This will bring back old memories of the REO days! I think you will agree that this looks like more than your typical biological discoloration:
Category Archive: ‘Remodel Projects’
The home-improvement videos on YouTube are causing more people to do their own repairs around the house – great! Personally, I like to stick to the minor fixes – let the pros help you with anything major.
Lowe’s is the most subscribed retailer on YouTube – this drywall repair video has over 668,000 views!
The trends change fast enough that older homes that have been remodeled previously can still benefit from an update:
Granite-slab yards we considered – all around Miramar Rd. All are good:
We were looking for max efficiency, and after I previewed all five, we hit four yards in two trips – which for the homeowners turned into a brief 2.5-hour investment on how to spend smart money to sell your house for top dollar.
Keep going until you find something you like!
I help sellers remodel their house to make it easier to sell.
It makes sense to modernize older homes to heighten the appeal to buyers. The last survey showed that 71% of buyers want a turn-key home, but I think it is higher. Wouldn’t most every buyer prefer to just move in?
These are my comments to my sellers:
Back in 2009, we ran the first post entitled, Home Maintenance Costs:
After discussing the need for home maintenance with several clients recently, I thought it would be a great time to review.
Every condo association in California is required to complete a Reserve Study so they are socking away enough money every month to repair and replace every item needed over time. Homeowners should do the same!
Examples of things that need regular repair/replacement: Air conditioning, appliances, BBQ, ducting, faucets, flooring, furnace, lighting, painting, roof, siding, sinks, toilets, windows, etc.
These are pure home repairs and replacements – they don’t include exterior maintenance or home improvements/upgrades/updating, which all matter too.
I came up with my own formula to estimate how much money homeowners should spend each year just on maintenance – try it out:
Age of home X square footage/15 = Annual spend
The 15 was derived from a reasonable number of years it will take to catch up on everything if you start today. You may want to re-start again in year 16!
My formula is unscientific, but it is close enough. Spend something!
Doing regular repairs will help you avoid multiple major expenses, and save you from needing a complete redo when it comes time to sell.
The joys of homeownership!
From our friends at the wsj.com:
In choosing the color of the year, the team at Benjamin Moore found that Mascarpone was too creamy and Ice Mist too frigid. In the end, Simply White OC-177 was just the right white for 2016.
Never before had the New Jersey-based paint manufacturer chosen white as color of the year. (Last year’s winner was Guilford Green.) But in real estate right now, white is hot, with home builders, developers and designers going for a white-on-white look in everything from reclaimed barns to posh penthouses.
“Designers would be paralyzed without white,” says Andrea Magno, who heads the color team at Benjamin Moore, which offers more than 250 shades of white.
In Manhattan, Toll Brothers City Living has built its priciest property to date: a $29.5 million penthouse at 1110 Park Avenue. In the living room, white sofas and rugs play against a backdrop of muted gray walls. White marble surrounds the fireplace. The designer on the project, Cheryl Eisen, president of Interior Marketing Group, says she chose colors that wouldn’t distract from the space’s classic architecture. It is also unlikely to look dated and makes it easy for the buyer to imagine living there, she adds.
“It’s ideal for staging because it isn’t overly taste-specific, and creates a calm, clean, elegant feeling, which resonates with a broad buyer demographic,” Ms. Eisen says. She chose more dramatic neutrals to add personality, like in the den, which is painted greige, a mix of gray and beige.
Interior designer Geoffrey Bradfield says white radiates luxury, sophistication, and serenity. “I, for one, could never be depressed in a white room,” he says. For a project on New York’s Upper East Side, Mr. Bradfield chose white limestone flooring, white walls and Ionic columns and predominantly white upholstered furniture. The home, called White Hall, has a bright white painted stucco exterior.
The color works for practical reasons when clients are big art collectors, he adds. “White is one of the most incredible foils for art.”
Not everyone embraces the stark aesthetic. “That look may not be received as well in our other markets,” says Kira Sterling of Toll Brothers’ marketing division. She says the company would never use that look for a home in Bucks County, Pa., for example, an area renowned for its farms, wineries and covered bridges. “Perhaps too sterile,” she says. “It’s specific to geography and price point.”
Read full article here:
My new listing of a classic 1965 fourplex in the heart of the Alta Vista area near Brengle Terrace, and steps to the vibrant downtown Vista scene. The current income is $52,800/yr, and we’re listed for $899,000. After taxes, 10% management fee, and 10% vacancy, it’s a 4 cap.
I’ll have more photos on Monday.
Here’s an original-looking house from 1974 on three acres which look mostly unusable. But this is a decent deal for those who would rebuild – just tear the house down and build a new one 30 feet back from the slope and create an instant backyard!
Those buyers who don’t mind a fixer can open up additional possibilities (ignore the part about people not selling and remodeling instead!):
Justin and Michelle Wilson didn’t have much of a choice when they turned a $1.58 million ugly duckling into a $3 million swan.
There were very few options in Mountain View, Calif., within their $2 million budget, and each house they liked got snapped up in a bidding war. So they settled for a dated $1.58 million beige-and-brown Tudor-style house and gave it a $600,000 makeover that took seven months. Now, the contemporary home’s facade features stucco, stone and steel as well as a striking portico.
“It makes us happy to drive up and come home,” said Mr. Wilson, a 34-year-old financial executive.
While the dynamic is playing out in a number of U.S. cities, California’s plight is particularly intense because of Proposition 13, a 1978 amendment to the state constitution. It set property taxes based on 1975 assessments and capped future property-tax increases at 2% a year.
The catch: When a home in California is sold, the property is reassessed based on its current sale price, resulting in a large tax increase for the new buyer. To avoid this tax hit, many homeowners simply stay put rather than move, which further suppresses the inventory of home listings and keeps prices high.
“Prop. 13 has a strong tendency to keep people in homes longer than they otherwise would be,” said Paul Habibi, a professor of real estate at the Ziman Center for Real Estate the University of California, Los Angeles. “If the market is rising faster than the assessed values, you have all the economic incentive to stay in place,” Mr. Habibi said.
A study released in 2005 by the National Bureau of Economic Research, a Cambridge, Mass.-based think tank, found that in California, on average, homeowners stay put for 1.4 years longer than in other states due to Proposition 13. In coastal cities, the “lock-in effect,” as the study called it, is even higher. Homeowners in Los Angeles stay put over two years longer, and San Francisco homeowners keep their homes over three years longer than homeowners in other states.