Monthly Archives: June 2010

The big trucks are coming back

Posted on 06/21/2010 | Leave a comment

Last fall I noted that I was seeing fewer monster dump trucks on southern Delaware County roads because the real estate market was down, and builders were cutting their inventories.

This morning I noticed they’re BA-A-A-ACK! Between my home and Powell, I noticed at least six, rumbling along with all axles down. I don’t know whether they were headed for new housing developments or for one of the various road construction projects.

Regardless of their destination, they are a good sign of construction workers being employed … even though they are scary on the roadways.

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Posted in Delaware County, Powell Ohio, Transportation

Tagged central ohio real estate market news, construction projects

Help Scotts® help the birds in the Gulf

Posted on 06/20/2010 | Leave a comment

Scotts® has issued a PR release regarding their NWF donation. Visit their website to learn how you can help and make a donation.

Scotts® Songbird Selections® donated $50,000 to the National Wildlife Federation’s oil spill relief efforts and is asking you to get involved.

Donate to NWF’s recovery efforts and Scotts® Songbird Selections® will match your donation dollar for dollar.*

* Scotts will match up to $50,000 total for all donations. In order for Scotts to match, donations must be made online via www.scottswildbirdfood.com.

Glad to see local companies are sharing in the clean-up costs.

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Posted in Central Ohio, Commentary

Tagged central ohio news, Donate to Oil Spill wildlife, Scotts-Miracle Gro

What’s the luxury real estate market like in central Ohio?

Posted on 06/19/2010 | 2 Comments

Do you consider yourself to be a member of the luxury real estate market, either as a seller or a buyer?

Yesterday I took a CE course about the luxury homes market. Some of the info was informative with beneficial discussion. Other info is probably out-of-date since it was based on the 2000 Census Data. A lot has changed since 2000 so I didn’t include that info here!

What constitutes a “luxury” home?

That’s going to vary market to market. Here in central Ohio, the CE class decided that homes priced over $500,000 generally offer the amenities requested by the luxury buyer. What are some of the requested amenities?

Media rooms. Locally, in new builds, more are being added to the 2nd floor rather than in the lower level.
Multiple garages. At minimum, the home should have a 3-car garage, but as the price increases, more garages are expected.
Offices. Rooms devoted to office space is becoming increasingly important. Some buyers want three office/computer rooms – his, hers, and the kids.
High-tech wiring. Connectivity wiring for high-speed internet, control of security system – heating/cooling – lighting .
Elaborate kitchens. High-end appliances, with multiple ovens, refrigerated & warming drawers, wine coolers, select water dispensers, and upscale counters.
Pool/spa. Nationally a pool or spa is high on the list. The class debated whether this feature was high on the list for central Ohio.
Street view. The class added this one. Buyers want the home to look “large” from the street. Thus, a home that is deeper but narrower is not as desired as one that is less deep but wider.

How big is the luxury market in central Ohio?

I checked the MLS system to see how many single-family luxury homes have been sold or are for sale in Franklin and Delaware counties.

Homes SOLD Jan 1 thru Jun 18, 2010

County	$500-$999	$1 million-$2 million	$2 million-$3 million	$3 million up
Franklin	3265	377	31	1
Delaware	1976	138	4	1

Homes FOR SALE currently priced over $500,000

County	ACTIVE LISTINGS	IN-CONTRACT LISTINGS	HIGHEST PRICE	HIGHEST PRICE SIZE
Franklin	83	5	$4.7 mill	13,192 sq ft
Delaware	64	5	$6.8 mill	14,256 sq ft

Where are the luxury homes in central Ohio?

By school district, Plain Local (New Albany) has 36 homes currently for sale over $1,000,000, with Olentangy close behind with 35 such homes. Dublin is next with 25 homes, mostly in the golf communities of Tartan Fields and Muirfield. Upper Arlington has 16 such homes. In the Columbus school district, there are 10 homes, all located in German Village, south of downtown. Other districts with 1-9 homes are: Gahanna Jeff (8), Big Walnut (6), Westerville (4), Hilliard (3), and Buckeye Valley (3).

Who is the luxury buyer?

Generally, Baby Boomers (age 44-65) is the largest segment of the luxury market. They are entering the “empty nest” phase of their lives. They are spending less on needs-driven purchases and more or personal luxuries. They are seeking quality of life and security.

Luxury buyers should expect to be required to show proof of a pre-approval letter from a lender or proof of funds prior to viewing some of these homes. This protects the seller’s home and possessions from potential scammers/thieves and ensures the showings are to serious buyers only. It’s the world we now live in unfortunately.

What’s the future hold?

While the entire nationwide real estate market suffered in 2008-2009 due to problems in the financial and employment sectors, the luxury market has had its own share of issues. Notably after the subprime melt-down, the rates for jumbo loans increased to over 8%. The new rules required high credit scores and 25-30% down. The rates now are generally down below 6%, but the other rules are still in effect. Prices have come down substantially on million-plus dollar homes, which when combined with the lower interest rates, is helping to move these homes in 2010.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Buyers, Central Ohio, Delaware County, Franklin County, Homes, Homes for sale

Tagged central ohio real estate market news, luxury homes in central ohio

Mistakes I’ve made in landscaping

Posted on 06/17/2010 | Leave a comment

I’ve made several mistakes when adding plants to my yards. In the first home I bought on my own 23 yrs ago – a new build in Worthington – I wanted to install plants to attract birds, butterflies, etc. I especially wanted to attract hummingbirds. I learned that these tiny hummers really like the tube flowers on a trumpet vine.

trumpet vine

I went to Anderson’s off Sawmill Rd and PURCHASED the vine (mistake #1). I planted it in a CORNER OF THE HOUSE between the kitchen and my bedroom window (mistake #2) so I could watch the little guys while having morning coffee.

Being a vine, it grew quickly and began producing the nectar-laden flowers. Just like the movie, “Plant it & they will come” works for humming birds and trumpet vines. I had quite a few regulars to the vine all summer long until they migrated south for the winter. I really enjoyed watching them from my bedroom or the deck.

You might be wondering why planting this vine was a mistake. Silly you!

Over the years, the vine grew aggressively and needed frequent (as in weekly) pruning. Eventually I noticed it had sent roots under the block foundation of the crawl space and was trying to grow new plants there. It also grew tendrils to attach itself to the siding and cedar trim (see red arrows). That’s never a good thing. Jack – as in Jack & the Beanstalk – would have been proud.

After about 5 years, new start-up plants were growing 10-15 ft away in other landscape beds. I assumed the roots had spread out that far.

The vine had become a monster … taking over my home. I was living in a Grade B movie. Eventually I had to rip it out and nuke it with heavy-duty herbicide.

MY ADVICE: If you read a landscaping book and it says “aggressive” or “can grow to 30 ft” … believe it!

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Posted in Central Ohio, Fix-ups, Franklin County, Homes, Worthington Ohio

Tagged trumpet vine

What’s your “don’t want” list when buying a home?

Posted on 06/13/2010 | Leave a comment

church steeple Do you have certain “things” you don’t want in a future home? Has that changed over time?

A number of years ago, when showing a home located near a church, the buyer said ‘no’ to the home because they didn’t want to have the church bells disturb their Sunday morning.

While some buyers like being close to elementary schools for convenience with their own kids, others don’t like the bus traffic or the paper litter that gets dropped when kids walk home from school.

Trains and traffic noise are two issues that can generate mild or strong opinions. I had one buyer tell me they didn’t want to hear trains – even in the distance. Because the central Ohio area is such a major transportation hub, it’s hard to find a home that doesn’t hear a train even in the distance.

A neighbor with a basketball net set up can deter buyers from a neighboring home. The big trampolines and pools can do the same. With the basketball net, it’s the bouncing ball noise that is thought bothersome. Trampolines and pools generate noise from happy kids.

DOGS! I think I’ve read that half the households have a dog. Often those that don’t have one, plan to get one after they buy a home. A neighbor’s noisy dog can become an aggravation. (The Murph probably qualifies, except his fence friends are just as noisy.) People with dogs will also consider how convenient a home’s floor plan is to getting the dog out to the backyard, how acceptable the backyard is for a dog, and often whether a fence is permitted.

Golf course lots are desired by some people, but I’ve found those that want such a lot, will carefully evaluate the likelihood that stray balls can/will hit the home. Some view the passing golfers as ‘friends they haven’t met yet’, while others see that as an intrusion on their privacy as they sit on their patio.

Lots of people think having a wooded lot is very desirable. Those that have owned such a lot, may cite that mosquitoes, deer, carpenter ants and leaf-clogged gutters are a problem.

Over the years, I’ve found that when I meet with buyers to discuss their criteria for a home, first-time buyers speak in terms of “I want”, while experienced buyers have a list of “I DON’T want”. I fall in that latter category as my “Don’t Want” list is longer than my “I want” list.

No, I’m not going to reveal my “wants or don’t wants”, but suffice it to say that a few on the list revolve around DOGS.

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Posted in Buyers, Central Ohio, Home buying process, Homes

Tagged central ohio real estate market

Military Members get extension to Tax Credits until 2011

Posted on 06/09/2010 | Leave a comment

Although the government tax credits have expired for “ordinary” citizens, they are still available for members of our military. James Kelly, VAMortgageCenter.com, contacted me to ask if he could write a guest article for this blog to help spread the word regarding the details of the military extension. Here is James’ information on the details of the extension:

The popular $8,000 tax credit had many anxious citizens waiting to hear back about an extension. They did not get it. However, what an amazing relief it will be for military members coming home to central Ohio this year to find out that the deadline was extended solely for them for one whole year.

Qualified service members” have until April 30, 2011 to enter into a binding contract and June 30, 2011 to complete the sale.

General Information

With the extension, there are also some new and general rules that apply—as well as some cool benefits just for military members.

Qualifying

The first-time homebuyer must be a member of the armed forces, Foreign Service or intelligence community. The service man or woman must have served on official extended duty overseas for at least 90 days between Dec. 31, 2008 and May 1, 2010.

Rules

This credit does not apply to a vacation home. It only can be put towards a principal residence.

Income requirements were modified. A single-person buyer is allowed a salary up to $125,000. For a married couple, the limit is $225,000. Allowances might be made for some above the annual income.

The home must have a market price that is less than $800,000.

Exceptions and Benefits

Only one spouse is required to be overseas to qualify for the extension.

Military members who have to move from their new home within three years because of being called back to duty are exempt from repaying the credit.

Qualified service members who are repeat homebuyers may take advantage of a $6,500 tax credit.

The VA Loan

During the pursuit of their new home, Ohio resident veterans may also be able to take advantage of the highly beneficial VA mortgage program. With no down payment required, 100% financing, and the backing of the government, a VA loan can make a veteran’s home buying process that much easier. For further info on the VA loan, talk to a qualified VA lender today.

If you need assistance with your mortgage – VA, FHA or conventional – give one of these local gals a call. They’re located in my Powell office at 379 W Olentangy St.