Whitney Lofts Unit Overlooking the Mississippi River OK, so the “For Sale” condo with 17.5′ ceilings and spectacular views of the Mississippi River (photo, above) is listed for only $2.875M. But, that just buys the shell — the unit is currently unfinished, raw space. Assuming that it costs $500/square foot to finish the 4,100 square...Read More
Do the Cars Come With?? Garages are so important to buyers that Chicago agent Michael LaFido “stages” them for his listings. “We’ll bring in vehicles”Porsches, Ferraris, Lamborghinis and Range Rovers,” Mr. LaFido says. “I particularly like Range Rovers because they appeal to soccer moms.” –“The Ups and Downs of Having a Home Garage“; The WSJ...Read More
On the 2 Yard Line vs. The End Zone [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] Test your knowledge of today’s housing market (and real estate law), and...Read More
How do Appraisers and Realtors account for a bowling alley in the basement? Or some other unusual feature, like a helicopter landing pad, 10,000 gallon aquarium, basement basketball court, bomb shelter, soundproof music studio, or dozens of other unusual —and therefore hard to estimate — home features? They don’t. Huh?? Self-Cancelling Features If it’s possible,...Read More
Financial Due Diligence for Home Sellers (and Their Agents) As a former corporate attorney and CPA, one of my strengths selling real estate is helping Sellers “vet” the Buyer’s finances. Before they get to closing. In a nutshell, it comes down to this: “Can the prospective Buyer financially perform?” (legalese for “can they afford the property in...Read More
He Who Adjusts Least Adjusts Best” When it comes to pricing a home off of Comp’s (“Comparable Sold Properties”), the trick is to minimize both the number and absolute magnitude of the adjustments. The ideal would be a condo identical to its peers in every respect ” floor plan, size, condition, location, market conditions, etc....Read More
