•  Check out the Party at Sawyer Point. Wednesdays –Tonight, July 1, it’s Red, White & Rock Night, with Prizoner. July 15th,  It’s Reggae Night with Super-Massive.

• July 3 – Head up to Mason, Corwin Nixon Park. Huey Lewis and the News
• July 3 – All Star Comedy Tour – P & G Hall, at the Aronoff Center
 
• July 6 – Hear Counting Crows a the PNC Pavilion. Also at the PNC Pavilion this month:
        July 8 – Stone Temple Pilots….I can never get enough “Spoon Man”. A great song to run to!
        July 21 – Pull out the black leather, it’s Judas Priest.
        July 28 – A little too much metal?…then how about Jackson Browne
• July 8 – I have to see this again! The Musical of Musicals at the Showboat Majestic. If you like an intimate theatre setting where you feel like you can just reach out and be part of the show, you have to go to the Showboat Majestic. This great production will be a wonderful introduction to the fun of the Majestic!
• July 10 -12 – St. Rita Fest at 1720 Glendale-Milford. One of this area’s most popular fund-raising festivals. Come on out! A good time for a good cause!
The following events don’t even begin to tell you all there is to do at Jungle Jim’s, the Foodie’s Paradise! Check this out:
July 4 – John Sebastian in concert! Formerly of Lovin’ Spoonful, but better known by an entire generation as the guy that sang “Welcome  Back”, as in Welcome Back Kotter.
July 11 – Wine tasting & Celebration: Benefiting the Shayne Graham Foundation. VIP Reception at 6 with Food, Music & Celebrity Guests
July 24 – Have you been to DaVeed’s in Mt Adams? NO! You must go! It’s “special occasion” prices, but truly one of the most outstanding meals I’ve ever had.  David Cook, the chef with an impressive history in Greater Cincinnati culinary circles, will guest chef!
Be sure to check out http://www.junglejims.comfor more information, times, reservations and costs.

Everyone loves summer food!

There is ALWAYS something happening at Jungle Jims!

• July 14 – Broadway Across America presents “Mamma Mia!” at the P & G Hall, Aronoff Center. Go ahead, belt out  “Dancing Queen”. You know you want to!
• July 16 – Live at the Levee, with the Menus. Newport on the Levee
• Pack up the Family and head to a Reds Game. Buy the $5 “Cheap Seats” for an economical night out. There isn’t a bad seat in the place! Check out their schedule here
• July 18 – Head to a Dive-in Movie at the Beach Waterpark. “Madagascar: Escape 2 Africa” is showing
• July 18 – Can’t make it to the Beach? No problem….try the Saturday Night at the Movies on Fountain Sq. “Free Willy’ & “Lemony Snicket’s A Series of Unfortunate Events” will be playing
• July 22, 24 & 26 – Ready for a little culture after splashing in the pool and hanging out at the movies? Try the opera “Carmen”, at Music Hall
• You’ll find Fourth of July events and fireworks around town here. Get the lawn chairs and soft drinks….it’s time for the show! Check out the list here, and enjoy!

Red,White & Boom!

More Cincinnati real estate information can be found at RealCincy.com

When gold coins were plentiful, the princess was loved by the people. After the darkness appeared, some would even want to literally argue, challenging her to a duel, about why their castle was special, and how it had escaped the plague on the land. “But I’m next to a park” shouted one! “But I’ve just drained the swamp!” yelled the other. “Could you not see that I’ve painted the Great Hall blue, the master suite purple, and shined all the suits of armor?!” raged the next.

After the darkness appeared over the faraway land, some people decided to not sell, but perhaps re-finance their castle. Maybe take cash equity out of the castle, and dig a bigger moat or pay down some credit cards. Perhaps finance a trip to another far away land: Acapulco or the Grand Cayman Islands for instance.

If we are going to re-finance, we’re going to need an appraiser. If we have an appraiser, we have an opinion of value. The key word here is “opinion”.  I’m not here to suggest that we send the appraisers to the stockade.  Not even close. I successfully work closely with an appraisal group to assist me with our Serious Seller Program. Now, that being said, let the story telling continue.

A couple of weeks ago, someone I know gave me a copy of an appraisal, now about 6 months old.  If you can remember back with me, to January 2009, the Greater Cincinnati real estate market wasn’t exactly stellar, and the MLS stats that I posted outlining 2008 final numbers spoke to that point. As the market has continued to remain low these last 6 months, it’s possible that the future reporting will show that it was better then, than it is today!

I would love to be able to share the entire contents of this book of fiction, um, professional appraisal, but ya’ know that’s not going to happen. I will however, continue with the “fairy tale” aspect of this story, by sharing a couple of key thoughts. This was a well intentioned appraisal, I’m sure. However, the mistakes made, and the storybook effect of this tale of fiction disguised as an expert appraisal, has yet another homeowner thinking her castle may be worth a few thousand more than it is.

The point of the appraisal was, as you’ve probably gathered, for a re-finance.  The home is served by a school district with an “Excellent” rating, per the Ohio Department of Education. That school district had 207 sales in July 2008 – January 2009. In the same time period, one year prior, July 2007 – January 2008, there had been 236 sales.  I know you did the math: 29 fewer sales
Now, check out this information:
2006 – 504 Sales. Median List Price: $215,000 Median Sales Price: $209,250
2007 – 419 Sales. Median List Price: $205,000 Median Sales Price: $195,000
2008 – 387 Sales. Median List Price: $189,900 Median Sales Price: $184,500

Here’s how the fairy tale continues: this appraisal was performed the first week of January 2009, thus the appraiser would have concentrated on the 6 months prior to the report.  The appraiser would have access to the above information; however, this is not the type of sales history an individual appraiser will take the time to create or consider for one homeowner. The appraiser commented that this area had “…stable to modestly increasing property values.” I don’t know about that. What do you think?  $184,500 SOUNDS like quite a bit less to me than $195,000. A $10k drop in median value for one of Greater Cincinnati’s most popular areas in one year’s time! That’s information I might like to have if I’m selling a home, or re-financing and looking for true market value, (not pumped up re-fi value)  now that the dark cloud of slow sales has moved over the land.

Let’s consider something else in the appraisal that will cause even the sturdiest gargoyle to rock off its base. Under the “Additional Listings” section of the report, the appraiser voluntarily and arbitrarily decided to discuss a home that was being offered “for sale”, in “active” status in MLS, far above the most probable sales price, or market value, of the subject property. This home was entered into the report as an “oh, by the way” commentary. Just what did the appraiser say? Glad you asked. She noted that while “…this is not to be considered a comparable, due to the fact that it does not meet the requirements of a comparable, which is a closed sale. This listing exhibits the strength of the market in the area”.  In my book, 32 fewer sales than the year before, with a $10,000 drop in median price doesn’t sound too strong…but what do I know?   That “non-comp”  home was on the market, the day of the appraisal, January 6, 2009 at $183,500. It had first entered the market priced at $187,500. Currently, the home is still being marketed, 301 days later, and reduced to $177,500.

In some wierd way, I guess you can say the this home “…exhibits the strength of the market…” I just don’t think that was the twist the appraiser was going for.

In the meantime, there is a homeowner who has been given some “false hope” about the reality of the real estate market. Unfortunately, she has put her faith in this appraisal that is riddled with inaccuracies. I think I know a princess whose frock is about to get dirty.

More Cincinnati real estate information can be found at RealCincy.com

Do you want to know what has been happening to real estate in Clifton Gas Light? If so, this is the report for you!

My name is Bryan Casteel and I live in the Clifton area and I am a real estate agent with RE/MAX Unlimited. Along with my Marketing Manager at my real estate team, The RealCincy Group, we just finished analyzing all the sales from the Greater Cincinnati MLS that have occurred in the Clifton Gas Light District since 1993 (almost 17 years of sales!).

We looked at prices trends, days on market, foreclosures and more. Out of this effort, we have produced the Clifton Real Estate Report.

With this report, you will learn:

• What has happened to prices of homes in Clifton Gas Light over the last 17 years
• How home sales have been affected by the foreclosure market
• What the price trends are for different sizes of homes (broken down by number of bedrooms)
• Why certain homes are not selling and other homes are “flying off the shelf”
• Are we “at the bottom” or is there more “pain” to be felt?

We have also included a whole section on what you can do to protect your home’s equity when selling in this difficult market.

We have both worked very hard to pull this information together. It is our hope that you will find this a valuable insight into the current market and where things may be heading in the future. We will continue to update this report on a regular basis to keep you informed.

This report is free for anyone, request your copy today!
[sniplet form2]

More Cincinnati real estate information can be found at RealCincy.com

• Thomas & Friends – June 10 & 11, Bank of Kentucky Center, NKU
• Riverbend Music Center has a great line up for June:
June 4 – Coldplay, June 12 – Garrison Keillor’s Prairie Home Companion, June 16 – Dave Matthews Band, June 19 – Brad Paisley, June 20 – 311, and June 27 – Oh yea, they’re back! It’s The New Kids on The Block.

• Milford Ohio Kicks off the Summer with the 47th Annual Frontier Days! June 4 – 7. The parade starts at 6:30 on Thursday June 4th. Enjoy Food, Games, Lawn Mower Races, Karaoke Contest and the Big Chicken Dinner. Check out the official Frontier Days site for more information!

• At the PNC Pavilion at Riverbend The Offspring play June 24
• Broadway Across America Presents “A Chorus Line” at the Aronoff Center through June 7
 
• Cincinnati Symphony Orchestra – June 18, Music Hall. Featuring the Mormon Tabernacle Choir
• Playhouse in the Park presents “Marry Me a Little” – Through June 14. In the Thompson Shelter house.  Songs by Stephen Sondheim. “What can you do on a Saturday night alone?” These and other meaningful questions answered comically and musically here!
• There is ALWAYS something happening at Jungle Jims! The following events aren’t necessarily “kid friendly”, but mom & dad need an afternoon off too!  Here are few things to check out:
June 19, 7 – 10 pm it’s Beerfest!  What true Cincinnatian, or soon to be Cincinnatian, would pass on the “native” refreshment?
June 13, France vs. USA. Wine Tasting 1 – 3 p.m.
June 20, “Rhone Style” Wine Tasting 1 – 3 p.m.
June 27, The “Not to Miss” Event….Battle of the Bands Wine Tasting Event! Ten of the Top Suppliers will be on Hand Vying for Your Vote as “The Best”
Be sure to check out www.junglejims.com for more information, times, reservations and costs.

• Kevin Pollack – June 18 & 20 Special Engagement! Funny Bone Comedy Club. Newport on the Levee
• “Junk in the Trunk” Sale in Lebanon. June 6. Interfaith Hospitality Network of Warren County Hosts at Lebanon Jr. High. Call 934-5250 for more information
• Pack up the Family and head to a Reds Game. Buy the $5 “Cheap Seats” for an economical night out. There isn’t a bad seat in the place! June 5 – 7 the Reds hot the Chicago Cubs. June 16 – 21, there’s a 6 day home stretch. The Reds host the Atlanta Braves & the Chicago White Socks. Let’s see if they can stay in the run for 1st place!
• June is a big month for church and school festival fundraisers. Link to Local12.com for a complete list.

More Cincinnati real estate information can be found at RealCincy.com

Sometimes it is good to be ahead of a bad curve. The good news is the Cincinnati area is ahead of the national averages in returning to historical price ranges (see our earlier post).

We took the S&P/Case Shiller Home price index from 1987 to 2009 and adjusted it for inflation. You will notice that before the bubble, home prices were in a defined historic range. The housing bubble that began around 1999 blew this historic price range away.

We expect the national index to go below the historic price range before returning to normal pricing levels. The index released yesterday shows national home prices are still 10% to 11% above the expected pre-bubble price ranges when adjusted for inflation and it is not out of the realm of possibility to have the national index drop 10% to 15% below the historic price range.

So, where will prices end up? No one knows, but we can see the potential for another 20% to 25% drop before prices work their way back up to the historic price levels.

More Cincinnati real estate information can be found at RealCincy.com

Click Graph to Enlarge

The historical price range of $163,000 to $171,000 was broken by the housing bubble that started in the late 1990s. The housing bubble peaked in 2005 when the average inflation adjusted price of a single family home was over $205,000.

2008 marked the official end to housing bubble prices in Cincinnati when prices returned to their historical range. In 2008, the average price of a single family home was $170,082.

Unfortunately, after a market bubble, prices often drop well below their historic price range before returning to normal levels over time – a classic bottoming process. So far this year, the average price of a single family home sold in the Cincinnati area tumbled 18.7% to $138,221. Current prices are 15% below the historical price range – a clear sign of a bottoming process.

This is a fantastic market to buy a home and properly priced homes are selling quickly. But it can be difficult to determine if a home is appropriately priced. Both buyers and sellers should be sure they use a full time professional real estate agent who understands the current market’s trends and can provide them with detailed pricing data.

Our team will also be releasing detail real estate reports on Mason, Eastgate and Clifton later this week. These reports will take a detail look at these real estate markets.

Cincinnati home prices from the MLS of Greater Cincinnati. Prices are for Warren, Hamilton, Clermont and Butler counties.

More Cincinnati real estate information can be found at RealCincy.com

You Must Sell What You Have. Don’t Try to Sell Your Vision

When meeting with homeowners getting ready to put their home on the market, it goes without saying that we are going to discuss the condition of the home as it relates to salability and market value. Unfortunately, too many homeowners are still putting homes on the market before they are “market ready”.  Other homeowners have simply run out of time or money, and are unable to build the deck or re-finish the hardwood.  Understood. Sometimes cash is tight. But what else needs to be understood is this: Unfinished projects will affect the marketability and the bottom line sales price of your home.

I was recently in a home where the homeowners had a door from the breakfast nook to, well, nowhere! That first step outside is a potential leg breaker! This 5 year old home never had a deck attached as was intended when the home was built, yet there was no apparent pricing adjustment to the list price. Then there is the story of the owners of a 1 year old Fischer Homes resale in the Polo Fields who had accepted a corporate transfer.  I will never forget listening to the homeowner justify the price he wanted, based on the fact that his unfinished basement with 10’ ceilings and 3 nice sized windows let in quite a bit of daylight. Now, the home wasn’t built with a walkout basement.  He reasoned with a few adjustments, like cutting through concrete, it could have a walk-up stairwell basement, be properly finished, and add about another 2500 sq. foot of living space….What?!  Are you serious?? By the way, the home did not sell anywhere near this guy’s price.
 “No kidding?” you say.

I am currently representing a buyer purchasing a home in West Chester. The out of town owner purchased the foreclosed home as a “fix and flip”.  The problem is, he put it on the market before completing in full the re-hab project.  What my buyers saw was unfinished hardwood, a master bedroom in need of carpet, no appliances, and a yard full of weeds needing attention. Costing his checkbook a great deal of cash, the seller priced the home not as you see it, but as though it were complete. It is not.  My buyers are getting one great purchase, and the seller is completing the unfinished projects, including re-finishing the hardwood floors. Why? Because he needs to sell!  Putting this home on the market before it was ready probably cost him $20,000 – $25,000. Great for my buyers! I’m just glad I don’t represent this seller!

I walked away from an opportunity to list a 4 –unit apartment complex, deeply in need of updates. Why would I potentially “leave money on the table”? Because the seller of the apartment was, and still is, trying to compete in price with newer, more up to date 8 – 12 unit apartments that from an investment position, make sense vs. his very run down “could be” building.

One truth seems to ring true whenever I find myself sitting at the kitchen table with a potential seller, who is sharing his or her vision about what they were “going to do” with their home or investment.  These people had a vision for the home, and life’s circumstances prevented them from being able to complete that vision. Often, I can see it pains that person, or couple, to sell. They love their home, or this investment is supposed to take care of their retirement. We understand.  But as I’ve mentioned before, you need someone who will be objective. You need someone who will tell you the truth. That’s where we come in.

Trust me, it gives me no pleasure to tell someone they need to downwardly adjust their expectations of their home’s value when major, buyer favored items, are missing.  Decks that didn’t get built, appliances that didn’t get installed, fences that didn’t get repaired, gardens that didn’t get planted, and a fresh coat of paint that didn’t get applied. It all adds up.  Potential buyers just have too many options to get wrapped up in your vision. Buyers have their own lives to think about, including their own vision, and it will not help your sale to assume they will share yours.

Your best bet is to put your home in as clean, staged, inspected and corrected condition as your circumstances will allow.  Edit the personal items. Take down the magnets and baby pictures off the ‘fridge. Clean….deep clean. Have the home fresh and in showing shape each and every day. 

Take advantage of our Serious Sellers Marketing Program to make sure you are staged, inspected, and priced accordingly. It’s only $650! If you spent $650 and it brought you several thousand more, doesn’t that make sense? Follow through with this program and your home will sell!

More Cincinnati real estate information can be found at RealCincy.com

Currently, there are 3 loan categories. Loans under $417,000 are considered conforming. Loans $417,000 – $729,500 are in the conforming jumbo category. Loans over $729,500 are considered super jumbo.  Jumbo loans remain quite costly compared to the interest rates for conforming loans.  Jumbo buyers with outstanding credit and plenty of available cash for a down payment are being viewed as higher risk borrowers than those seeking a loan with lower credit scores and minimal down payment funds.

Nationally, sales above $750k are down. A month’s supply of luxury home inventory, a.k.a, the absorption rate, continues to rise. This trend is occurring both nationwide, and in the Greater Cincinnati area. Check out these numbers, by year, sales over $700,000. All stats, of course, from The Greater Cincinnati Multiple Listing Service:
               2000 – 118          2005 – 334  ** Peak of the housing bubble**
               2001 – 141          2006 – 327
               2002 – 200          2007 – 288
               2003 – 211          2008 – 209
               2004 – 283          2009 – Nearly ½ way through the year, “drum roll please”!    29 !!

Overall, precious few of us will ever need to obtain a jumbo or super jumbo mortgage, so you might wonder if this affects us. The answer is, of course, absolutely.  As these jumbo mortgages become increasingly difficult to obtain, many luxury buyers are forced to liquidate their assets to make the home purchase. The rest of us call that “paying cash”. Even though paying cash for a $1,000,000 plus home may be “do-able”, many are reluctant to do so when they should be able to find long term, low interest debt like the rest of us, and keep the cash right where they have it now. Presumably, making more cash.  The reluctance is obvious, as the shear volume of luxury sales has plummeted.

Jumbo Loans are Difficult to Obtain

This current scenario is doing its part to slow our economic growth, and certainly is inhibiting the “chained cougar” known as the Housing Market. The Housing Market is ready, willing, but not quite able to lead us out of our current economic situation. Unleash the “chained cougar”, and history tells us the Housing Market will start running toward recovery, and most of the rest of the economic sectors follow.  The ability to not just purchase, but to re-finance the high rate jumbos into lower rate loans would certainly help to give a kick in the seat of the pants of this sluggish economy.  If these jumbo borrowers were able to reasonably re-fi and save an estimated $6000 – $15,000 yearly on interest payments, well, wouldn’t they?  Money then free to be spent on vacations, education, clothing, and re-investment, potentially jump-starting and feeding other areas of the market.

The National Association of Realtors is doing there part to stir the pot on this issue.  The NAR has proposed that Congress and the White House take a close look at making permanent some rules that have been temporarily put in place recently to loosen the jumbo market. We’ll see how it goes. In the meantime, it’s back to window peeking.

More Cincinnati real estate information can be found at RealCincy.com

Are you ready to Get Serious and get your home SOLD in 2009?   

Great! ….Here’s How!

Gone are the days of “let’s just see” and “we’ll test the market”.  Today’s sellers must be serious about selling…..or the market will make that decision for you!  Today’s seller must take a pro-active approach to marketing to protect their equity.  Today’s seller needs to encourage what precious few buyers are available to choose their home, by eliminating as many obstacles as possible! 

Maybe your home failed to sell previously and you are ready to try something new. You waited for showings that were never scheduled, or had showings but no offers.  Perhaps you are ready to sell, but don’t want to experience the “never-ending time on the market” that your neighbors did. The stress of never knowing how much longer that “For Sale” sign would be in their yards. Then let’s Get Serious!

The $650 “Serious Sellers” Satisfaction Package

* Here’s What’s Included *

• Home Warranty – Coverage is Provided to YOU While the Listing Agreement is in Effect. Transferable to Buyer at Closing.
• Pre-Listing Home Inspection – INCLUDING Termite & Wood-Boring Insect Inspection!! This WILL Save You Time & Money!!
• Professional Photographs – Experience the Difference!
• Staging Consultation with Home Staging and Decorating Professional – Your Home is Lovely, But Today’s Buyers Demand More than “Clean & Tidy”.  The Way You Market & Stage a Home is Much Different from the Way You LIVE in Your Home.

Learn From a Professional & Reduce Your Marketing Time!

Also Included………

• Pre-Marketing Appraisal – Your Agent Has Provided You with a Statistical Right Price Analysis.  The Appraiser Will Provide True Market Value, or TMV.  Price at or Near TMV. You WILL Reduce Your Marketing Time & Saves it WILL Save You Money!
• Online Promotion – Your Home Has its Own Web Page!  Showings Happen Around the Clock, Every Day of the Week. Online Promotion in the MLS, Local Broker Websites, RE/MAX.com, Craigslist …..and 10 Other Sites Used by Home Buyers Across the Globe!
• VoicePad…a 24/7 Information Line!  and In-Home Brochures
• “Front and Center Promotion” to our Google Based Online Home Buyers – Literally Thousands of Online Shoppers Reach Our Site Monthly. Your Home is Featured in our “Market Monitor”.  We Are Keeping Home Buyers Up to Date AND Promoting Your Home When it’s a “Match” to Their Search Criteria!
• Vacant Home Cleaning – An Added Value to Your Potential Buyer & A Time Saving, Stress Reducing, Money in Your Pocket Bonus!

Give The Real Cincy Group a call! We will prepare your Right Price Analysis and get serious about selling!

More Cincinnati real estate information can be found at RealCincy.com

Columbia – Tusculum can boast having some of the most amazing Victorians in Cincinnati, 2 and 3 stories high, with Palladian windows, stained glass, leaded glass, stone steps, and wrought iron fences.  While being home to some of the area’s most gorgeous, 100+ year old renovated Victorians, there are still some “diamonds in the rough”.  If you are up to a renovation project, this might be a good place to explore.

Other housing styles are available in the area.  There are contemporary styles with breathtaking river views, and upscale, luxury condos with high end finishes. The best in urban chic!  Many enjoy a 10 year tax abatement.  There is some new construction, or newer built homes:  upscale, with all the fine appointments you would expect.

Columbia-Tusculum is just 10 minutes to Hyde Park Plaza, and  15 minutes to Rookwood Commons.  Residents enjoy Alms Park, for the kids play area, walking trails, for communing with nature, all overlooking the Ohio River. Close by is Lunken Airport, first established as a barnstorming airport just after WW1, now serves as a landing for private planes. Neighboring Lunken Fields is available for tennis, golf, baseball, roller blading and jogging.  Columbia Square is rapidly under construction, with new opportunities for office space, retail and restaurants.  Recently, Anytime Fitness and Bruegger’s Bagels entered the square.

Catch up with all the happenings at the official Columbia-Tusculum web site.

Ready for a night out?  Meet up with your friends at any of these great places:

Allyn’s Café – Since 1991! This is “the place” in Columbia-Tusculum. Awards include Best Beer, Best Café, Best Mexican, Best Booth at the Taste of Cincinnati, Best Gator….yes, as in alligator.

Bella Luna- Authentic Italian from the Sicily & Calabria regions. Excellent!

The Precinct – One of my personal favorites. Special occasion food, and special occasion prices. Special, unless you are one of the local sports stars, power players, and celebrities in the room (we saw Jane Seymour last year). When only the best selection and quality seafood or steaks will do.

Stanley’s Pub – Sorry, no link. Just good live music, a bit of a dive, and a very good time. Outdoor patio for warm weather enjoyment , and a pool table. Have fun!

More Cincinnati real estate information can be found at RealCincy.com