July 2010 Newsletter |
One homeowner who invited us in for a home staging consultation, implemented everything we recommended for a fast sale and did it all himself. The results were dramatic...and resulted in a full priced offer in the first week. See this story and before and after pictures directly below.
Lastly, check out our article on the influence of women in buying homes. Smart builders will realize that they should listen to women when it comes to designing homes. I can't tell you how many times we've gone into a space and said "What were they thinking?!". If only they had listened to a woman, the space would have been better designed.
Warmest regards,
Donna M. Dazzo, President
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DIY Homeowner Gets Quick Sale
Recently, we received a call from Nancy E. Love, Associate Broker and team member of the Elaine Clayman Group at Brown Harris Stevens to do a home staging consultation at a studio apartment in Brooklyn Heights.
She convinced the homeowner to stage his apartment before putting it on the market by giving him this choice:
"You can stage the apartment and get a higher price or leave it as is and I can aggressively market it at a lower price. However, when you saw the model apartment in the building in which you bought your new apartment, you fell in love. That's what we want buyers to do with your apartment."
So, Designed to Appeal came in and spent two hours at an investment of only $300 and left the homeowner, Jack LaFata, with a list of things to do and to purchase. Some homeowners ask us to do all or some of the work, but Jack wanted to do all of it himself.
So he had the apartment painted, decluttered and put things in storage and went shopping for new bedding, throw pillows, a rug and other items. He spent about $1,950 on this and $80 per month in storage, so his total investment in staging, including the consultation, was only 0.7% of the list price.
And it paid off. The results were dramatic as you will see in the pictures below and he should be proud of himself.
Jack received a full price offer during the first week at a private showing, but this ended up not going to contact. He then received an executed contract less than 40 days from the time the apartment went on the market, at 95% of asking price.
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Testimonials of the Month
"Donna's insight and assistance were invaluable in getting my apartment ready to sell. The apartment feels light and airier now, more comfortable, better flow, more coordinated, inviting, and much less cluttered (I don't even remember what I used all that clutter for to begin with) I wish I'd have thought of staging the apartment earlier for my own enjoyment. Thanks Donna !"
Jack La Fata
Homeowner
Brooklyn, New York
"We have an accepted offer at close to the asking price. Thank you for your expert staging! We wouldn't be here without your professional help. Much gratitude and praise (from a long time skeptic of professional staging)."
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Market Overview:
New York, NY (Manhattan)
"The Second Quarter is typically the strongest sales period of the year, and this year was no exception as the Second Quarter 2010 brought a flurry of buyers back to the residential real estate market in Manhattan...making this the strongest quarter since before the market's downturn in September 2008.
A variety of factors encouraged buyers this quarter: stabilized prices, lower inventory levels, interest rates at historic lows, increased consumer confidence, a strong lending environment with greater availability of jumbo loan financing, and the completion of many new developments. "
Market-Wide:
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The number of contracts signed is up a healthy 47% from a year ago and up 17% from last quarter.
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Listed inventory is down 27% to 9,400 units from its height in March 2009, but up 4% since last quarter.
- Of the 9,400 units on the market today, 66% are new listings since the last quarter.
Co-ops:
The median sales price of $659,000 was 8% higher than a year ago and 1% higher than last quarter.
Average price per square foot was $856, a 2% increase from a year earlier and 1% higher than last quarter.
Condos:
The median sales price of $1,050,000 was 9% higher than a year ago and 6% higher than last quarter.
Average price per square foot was $1,159, a 4% increase from a year earlier and 4% higher than last quarter.
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Tips and Tricks of the Trade
If they are lucky enough to have a large space to work with, apartment dwellers in studio apartments are faced with the dilemma of how to divide the living and sleeping areas of the space, while maintaining the openness of the room.
There are a variety of creative solutions that can be used.
As in the apartment staged in the article above, a Shoji screen was used between the bed and the couch. Shoji screens can divide the space yet at the same time let the light in from the windows. In an L-shaped studio where potentially blocking the light with a screen is not an issue, a more solid screen can be used.
Curtains suspended from the ceiling on a hospital track can also be used to divide the sleeping alcove, as pictured at left, from the living area. In a studio apartment where there is no sleeping alcove, sheer curtains can be used to let in the natural light to all of the space.
Open Bookcase
An open bookcase as pictured at left, can also be used. It serves double duty: a place to store and display books and decorative objects as well as serving to divide the room. And the openness of the shelves allows the natural light to reach the living area of the room.
Other Creative Solutions
Source: www.apartmenttherapy.com
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Did You Know...
...that women make or direct 91% of the decisions* to buy a home?
Builders, realtors, and homesellers should take note of this.
According to Paul Foresman, Business Development Director for the design firm Design Basics, LLC, women look at a home through four lenses:
1. Entertainment areas
2. De-stressing areas
3. Flexible working areas
4. Storage and organization areas
Foresman gives these examples of looking at a home through women's eyes:
- Master Bath: 78% of women do not use the bathtub, so it's better to use the space for an oversized spa shower.
- Pets: there should be places for dogs to "shake off" and be cleaned when they come inside wet and muddy, so it's better to have an entrance to a hard surface rather than to carpeting.
- Entertainment Kitchens: should flow seamlessly into other living spaces and hold large groups
- Work-in Pantries: that are big enough to prepare food in and that have an extra dishwasher and sink. This de-clutters a kitchen.
- "Lockers": in the transition space between the garage and home so that every family member can store their personal items.
- Front-Entrance Garages: women prefer to be able to pull straight in and back straight out of the garage as opposed to making the sharp turns often required for side-load door.
* Trillion Dollar Women: Use Your Power to Make Buying & Remodeling Decisions (BuilderBooks.com) |
Market Overview: The East End
According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing signs that the upward trend started in 2nd Qtr of 2009 slowed down in the 2nd quarter of 2010.
Mr. Simpson said that all three of the market indicators: Median Price, Unit Sales, and Dollar Sales showed a turnaround in the 2nd quarter of 2009, and continued until the 2nd Qtr of 2010 (over 1st Qtr of 2010).
But two of the three market indicators showed a decrease in the 2nd quarter of 2010:
- Unit sales of single-family homes on the East End have increased by 16% from the 1st quarter 2010 to the 2nd quarter of 2010 (up from 548 units to 638 units).
- However, Median Price has decreased from $720,000 to $710,000 (down 1.3%).
- Dollar sales dropped from $784 Million to $777 Million 1st Qtr to 2nd Qtr of 2010.
However looking back on 2009, second quarter Dollar Sales of single family homes for 2010 in the East End market were up 96.2 % from a year ago.
Median Price for the 2nd quarter was up 17.8 % from 2nd quarter 2009. (Median Price is the middle price when all houses sold are listed in order of price).
2nd Qtr unit sales this year are up to 636 from 344 in 2009, almost a 100% rise from last year.
Median Price changes from 1st Qtr '10 to 2nd Qtr '10 are mixed for the 5 East End towns:
- $925,000in Southampton - (up 27%);
- $925,000in East Hampton - (down 2.6%);
- $359,000in Riverhead (up 1.1%);
- $925,000in Shelter Island (up 8,2%);
- $447,500in Southold (down 8.6%)
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For More Info During the Month...
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F/REE Closet Organization and Open House Checklists |
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