Mike’s Real Estate Show

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Message from Mike Kelly

It is my intention to assist you in obtaining the highest dollar value for your property with the least amount of problems, in the shortest amount of time.

I will be seeking the best possible methods of exposing your property to potential buyers in the marketplace...

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London Property Prices! Up, Up and Away!

April 27th, 2008 . by Mike Kelly

londonfranceireland2008-015.JPGThis is the “Estate Agent” office for London. This would be our “Association of Realtor” office. The town where my cousin lives, Marlowe, is 30 minutes from London and on the Thames. The homes are circa 1650’s to present day. She lives in a “row” house of about 1400sqft, very narrow yard, house, price is around 400,000 pounds or $800,000!!! Very posh, kinda like Mill Valley prices and area. Upscale, affluence.

 

 

Kissing the Blarney Stone–could not do it!!

April 27th, 2008 . by Mike Kelly

 

 Cousing Kathy Kissing the Stonelondonfranceireland2008-174.JPG

Yes, I go all the way to Ireland to Kiss the Blarney Stone at Blarney Castle in the bucolic village of “Blarney” and after walking up a tiny little, precarious staircase with a hanging rope as a guide, I could NOT get my back and neck to arch back so I could kiss the “Stone”!! See the photo above and my cousin kissing the “Stone” and holding onto the “bars” which they provide for you. The photo on the right shows the pads which you lay your back on and then arch over. A “guide” holds you as you bend over. You’re looking straight down 4 stories when you bend over!! The darker part of the stone is where everyone has puckered up and smooched the “stone”. I “air-kissed” it! The grounds though as really worth the price of admission–about $15.00. We got their late in the day and missed the house behind the castle but walked the grounds. We had to come back the next morning for souviners as the shop had closed when we left. I reccomend it highly. It’s just 20 minutes from Cork which is in the “Sunny” part of Ireland in the south.

April Sales–Looking Good! Finally–some action in the market place. But Bank Owned/Foreclosures rule the roost!

April 27th, 2008 . by Mike Kelly

We are finally getting off the snide, having moved off the perpetual sales numbe of 200-225 per month since September of ‘07! We now have 278 sales and still have a few days left in the month. This is a good thing as it represents a 20% increase over last month. However, year-to-date we are off 22% as last year at this time our sales hit 355. The median took a hit falling 17%.Last year at this time: $520,000, Today? $430,000.  But REMEMBER, this is indicative of where the action is in the marketplace. The rash of REO’s (Real Estate Owned–bank properties post-foreclosure) and Short-Sales (pre-foreclosure with Lender allowing reduction of loan amount to make a sale), are in the lower price points and keeping our median down. Read the rest of this entry »

Back from Europe–France, UK, Ireland in 10 days! Whew!

April 27th, 2008 . by Mike Kelly

Windsor Castle

Here I am (the guy on the right) in front of Windsor Castle with my cousin Kathy and “Tom Kelly, International Man of Action!” (my Uncle Tom Kelly). This is the gate adjacent to the “long walk” which is a gorgeous, paved walking path which goes straight out of this gate for about a mile to a raised, viewing area. Lined by trees and spacious lawns. The town of Windsor surrounds the Castle. Left of the picture is a cute pub and then up that street you can walk along the perimeter of the Castle to the main entrance and then past that to the Thames, crossing the Eaton Bridge to famed Eaton College. Weather on this day? 70’s, calm, absolutely stunning. Had a nice lunch of “pub-grub” and then sauntered about ending the day on the Thames sipping a libation at a restaurant dubbed “River House”.

Lender’s NOT dealing with Short-Sale–agent acuses Lender of “Intering with economic advantage”!!

April 25th, 2008 . by Mike Kelly

 The following was asked of other agents by another agent who is obviously ticked that she cannot get them to agree to a “Short-Sale” so she can get PAID!! I find the question absurd! Here is her question followed by MY reponse!!

Her Question: Short Sales, Are Banks opening them self up to a law suit or Class Action suit?
In a declining Market, a homeowner contracts with me to sell their property. I participate in the local MLS and offer a co-broke to a buyers agent, which is another contract. I list their property and some weeks or months later the bank(s) say “ok” but the “the agents involved in the transactions are going to lower their commission”, It dawned on me, a third party, the bank, is interfering with my contract with the Seller and my contract with the co-broker.
If this is happening to you,? If I understand a little contract law “conduct interferes with another’s economic advantage or expectations, they have committed a business tort”

My reply: Read the rest of this entry »

Special Guest next week: Norgard Home Inspections–Join Craig Norgard and special guest host: Adrian Roach for a great show!

April 13th, 2008 . by Mike Kelly

m04.jpgCraig Norgard (left)

Buying a home or real estate is the largest investment a person or a couple makes. Although the process is very exciting, it is crucial to have as in-depth an understanding as possible of the building, its components and related issues in a relatively short time.
Having this detailed knowledge is very useful, not only for persons considering buying, but also for those men or women considering repairing, remodeling and even selling a home. This knowledge can have very positive financial rewards in the immediate, short term perspective, but also great rewards over the long term future of their home ownership.

Read the rest of this entry »

Next Week’s Guest Host for the Real Estate Hour, Adrian Roach of Keller Williams Realty

April 13th, 2008 . by Mike Kelly

Are guest host next week, as I tour my family heritage in Ireland, will be Adrian Roach of Keller Williams Realty and the “Hermosillo Group”.  Adrian is no novice to radio having had a fun show back in his college days in Colorado. Having moved from Colorado in 2001, Adrian’s first taste of Sonoma County business was in the retail sector managing a local clothing store. The rather hectic and draining schedule of retail prompted him to enter the field of real estate as this basically IS the life style of one who makes a living selling real estate!! He was perfectly suited!With the help of his wife, Tina, he began the journey which has led him to Keller Williams Realty and the partnering with Shawn Hermosillo. This culminated in the forming of their team, The Hermosillo Group. His real estate background includes an association with Coldwell Banker where he attained the prestigeous “Diamond Society Award”.  Adrian Roach Photo Read the rest of this entry »

2008–The Best Year to Buy a Home in 35 Years here in Sonoma County!!

April 13th, 2008 . by Mike Kelly

The best buyer’s market in 35 years:  In April of 1973, mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002 (5.65% as of this writing!), the height of the seller’s markets where there was little inventory. In the last two major buyer’s markets, one in the early 1980s and the other in the early 1990s, the rates were much higher. When I started in the business in 1978, interest rates were at 9.75 percent, en route to 18 to 21 percent in 1980. In the early 1990s, the rates were hovering in the 11 to 12 percent range. Thus, today’s buyer’s market, with exceptionally low mortgage rates plus a substantial supply of inventory, is the best time in decades to purchase. What are you waiting for? Give me a call today!! 707-322-8503

 

Why be a Realtor? Reflecting on a career as a Realtor here in Sonoma County

April 12th, 2008 . by Mike Kelly

Here in the greatest state of California we lead the nation in Realtor and Consumer  services. My particular Association of Realtors has NOT owned their MLS for over 30 years! We get by on member dues and providing membership with outstanding programs locally and through the state and NAR. Our Association has flourished and is constantly held up as an example of life without the “MLS”. Those wishing NOT to become Realtors are just focused on the tip of their nose; the next deal. You need to step back and see the larger picture and understand the lay of the land and the dangers inherent in anti-trust legislation, brokerage fee limitations and independent contractor status. Quick buck licensees will join because their broker makes them or the will seek a company which doesn’t “bother them” with those pesky Realtor fees! Read the rest of this entry »

Selling Land in Sonoma County? What to look out for!!

April 12th, 2008 . by Mike Kelly

 Land is almost scarce now days. I have a parcel I’m marketing for a client in Cloverdale and it has very little competition. One thing you need to remember–If you bring the property to market you must have the following done:

  1. Percolation test: Not an old outdated test but a viable, “vested” test with system design in place. If you don’t have this and face a “wet weather” perc then you’ve created a major headache for ALL parties to the transaction as so many inches of rain has to fall before you can test and if you miss the “perc” date then you’re into the next year!! “Vesting” the system is the way to go. I’d contact the PRMD (Permit Resource Management Division http://www.sonoma-county.org/prmd/). Actually this would be your first stop to determine many facets of your properties marketability including but not limited to:  zoning, minimum lot size, density, land use, septic requirements, water zone, etc.More...
  2. Water: If you’re in Sebastopol you could be in a zone 3 or 4 water area. Zone 4 means you MUST prove water before you can build. Buyer’s want to come in and have a complete package awaiting them. The two essentials are septic and well. Get these in place and you can move forward. Weeks’s Well and Drilling are the kings of Wells in Sonoma County.
  3. Survey—know your property lines. I can’t tell you how many clients’ I’ve represented who bought their acreage years back and where told the “fence” is the property line!! Rarely is it the case! And remember, Assessor Maps state right on them for “Assessment Purposes Only!” I sold a huge parcel in the Sharps road area years back which was over 600acres on the AP Map but when surveyed came up 50 acres short!! I could go on and on about the lawsuits I’ve heard from Surveyors who are called in “after the fact” to determine property boundaries!
  4. Is the land plantable for vines? Soils reports? Just because the neighbor has vines doesn’t mean yours will!! Don’t misrepresent!   And if you have plans for a home forget about the new owner giving them any value. Your 10 acres price and finished housing product push the overall estate into the custom built arena. Someone buying this property will want THEIR dream home—NOT YOURS.
  5. Lastly, financing. Good opportunity for you to carry and try an installment sale. If not great financing actually exists for bare land. Will you be exchanging? I’ve heard rumors of IRS investigation into changing the “like-kind” status so you might want to get this puppy on the market and exchange while the exchange laws are still in place!!
  6. And Listen to my local radio show: The Real Estate Hour, 1350AM, Sundays, 9 to 10am, KSRO. Thanks!

 

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