11 September 2015

Embarrassed, by Lack of Value

Embarrassed: that’s how I felt twice this week.

Though through no fault of my own. But still. In German, there is a verb for embarrassment by actions or circumstances you have nothing to do with and zero influence on: “fremdsch√§men”.

Twice in a row that feeling crept up, caused by our housing market and its prices. What I often miss is the value equation.

First, I received an inquiry from a very nice young couple looking for a modernist house, ideally in the Miami area, ideally under $400,000. That’s good and bad: Miami has a lot mid-century- to contemporary-modernist homes. But what you get for $400k – not exactly an amount to spit on – is pitiful. With a sigh we sent the buyers the few selections in their price range, thus starting what could be a long search. I sure hope they have patience; they seem really sweet and honest.

The next inquiry from my website looked easier: beach-front, modernist, up to $4m. Again, the buyer and I had a very nice and friendly phone conversation. I mentioned I’ll send her everything that is available; not that difficult for me since I update daily a list of everything modernist for sale in the area, independent of which Realtor offers it.

“Everything” turned out to be exactly TWO modernist homes in a stretch of 160 mi between Vero Beach and Palmetto Bay. How’s that for measly pickings at the $4.0 million price point?

In the meantime, every day I count the luxury mod spec homes in the area that wouldn’t sell. It’s not a coincidence that while the average days on market for all homes across all prices currently hovers at approx. 75 days, while for luxury waterfront homes over ca. $2.5m, average marketing time is around 272 days.

Perhaps there are not enough luxury home buyers around? Or those who are perhaps do not see the value equation?

04 September 2015

Happy Labor Day!

Beach glass and shells, Avalon, NJ; ©tobias kaiser

I am so busy working that I have not had any time to write (or even come up with!) an intelligent post, but then – who would ever accuse me I did? ;-D

At the very least I can post a decent photo. Zero correlation to modern architecture, but then, not everything can have that.

This was by the way an unarranged shot, taken in early summer on Avalon beach, NJ, with a Canon S110.

We will be charring some burgers and relaxing with friends – hope you can kick back too. To a Happy Labor Day weekend!