I've just listed the nice updated condo in Richmond Place of Richmond Heights, OH. What struck me was the piece of paper which I found in my desk drawer. That was a draft for Ad which I ran in 1999. That advertising was about the 3 beds 2 1/2 baths condominium in Richmond Place - exactly the same as I've just listed two days ago!
And - the most amazing - the asking price is almost the same: back in 1999 it was $124,900. Today in 2008 it is more "Search criteria complied" $125,000.
This fact just caught my attention. I started comparing. That's what I've got:
Year of 1999
President - Bill Clinton
Gas price - $.99/gallon
3 beds 2 1/2 baths condo in Richmond Place - asking price $124,900. Sold prices for the similar units: $110,000; $118,000; $126,800; $128,000 (statistics is from NORMLS).
Year of 2008
President - still George W Bush
Gas price - $2.99/gallon (What a relief! Just few days ago it was $3.99!)
3 beds 2 1/2 baths condo in Richmond Place - offered for just $125,000! Improvements (not even imaginable back in 1999) include but are not limited to: replaced windows, flooring, hot water tank, furnace, fresh paint, vanities in all bathrooms, etc.
I think how favorable is the market for today's buyers!
Why wait? Just call Svetlana to see this wonderful condo today! 216-548-4663. Or - 24/7 Real Estate Hotline 877-770-5551 ext. 133. Or - just e-mail to: Realty@Local-n-Global.com.
Don't wait till Real Estate Time Machine spins back to the prices of 2003, 2004 or 2005!
BTW, I will host a Broker's Open House this Tuesday, 10/14/2008 between 11:30 am and 1:30 pm. Please consider to stop by, say Hi, eat some fine food, take a look at the house. Welcome!
I invite my fellow agents and the clients - we'll have enough food for everyone!
Svetlana: This looks like a very good value. You should have the seller offer the buyer six months of gasoline at $ .99 a gallon if they close by the end of November... LOL.
Darn... sorry I missed out on all that free food. What kind of traffic did you get ? Lots of hungry Realtors, I hope. What you might consider doing is pay some teenager to put flyers on all the windshields of all the people attending Mass at St Felicitas on Saturday night. Just a silly thought.
Karen Anne - I wish you were there. Food was great. Girls from my office preferred sushi. The neighbors and two potential buyers appreciated the cheese. Other REALTORS were probably not real hungry. Maybe things are not that bad as everyone complains? Most of REALTORS are still kind of ignoring Broker's Opens.
I love your idea of $.99/gallon gas incentive. I've never thought of flyers on the windshields at the St Felicitas parking lot. Maybe I should ask the permission to do this... St Felicits is online now, too. Very nice web site they have http://www.stfelicitas.com/.
Svetlana: Never mind asking about putting the flyers on the windshields. Just hire some teenager to do it. If someone complains, have the teenager apologize, and then stop it.
If you wait to ask permission... you are doing the old "opening a can of worms..." that could take months to say no. Just my suggestion.
As far as response from other agents to your Open House... I have found that agents in Northern Ohio can be fairly clan-ish when you are dealing with the major offices. I would stick with either the agents you personally know at the large offices, and then focus on getting the smaller offices to join you. When you stress smaller offices... there is a certain amount of "us little guys need to stick together" spirit that can help everyone.
Svetlana,
Good idea promoting 1999 prices...to buyers...but scares the ---- out of sellers. :-(
I, too, am one of those deranged agents who likes open houses. I usually approach them with the attitude that I'm going to catch up on paperwork, hand-writing notes to SOI & clients, addressing Christmas cards or whatever...and if people show up...great, that's a bonus. I LOVE your idea of looking at real estate taxes of neighbors and seeing if they are being over charged and inviting them to open house to discuss it. What a way to make contact with people!
Dave Culbertson, Mount Vernon, OH
(Thanks for visiting my blog!)
Karen Anne - You are wise and right as usual. What a benefit of having you around! Broker's Open Houses work well with particular listings (in more popular areas) and almost don't work where they are needed more. Like in this great condo. I like the idea of "us little guys" network. The problem today is that fewer and fewer offices do Tuesdays meetings and office tours. It's so hard to pull yourself out of your home on Tuesday morning to see someone else's listing! And most of the little guys work from homes.
Dave - thank you for stopping by. I like Open Houses! Tomorrow will host two. And thank you for reminder to pick up a stock of postcards. E.g. "Daylight savings time ends" - it's just time to prepare them!
Hi Svetlana, I enjoyed your blast to the past post. Interesting info. Wow Bush did a great job of devaluing our real estate didn't he?! Gas was that cheap? Take care.
Svetlana: I am always glad to share what little I know... when it is with someone like you who seems to value what I have to say... and even tells me so :) When I was a Realtor in the Greater Cleveland area... I was with Smythe, Cramer... now Howard Hanna... and was with the Mentor office. During the seven years I was with them... somehow I ended up in their top twenty most years... and was usually number two in the Mentor office. So... I have lots to share... and am so glad to have found someone who actually listens. Sounds like a good plan to me. Take care...
By the way... where are you from ? I am going to guess either Russia or the Ukraine ? Am I anywhere close ? My grandmother moved to Cleveland from Lithuania in the year 1918. I bet she would have really liked you.
Karen Anne - I am originally from Russia. Moved to Greater Cleveland area 10 years ago. One of my agents - Vida Sateikiene is from Lithuania! I am sure if I really could use the Time Machine, I would definitely made friends with your grandmother!
That's my dream to get few of the most experienced and productive agents together for a masterminding - what a powerful group it might be! I am so lucky to meet and to learn from the best.
Michael - Thanks for stopping by. Miami Beach market was not that affected by Mr. Bush's implementation of Mr. Clinton's "affordable housing" plan, huh!
It's so interesting that you work with international clients! I will host the working group of REALTORs from Russia, Ukraine and Canada at the end of this month. We are planning to visit Florida (orlando first, then Miami). Will you be interested in meeting with us?
Svetlana: Once again the nasty SPAM writer strikes again on your post. I have been hit many times. Please... delete comment # 16. Why they continue to do this, I have no clue. Take care... Hope to see you this Fall.