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Archive for May, 2010

before I go any further, I must disclose that this is a TRUE story, not a joke…. so, back to the story….

There were 2 Realtors (I was one of them), 2 attorneys and 2 buyers in a room (it was a room in a local title company, last Thursday…. at a closing!)….the poor buyers reported to me during the closing that their 20 year old cat had passed away. Of course, I offered up my sympathy (as these people were my buyers). They then proceeded to tell me that their children wanted to bury the cat in the NEW yard that they were moving into, and that the veterinarian wanted a mere fortune to keep this recently deceased animal in the feline morgue for a few days, so the cat was safely ensconced in a cooler, on ice, in the back of the husband’s truck…. for 3 days!!!

Now, I can safely say that there was a whole lotta howling going on after this little story was reported at the closing!! The listing agent was crying because she was laughing so hard, and the attorneys were both laughing it up as well.. and that, my friends, is another story from the trenches. Enjoy!

THINK SOLD!!

Teresa Keenan

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Monday Morning Market….

Happy Monday everyone-

Well, I am back at my desk in my beautiful new office, fresh from a closing! Which brings me to yet another story…. I am assuming you actually enjoy these stories and that is why you read this blog! If that is not the case, then just skip down to the numbers and ignore my most recent real-estate trauma story!!

This morning I closed on a great listing I had in Pepper Valley. The sellers were friends of mine, who I came to know through their neighbors who are VERY DEAR friends of the crazy Keenan family. These sellers were here from England for the last 4+ years. Funny people, great kids, and just really phenomenal friends. We hated to see them leave… HATED! When they found out they were going back over the pond, they asked me if I would be interested in marketing their home. Of course, it involved a relocation company, my company, and the homeowners. The relocation company also stipulated that Relo would send a Realtor of their choice to do a market analysis of the home as well….. This is where the story gets really good!

I told the sellers, my friends, that I thought they should list at $350,000 and sell in the high $330’s to low $340’s. The other Realtor advised them to list at $290,000 and work their way through a “short sale”. My poor friends! They were horrified. They have obviously followed the media and all the “fun” that is involved in a “short sale” and they were beside themselves. Plus, they couldn’t figure out how I was so far off in price from the other Realtor. I guaranteed them that I wasn’t the one who was far off in listing price!!! Then the relocation company sent 2 appraisers, both local, to appraise the home. The first appraisal came in at $333K and the second one came in at $340K! So…. The house went on the market at $350K, we got 3 offers on it over the course of about 30 days, and it closed for $333K today! My clients were thrilled that they were not stuck with Realtor #2, who encouraged them to go the route of a short sale!!! During the course of the transaction, the buyer has officially let it be known that I am a “shark”, and today, for that, I guess I am thankful! I’d rather be a shark than a jellyfish……

Here are the stats from everything related to the MLS in Geneva, for the past 7 days…for single-family homes:

  • Active listings
    • 241, with list prices from $144,900 to $1,999,000 (call me about the $144,900…. It would be a GREAT rental!)
  • Under contract in last 7 days=
    • 9 listings! From $259,850 to $435,000 in list prices
  • Price changes=
    • 12 in number, with the greatest reduction going from $874,900 to $759,900
  • Closed=
    • 8 in number, from $245,000 to $570,000

There are some amazing deals out there right now! I wish I could get more people to purchase an income property right now… the rental market is strong, and with the property values down so low, you can get an amazing deal, rent it out, get the tax benefits and the benefit of the property increasing in value over the upcoming years. Think of what a gift it would be to give your kids a rental property that has paid for itself and will continue to generate revenue for years to come!! It’s such a great way to build wealth, especially with the interest rates being offered. Call me for a confidential consultation! I’ll give you the scoop!

That’s it for now. Please stop by when you are downtown Geneva! We are so proud of our new location and our business….. Keep us in mind for friends/neighbors/co-workers that might be in need of a great Realtor…. We have plenty of great Realtors and we want to do business with you!


THINK SOLD!

Teresa Keenan

www.stonetowerproperties.com

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