in my garden, the market is beginning to bloom! There are currently 22 homes for sale in Piedmont and 13 of them have come on since the beginning of the year, signaling a strong start to the upcoming Spring market. Buyers donned raincoats, galoshes and hats and hit the Sunday Opens in BIG numbers in spite of very heavy downpours. Like the welcome rain, the winter real estate drought appears to be over! Let’s begin with my Central Piedmont listing on Pala Avenue.
Are you free this Thursday night? Yes? Great! Please join me for an evening viewing at 308 Pala Avenue on February 19, from 5-7pm. This elegant Spanish Mediterranean featuring 4bdrms/3bths , bonus media/family room down and extensively renovated rear garden in a GREAT Central Piedmont location is wonderfully welcoming and “turn-key” ready. Please join me for wine and appetizers on Thursday evening and bring along an interested friend! www.308Pala.com List price:$1,850.000. Can’t make it on Thursday? I will also be there on Sunday, February 22 from 2-4:30 as well. Hope to see you soon.
Matt Heafey’s listing at 27 Muir Avenue is the quintessential classic Traditional Piedmont home, featuring four large bedrooms up and gracious formal rooms on the main level, including elegant living and dining rooms and inviting family room off a very spacious kitchen. Situated on a level and highly-coveted tree-lined street, this lovely 4+bdrm/4bth home with pretty rear garden is a dream in the making. List price: $2,295,000. www.27muir.com Open Sunday, 2-4:30pm.
Last, but not least, look for a fabulous 50’s Classic with Captivating Bay Views to hit the market this weekend on Dudley Court. This well-appointed 4bdrm/3bth level- in home is nicely located on a quiet Piedmont cul-de- sac. The lower level of this home features a versatile guest suite and a fantastic family room complete with a wood burning fireplace. This appealing space is further enhanced by its direct access to the large flat lawn and patio area. Exceptional livability! Open Sunday 2-4:30.
These represent just a few of the homes here in town. Please call me for a complete list of ALL homes that meet your criteria!
What’s Pending?
The pretty Mediterranean home on Dormidera went pending last week while many other fine properties are still available and open to offers. With the average list price in Piedmont hovering at $1,889,404 - there may be room to negotiate on many of these wonderful homes. You’ll never know what a seller will take unless you put pencil to paper and open a dialogue!
Here’s the “Buyer’s Market” you’ve been waiting for. Now call your mortgage broker and be prepared! (Don’t assume last year’s pre-approval still holds. Credit viability and qualifications are changing daily!) www.lasallefinance.com
What’s Happening?
Do you need to move or do you want to move? That’s the $64,000 question, but the majority of buyers seem to be moving for sound “need-based” reasons such as a new baby, a job transfer or a practical downsizing - as opposed to those wanting to move just because . . .
However, for those seeking to move as an option, rather than an imperative, there is less competition and plenty of good inventory in the marketplace. Now could be an exceptional time to move UP in the market as value is more easily obtained.
And stay tuned to the new Stimulus Package which among other incentives will once again be increasing the “jumbo conforming” loan limit and will be offering an $8,000 credit to first-time home buyers as well. (Sorry, this won’t apply to those of you who already own a home and will be moving up - or paring down.)
This influx of funds may take some time to filter through the system so don’t expect these changes next week. Also recognize that once the money begins to make its way to the consumer, it will run out . . . There should be stiff competition for these finite funds.
What’s Fun!
Your touching responses to my folk’s true love story were really fun (for me anyway) and I was thrilled to hear from you. One reader - director, screenwriter and my neighbor and good friend, Kate Montgomery, responded with a funny tale of her own courtship and with Kate’s permission, I am reprinting it here.
“Doug’s first gift to me when we were dating was a Henkel 4 star chef’s knife. Of course I acted thrilled but in truth I was just a bit perplexed by this, until my mom asked “is it one he already has or does it compliment his collection?” Sure enough - it was one he didn’t have himself … “I think he’s serious” said my mom - and of course, she was right.”
I am an equal-opportunity voyeur. For those of you similarly literarily inclined, please send me your own funny, ironic, embarrassing or profound stories and I will donate $50 for each one I print in The Perspective to the Tri-School Fundraiser.
Pick whatever topic you like as long as it represents a “slice of life.” Turn your stories into cash for our schools!
The Piedmont Plug!
Now that Valentine’s Day is behind us, perhaps there are a few frilly frocks in your closet that may no longer be needed? The Princess Project passes along gently used formal (think prom) and semi-formal attire to those in need and are currently accepting donations for their annual “dress drive.”
You can reach the caring folks at The Princess Project at www.princessproject.org to learn more about this worthy cause. (Thank you Lisa Kieraldo for this timely and thoughtful suggestion.)
See you next week!
THANKS FOR READING!
For more information about any of the properties or events listed above, please call me at (510) 339-0400 x264, or simply email me at jgardner@grubbco.com . I love sharing my real estate tips and my experience in the Piedmont community with you!
Feel free to visit my website at JulieGardner.com for more information as well.
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