Posts Tagged ‘Homes For Sale’

BPO | What Is Your House Really Worth?

January 28th, 2011

With all the talk these days about foreclosures, short sales and distressed properties, some new terms are coming into usage. We hear phrases like ‘robo-signers’, ‘fuzzy title’, and the ‘BPO’. So what is a BPO and how is it different from an appraisal? What is your house really worth?

In a typical residential real estate transaction involving a lender, in order to ensure that the loan is protected by sufficient collateral (the house), a certified, residential appraiser is hired to conduct this appraisal. Before the financial meltdown, lenders would use local appraisers who knew the local market. Now, appraisals are farmed out to large companies and a property could be appraised by an out-of-town appraiser who may not be aware of trends in the local marketplace.

This appraiser would make an appointment, examine the house, take pictures, measure everything then return to their office where “comps” (comparable recent sales) would be pulled from the MLS records. Looking for properties that most nearly matched the subject property, the appraiser would then make adjustments to the value of the subject property, up or down, depending upon the relative difference between the properties.

For example, if a comp had a pool and the subject property doesn’t, the value of the subject would be adjusted to compensate for this. The idea is to eventually arrive at a specific dollar value that could be attached to the subject home. Then the lender would know how much money they could lend, say 80% of the value. These appraisals typically took a couple of days and cost a couple of hundred dollars.

Now, with the glut of distressed properties lenders need to process, they had to invent another way to value them…and quickly. What used to be called a ‘windshield appraisal’ is now called a BPO, or Broker’s Price Opinion. They are quick, fairly accurate, and cheap.

A professional real estate agent drives to a property, takes a look, then gives the lender a Price Opinion. Now the lender at least has a professional’s opinion of what the subject property is worth and can proceed with the paperwork. While a BPO may not give an exact value, it does provide the lender with a safety net of approximate value.

8321 Bob O Link Drive | Ironhorse | Homes For Sale

November 28th, 2010

Presented by Jeff Lichtenstein…..8321 Bob O Link Drive in Ironhorse is an immaculate home with volume ceilings in a one-story split floorplan with ceramic tile on the diagonal and architectural nooks for easy decorating. A spacious kitchen has newer appliances and a convenient breakfast bar. The large master suite has walk-in closets, dual sinks, and a Roman tub. Situated on an oversized private corner lot with a large fenced yard, this home is absolutely ideal for enjoying the balmy Florida evenings. Situated in a convenient locale close to the Clubhouse.

Free House, just buy the land!

November 4th, 2010

There is an old saying which says that the definition of insanity is doing the same thing over and over and expecting a different result. In real estate it’s no different.

Thinking “outside the box” is what makes a property stand out when others are standing still.

When I began marketing homes in Admirals Cove, it occurred to me that these waterfront homes were special, but normal photographs taken at ground level could not convey why they were so special, so I came up with another idea.

I hired a man who flies a remote-controlled helicopter with camera attached to take aerial shots for me. Now anyone considering a home in Admirals Cove can see my listings from an aerial vantange point when no other properties are being marketed this way. This makes homes I market different from all others being offered.

So, recently while boating on the Intracoastal Waterway behind Cypress Island and Frenchman’s Creek, I was interested to see a sign offering a “Free House when you buy the land”. Now, it’s true the value here is in the land (over ½ acre on the water), and the house, which is an older, Florida ranch-style home, is a candidate for demolition, but the idea of advertising a free house is clever.

So what was the result?

The property just sold. It was on the market for 879 days and originally was listed at a price of $2,199,000 before selling for $1,100,000. It’s interesting also to note that a price reduction of $1,000,000 and nearly 50% was needed to move this property.

I’m sure someone will knock down the old house and erect a new waterfront estate here. This section of the ICW has some very unique and large waterfront estates. Any home you purchase along here will have direct ocean access to the north through the Jupiter Inlet or south through the Lake Worth Inlet. It’s a very unique area, not unlike Boca Raton or Ft. Lauderdale, just without the congestion.

We love it here. Boating, fishing, golf, shopping, dining, and our fabulous winter weather make Jupiter and Palm Beach Gardens a great place to live.

132 Coventry Place | Coventry at PGA National | Palm Beach Gardens Homes For Sale

September 18th, 2010

Breathtaking and endless Preserve views in a rare private locale within Coventry at PGA National. Wonderfully private. Volume ceilings and open floorplan give a spacious feel to this home, which is wonderful for entertaining with a large enclosed, glass-covered loggia and open patio. The large master bedroom takes full advantage of the tranquil and private views. A 2-car garage and lush tropical landscaping make this the perfect home to enjoy the Florida sunshine. Located in Coventry a quiet tree lined community with a terrific community pool.  2009 Newer Roof. Neutral & easy to decorate.

Foreign Buyers Love Florida Homes For Sale

September 13th, 2010

Approximately 30% of my sales involve foreign clients.  Besides Christies Great Estates, Illustrated Properties has 4 other partnerships that combined have over 110 million internet visits per month. Illustrated Properties is the only company that provides this vast network of affiliations. Illustrated is by far the finest, most far- reaching and effective real estate company  in the world. There are 1140 Affiliated Companies, 6000 offices, 65 counties and 150,000 sales associates.  In addition, I personally budget $50,000 of my $150,000 advertising  budget for worldwide internet exposure.  Take a look at the front page article in last week’s Palm Beach Post on International Buyers in Florida.

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