New Fire Code Takes Effect December 1st

Starting next month there are new regulations concerning placement of smoke alarms and carbon monoxide (CO) detectors. To be fair, they aren't much different than what we've been doing for the last year or so, since the new Eastham Fire Chief (Chief Kent Farrenkopf) has been in office. The new rules can be found ... Here.

Of note, two additional points that need to be made. 1) All smoke and CO detectors need to be less than 10 years old. And 2) many of our homes sit unoccupied for weeks at a time - longer than the 'chirp' period of a failing smoke detector battery. It becomes imperative that the batteries get changed annually. A completely dead smoke detector is of no use. 

Why Do We Fall In Love With Houses?

A recent survey by Realtor.com shows that falling head-over-heels for a house is fairly common—69% of those surveyed reported that they have had a home crush. House-hunters are drawn to the same house again and again. Researchers say that many people approach house hunting the same way they approach dating, by checking compatibility and fit. But it's the intangible factors that take a house from crush to true love, says the Realtor.com consumer-housing specialist.

As a Realtor, I love it when a house becomes the subject of a crush or even true-love. The decision process becomes pretty easy.

Read the full article on the Wall Street Journal's 'Developments' blog...Here.

Now's The Time For Second Homes

The Wall Street Journal recently ran an article asserting that now is the time to buy in several noted second home markets, including Cape Cod. Not only are the mortgage rates at extreme lows, but some of these markets are starting to rebound from their prior lows, price wise. Check out the article in the WSJ, and the video, below.

Kitchens Sell Homes - Not A Surprise

More times than not, when I show a home the most important room in the house is the kitchen. Two reasons - 1) it's generally the focal point for family living, and 2) it's a room that reflects real potential future costs. Additionally, the kitchen is often what separates a summer cottage from a year-round home. Simply put, the kitchen can make or break a sale.

Read an article from the Realty Times about kitchen remodeling's importance in selling your home...Here.

Extreme Ice & Snow Homes - This Old House Photo Essay

Snow and Ice Houses - Nobody actually lives in them. They are not for-sale. They are often the epitomy of the impractical. But, they are fun, and very interesting. Some of these are available to stay in overnight.

Check out the 16 homes in this photo essay from the This Old House's website. The photo essay is here...

Home Appraisals - A New Problem?

Home appraisals have long been part of the home buying process. They are ordered by the bank or mortgage lender to ensure that they are covered should the 'new' homeowner walk away from their loan and forcing the lender to foreclose on the property. They typically will lend up to 80% of the property's appraisal value, or 80% of the agreed-to price, whichever is less. In the past appraisals have come in higher than the selling price of the home, so they have been simply part of the process, and not interfere with the transaction. More recently, however, they have come in lower than the price of the home, causing problems.

What are the options, for Buyers and Sellers? SmartMoney.com recently put it all together in an article that's a must-read for both Buyers and Sellers...... Here.

Upgrade Your Rental Home Tax Free ... But ...

Have you thought about upgrading your vacation rental property but were afraid that you'd have to pay capital gains on the sale? Nicely, Uncle Sam has created a way, called a '1031 Like-Kind Exchange', to make the trade, deferring any capital gains taxes until the final 'cash-out', which can be decades down the road. These 1031 exchanges have a number of rules and need to be executed correctly, but can save many thousands of dollars. Forbes.com ran an article called the 'Ten Things to Know About 1031 Exchanges'. It's good reading. Be sure to read #10 for vacation homes.

If you'd like to explore a 1031 Exchange for your Eastham property, please give me a call.

Wall Street Journal - Vacation Home Markets Are Up!

Today's Wall Street Journal ran an article that highlighted the fact that vacation home areas are experiencing a rebounding marketplace. This is, of course, what we've been seeing here in Eastham and the Outer Cape (see prior article, below). As discussed in the article, vacation and second home markets react differently from 'normal' markets. Very few folks have to sell, and very few have to buy - providing a bit of stabilization to the market.  Check out the article...here.

The article points out that across all of Barnstable County (a.k.a. Cape Cod) sales volume was up 9%. Eastham saw a 31% increase.

Homebuyers' Tax Credit - Time Running Out!

The new 'expanded' home buyers' tax credit program will run soon, April 30th. This will provide up to $8000 for 'first time home buyers' and $6500 for 'move up buyers'. That means that you need to be under a formal contract (i.e. Purchase & Sales Agreement) by April 30th. These credits only apply toward the purchase of a primary residence. Read more about this credit on my Lowes/Rismedia home improvement page....Here.

Massachusetts' Homestead Act

Massachusetts law provides a mechanism for homeowners to protect significant equity in their homes from most creditors. A Declaration of Homestead, prepared for the owner, executed by them, and recorded at the Registry of Deeds in the County where they reside, provides the protection allowed by the statute. The Homestead Act allows homeowners to protect a total of Five Hundred Thousand Dollars ($500,000.00) in equity in their principal residence from attachment, levy on execution, or sale for payment. The filing fee with the Registry of Deeds is $35.00. There are exceptions and additional benefits for seniors and the disabled. Go Here for more information.

This information was provided by ParkerScheer, LLP, Real Estate Practice Group

Top 10 Home Sellers' Mistakes

It's never too late to benefit from others' mistakes. HGTV's FrontDoor online published a story recently that counted down, Dave Letterman style, the top 10 mistakes that home sellers make that can cost them real money. Mistake #10 is "Waiting for spring" to sell your house. Go to FrontDoor.com for the whole story.

Bernie Madoff's Beach House For Sale

It was inevitable that our pal Bernie Madoff's holdings would be sold to pay his victims. The most recent piece of real estate to hit the news is his beach house in Montauk, Long Island. It's a modest 3,000 sq ft modern home on the beach, with a huge center room, 4 large bedrooms, an oddly shaped pool, and views. Take a look at the New York Times article, here, and don't forget the slideshow. Not bad. The Feds have put it up at $8.75M, but won't take a penny under $7M. Furnishings extra!

Danny Is Depressed!

Tropical Depression Danny (formerly Tropical Storm Danny) is a victim of the times. Although his projected path will brush the Outer Cape, the current peak wind strength will be in the mid-40's (mph). T.D.Danny could never pull himself together, so when crowded by a storm from the west, he simply fell apart. Catch the whole story at http://www.weather.com/. If this storm didn't have a name, it would be no more interesting than a 'standard-issue' Nor-easter.

Even so - today will be a bust. The rain has been falling steady, and heavy at times, since late last night. The winds should peak at roughly 2 AM tonight. The waves should be impressive. A great day to show real estate (ugh!).

Top 10 Value 'Adds' For Your Home

What do 'add a deck', 'update your kitchen', and 'update your windows' have in common? Well, the title gives it away. They are among the top 10 things you can do to add value to your home when it comes time to sell. Take a look at the whole list, from HGTV's FrontDoor.com.

Wellfleet Marshfront Home - Must See at $899K

Wellfleet - New Listing - This is a new listing for a fabulous 3000 sqft house in Wellfleet overlooking the marsh. This home has 4 bedrooms, 3 1/2 baths, hardwood floors, granite counters (kitchen and bathrooms), a full walkout basement, A/C, and a 2 car garage. The listing price is $899K.

Go to http://150blueheronrd.robertsheldon.com/ for more photos and a virtual tour.

10 "Secrets" for Selling Your Home

HGTV posted an article called the "10 Best Kept Secrets for Selling Your Home" on their website. I'm not sure how secret they are, but they are interesting reading. Take a look...Here.

Manny's Boston Penthouse For Sale

Manny Ramirez's (Manny who?) Ritz Carlton penthouse is for sale, for a whopping $8.5 million. Well, what do you expect for a 4 bedroom, 5 1/2 bathroom, 4,400 sqft condominium in downtown Boston? It's just a few steps from the theater district and many of Beantown's best restaurants. Manny, of course, was 'transferred' to the LA Dodgers for $45 million for 2 years. Of note, Manny bought this condo in 2001 for about $5.8 million. Go to Zillow.com to read the whole story and to see the listing sheet.

Wellfleet - Limiting Size of Seashore Homes

It looks like the Town of Wellfleet will be limiting the size of new homes built in the National Seashore to 3,600 sqft total and 2,800 sqft of living space. This will apply, primarily, to home renovations and (the ultimate nenovation) tear-downs. Read the story in the Cape Cod Times.

CapeCodTimes.com - Attorney general OKs limiting size of Seashore homes

Outer Cape - Sales Comparison - 2008 vs 2004

Below is a graph of the median single family home sales data, comparing 2008's sales to the sales of 2004, the year before the current real estate slowdown began.

As you can see, with the exception of Chatham, prices have suffered somewhat since 2004. However, they have held up well in comparison to the national average of roughly a 30% decline.

What Is A Contingent Sale?

Sometimes potential home buyers need to sell their current home in order to afford their 'next' place. Although not that common in Eastham and the Outer Cape (since many of the purchases are for second homes), it can be the norm in some areas.

The 'difficulty' is that the sellers aren't particularly interested in waiting for the buyers to secure a viable offer on their home. Sometimes the wait can drag on for significant periods of time, especially in the slow market that we have seen for the last few years. Fortunately, it doesn't have to be that limiting for the sellers. HGTV's FrontDoor website has an article that details these contingent sales. Go to FrontDoor.com.