 September 2010 Newsletter |
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Our newsletter is going out late this month because we have been busy, busy, busy with stagings of vacant apartments, consultations at occupied homes and getting out many staging proposals.
Fall is typically that time of year when homes are put on the market, so that explains some of the volume, but I also see it as an emergence from the recessionary doldrums that have plagued so many industries for the past 18 months.
Now, both real estate agents and home sellers are realizing that staging is an investment in getting their homes sold. Because buyer activity has picked up, they realize they need to make their properties stand out from the rest of the competition.
Check out the story below (and before and after photos) of a vacant studio apartment on the market for 6 months with not one single offer. Two weeks after we staged it, the owner received a near full-price offer.
Warmest regards,
Donna M. Dazzo, President
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On the Market 6 Months and No Offers
Staged, and Offer Received!
After moving out of his small studio into larger digs, Sandy Chase put it on the market.
After 6 months and no offers, he decided to find a new real estate agent ( Josh Doyle of Corcoran), hire a professional stager (his former real estate agent claimed he was a stager - see the Before pictures below) and lower the price to be more in line with the competition in his building.
Two weeks after Designed to Appeal staged the studio he received an offer at close to asking price! The transaction never consummated due to the buyer's financials, but it goes to show that staging works.
Here are some Before and After photos to show how we professionally transformed a small, unprofessionally staged space into a home.
I love the art hung at a dog's eye level!
I love the coffee table placed alone in the room!
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Testimonials of the Month
"Donna did a wonderful job staging my exclusive at 88 Bleecker Street. The response has been overwhelmingly positive from each and every buyer who comes in. There is no doubt that the listing will sell quickly and the staging by Designed to Appeal will no doubt be a large part of that success. I look forward to working with Donna in the future."
The Corcoran Group
"You are probably aware that 244 Madison Avenue closed yesterday. Thank you for helping to create a space that sold itself. Your efforts are appreciated and I will not hesitate to recommend you."
Prudential Douglas Elliman
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Market Overview:
New York, NY (Manhattan)
"The number of co-op and condominium sales slowed for the month of August. There are positive trends in the ...market from a year ago, however.
...condominium...median sales price increased 19% from a year ago while the number of contracts signed increased 14%.
Listed condominium and co-op inventory...is...9% lower than a year ago. In the past year, days on the market decreased 37% for condominiums and 24% for co-ops.
In August 2009, 95% of contracts signed were below asking price and only 2%...above asking price. A year later, 85% of contracts signed were below asking price and 5%...above asking price."
Market-Wide:
- The number of new listings coming to market increased 10% from a year ago and from last month.
- Total listed inventory is down almost 9% to 8,600 units from a year ago.
Co-ops:
The median sales price of $595,000 was 13% less than a year ago and 9% less than last month.
Average price per square foot was $836, a 5% decrease from a year earlier and 6% less than last month.
Days on the market has decreased 24% from last year to 133 and but is 4% less than last month.
Listed inventory decreased 1% from a year ago and 6% from last month to 3,383 units.
The number of contracts signed has decreased 13% from a year ago and 11% from last month to 383.
Condos:
The median sales price of $1,523,085 was 2% higher than a year ago but 12% lower than last month.
Average price per square foot was $1,184, a 1% decrease from a year earlier and an 11% decrease from last month.
Days on the market has decreased 37% from last year to 186 but increased 5% from last month.
Listed inventory decreased 16% from a year ago and 3% from a month ago to 4,205 units.
The number of contracts signed has increased 14% from a year ago and decreased 8% from last month to 282. |
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Tips and Tricks of the Trade:
Curb Appeal
As they say, a first impression is a lasting one. If your home doesn't look good from the outside, buyers are going to believe it doesn't look good on the inside either, so they'll just drive away, or not click on your online listing to see the interior photos.
Also, if your home looks beautiful, loved and taken care of on the outside, it speaks volumes for what the buyer perceives the inside looks like. It also says to the buyer "I am the type of homeowner that takes care of EVERYTHING - the roof, the furnace, repairs, etc."
Lastly, with outdoor space, even if it's just a terrace in a condo or high-rise city building, buyers are buying EXTRA SQUARE FOOTAGE, so the outside space should receive the same care and even staging that is done on the inside of the house.
The first thing to do is to clear away the "clutter".
Next, clean.
Next, make needed repairs.
Then, do some easy, but impactful "wow" factor transformations.
Here is a checklist to get your home's exterior space in show-ready condition:
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Did You Know...
...that there are some home improvements that could actually devalue your home?
Last month we told you about first five of the top 10 home improvements that can make your home harder to sell.
This month, we let you know what the remaining top 10 are:
6. Redecorating. Redecorating in a highly taste-specific style, such as Asian, country clutter or extreme modern can turn-off potential buyers. When selling your home, you want to appeal to the broadest range of buyers, so it's important that the furniture and décor is neutral and broadly appealing.
 7. Illegal home improvements. Decks, driveways, expansions, etc. not approved by the local town authorities can devalue the home as you will probably be forced to correct the situation prior to selling which could result in something as extreme as actually removing it.
8. Laminated Wood Flooring. Installing laminated wood flooring instead of solid wood in an upscale home can also cause a buyer to think "I've got to rip this out"! Better to refinish existing hardwood floors, if any, or cover floors with new but inexpensive wall-to-wall carpeting.
9. DIY Home Repairs. While needed repairs and maintenance should be done to a home before putting it on the market, doing these yourself could end up costing you money in the end as buyers perceive your shoddy workmanship as something they have to spend money correcting, and therefore offering you a lower price.
 10. Gardens and Landscaping. A high-maintenance garden and landscaping could also lower the value of a home. If buyers are not avid gardeners or don't want to spend money watering or on hiring someone to constantly weed, trim and rotate your plantings, this could be a real turn-off.
So, before you decide to make that improvement to your home, stop and ask yourself: "Will most buyers find this desirable so that they would be willing to pay for it, or is it just to satisfy my own needs and tastes?". |
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Market Overview: The East End
According to Suffolk Research Service for the month of August (figures are annualized and are compared to all of 2009):
East Hampton Town:
- The median price increased 9.6% from last year to $995,000.
- The number of sales increased 82%.
- The dollar volume of sales more than doubled (up 105%).
Southampton Town:
- The median price increased 6.4% from last year to $840,000.
- The number of sales increased 38%.
- The dollar volume of sales increased 34%.
Southold Town:
- The median price increased 3.6% to $479,000.
- The number of sales increased 21%.
- The dollar volume of sales increased 24%.
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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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To request your FREE Closet Organization and Open House Checklists, contact us. Just put "Free Checklist" in the subject line, and we will know what to email to you. |
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