Sunday, March 25, 2007

Do's And Don'ts: Are Granite Counter Tops So 'Yesterday?'


So I discovered msn.com's real estate section today for the first time. Maybe I'm a tad late to the party on this one. Anyway, they had an article about trends that work and don't work if you are planning on putting your house on the market. I'm re - printing them here verbatim and of course adding my comments in red because I can't help myself lol:

1. Avoid installing bowl-shape, above-the-counter bathroom sinks. They look pretty but have proved to be harder to maintain and keep clean. This is a no-brainer. I could tell by looking at them this would happen! I agree with this one.

2. Use engineered stone compound for kitchen countertops. The material is less expensive than granite and is expected to be the trend this year. Hmm. My buyer clients are still asking for granite - maybe Cleveland is behind the curve on this. I DO however agree, they don't hold up as well as engineered countertops.

3.Don't install too many glass cabinet doors in your kitchen. They look better in magazines than they do in real life, where homeowners must keep their cabinets in perfect order or suffer embarrassment. Yes. One or two for 'accent' but the rest of your cabinets are containers of your life you may not want buyers to see! Or relatives over for dinner, for that matter.

4. Consider replacing a wooden or chain-link fence with a wrought-iron one. Wrought-iron fences portray a look of luxury. Maybe they look luxurious but unless your dog is a mastiff or Burmese mountain dog, they can get through the bars. My experience is that people want fences. And they want them for pets as much as they do kids. Or privacy. Ohio City is a great place for wrought iron. But in general, I don't find it as practical except maybe as a front decorative fence. Just my two cents.

5. When repainting trim for shutters, doors and window frames, go with bold and deep colors. And don't get rid of the trim around interior window openings -- it only looks cheap. People actually take out this trim?

6.If replacing floors, avoid bamboo. This flooring was popular when it debuted, but now users are saying it is easily dented and scratched. It is also more likely to warp due to weather and humidity. I don't think this was ever a big trend in Cleveland.

7.If you're adding new construction, don't employ concrete blocks in exterior walls. They are not attractive and are more likely to leak moisture if not properly installed.

8. If you're redoing a kitchen or bathroom, consider using glass tiles instead of ceramic ones. They're gaining popularity again because of reflective qualities. This is not a bad idea; already popular in places like downtown condominium complexes. But consider your budget and remember that good taste in colors and styles chosen is probably much more important than if they are glass or ceramic.

Personally, I like this list of five projects on Money Magazine's website written by Arianne Cohen. Things like new shower doors, painting kitchen cabinets to freshen them up, these are inexpensive and probably produce as good results as glass tiles instead of ceramic. Just my humble opinion! Peace Out - 3C

Saturday, March 24, 2007

Predatory Lending: What to Look Out For As You Search for a Home

The weather is better, more people are looking to buy homes. Caution please, about the type of loan you get. Specifically, avoid predatory lenders. Here are some tips about what to watch out for:

*Someone tries to get you to buy a home for more than it is worth based upon an inflated or false appraisal. You can help avoid this by working with a real estate professional who can provide you with real comps. Not to downplay the Internet appraisal models like Zillow, but, a Realtor® in the trenches can get you the best, updated information about home sales in a particular area.

*A lender is a predator if they are knowingly lending more money to you than you can repay, lending more than 100% of the value of the loan, or charging high fees in connection with a loan. You can help ensure you make a wise loan decision by talking to at least three mortgage lenders. You can weigh what all three tell you. And keep in mind, going with the one that seems to promise you the moon may not be wise: if it seems too good to be true, it probably is.

*If a mortgage lender encourages you to falsify any information (yearly salary, etc) in order to qualify for the loan, be wary and seek another lender. Mortgage fraud is not good. Note: do you look good in prison orange?

*The home you want to buy looks a lot like others sold in the area, in similar condition, but someone wants you to pay a lot more for the home than the others. This may sound like the first point, but it's a tad different. There may not be an appraisal involved. Make sure a qualified professional advises you on home sales so you can make a wise decision.

*You are asked to sign blank documents, with people telling you the details will be filled in later. This may sound like a no brainer, but believe me, it happens.

*Someone writes up a purchase agreement for a home, and it has an addendum stating that the Seller will be holding a second mortgage which will be 'forgiven' by the Seller immediately upon your taking Title to the home. This is a big red flag. It means someone is inflating the price of the house - and someone is getting the difference in the real price of the house and the inflated price - that someone should not be you, a broker, a lender or an appraiser. It's fraud.

*You are told that your only chance of getting a loan will be through this one lender. Now I know the American Dream is to own a home. But, if only one mortgage lender in the World will qualify you to get a mortgage....it probably should make you think: is this really the right time for me to buy, or should I wait and save money, clear up my credit, first? And of course if you have checked with other mortgage lenders as I stated above, you will have a better idea about whether now is the right time for you to consider buying a home.

I may be a Realtor® and yes I only make money if people buy or sell homes. However, I need to be able to sleep at night! Those of us who are true professionals only want you to buy a home when you are ready, willing and able. On that note, if you have concerns and know you cannot buy a home now, but want to figure out a strategy so that sometime in the future you CAN buy a home, let me know. There are financial counselors, free of charge, who will work with you for a year (in the mortgage 'arm' of my company) so that you can begin to get your finances on track. Here is an article from The New Standard written by Michelle Chen, about Ohio's Predatory Lending Laws. Peace Out - 3C

Tuesday, March 20, 2007

Euclid Corridor Project Discussed at Cleveland's City Hall Today

The Euclid Corridor Project was analyzed today at City Hall; progress was discussed. Did you know that the Silver Line Transportation Plan of RTA is expected to entice 56,000 new jobs to Cleveland - there will be 36 stops, sidewalks, trees; you can check out the Silver Line Plans. What do you think? Construction begins between E 55th and E. 83rd street this Thursday. This is the Cleve. State Univ. report on the project and the fact that the Corridor is one of the Oral History Art Project sites to be developed. These are all of the sites for 'audio' oral histories: Public Square; E. 9th; Playhouse Square; E. 19th; E. 40th; E. 59th; between E. 60th and E. 90th (TBD); E. 93rd; Adelbert Road – University Circle; Ford-Euclid – University Circle.

This has been in the works for a while. Here is a press release issued by Senator Voinovich in 2003.

Here are some maps/renderings of the Project from the Silver Line (RTA) site.

Peace Out - 3C

Saturday, March 17, 2007

Walmart Withdraws Banking Idea....Do We Have a Double Standard or Not?

I've written a few posts on Walmart and Steelyard Commons. One of the posts led to comments on Walmart's efforts to get further into the banking business. (you will have to read the comments to get this banking thread)

I'm not a huge Walmart fan, I think it's great that they are not taking the tax abatement for their Steelyard Commons location; I think it's great they are doing some community (commercial) programs in several states (including Ohio) that will supposedly help small businesses near Walmart. But getting into banking - other than providing ATM services or check cashing as other retailers do, seemed like the fox guarding the chicken coop to me. I do have a slight twist on this thought though. Apparently Target already has similar banking services to the type of service Walmart sought.

Pat Combs, President of the National Assn of Realtors® had an official comment on Walmart's withdrawal of it's efforts to increase it's banking services. She talks about how mixing finance and commerce is a bad idea for our country. I can't help but feel that even though Target and Lowe's may be 'better neighbors' (and I agree), it's still a double standard no?! I suspect Walmart would have had a strong case if they had continued in this effort, or, that Target and others with the increased banking items, might have lost theirs?

Someone may be able to help me understand why there is a difference here. Peace Out - 3C

Helpful Phone Numbers?


Browsing through any of the neighborhood redevelopment corporation websites is uesful. Today I was on the Kamms Corner site. They have a terrific list of useful telephone numbers -

Kind of a timely link here, since we have talked about predatory lending which can lead to foreclosures.

And maybe the best link; if you are worried about making your mortgage payments, DO NOT WAIT until it's too late to try to resolve the issue. Two things to do.

Peace Out - 3C

Cuyahoga County: West Side Condo/Town House Sales for March 2007

My last post dealt with single family home sale activity in March 2007. This is the condo side of the report, for the same zip code areas:
  • Data includes condo sale activity through local brokerages and our computer system (MLS)

  • Data covers condo sales from March 1, 2007 to the present

Rocky River 44116:

2 condos under contract

1 sold

Lakewood 44107:

1 condo under contract

1 sold

Cleveland's West Side 44135 none under contract, none sold

Cleveland's West Side 44111 none under contract, none sold

*Note: there are fewer condo communities in both of the two above zip codes

Cleveland's West Side: 44102:

1 condo under contract

1 condo sold

Cleveland's West Side: 44113:

3 condos under contract

1 condo sold

Peace Out - 3C

Single Family Home Sales: Cleveland's West Side, Lakewood and Rocky River



It's the weekend and time for an update on home sales. This is a 'single family' home report, by zip code, for a few of our west side communities:

  • Data includes homes sold through brokerages

  • Data from March 1, 2007 to the present.

Rocky River 44116

1 home under contract

6 homes sold

Lakewood 44107

6 homes went under contract

17 homes sold

Cleveland's West Side 44135

1 home under contract

12 homes sold

Cleveland's West Side 44111

5 homes under contract

9 homes sold

Cleveland's West Side 44102

1 home under contract

6 homes sold

Cleveland's West Side 44113

2 homes under contract

none sold in March (yet!)

Peace Out - 3C