Monthly Archives: July 2010

If you own a home … you need a Will.

Posted on 07/30/2010 | Leave a comment

Last Will & TestamentWhen you buy a home, you will be signing quite a few legal documents. Although there’s one more legal doc that you should sign, too often we put it off because it’s an unpleasant subject. When you own property, you should have a Will. Yes, I know that you - like me - are immortal but it’s something we need to do anyway – just in case.

Do as I say … not as I did

Why am I writing about such an unpleasant thought? Because I’ve been guilty as well. I have a Will but it’s old and most of the instructions no longer apply. Suffice it to say that the current Will dealt with a trust for my youngest daughter’s care as a minor. Since she’s now 38, I think it’s time for a change, don’t you? Me bad.

I’m in the process of redoing the old Will and am working on the draft that a lawyer * has done for me to approve. I lead a simple life so disposing of my worldly possessions merely means assigning everything to my two girls. The “Last Will & Testament” is easy. Split my assets in half and make sure both kids are listed as beneficiaries on any financial accounts to avoid Probate. The “boilerplate” draft to do this is 13 pages filled with legalese to cover every possible nuance that might occur.

I also have to choose which daughter will be the Executor and the General POA. Per the way the docs are written, the General POA has financial authority to manage money/assets prior to death and the Executor does a similar function after death.

So far the process has been easy and a no-brainer.

Then I get to the Living Will draft and the Health Care POA. Here’s where it got tough. The Living Will doesn’t apply until I’m no longer capable of making my own decisions. Do I want CPR? What about DNR (do not resuscitate)? angelWhat do I want done if I’m brain-dead or a terminal illness? Do I want machines turned off if they are all that’s keeping me “alive”? Do I want food and water withheld? The Living Will gives instructions and authority to the Doctors. It overrides the Health Care POA. The same questions are addressed in the POA doc, but the POA also has authority to decide to move me to a nursing home, different hospital, or a hospice, etc.

Who wants to pull the plug on Mom?
(try to not act so eager!)

I’m getting together with my girls this weekend so we can discuss all this. I want them to know what my wishes are and to agree to their roles in this process. Hopefully, doing that, will make it easier for them, when/if the time comes in the event I’m not the first person to be immortal.

I also plan to talk about WHO will care for The Murph, and provide him with the hugs, kisses, and general spoiled lifestyle that he’s come to expect. :-)

* Links to a blog with lots of helpful legal advice for real estate and estate planning.

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 Commentary

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2010 BIA Parade of Homes in New Albany – a Realtor’s® view

Posted on 07/28/2010 | Leave a comment

Yesterday morning was Realtor® Day at the 2010 BIA Parade of Homes at Ackerly Park in New Albany. Eight builders have homes in this year’s Parade. All of the homes have been built to conform with New Albany’s strict design style. This year’s builders are:

I was short on time but did manage to visit 7 of the 8 homes. I missed the Knight home and I didn’t visit the second floor of any of the homes. I did manage to take some photos for you.

Some of the differences that I noticed this year were the darker wall & wood colors and extensive use of decorating textures, mainly stone. Ceilings have become fancier and the flooring on the main level was mostly wood or very interesting tile. Countertops were either granite or the new concrete, which according to one of the builders, is similar in cost to granite. And yes, that IS a wood floor in that shower photo.

The Parade lasts until August 8. Visit BIAParade.com for more details.

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 Central Ohio, Franklin County, Homes, Homes for sale, New home builders

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The on-going saga with the “Attack Rabbit”.

Posted on 07/26/2010 | Leave a comment

I have rabbits living in my yard. Nothing revolutionary about that. They’ve been living here for several years now … ever since I had 5 large spruce trees and 3 viburnums planted.

Brutus, my last DobieThey lived here during the years Brutus, my last Dobie, was alive. Not being a hunting breed, Brutie left them alone and they soon learned that they didn’t have to scamper away when he was out.

Then THE MURPH came to live here. Here’s what Wikipedia says about dachshunds:

The dachshund is a short-legged, elongated dog breed, of the hound family. The standard size was developed to scent, chase, and flush badgers and other burrow-dwelling animals, while the miniature was developed to hunt smaller prey, like rabbits.

Murph & RabbitAs The Murph grew – and breed instincts kicked in – he would chase the rabbits but, thankfully, was never successful as the rabbits scampered through small holes in the fence. Eventually, Murph gave chase only in a half-hearted way, knowing that it was futile. As this transition took place, the rabbits went back to their life as it was when Brutus left them alone.

Dachshunds are playful, but can be stubborn, and are known for their propensity for chasing small animals, birds, and tennis balls with great determination and ferocity.

This Spring, however, the rabbits have changed their attitude. They have taken ownership of the yard, lounging freely in the open grass. While they watch Murph when he goes out, they make no effort to run.

Then it happened. I was outside and after Murph checked to make sure I was watching to see how brave he was, he gave serious chase to the rabbit. All around the yard they went until the rabbit ran under one of the spruces. Murph followed. I could hear a scuffle and feared the worst – that I might have to deal with an injured bunny. Not to worry. Within seconds, Murph began yipping and raced out from under the tree. WTH! The “ferocious rabbit hunter” had been attacked!

Later in the afternoon, I took this video. Not only is The Murph keeping his distance, but the “Attack Rabbit” starts to go after HIM!

Yesterday afternoon, the “Attack Rabbit” hit again. Murph began yipping from the far corner of the yard and kept it up until he was safely through his little screen door.

The dachshund has a deep chest to allow enough lung capacity to keep going when hunting.

He now no longer goes out at bedtime unless I stand outside with him because apparently the “Attack Rabbit” spends nights under the pyracantha which is near the back steps. It’s really quite pathetic.

Read about President Jimmy Carter’s episode with a “Killer Rabbit”.

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 Central Ohio, Delaware County, Dog Tails, Humor

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Signs of the Summer in Delaware County

Posted on 07/23/2010 | Leave a comment
Road construction signs on Home Rd, Powell OH 43065

Road signs near Home Rd RR construction

The signs of summer are with us. Some of us who live in Delaware County are dealing with road improvements, and while they can slow our journey now, hopefully, the projects will make life easier in the future.

A project that we’re going to have to live with for awhile is the building of an overpass over the Home Rd railroad tracks just north of Powell. Anyone who has been late to work or a meeting waiting for a train to pass will be thankful when this project is complete. According to the Delaware County Engineer’s web site, the project won’t be completed until 2011.

Before construction can begin on the RR overpass, they had to re-route traffic onto a temporary side road that “snakes” its way between Liberty Rd and Sawmill Pkwy. The signs in this photo help redirect traffic onto the temporary road from the road next to the Chase Bank at the corner of Sawmill Pkwy. Yes, it can be confusing the first time through!!!!

East of this area, Liberty Rd is being re-aligned to join the north & south sections of this road. When complete, there will be a stoplight at Home Rd, which will be a welcome addition. It was becoming increasingly difficult to turn onto Home Rd from Liberty Rd without taking some risk. This project is to be complete by the end of 2010. If you go to this link, you can see a map of how the road is to be realigned.

If you want to avoid this area entirely and want to go north-south between Powell & Delaware city, your options are to take Rt 315 (Olentangy River Rd) or Sawmill Pkwy all the way to Hyatts Rd, then east to Liberty Rd. If you need to go east-west, your options are to take Hyatts Rd then south on Section Line Rd or Powell Rd through downtown Powell (allow extra time for this option).

If you live in another part of Delaware County, the Engineer’s Office has a list of all projects on their website. It’s pretty helpful.

big eyesBest advice is to stay cool … control the road rage … keep your eyes open … and don’t drive on the wrong part of the road as I did the first time through!

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 Central Ohio, Delaware County, Powell Ohio, Transportation

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Real Living HER for 1-stop shopping in Powell OH

Posted on 07/20/2010 | Leave a comment

One of the big advantages of being associated with the #1 brokerage in central Ohio, for both me and my clients, is having important services easily available. I’m very proud of my Powell office for having such qualified, helpful people in it. Therefore, I want to share with you how nice our office is set up for client meetings and to introduce you to the people you may meet when we’re working together.

Two additional points I need to make are:

  • Murphy’s Park has no connection to The Murph, although he might think that would be a good idea.
  • You’ll notice that I wiggle when I walk. Sorry for the camera movement. :-)

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Posted in Central Ohio, Delaware County, Powell Ohio, Real Living HER, Realtors®

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Making an offer on a luxury home in Delaware County?

Posted on 07/18/2010 | Leave a comment

A couple days ago, I wrote about whether it was a buyer’s or seller’s real estate market in the Olentangy school district. In that report, I calculated the absorption rate of current inventory by the various price ranges. At the end of the article, I noted that making an initial offer of 85% of list price might not sit well with sellers in the lower price ranges, but might be worth a try in the very high price range where the absorption rate was quite long.

A reader asked whether a seller would agree to the 85% ratio or whether that would just be a starting point on an offer on homes priced over $500,000. Naturally that depends on the seller and whether their home is competitively priced or not.

To better answer that reader’s question, I went to the MLS system to calculate the ratio of sell price vs list price for each of the price ranges. The following chart shows the AVERAGES for single family homes that have sold since January in the Olentangy school district. Of course, I have no way of knowing what the initial offers were. All this tells us is what the seller and buyer finally agreed to for a selling price.

Luxury Homes List-Sell Ratio for Olentangy School District
Price Range Avg List Price Avg Sold Price Avg List/Sell Ratio Avg $ Discounted
$500′s $550,355 $505,957 92% -$44,398
$600′s $649,650 $615,359 95% -$34,291
$700′s $767,200 $715,650 93% -$51,550
$800′s $862,450 $812,500 94% -$49,950
$900′s $992,450 $910,000 92% -$82,450
$1,000′s $1,524,155 $1,274,750 84% -$249,405

As an example, if you’re shopping for a home priced in the $900′s, should you automatically expect a seller to settle at 92% of the list price? NO! These are AVERAGES. Each home will have a unique situation. Your best advisor is your real estate agent. They can check to see how long the home has really been on the market (the DOM resets every time a seller changes agents). They can view how frequently the seller has taken price reductions.* They also can analyze comparatives to determine how they compare to the home under consideration. Armed with all the data, the agent can help the buyer develop a strategy for how their offer should be positioned so BOTH parties feel good about the transaction. And, remember that it’s not always about the price but other terms of the contract are important as well.

* I once saw a home that had been on the market for some time with regular price reductions of a certain amount leading us to wonder “how low will they go and how long did they plan to keep it up?”.

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, Galena Ohio, Home buying process, Home prices, Home selling process, Homes, Housing stats, Lewis Center Ohio, Powell Ohio, Sellers

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