Have You Ever Flunked Retirement?

I thought I'd take a back seat in the industry but missed it too much.  So, here I am with a new team,website and all things GOOD!

We specialize in all things Marsh Creek and other private gated subdivisions in St. Augustine.  It's time we catch up so keep your eyes peeled for more!

Marsh Creek Country Club Community Update

OH My, What's Going on with Real Estate in my Neighborhood?

Is this the new normal?  I sure hope not but one thing for sure is we've not found our footing yet.  It is the end of August, 2017 and our neighborhood market is anything but predictable.  Right now there are 33 homes available.  Out of those 33 homes - 21 are under 3000 sq. ft. and 7 of those are patio homes.  Homes over 3000 sq. ft. are usually estate homes that offer larger lots and higher prices.  Since our community is more than 20 years old there is great variety in overall condition.  That my dear, is when experience becomes valuable.

There are four homes under contract and range in prices of 339,000-700,000.  Oddly enough one of those properties was on the market for over a year while the lowest and highest priced both had 43 days on the market.

Twenty one homes have sold thus far this calendar year with prices ranging between 363,000 - 879,000.  Seven of those were patio homes.  By this time last calendar year 28 homes had sold and 6 of those were patio homes.

Prior to the downturn beginning late 2006 (in our neighborhood) the market for patio homes was robust, especially during the months of October-May (otherwise known as the snowbird season).  Since then there hasn't been a statistical normal.  God knows, it isn't from lack of wishing it so!

I looked back on the months of October-May for the last few years and found the following:
10/1/2015 - 5/30/2016                                   10/1/2016 - 5/30/2017
24 homes sold and 8 were patio homes          8 homes sold and 3 were patio homes

History proves that inventory drives prices.  My personal rule of thumb for Marsh Creek is an inventory of 30 homes available with a wide variety in pricing is healthy.  Anything over drives the price down and anything under drives the price up.  Until recently we were hovering around 37 homes available.  During the height of the downturn the maximum available for sale were 40.

There are a number of factors in play right now:
Geo-political unrest
U.S. Politics in flux
Angst on display across the nation
Traditional break from the hectic summer season.  People tend to take that break and by October business is usually a little stronger.

Unfortunately my crystal ball hasn't worked well since 2006.  Maybe I should trade it in but for now I'll just say, stay tuned to future updates.  We continue to sell more listings in Marsh Creek than anyone else and are grateful for the confidence placed in our experience and production.

Latest Community Outreach Program

Peggy Gachet's Real Estate Advise and More

It isn't always great to be quoted but sure is when they get it right.  This lady has great info for those thinking of renting out their house.  Take note!
https://www.moveline.com/blog/renting-out-your-home-when-moving-out.html

Peggy Gachet's Real Estate Outlook

What Happens when a Landlord Sells?


The hazards of renting a property in this market are abundant! The most important thing to know is that every state is different and knowing the law in your state is very important.  Local Realtors should be prepared to discuss this with prospective tenants/landlords and the information below applies to Florida.

*  Know who the REAL owner of the property is.  Understand the rates and terms before offering a deposit.  There are so many scams today a prospective tenant should either work with a Realtor or do research on their own.  Get the facts!

*  The lease should cover expectations for showings.  Have a clear understanding of expectations for showings and be prepared to abide by them.  

*  A lease normally survives the sale.  If an owner desires to sale the property, the lease and terms are provided to the Realtor and/or buyer.  Any purchase agreement is subject to those terms.  All changes to the terms should be negotiated prior to closing.  This will enable the tenant to negotiate any change in their lease with the current owner.  It is the perfect time to discuss moving expenses, deposits on a new property, release of any existing deposits and any other terms important to the tenant/landlord.

*  Short sales and foreclosures are abundant and if the tenant isn't working with a Realtor, they will want to know in advance if the owner is current with their lender.  If not, realize that a foreclosure offers no Real protection.  The tenant could find a notice to vacate posted with little notice, in which case the deposit is likely a total loss unless recovered in small claims court.  Some lenders will allow the tenant notice or a "buy out" of the lease but remember, Nothing is predictable in those situations!

Peggy Gachet's Real Estate Outlook

Buying a High End Home?  Take Note!
I found this article to be interesting for anyone planning to purchase a high end home.  The rates are still good for conforming loans but inch up when purchasing a home above 450,000. 
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=298099

Peggy Gachet's Real Estate Outlook

Selling?  Don't Make These Mistakes!

What do you see upon entering the home?  Gym equipment or office furniture in the dining room?  Exercise equipment in the den?  Not a good idea!  Not only can most buyers not visualize how they would use the space it provides them with yet another objection to overcome.  It also makes the rooms look smaller.  Is the garage used for storage?  This is the perfect time to rent a storage room, rearrange furniture and download the garage. 
Making these minor modifications will allow the photos on line to capture and keep the attention of shoppers

Another mistake as a seller is staying home for showings (especially when pets are involved).  When a seller is present for showings, the buyer is reluctant to open closets and cabinets for fear of infringing on the privacy of the seller.  They may otherwise, rush the showing to minimize the inconvenience and can be offended by any line of questioning or the presence of pets. 

Removal of clutter is probably the easiest improvement to make but one of the hardest for a seller to do.  The "chef" wants all the pots, pans and small appliances readily accessible.  Our elders fear packing away all the memories and moving on.  Young parents refuse to inconvenience an over indulged child by packing away some of the toys.  Parents of teenagers refuse to hold their child accountable for the mess found in their rooms and closets.  Getting the kids involved in the process is not only a great teaching opportunity it can add value to the bottom line. 

The lists goes on to include dirt (unseen by many sellers), pet hair and odors (pet owners have become accustomed to), a dirty entry door, over done/grown landscaping, stuffed closets, smokers and more.   

Since St. Augustine is a coastal community a lot of our buyers are not local.  The seller is seldom given a chance for a second showing to correct the first impression.  Even the buyers who aren't ready to make an immediate purchase remove the property from their lists of possibilities and refuse to reconsider even after improvements are made.

Peggy Gachet's Real Estate Outlook

Ever Thought About Selling Your Home Furnished? 

If that's a question you are currently asking yourself, ask just one more!  Is there a demand for furnished homes in your market?

 

A local Real Estate Professional should be able to guide you through the decision making process. Depending on the quality and décor it may add value through the eyes of a buyer.  In many cases however, it can distract from the sale.  It may help to visit a few model homes in your area to view the latest trends.  I recommend you take a camera and take lots of photos.  Then when you go home, take photos of the same room in your home and compare the two.  If your home looks like a model the answer may be "go for it".  Otherwise, your Realtor should be able to offer suggestions for discarding used furnishings.  Auction houses, consignment shops and of course donating to a charity is always an option.

 

Of course, location has a lot to do with the decision making process.  Resort communities frequently sell with the furnishings in place.  The buyer can then take their time replacing any items they aren't fond of and simply making the place their own.  Remember to remove any items you may not want to convey with the sale before the prospective buyer sees the property.  It's easier to negotiate a offer since "items" will not come into question.  If that's not possible, be clear with your Realtor of any "exceptions" that will be made at the time of listing.  Ideally, an inventory list can be presented to the buyer prior to their first visit.

 

Finally, I recommend you have a clear understanding of how your decision will affect appraisals, taxes, fees, financing, etc. so the best decisions can be made for your situation.  

Welcome to my first post!

St. Augustine Lighthouse

My name is Peggy Gachet and I am excited to share with you some valuable insights on real estate and life in St. Augustine!!!

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