On should wonder about a second story door such as this. Perhaps the architect had a previous life working for Warner Brothers and was in charge of "Yosemite" Sam pratfalls. Or perhaps, it is there in case Tweety, living in the bird hole above it, wants a visitor. Whatever the case, just take Bugs Bunny's advice to heart: "Watch that first step, it's a LULU!"
What with everything melting down like butter on a corn cob and folks walking around looking more nervous than a hooker in a cathedral, it behooves me to add my bit of wisdom (I would say "my 2 cents", but the way things are going for a lot of folks, that may be seen as wealth bragging) to the situation.
Where is all the money?
So everything is melting down, money is lost and everybody is poor...just like in the Depression, right? Nope.
You see, we can look at this by way of example. Let's take a poor chap in Belmont --we'll call him "Dumbo Al." for that is what he was called back 1999 when he put 20% down on a multi family in said Belmont. Now "DA" has a 6.25% mortgage; he socks about 40 grand into the place, rents both halves out for 1450 each to good tenants. DA is sitting pretty. He does a RE-FINANCE gig to get the numbers below 6% and he is sitting even prettier. A bit of positive cash flow going. Comes 2005, and Dumb Al gets a knock on the door.
Wouldst thou wish to sell said property? asks the door knocker. How much? Well, it seems, the "HOW MUCH" is almost $400,000 MORE, yes M O R E, that what "DA" paid for it, so Al says ok. He takes the money...he runs; pays off the Mortgage. He is sitting pretty.
Our buyer no longer has the money, in fact he bought it with a low interest low down payment loan. He was expecting to do what AL. did...but he should have done what AL did. He should have used due diligence. He should have looked at rental projections and noted that they are not keeping pace with capital requirements, he should have...you know the drill.
So our buyer goes bust and cries to the government that things are bad. He does not remember that no one put a gun to his head and said buy (The Godfather was not around). He let his greed get in the way of judgement, and now he cries as though he is a victim.
The folks on the news are talking baout hte losers -- they are not talking about the winners in this wonderful "everything nets out to zero" world. There are winners here. The losers cry, but they are no different in intent than the winners -- just that their methods of greed and self-absorption were not properly placed. we should not reward them with bailouts, for they are no different than the winners.
Let them fail; they were not prepared to be there anyway. If General Motors fails, we will stull buy cars, we will just buy them from whatever entity has the ability to make them -- most likely in old GM factories. applied to everything else, is makes for an orderly world where your initiatve gets you forward without need from an excuse note from "MOMMY".
But what about AL (Dumb Al). DA has his money, and he has money from three other folks who bought from him around the same time as the above poor sap. He is sitting really pretty. He took advantage of his skill, and his entrepreneurship. 4 are BROKE and 1 succeeds. Greed killed 4. Good management made succeess for 1.
And that is where the money is -- where it ever been in times like this. A small few follow their own clear council and either buy (or sell) from the many in the herd who are doing what everyone around them is doing. I will tell you now -- I am buying , buyin' and buying in any nook and from any shnoook who has a property that meets my benchmarks.
You should be too.
The 10 year bond has dropped down to 3.70 from over 4.00 a month ago. Oil
has dropped in price as well as gold. This points to lower rates and the risk
of inflation seem to be disappearing. Rates have dropped down to %6.125 with 0 points on cnventional loans. The Economic numbers for the month of August should be
coming out this week and next week, this should put downward pressure on mortgage rates. We also have some larger banks offering very aggressive Jumbo Adjustable Rate mortgages. Some of the hi-lites are you can go up to 90% with no private mortgage insurance. There is no price hit for interest only or escrow waivers. There seems to be more activity in the market this month.
Just wanted to tell everyone to keep the community homebuyer program in minds that provides a lower downpayment and easier loan qualifications. We have a program
For:
1 Unit 97% LTV
2 Unit 95% LTV
3 Unit 90% LTV
4 Unit 90% LTV
The max combined income is $108,000.00. This is a great program for first time homebuyers.
CONFORMING
30 YEAR FIXED
6.125 0 Point
5.625 2 Points
15 YEAR FIXED
5.750 0 Point
5.250 2 Points
Conventional 5/1 ARM
6.125
0 Points
5.375
2 Points
JUMBO
30 YEAR FIXED
6.750% 0 Points
7/1 YEAR ARM
6.375% 0 Points
5.875% 1 Point
5/1 YEAR ARM
6.500 0 Points
5.750% 2 Points
Call if you have questions 617 484 8383
Our bodies are essentially the same sacks of matter as the bodies of the folks living in these parts some 10,000 years ago. Now I know someone is going to say we are better than the primordal coot rubbing sticks together for a fire as the better half sits in the mud hut, but really when you think about it, are not we that way now? I mean give it some thought and you will note that our homes are brick, stone, cement, stucco -- whatever: when you ponder it, all that stuff is essentially glorified mud. And as for the fire, well, my neighbor took a good half hour getting the briquettes sizzling so he could grill up the ol' brontoburgers this week end just done.
Where we do DO differ is in our methods of locomotion. 10,000 years ago our humanoid ancestor was more like the traveling salesman -- except he had to travel, find the pig, then kill it before he could bring home the bacon for pre-history's answer to the BLT.
Today there is the Stop and Shop, or the Shaw's or any other emporium you may name. And we don't chase and kill the Impala -- we drive in it.
We no longer are taking our 10,000 steps a day. We are Virtual touring, Virtual office"ing", Virtual everything. Except our food is not Virtual. And we are getting fat. We eat too much.
Think it over and you will see how, in even the last 20 years, we have lost our steps: The media remote everytime we change a channel -- 15 steps lost; the cell in our pocket -- 30 steps lost everytime we do not get up to answer the call; the drive through window -- 100 steps; the Hallmark email greeting to Grandma instead of the letter mailed -- 250 steps to and from the Post Box.
Every 25 steps a person takes will burn 1 Calorie. The above examples measure up to about 16 calories of fat stuck on the ribs. Those 10,000 steps we do not take represent about 400 calories of surplus lobbering down there; turning that belly button from an "outy" into an "inny".
What does this have to do with Real Estate? Well, how about scrapping that Virtual tour and taking a real one? Pick your town and walk the streets, hear the birds, feel the pavement under your feet and see if a tax assessment may be in the offing (no V-tour will show that). Then, if you are in my area, call me and I'll walk over and meet you at the corner of Elm and Godin with a lock box key to anything you want to see.
Do you know which special interest has given more money to the Obama campaign than any other?
If you guessed "trial lawyers" -- well, okay, that's too easy. But can you guess which special interest came in SECOND?
Labor unions? Nope. The Green Lobby? Nope. AARP? Wrong, again. NEA? Nyet.
Give up? Okay, here's the answer: Wall Street.
That's right. Wall Street securities and investment firms have given over $35 million to OBAMARAMAS this election cycle. That is nearly five times the amount they've given to McCain.
If you've been wondering why the financial industry has been in meltdown -- and taking your 401(k) or investment portfolio down with it -- now you know.
Let's face it: The former frat boys who populate Wall Street today understand economics about as well as the pinko professors whose courses they snored through.
That's why betting their entire industry on "subprime" loans to people with no jobs and no collateral made sense to them -- and why betting the entire U.S. economy on the likes of Obama makes sense to them now.
These jokers don't even know what's in their own self-interest, much less yours. Trusting them with your money is like trusting Bill Clinton to babysit your underage niece.
Oh, brother, what I could do with that title up top. But here is is used in the more pedagogical bent, so say -- educational vein, for those among you who would want to deep space "9" into the mind of the agent.
That phrase is used to conjure an image of respect and awe when selling a property. An old property. I must admit, that I've never used said jargon as it bespeaks to me the true nature of the structure, by way of reading between the lines: -- read a piece of S&%T; as in HORSE, or DOG or BULL. Not that new construction is any better; those cardboard shacks painted neutral tan and "staged" like a Saturn V rocket (1969 Moon launch) are just as worthy of the fertilizer farm.
I prefer the non monikered home. As it were, the refuse to submit to age discrimination and call a house by its qualities, and not make issue of age. Save the age for the wifey...you know, ol' bat, ol' battleax ol' buzzard...
They were living in one town and searching that town on the internet. They were looking in the WRONG place.
Then they came to me. I assessed their needs and wants for size, school, location and budget.
Then I brought them to this home. "It looks like a little bed and breakfast!” they cried, delirious with joy. We "Closed" in 30 Days.
Their daily commute to work is cut from 45 minutes DOWN to 10. And they have the perfect home. I took them to the RIGHT place.
That is "StreetSmarts"!
If you are thinking of SELLING, call me. Buyers are fumbling in a virtual world, but your home is in a REAL world. I'll help them find you. I'll bring them to your door.
If you are BUYING, come talk to me. Your home is waiting; you are just not looking in the RIGHT place.
Put "StreetSmarts" to work for you. Let me go to work for you.
It takes A LOT MORE than SNAPSHOTS and OPEN HOUSES and Internet exposure to sell your home. In fact, studies show that prospective buyers use pictures, open houses and the Internet to find houses they DO NOT want to buy.
That’s where my “StreetSmarts” comes in FOR YOU. I spend three hours a day, 6 days a week, 50 weeks a year on the sidewalks, roads and by-ways of our town. I meet face-to-face with folks in their apartments and houses. I do not wait for them to come to my listings. I bring my listings and YOUR HOME to them. I’ve placed 5 first time buyers in their homes in the last 2 months. My contacts are waiting for your home.
LIST YOUR HOME WITH ME. Let me put YOUR HOME in my pocket and walk it around town. You’ll be happy with the results. All Real Estate is, in the final analysis, LOCAL, and if a picture is worth a thousand words, then a good pair of walking shoes and a solid hand shake are worth an album of snapshots.
Call me, email me, or stop by and let me get to your forYou.
I am Century 21 COMMONWEALTH. What may I do for you, today?
When they write -- they mean...
Old charmer - an old and ugly house
Stunning house - the house is not ugly
Tudor - two bedrooms are in the attic which is not insulated; very hot in summer and very cold in winter
Cape Cod - styled after Third World slum dwellings
Sunny corner lot - noisy intersection of two busy streets
Easy freeway access - noisy arterial street close to freeway
Low maintenance lot - no yard; the kids will have to play in the street
Meticulously maintained in the original condition - the appliances are 50 years old
Ready to remodel - the house is about to collapse; you will have to invest twice the asking price in remodel before you can move in
Newly remodeled kitchen - 50-year old cabinetry and faucets have been replaced with cheap modern equivalents
Ready to move in - the interior has been painted with one coat of cheap paint
Desirable neighborhood - this little house is extravagantly overpriced because the neighborhood has a snobbish reputation
1 car garage - you can drive your Ford Escort into the garage but there is no room to open the door
In-city living - it is not safe to walk in this neighborhood after dark
Recreation room with wet bar - basement has been painted and has a faucet
Large family room - large basement
Bedroom in basement - basement has a 1′ by 2′ window
Lots of storage space - basement too small to be called a family room
Partial mountain view - you can see the tip of Mt. Olympus if you climb the roof
Territorial view - good view of your neighbor’s bedroom window
Build sweat equity - the house is not inhabitable
Storybook - the house is old and the roof is not flat
Efficiently designed kitchen - the kitchen is too small to fit two people at the same time
Seasonal creek - muddy ditch across the property
Usable land - all the trees are gone.
Doll-house - tiny place filled with ugly knick-knacks.
Country living - too far from anywhere to drive to work
Country in the city - a grotesquely overpriced large lot with a 2 bedroom house built before World War I
Cozy - not a single room could fit a full size bed
Three season sunroom - a small addition the owner did not have enough money to insulate
Close to all amenities - the backyard is a shopping mall parking
Beachfront property, complete remodeling in 1996, a steal at this asking price - hurricane Andrew motivated the remodeling; no hurricane insurance available, at any price
Must see inside - the outside is ugly
Motivated sellers - subtract 15% from the asking price
Easy to heat - see “cozy”
Wildlife nearby - children and pets get ticks and fleas
Near transportation - Amtrak train goes through the backyard, every 15 minutes, day and night
Pet friendly neighborhood - organic matter constantly deposited in the front lawn
Neighborhood watch - your next door neighbor has binoculars trained on your house
Just available - previous owner just died on the premises, hope you don’t believe in ghosts
Usually I get a few call on Friday nights. A few folks think they can get a jump on the weekend home buying scene and they use the said prime time to call on homes. I love it.
Not this Friday last however. I wondered why. It was 08/08/08. Lucky numbers. Was it Kharma? Was it celebration of Little Hailey Hauer, born on that morning at 08:08 AM and weighing in at 8 pounds 8 ounces (metric nerds...eat your heart out)? Young Miss Hailey H. will no doubt figure out for herself that "H" is the 8th letter in the alphabet.
Was it John Edwards coming uhhhhh clean on his affair. That would have made for great Presidential fodder. Think of the headlines -- "EDWARDS ADMITS TO HAVING 'FIRST LADY OF THE NIGHT'"?
Whatever, no calls. It was, after much thought, simply the Olympics kicking in. Lots of fireworks and people running around in funny colors -- The Sports World morphs into Disney. Beach Volleyball as a Gold medal sport uh-huh yeah (women jumping around in bikinis -- oh yes).
I took the time off from the phones. Watched the History Channel.
Today is back to business. 8 is lucky, they say (except in billiards). I've got a great house numbered 88. Take your Olympic endorsement cash and use it for the Down Payment.
