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| John D Ambrogio |
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This truly takes the search experience to the next level, and is another “first to market” for teh 155 year old firm. Next time you search, press the “View Photos Full-Screen” button & see what the buzz is all about! |
ARCHIVES
Technology lets you view photos at full screen!August 10, 2010Selling luxury when consumers are searching “foreclosure”March 2, 2010
How do you get people to search for your home when the searches “foreclosures” and “search free foreclosures” are at historical record highs? Information published by both Hitswise and The Wall Street Journal indicates that those searches have reached their highest levels in years. Well, while less people are searching luxury real estate these days, those who do are serious about buying. So the same rules apply - make sure you have descriptive listings of your property; use a Realtor who will promote your listing with e-blasts to potential buyers, agents AND potential buyers. Also make sure the have a luxury real estate network affiliation that can help drive those buyers to you. Those buyers are still out there, you just need to know how to market to them!
 www.luxuryportfolio.com Credit card v. mortgage payment - Some surprising informationFebruary 14, 2010
A recent report by TransUnion, the credit-scoring giant, has some stunning information that really helps crystalize the way many people look at their homes today. According to TU, since the recession really got going, the old concept of “mortgage payment first, credit and other payments second” has gone tipsy turvey - People are paying the credit card payment and THEN, if there is anything left over, they are paying their mortgage. A “hierarchy reversal” as they call it. Does that mean that people no longer care if they lose their home; that their concern is more about keeping available credit open; or that they don’t see logic paying down an asset that is worth less than the balance? Whatever the reason, TU predicts that this is a temporary change, and the world will go back to normal as we come out of this economic climate. For the sake of Chicago real estate, we hope that happens soon! Still…..interesting food for thought! Is a little optimisim a good or bad thing?December 31, 2009
I just ran over an interesting stat from Zillow’s quarterly homeowner confidence survey which showed that an estimated 74% of homes nationwide had lost value in the last 12 months, but only 51% of those homeowners polled thought THEIR home had lost value. Seventy-two percent of Midwest homes had lost value vs. a 51% perception. If we extrapolate that to the luxury market, there are millions of dollars of imaginary money floating around in the minds (and on the listing sheets) of certain Chicago homeowners - about 21% to be exact! How can we tell which ones those 21% are? Well, average days on market (DOM) is a sure giveaway, as would be a slow, trickling policy of tiny price reduction after tiny price reduction. Don’t chase the market - Even in the Chicago Luxury Market the price is set daily by the demand. Another survey released by advertising J. Walter Thompson shows that, interestingly, optimisim in The American Dream seems to increase as our paycheck grows. While about 2/3 of Americans with household incomes under $40,000/year believe in “The American Dream” - A full 3/4 of those earning $40,000-$70,000 and 82% of those with an income passing $70,000 a year seem to share that belief! No stats on Chicago’s uber-rich, but I would bet that they’re more optimistic than any of us. Especially those in that 21% who think their house has not declined in value!
Where housing is headed? WSJ responds…November 13, 2009
The Wall Street Journal recently published its quarterly survey of where the U. S. Housing Market is headed. What are some of the “30,000 feet” observations? A sharp drop in the number of homes listed for sale in most major U. S. markets; yet a prediction for even GREATER home inventory in the marketplace. Why? With regulatory changes, banks are likely to acquire even more homes in the coming months, pushing them onto the open market as REOs, or foreclosed properties. The news for Chicago, or transferees moving to Chicago or from Chicago? A predicted 5.6% drop in inventory, to an almost 20 MONTH housing supply. That will be in tandem with a 10.8% price change (downward, unfortunately), which happens to be the same percent as our current jobless rate. Still, the fact of the matter is that the sooner we move through this acute correction, the sooner we will return to a normal market. Of course, that will be the “new normal” and that is yet to be defined. To read the entire report, click here.
It’s still about priceOctober 17, 2009
HomeGain recently reported a that a whopping 7 out of 10 FLA homeowners overestimate the market value of their homes. That’s pretty scary. One would hope Midwest sensibilities would have our number a bit lower. Then again, it seems like ½ of Florida is filled with retired Chicagoans, so I can’t say for sure.
But this failure to connect with reality (35% overvalued their homes up to 20% higher than agents opinion of list price) is one of the things that will keep the Chicago Luxury Real Estate market, and the market in general, in the valley for awhile.
17% even thought their home should be priced up to 30% higher than agents recommendations! Conversely, only 8% thought their home was overvalued (realist Chicagoans to be sure).
Market value is what people are willing to pay today, not yesterday or tomorrow. And until all of these factors align themselves, we will continue to have inventory issues….
Web 2.0 and how relocation tranferees searchAugust 31, 2009
In this video, hear John Sable, Active Web, Boulder CO, discuss the web 2.0 environment and the way it affects how transferees search for properties. Hear how google has become even more important to the way people search. John Gadeken, Active Web, comments on web searchesAugust 26, 2009
Watch John Gadeken, Active Web, add his comments on how the web has changed the way we search for real estate. He discusses keywords, the digital footprint and its relationship to searching real estate - how google “opens the door.” “You can’t ignore these trends,” says John Gadeken, Active WebAugust 10, 2009
“You can’t ignore these trends,” according John Gadeken, Active Web, discusses Social Networking and Real Estate. Hear him discuss social networking sites and their possible emergence as real estate portals. Hear John Sable discuss the Web and TransfereesJuly 29, 2009
Hear John Sable, Active Web, as he discusses the web and relocating transferees - How they will want to use Google and other search engines to help them in the process. He discusses mapping, mash-ups of amenities, and the search for “local real estate experts,” etc. In particular, he has some interesting comments on real estate and social networking. |
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