Listings in Our Pocket

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2015-08-04 13.50.33In Atlanta, there are many agents who tout “pocket listings” which, simply put, are listings that are never put on the open market.  They are sold without ever being put into the Multiple Listing Service.  It is said that the listing is “in the agent’s pocket” because only the agent and those she or he tells about the listing ever knows that it exists.

There are some instances when this makes sense.  If both buyer and seller agree to a pocket listing for their individual purposes, or prefer the listing not be made public, then it may never go into the Multiple Listing Service.  But it is important or all parties to consider carefully before taking this route.

Here are the PROS for this particular method:

  • From the seller’s point of view, there are limited showings, which can be very disruptive.  There are more limited numbers of people traipsing in and out of the home.  There is more privacy; for when the home is listed, the pictures and price are out on the internet for all the world to see.
  • From the buyer’s point of view, they are gaining access to a home that might otherwise be unavailable for them to purchase (if not listed, they might not know about it otherwise).  They do not have to face competition or get into a bidding war.

The primary potential CON that both sides must consider is PRICE.  The law of supply and demand tells us that when supply decreases, demand (and therefore price) goes up.  If the home is not available to the open marketplace, how does the seller know that they are getting the absolute most that they could get for their home?  From the buyer’s side, how do they know that they are getting a good deal, or are paying more than they should?

If the agent sells a pocket listing themselves, they will get double (or at least more than standard one half) commission.

All parties need to be AWARE of the various considerations and consider them carefully before proceeding as a “pocket listing” so as not to be caught with their pants down (forgive the pun).  The Georgia Real Estate Commission prohibits keeping a “coming soon” sign up in front of a house for too long prior to listing the home in the multiple listing service, but there is no prohibition against keeping a home out of the multiple listing service, and plenty of homes get sold that way.  If you are planning to participate in such a sale, however, carefully consider the pros and cons before you do!

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Do Not Shoot the Photographer

When you are listing your home for sale, it is extremely important that you use professional photographs – and that you are READY for the photographer.  Your part is to have the home ready – meaning your home should be clean, neat and staged for photos.  We help you stage your home and can provide references to cleaners and handymen and will help you through that process.  Then (and this seems obvious, but it is important, as you will see) you must be aware of when the photographer is coming to your home.

We are always extremely careful to be sure you know exactly when the photographer is coming and what you can expect.

Recently in the Atlanta area a real estate photographer was actually SHOT (with a gun) by a homeowner when the photographer arrived to take photographs of the home for a listing.  In February 2018 the photographer, Whitney Morris, entered the Douglasville home through the lockbox (as photographers often do), but the homeowner was surprised by his entry and shot Morris through her bedroom door.  The homeowner says that she did not know the photographer was coming.

Morris survived, but is severely injured.  On a gofundme.com page, many have donated to help Morris, including multiple other photographers, one of whom wrote: “You don’t know me but I’m a re [real estate] photographer out of California and this is a worst nightmare of mine.   Knowing you’re going through this leaves my stomach in knots.  Knowing it is about to be our busy season where we make the bulk of our income is horrifying.”

Having your home on the market can be disconcerting – you will be letting lots of people into your home; the photographer, then agents and buyers.  Be sure you have a strong team on your side keeping you informed and ready for what is to come.   And know when your photographer is coming, of course!

PHOTOGRAPHER

Every home going on the market ought to be photographed by a professional.

Atlanta’s West End – the Wren’s Nest

I love playing tourist in my hometown. Living in Atlanta, it is easy to forget how much there is to enjoy here – until someone comes to visit from out of town and you take them to the usual places like the Civil Rights Museum, Martin Luther King Center, the Beltline, the Aquarium, the World of Coca-Cola, etc.   I have vowed to check into a few more of the hidden and less visited treasures that are right under our noses.

I had mixed feelings about one of those – the WREN’S NEST, also known as the Joel Chandler Harris house.  It’s right smack dab in the bustling West End of Atlanta, a very vibrant and racially diverse area.  But I thought of the home’s past as racist.  The famous and now deceased owner, Joel Chandler Harris, was an Atlantan who wrote more than 190 books, the most famous of which were the Uncle Remus books.   Harris was a shy person who stuttered, so rather than speak he wrote – prolifically – and put to paper the stories told to him orally on a plantation near Atlanta when he was a young boy working for a plantation owner.  I have always thought of the Uncle Remus books as a vestige of the Old South and racist, perpetuating racial stereotypes.

And indeed, there is a lot of controversy over the Uncle Remus and Brer Rabbit stories that Harris wrote.   Uncle Remus and the stories he tells perpetuate racial stereotypes.   While the preservation of house dating from the 1800s is rare treasure in Atlanta, should we even be focusing on who lived there, if racism is what his works reflect?   The staff here does a great job of answering those questions and of presenting a whole picture of both the man who lived here and the house he inhabited.

I mean, what if Uncle Remus, long reckoned by many scholars and readers to be a racial stereotype and a sad vestige of Old South nostalgia, was instead a nuanced character who consistently subverted white authority and Old South social codes?

from a pamphlet at the Wren’s Nest by Lain Shakespeare, Former Executive Director at the Wren’s Nest

The house and the stories written here are a fascinating part of Atlanta’s history.    I urge you to see for yourself – and would love to hear your thoughts.

 

 

Atlanta’s Tallest Residential Tower Rising

Opus No 2

Project rendering for Opus No 2, to be built in Midtown Atlanta.

A glimmering jewel is set to rise in Midtown – one that will reach upwards toward heaven while connecting arts venues here on Atlanta Midtown’s earth.  Opus No 2 will be Atlanta’s highest residential tower at 53 stories and 688 feet and will be built near the Woodruff Arts Center, the High Museum, and the MARTA Arts Center Station with pedestrian access to all.

The renderings are beautiful, and according to descriptions, the building will feature a pinwheel effect with the glass that will shift with height.  The building is designed by Perkins + Will’s Atlanta office.  The  project is team led by Design Director Manuel Cadrecha, who states on the project’s website, “we see No.2 Opus Place as the new centerpiece of Atlanta’s most exciting neighborhood.”

Atlanta’s tallest building overall is an office tower – Bank of American Plaza – at 935 feet.   Opus No 2 will be purely residential, and so will hold the “tallest” title in Atlanta for residences, not for buildings in general.  But it will tower ten stories above the nearby Four Seasons tower and is “the” new place for would be sky dwellers willing to dole out twelve million dollars for a penthouse in the ether.  Those of more limited budgets can purchase a smaller unit on a lower floor for closer to half a million dollars.

I am excited about this Atlanta milestone.  While Atlanta does not have the tall towers of New York or Chicago, this high rise will add a certain air of sophistication and elegance to Midtown, particularly with its artistic nexus.  Opus No 2 will be quite cosmopolitan – a vertical city, complete with hotel style amenities, including infinity edge pool overlooking 14th street, club level (named “Mozart’s 41st” on – you guessed it – the 41st floor) with demonstration kitchen, fitness rooms, an indoor/outdoor yoga area, an IMAX theater, a library, several guest suites, and other perks for residents.

Why OPUS?  Here is my educated guess.  In the classical period, opus, which is Latin for “work”, was used to identify and catalogue works of art.  So if the tallest residential tower is No 2 Opus, where is ONE Opus?  In fact, it will be an adjacent art gallery space designed by Richard Meier that will front 14th Street.  So Opus One and Two are Midtown’s catalogued first and second new works of art in the form of architecture, and that’s something to look forward to.

Is Atlanta’s West End the “Best End”?

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Curbed.com is a cheeky but informative website about real estate.  It covers a number of different cities, but you can specifically choose “Atlanta” for local news about all things real estate.  It is fun, full of information, and the comments from other subscribers can be quite amusing.
Every year CURBED runs a “Neighborhood of the Year” contest awarding the “Curbed Cup”, a self proclaimed “prestigious, nonexistent” trophy.  For 2017, the WEST END won again (having won for the first time in 2015).  What’s with the West End?  Well, for starters the Beltline is there.  Breweries and other development are taking shape along the new Beltline (of course).  There are lots of historic homes that are still available below half a million dollars.  According to Wikipedia, “It would be difficult to find a neighborhood more closely linked to the city’s, state’s, region’s, and nation’s historical development than the West End district of Atlanta.”  In the 1880s, many wealthy people had large estates in the area.  While the area fell in and out of hard times, today it is among the most culturally diverse and heritage rich areas of Atlanta.  There’s even a popular hashtag, #WestEndBestEnd.  The young and hip know about it, and the rest of us should, particularly if interested in real estate investment.
If you have never been to the West End, take a ride to the Wren’s Nest, the home of Joel Chandler Harris and Atlanta’s oldest house museum (Harris created Uncle Remus and B’rer Rabbit).  And take some time to see the Beltline and eat at one of the downhome restaurants nearby, like Harold’s Chicken Shack
Property values are climbing in the West End, but it is not too late.  There is much more development planned and there are still great investment opportunities.  If you are interested in purchasing investment property or your own home, now is a great time.  Contact us for more information!

Atlanta is so Urban!

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Urban Graphic off Ponce de Leon in Atlanta

This awesome graphic about urban living is found near Ponce City Market in Atlanta.

love this billboard off Ponce de Leon near the Ponce City Market.  It encapsulates a phenomenon – a subset generation of homebuyers who are not choosing to live in the more traditional neighborhoods of Buckhead, Virginia Highland, or Decatur, but who are instead moving to the “edgier” parts of town which are now rising in popularity and in value.

For some young homebuyers, price drove them away from other intown neighborhoods.  They could not afford Buckhead, and rather than move outside the Perimeter they chose to live in a less expensive neighborhood closer in.  For still others, it is a conscious choice – in fact, some will pay Buckhead prices to live in these emerging urban neighborhoods like Edgewood, Kirkwood, Adair Park, and the like.

What do we mean by “urban”?  In real estate parlance, it means “in the city” or the more densely populated areas close to traditionally commercial areas.  It means an area where one can walk to retail and to public transportation.  In the past, the term “urban” was often used derogatively to describe a crime infested inner city area.  But these days, urban is in.  The influx of buyers into closer-in Atlanta is increasing, and it is not just the Millennials who are making the move – many empty nesters and even the elderly are moving in town as well.

The trend is particularly evident in The Beltline neighborhoods.  As you probably realize by now, The Beltline is a 22 mile walk/bike/transit loop around Atlanta that is one of the largest urban redevelopment projects in the United States and has garnered national and international attention.  It will be years before all segments are completed, but much of it is finished now and if you live close to one of these segments you have the ability to walk out your door and into the future.  Along the Beltline you can exercise, enjoy art, shop, walk to work – all without getting into a car.

But this does not mean that those neighborhoods not in the urban core are suffering.  Buckhead, Virginia Highland, Decatur …. They all continue to increase in value and many of the urban buyers will buy in one of the more traditional neighborhoods in the future.  Also, Atlanta is growing, so there are plenty of residents to go around.  Some of the neighborhoods and cities not in the core and even those not inside the Perimeter are becoming more urban themselves by creating mixed use developments (live/work/play) that become an urban center of their own.

For instance, Perimeter Center in Dunwoody has grown up around the MARTA Station there.  Once Dunwoody was almost entirely single family homes and shopping malls.  Now it is cosmopolitan and hip.  And Marietta’s square is an urban city center from another era that has new life now that we again appreciate walkability and greenspace.

The real estate world is changing, but in Metro Atlanta there is room for everyone – those who love living an inner city lifestyle and those that do not.  We are so urban!

Hollywood’s Calling for Your Atlanta House!

Atlanta and surrounding areas have become the darlings of Hollywood. We are now the number one filming location in the world for movies!  And you have undoubtedly seen Atlanta taking a starring role in many television shows and movies. It all started with the Georgia tax credits for filming, and then seemed to snowball as production companies learned how much else our state has to offer, like temperate weather for much of the year. Also, a ready, willing and skilled workforce. A wide variety of different environments, cities, housing stock and “looks”. And voila, before you could say “there’s no business like show business”, our city became a star!

Atlanta Starred in Baby Driver

More and more movies and television shows are being filmed in Atlanta. Could your HOME be the next STAR?

With so much Hollywood going on here in Gollywood (Georgia), chances are that if your home hasn’t had a starring role in a movie or television production, your neighbors home HAS. Why not your home, and what does it take to get your home considered as the next movie set?

The first step is to be sure that you want to do this. It sounds very sexy and amazing and all, but consider the downside before you decide to allow Hollywood into your home. First, film crews have lots of heavy equipment and that equipment and accompanying crew will be traipsing through your property without your supervision (since generally the agreement will be that you stay away from the home while the filming is taking place). The price of stardom, as it were. Is this something you are willing to put up with?

Is your family willing to move out while filming takes place? Different productions pay differently, and while it is true that it can be more than worth your while, some productions will barely cover your costs of making the home available and moving into a hotel or other rental property for the duration of the shoot. And keep in mind that delays in filming are common. Damage can happen. Are these risks you are willing to take?

It is important to keep in mind that terms are negotiable. If you are interested in having your home used as a “set” and a production company is interested in YOUR property, you can negotiate the terms. Of course, if you have unrealistic expectations you are unlikely to get any Hollywood types to agree and you risk the “gatekeepers” writing you off as unrealistic and not putting forth your home for consideration in the future.

But before we get to negotiating the terms, we must get interest in your home. Exactly what makes a home Hollywood worthy? Typically location managers will be looking for very specific things. For instance, for a recent shoot the producers were looking for a 1970s style home very close to a similar home right next door that would also allow shooting to take place. It was the need for two homes beside one another that eliminated many homes from consideration, since even if YOU are willing to make the sacrifices required, many times your neighbor may not agree. Perhaps the location manager needs an Italianate Palace and you own a small ranch. So just like HUMAN stardom, home stardom carries a large element of luck and of being in the right place at the right time.

But you will not know if your home is right for a particular role if it is never called to the “audition”. Sometimes the audition comes to you in the form of a location scout. Particularly if you have a unique home, you may get a flyer in your mailbox asking if you are interested in your home being considered for a particular use. The flyer will state the working name of the production and what they are looking for. If you agree to be considered, the location manager sends a photographer (or takes the photographs him or herself) and will submit them to the producer for consideration. This is the functional equivalent of being “discovered” at the Hollywood soda shop and just about as likely. So you might consider proactively seeking consideration.

​One place to start is the official Georgia Film Commission website, where you can submit pictures of your home for inclusion in their database. http://www.georgia.org/industries/entertainment/georgia-film-tv-production. Note that the property you submit does not have to be a home – it can be a business or other property. Once you upload to the database, it will be available to a wide range of producers and companies for consideration.

There are also “home casting ​specialists” in Atlanta who will ​handle the process for you. ​They can oftentimes negotiate a greater deal for you than you can do on your own because a good specialist will know the industry, the players, and what can be negotiated​​. One ​great ​specialist in Buckhead is Taryn Bowman, and her website is http://www.castmyhome.com.​ Taryn told me of a recent experience: “​I received a call from a​ n​eighbor who had a movie production company show interest in her home. She immediately called me to work out the deal. I told her to let them say a price first and that I would take it from there. They quoted her $10,000 for a set-up day, a shoot day, and a wrap day. Then I had the homeowner step out of the equation, and I worked directly with the company, 20th Century Fox, to negotiate much better terms for her. I got her $20,000 and a night in a suite at the Ritz plus per diem.​” ​ Taryn does not charge the homeowner – she negotiates a fee for her services from the production company.​

​​Perhaps instead of presenting your home as a place to film, you want to rent out a property for cast or crew housing​. To do this​ you can list your home for rent with us (or one of our team members​)​ on the multiple listing service, thereby opening up your property to a wider range of executives and professionals in addition to the entertainment industry. We list rentals that are offered on a yearly basis (rather than month to month). While we do not market properties to casting directors, we are always here as your property advisors when you want to buy, sell, or lease your home! If you will forgive the pun, you are “star” of our show and we appreciate your business and your referrals!

Falling in Love with Atlanta All Over Again….

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It would be hard NOT to love Atlanta, the City in the Forest, wouldn’t it?  I know that not everyone does.  But there’s so much to love about Atlanta, and it gets better every year.  I currently spend most of my time in Dubai, UAE, with my architect/husband who is on assignment here.  Dubai is a city of crazy architecture; one writer describes it as the city designed by drunk architects, and so it seems.  Every building is crazier than the last.

So returning to Atlanta is refreshing.  Every day The Beltline is more developed and new projects are announced.  Not crazy architecture like Dubai, but Atlanta’s version of modern.  An old Sears building repurposed to office, shopping, and events (Ponce City Market).  Old railway tracks repurposed to an amazing hiking/biking/transit trail (The Beltline).  And there is a real property boom in Atlanta right now with more than 45 new projects in Midtown alone this year, according to Curbed.com.

But Atlanta’s growth is not unfettered; the city does its best to make sure growth occurs in an orderly and smart way.  So Atlanta has announced “Atlanta City Design” – a design for future growth and development so that future growth has direction.  The emphasis is on PEOPLE and NATURE, and “people IN nature”.  Thus, the City in the Forest will remain nature focused while progressing forward.

As I watch what is going on in my beloved home city of Atlanta, I am full of pride and hope, and as I dust desert sand off our balcony overlooking the tallest building in the world, I pledge to enjoy my time here, but I cannot wait to return to Atlanta and see what is in store!

Dubai is Different

“Do not tell outright lies” the book says.

Right there in the Code of Ethics, Dubai Certified Training for Real Estate Brokers, “do not tell outright lies.”

So I, the lawyer, wonder about the ambiguity of this.  Does it mean that under their Code of Ethics it is okay to lie if you are telling a lie of omission?  To tell an untruth if it is half true?

Studying for the real estate exam in Dubai is interesting… and unnerving.  As you probably know by now, my husband the architect has been sent to Dubai to help design in the world’s most creative architectural city.  How could he refuse?  And I was eager to embark on this new adventure with him.  So while my real estate business in Atlanta is alive and well – with the help of my able colleague Cathy Lamon – I have taken the team international by getting my real estate license here in Dubai.  I now straddle both cities.  But since you are an Atlanta client, let me tell you about the city you may not know – Dubai.  Please consider coming to visit!

Dubai is a new city – Dubai as we know it came into being, really, in the last fifty years (before that time, the area was inhabited by Bedoins in the desert, without electricity), and Dubai’s RERA (the Real Estate Regulatory Agency) did not come about until 2007.  So in putting together the legal construct governing Dubai, the makers had the benefit of the collective wisdom of many other jurisdictions which have promulgated real estate laws over the course of many years.

Still, the system is far from perfect.

Some of the disconnect may come from the fact that I am reading everything in ENGLISH, and as this is an Arabic country, presumably all has been translated, sometimes invariably imperfectly, from Arabic.

In fact, Dubai has achieved some incredible things in the area of real estate.  For one, there is the first gigantic man made island – three miles by three miles, in the shape of a giant Palm Tree, and known as Palm Jumeirah.  On the Palm, it is difficult to buy anything that costs less than $500,000 US and most properties cost much more.

There are TWO other “palms” planned.   Both of them larger than the one already built.

Then there is “The World” – a series of 300 private man made islands out in the middle of the Persian Gulf that are shaped like continents.  “The World reinvents the earth and offers the ultimate in privacy and exclusivity” says the marketing.  Richard Branson already owns Great Britain.  The islands are accessible only by plane, helicopter or boat.  If you want something smaller, you can buy a “sea house” – which is a standalone house in the middle of the sea that is glass immersive – from your bedroom below you see, well, the sea – and hundreds of sea horses that will breed in the special habitat created for them close by.

So you see that Dubai’s real estate market is nothing like anything you have ever seen before.  In scale, in ambition, in creativity, it is unique.  It is a city of superlatives.  From our balcony, we see the Burj Khalifa – the world’s tallest man made structure at 2,722 feet high.   Dubai boasts man made marinas and canals.  Much of this to increase waterfront property, which is more valuable than that which is not waterfront, particularly in this desert country.

It is so much different from Atlanta.  So not surprisingly, real estate laws and rules are different also.

“Do not outright lie.”  I won’t lie period.  So I know I am within the law.  Dealing with others who follow this different code, however, will be an adventure in and of itself.   Please follow my adventures at www.yousaydubai.com.  And know that our team is available to help you in Atlanta, Dubai – or wherever you need real estate advice!

Dubai Real Estate Friends

My friends from Dubai Real Estate Class – we are from Ethiopia, Saudi, USA (me), Argentina and Croatia. Truly International!

Shining Light on “Blind” Offers

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Low Inventory, Fast Turnover

Property is moving quickly!

Low inventory and rising prices make for harried – and hurried – homebuyers.  Our client Michele couldn’t get into homes fast enough – due to her work schedule and travel, homes were under contract before she was available to even see them.  So Michele took an extraordinary step that we are seeing more and more clients take with increasing confidence.  Michele made an offer on a home that she HAD NOT YET SEEN.

This is becoming more common according to the National Association of Realtors.  Because there is so much competition over limited inventory, buyers like Michele – or buyers who are moving in from out of town and aren’t IN town to see a new listing – are more and more likely to make an offer sight unseen.  While it is always preferable to see a home before you make an offer on it, there are circumstances where a sight unseen offer can work out.  Here is our handy guide for successfully making an offer “sight unseen”.

  1. Sight unseen only means that YOU have not seen it. As your agent, I will have seen it if you cannot, and preferably with a trusted family member or friend you designate as your eyes on the property prize when you are not available.
  2. The sight unseen tactic is most likely to work if you have a base knowledge of the inventory out there, and a good idea of the area in which you want to buy. If you know you want to live in Virginia Highland, for instance, and have seen enough in person to know what you like but are not available with the “right” listing comes on the market, a “blind” offer might be fine.
  3. To increase the chance that your sight unseen offer will be accepted, be sure that at least your agent has seen it, and write a note to the seller about why you are in a hurry to make an offer and what about the home seems perfect for you.
  4. Make sure you see the property AS SOON AS YOU ARE ABLE. Even if we feel the property will move so fast that you have to get an offer in right away, when you come to town or are free from work, SEE IT as soon as you can.
  5. Most contracts in Georgia have a DUE DILIGENCE period during which the buyer can terminate for any reason or no reason at all, making it much less risky to make a sight unseen offer than if we did not have that due diligence period. However, to be fair to the seller, to other buyers and to yourself, if the property turns out not to be right for you, you will need to know sooner rather than later and terminate the contract as soon as you know it is not the right property.

While a seller will prefer a buyer who has seen their home personally, this phenomenon is *good news* for sellers.  Buyers will to make good offers “sight unseen” mean there is great demand in the marketplace.  So if you have been thinking about selling your home, NOW is the time – please call and let us show you how to get the most money for your property.