CommentaryMarket February 25, 2019

Waiting for the Flowers? Bad Idea.

The spring real estate market in New York starts January 2 for a variety of reasons. The holidays are behind us, NYC buyers get an early start, and often, those who need to sell know that if they wait too long there will be a smaller selection from which to buy if they don’t sell expediently. I could go on. Perhaps the least discussed reason why the so-called spring market starts in the dead of winter is the anticipation of spring around the corner. In a market where 60 and 90 day closings are the norm, a January contract could stretch into April, and if problems or delays occur, the summer. That’s nuts, but it’s true.

I’ll repeat something you may have glossed over: The anticipation of spring. We all know the seasons change. We all know that the weather will warm up. And we all know that the spring growth is around the corner. 

This is why I’ll try to debunk a damaging myth that not enough home sellers see through: The idea that waiting for the flowers to bloom will attract more buyers. 

Yes, flowers and foliage are prettier than winter dreariness, but I’ve got news for those of you who want to wait until April or May’s flowers to list your house: No one else’s flowers are blooming either. Waiting for the spring bloom to list doesn’t give you an advantage, it puts you behind the market cycle. The buyers are out  now, and inventory is lower now than it was last year at this time, which was historically low. There are buyers with nothing to buy. And at some point, many give up and sign a lease because they don’t want to wait until May to purchase. They want to close by then so they have the summer to get things together for the next school year, whether they have school aged children or not. 

If you need to wait until “calendar spring” because of an external matter, like being paid a bonus, starting a new job, the sale of another property, completion of improvements or something beyond  your control, that’s one thing. However, if the only reason for your delay is the arrival of spring colors, you are missing the boat. Buyers are looking now. Buyers don’t make buying decisions based on foliage. Winter is shared equally this time of year. “But Phil” you may say, “our landscaping a huge advantage! We want that advantage!” Then take photos of your home in full May and June bloom. We’ll put those pictures on your MLS listing, on your home’s website, and in all the marketing. But don’t wait. 

Buyers buy because a home fits their needs. The location, condition, layout, schools, house characteristics, community and price are all far more important to buyers than flowers, even if your rose bushes and rhododendron are your pride and joy. If you wait until May or June to list thinking that you’ll be all settled in your next home by September, you are gravely mistaken. The Spring bloom nice, but from the market cycle perspective they are fool’s gold. 

CommentaryIndustry News February 22, 2019

On Spencer Rascoff Stepping Down as Zillow CEO

Yesterday, the housing world was rocked when Zillow announced that their CEO of 10 years, Spencer Rascoff, would be stepping aside and that co-founder and original CEO Rich Barton would be taking over again. I, of course, have thoughts; so does the rest of the housing world, and you can divide them between those who hate or distrust Zillow who will spike their collective footballs, and those who either like Zillow or are agnostic who will wake up, shave, eat a well balanced breakfast, and go to work.

I’m in a rare category as some know, because since 2012 I have been a charter member of Zillow’s original Agent Advisory Board as well as its latest iteration, the Premier Agent Advisory Board. I’ve been to more Zillow events and meetings than I can count, from 3000 person conferences in Las Vegas to a hotel meeting room in Rochester NY with a few dozen agents, sometimes as a speaker or panelist. I have been to Zillow Headquarters many times and been in oodles of closed door meetings. I was among a few folks on the dais when they had their first NASDAQ bell ringing after they went public. I have done business with them since 2007 (I was the first Westchester brokerage to syndicate my listings then) and am an early adopter. One blog I wrote about Zillow was the catalyst for meeting my fiancée. More on that another time.

Many licencees have hated Zillow for years because they disrupted things; some clearly for good (I would say most) and some that we’ve had to adapt to. Zillow was among the first national platforms to actually disclose property addresses, price history, time on market, and many other things that beforehand were hidden behind the curtain of the MLS. In an industry where being gatekeeper of information was at one time a huge value proposition (or so we thought), that’s really moving the cheese. The Zestimate was something few agents, myself included, liked very much, but it was also their secret sauce and I understood why they never compromised on it. Other agents hate them because they are a for profit business and won’t give them leads (or, should I say all the leads) on their own listings for free.

Me? I hated newspapers because I knew a $400 classified ad would be in 99.9% of the recycling bins by the next day, whereas my online content was forever.

There are the conspiracy theorists who say that Zillow wants to put us out of business, wants to become a national MLS, or will flip a switch and become their own brokerage soon. Zillow cannot change the wall tile in their bathrooms without some keyboard warrior who claims that the move is just a precursor to some sinister project they made up in their own little head. I’ve heard it all, and Spencer has been one of the top three targets of the collective ire for a decade. He’s always handled it with class. 

I am far from Spencer’s golfing buddy, but we’ve know each other since around 2010 when I met him at an Active Rain event and I have watched and interacted with him extensively over the years. I’ve watched him go from a guy in “startup alley” to a virtual household name in business circles with more appearances on national programs than you could count. He hasn’t changed toward me one bit- always friendly, always interested- and professionally, curious as to what he can learn and how to use that to move the industry forward. My first substantive interaction with Spencer was when I wrote him an email in 2012 with some suggestions, as at that time Zillow was a relative newcomer to the national housing discussion, and it was already loud in the room. I had no standing other than barely knowing him from a few conference niceties and tertiary rubbing elbows on social media. I was a tiny broker on the east coast, and he was the CEO of a Seattle tech company that was making waves. I would have understood if he never responded.

Spencer wrote me 3 emails over the next 5 days. The first two were apologies for his crazy schedule and a promise to respond in more detail. The third was a detailed response, copying in, in his words, pretty much the entire Zillow brain trust. Within a few weeks the Agent Advisory Board was formed, and I began a journey that among many other things, introduced me to the finest real estate minds in the world. My time invested in Zillow’s different advisory boards gave me a deep appreciation of the company’s culture, the integrity and character of their leadership, and the Big Picture of their corporate mission (spoiler alert: it isn’t to put agents out of business).

This isn’t to say that my exposure to Zillow’s leadership and various other industry colleagues had me sitting there with stars in my eyes because I was with the cool kids. Many meetings had tense, difficult and, shall we say, spirited discussions on what Zillow wanted to do and what the agents they were speaking to wanted. But that’s kind of the point- from the beginning, they were genuinely curious as to what agents wanted and needed, what they could do to help, and what common ground we could build upon. We weren’t being “sold.” They stated openly that they were a tech firm and not a real estate firm, and that they wanted to learn from us. Few companies I have ever dealt with asked as much input from their customers, and that comes in large part from Mr. Rascoff himself. Zillow employees have rated the place as a phenomenal company to work for years. That also speaks volumes. 

When Spencer sold a property a few years ago, many in the industry teased him about the disparity between the Zestimate value of the listing, and what it actually sold for, but what that told me was that he was man enough to walk his talk. I suppose he could have pushed a few buttons to influence his own home’s number and make the Zestimate look super-accurate but he had the honor to let the facts be and deal with it. Moreover, the Zestimate created tons of copycat automated valuation models that most of his critics actually now use, including Realtor.com. Every property on my MLS has CoreLogic’s automated valuation in the public record field. I will forever hold the opinion that the Zestimate should be invisible or suspended for any active listing, but nobody agrees on everything and that has never undermined our interactions.

So now the news has come out that Rich Barton, the original CEO of the company and someone who was never far from things to begin with is stepping in, and Spencer remains with Zillow. Regardless of the real reasons that people are speculating on, who can say they’ve been at their job since 2004? How many of us have been a CEO since 2010, especially in this industry? People will see what they want to see here, but I can attest from years of firsthand experience that much of the criticism and accusations are the same old bashing with new current events to cast shade upon. 

Spencer Rascoff certainly doesn’t need me to vouch for him, and Zillow doesn’t need me to bolster their PR. But my personal experiences over the years are factual, and now is a good time for me to recount them, and to wish Spencer all the best, because he’s as a good a man as it gets. 

 

 

CommentaryUncategorized February 19, 2019

The Real Estate Ethics Rule that is Broken the Most ( and It Isn’t Even Close)

The REALTOR Code of Ethics Standard of Practice 3-6 states the following:

REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)

This has been the rule since Reagan was president. I was 18 when it was instituted (I am now 51). Cleveland had been selected as the site for the Rock and Roll Hall of Fame. The top pop song was Greatest Love of All by Whitney Houston. It was a long time ago. We should be good at this disclosure.  

We still screw it up, all the time. 

I’ll explain. This isn’t as huge a problem in other markets where brokers execute contracts and acceptance is the same as going under contract virtually immediately. In Westchester and the surrounding areas, including NYC and Long Island, attorneys draft contracts and instead of a brief day or so between acceptance and contract, it can be two weeks. Some MLS systems have an official status change for “AOs,” but in the Hudson Gateway MLS a listing is either “active” or “contract.”. That is fairly black and white, but it also means that a home could have had an accepted offer for a week, inspections completed, contracts out and movers being called but still showing as active. When the listing agent drops the ball and a consumer drives an hour to see the property and loves it, only to be told it isn’t in fact available, the frustration is hard to describe. 

This past week, one of our clients, who was interested in a complex for some time, made arrangements to leave work and meet our agent at a newer listing. There was an accident on I-287 that day, with a gasoline truck catching fire. The client fought the traffic and made the showing, as did his parents. It was Valentine’s Day- they could have stayed home or gone out together, but they wanted to jump on this deal. The agent went through all the protocols to confirm availability and confirm the showing, met the client there, and submitted a strong offer, presuming that even it it were accepted, there would be competition for such a plum place.  

Upon receipt, the listing agent wrote back that the home had gone to “highest and best” earlier that week, and already had an accepted offer. The agent further claimed that their automated system had the correct status (it didn’t), and that if we didn’t know there was an accepted offer, why did we submit such a high number (irrelevant)? 

To summarize: The client hired our agent, got pre-approved, watched the market, made arrangements to see a property, stood on their head, collaborated on an offer, and got, in return, frustration from a listing agent that relied on a system that was inadequate 20 years ago.

This happens
All.
The.
Time.
Moreover, as I explained, it is worse in the New York metro market because we take far longer to execute contracts than any other market, leaving too much room for error. 

The Hudson Gateway MLS, a fine organization for which I served as president in 2014, recently posted the following bulletin for all members earlier this month:

HGMLS statement on disclosure of accepted offers, February 5, 2019

 

While I agree that agents should disclose the existence of an accepted offer in the agent remarks on the MLS, that is not a binding rule nor is it sufficient enough to protect the consumer or cooperating agents in 2019. The listing in question above had no such update. I have belonged to 10 other systems, and the vast majority have an actual status change (which is to say, not “active”) where the accepted offer is in place and, in some markets, if they are continuing to show or showings are ended. HGMLS does not have such a function, and I respectfully think they should. But absent that status change, it is the listing agent’s job to ensure that disclosure is made, and we fail at it all the time. 

You might ask why agents would be lax about this. There are several reasons. First, not having an MLS status change as other markets do contributes culturally. Agents also have a vested interest in keeping a listing active as long as possible, because when you have a listing you have a means of attracting buyers. This can veer toward “bait and switch” at times. Leaving it up to automated appointment applications invites human and machine error. Regardless of the reason, innocent error or intentional deceit, it is against the Code of Ethics, and it happens absurdly often. 

Ethical violation sadly happen all the time. Agents print ads or send mailers that have compliance issues. Agents call other agents and don’t disclose their licensure. Misleading claims about market share abound (perhaps unrelated-the city of White Plains has no fewer than three firms claiming to be number 1, with varying metrics that make heads spin, all within the rules). Some infractions are more benign than others. But the failure to disclose an accepted offer is by far the most frequent I see, and I see nothing from the MLS or broker community at large that tells me we’ll tackle the matter in the foreseeable future. That is unfortunate, because we are better than that. 

Company NewsPimpage February 18, 2019

J. Philip Welcomes Elizabeth Koski Jessup

You learn quite a bit about people when you see how they handle it when life throws them a curveball. For Liz Koski Jessup, who I am delighted to introduce as one of our newest associates, meeting me was one in itself.

I’ll explain. A few months ago, one our esteemed associates, Tana McGuire, asked my availability to speak to a Liz about possibly joining the firm. The only time available was when I at my son’s baseball game, and there we were, in the bleachers, chatting about life, business and baseball on a sunny Friday afternoon while we watched the game. That’s not something just anyone can adjust to elegantly, but Liz was awesome. To know Liz is to like her, and we kept in touch. I’m delighted she chose our brand.

Liz is a consistent multi-million dollar producer, and as a Westchester native, her local knowledge is exceptional. She graduated from SUNY Purchase and possesses a  background that is almost a perfect storm of experience to prepare for a career in real estate, with 6 years owning and operating a restaurant and another 12 years in education. A lover of the outdoors, she and her two daughters are horse aficionados (the girls both attend college but have ridden competitively) and if all that weren’t enough, she’s a landlord and real estate investor. This is the kind of experience you *want* advising you on the largest transaction of most peoples’ lives.

I have great admiration for anyone with the moxie to start the process in the stands at a little league game. And don’t be surprised when I laud her going forward in subsequent postings.

Whether you are a first-time buyer, an investor, or dealing in pet friendly or equestrian real estate, Liz has you covered with her experience and insight. You can reach her at 845.746.6788 or elizabeth@jphilip.net. When you do, you’ll be in great hands!

Company News December 31, 2018

State of J. Philip Real Estate: 2018 Edition

“So, have you written the State of the Firm blog post yet?” I was just asked. Basking in the glow of the Christmas break, with three teenagers here and an 11 year old out with friends as I type this, I laugh because as much as I love writing this stuff, time is a rough factor. That said, I am making the time to summarize the company’s 13th full year of production, because we have much to celebrate.

First and foremost, the dust is still settling on the final numbers, but we are flirting with our best year ever in terms of number of closed transaction and dollar volume closed. I’d like to say that is gratifying, especially in light of the venture-capital-backed competition that has entered the market, but I’ll cop to being frustrated that the firm hasn’t grown more. I’m competitive. I’ve been spoiled by past years with 20-40% growth year over year. I hate status quo. But that’s not the real world.

Last year at this time, in the Hudson Gateway MLS, we had 284 closed transactions for $89.5 Million, and that doesn’t include 4 other MLS systems where we do an additional measure of business. This year, the numbers are very similar: 282 closed transactions for about $91 million. That puts us at a ranking of 25th out of about 1300 firms, and no other Westchester or Putnam-based independent selling more units than our firm for the 4th year running. When we factor in business from other systems we should be well over $100 million closed and 300 transactions. Not too shabby.

Yes, that’s a pool table and a keg fridge at the Putnam Office

The Putnam office, with numbers still yet to be finalized from the MLS at this writing, is flirting with a market ranking of either 5th or 6th in overall transactions, which is bananas. What Jenn Maher has accomplished with that division in just three full years is utterly remarkable. Jenn, who as you may know is my partner in J. Philip Commercial brokerage as well as the Putnam operation, has done this great work while operating as the Hudson Valley Chapter Vice President of the New York State Commercial Association of Realtors as well. Jenn has also started a bar-raising video series on social media that has upped the stature of the entire firm. Spectacular.

Last year at this time I announced that Gloria Hernandez would take over the day to day management of The Briarcliff Manor office in addition to her duties overseeing Pelham, and her guidance and leadership were instrumental in another strong year of production. Gloria’s commitment to training and developing a basic curriculum for new agents, as well as compiling a cyber library of our accumulated knowledge has laid the groundwork for what I predict will be a breakout year for the firm in 2019. Gloria also spearheaded a training system (Thanks to Alyssa Hellman and her Game Plan system) for our part-time agents who want to transition into full time, and I expect that will pay dividends in 2019 as well.

Speaking of training: 2018 was the first year the company had a year long program of agent training that resulted in a dramatic improvement in contracts written in the second half of the year. Simply put, if we continue the pace of contracts signed that we set from July onward, we will see at least a 20% increase in sales in 2019. For that I have to thank Anthony Lamacchia’s REAL Training, which was a remarkable program that made a dramatic impact. It punctuated that for me, the theme of 2018 was training and investing in the professional development of the firm’s agents at a level heretofore unseen.

A huge debt of gratitude is owed to the support staff and administrative people who make things work around here. Ronnie DeMeo, in her 11th year with the firm, headed the team and was a priceless asset to the brand. We saw amazing value from Nancy Green in Putnam and Rosaline Cruz in Pelham, who, while new to the firm in 2018 was not new to excellence. Each of them epitomized professionalism and a commitment to supporting the team that no other firm can match in my opinion. We also said hello to a new Transaction Coordinator, Michele Kantrowitz, who seems to have never found a task at which she did not excel.

For a number of years I have benefited from Maureen Jacobsons consultative prowess, and her insight and support has been stellar. She’s been an irreplaceable coach.

As for the agents, all I can say is that I won’t be shocked to see 2019 be our best year ever by far judging by their commitment, talent, and hard work. A few facts:

  • 2018 was the highest total of agents who closed $1 million or more, going from 26 to 32 with a few others on the cusp.
  • As I said before, no Westchester or Putnam based independent brokerage sold more than our company. You can’t accomplish that with mediocre agents.
  • We slashed the amount of escalations where managerial intervention was needed to deal with a problem on a transaction. That’s huge from a professional standards metric, especially with almost 100 on the team.
  • As for the consumer experience, we had more 5-Star ratings from clients than any prior year.
  • Repeat business and referral business was high, which is a great vote of confidence from past clients.
  • The morale and esprit de corps  of our team of professionals was remarkable.

As for that last point: When we did a series of recruiting videos from some of the agents giving their experience here, I was floored (and humbled) that their favorite thing wasn’t our tech, which has always been strong, the most common descriptor was “family.” Wow. That says quite a bit about the support and collegiality of the team.

While the subject of video is up, I compiled a number of short housing related videos on my LinkedIn. I also was active on the Village of Ossining Historic Preservation Commission, as well as being a member of the Sing Sing Prison Museum committee.

So where do we go from here? Unlike past years where I predicted higher production based on perhaps hubris or momentum, I believe that our training and recruiting systems are now in place to grow the firm in an unprecedented way. We continue to attract stronger and stronger agents to the company, and our best recruiters are the agents themselves, although we are proceeding in a more formal way to get the word out about what a great professional home we are for the ethical, professional agent.

I’ll reiterate that the long term goal is to grow the brokerage to a billion dollar level of production, and my methodology has been to hire the best agents in terms of character and commitment, not necessarily looking for gaudy numbers coming in. We don’t hire just anybody. For the right person, we will continue to provide the best possible tools to serve their clientele, with an eye on growth.

In years past, I’ve made numerical predictions, but this year I’m going to be a bit more coy. I’m looking for good agents who want to grow their practices the right way. My role is evolving from chasing deals to procuring the best training, tools and professional infrastructure. 2019 will be centered on providing those agents with the best tools and training possible, and this year I can say that we’ve never laid the groundwork the way we have in the past 12 months. So I’m not worried about numbers; we’ll let the bean counters do their work while we do ours.

Here’s to a great 2019. We have much to be thankful for, and I expect magic.

 

 

Uncategorized November 2, 2018

Insider Tips On Becoming A Snowbird From New York to South Florida

A rare guest post from my friend Elyse Berman, a star agent in Boca Raton, Florida. I have known Elyse for ages and she’s more than knowledgeable about the New York to Florida real estate process. You can connect with here at her sites below. 

https://BuySellHomesBocaRaton.com
http://www.ElyseBerman.com

 

ADVANTAGES OF OWNING A HOME IN SOUTH FLORIDA AND NEW YORK

Every year as summer turns to fall, people begin to remember cold winters and thoughts of south Florida pop into their heads.  South Florida where the weather is warm and the sun shines most days of the year.  It’s very appealing, especially to those thinking of becoming snowbirds.  South Florida becomes even more attractive each time it snows.

 

WHAT IS A SNOWBIRD?

A snowbird is someone who lives up north and spends the winters in south Florida.  They have the best of both worlds – beautiful weather in the winters and they spend their summers in New York, which is equally as beautiful.

 

How do I know this?  I’m a New Yorker, born and raised, living in south Florida for 24 years. I grew up in Forest Hills and Woodmere. You know that old expression, You can take the girl out of New York, but you can’t take the New York out of the girl? Well, that’s me.

 

I vividly remember the change of seasons.  Fall was always my favorite.  The winters, well, the winters were the winters, but the summers were always beautiful in upstate New York, in the City and on Long Island.

 

WHAT IS A SNOWFLAKE?

A snowflake is a local term for those not ready to spend the entire winter in Florida.  They may spend a weekend here or there, Thanksgiving and the last two weeks of December, and a couple of weeks in February.  This group of people are most likely still working and looking for a quick getaway, perhaps to a condo in Highland Beach or Boca Raton.  They may be testing the waters for their retirement years.

 

Are you planning to become a snowbird or a snowflake?  Many snowflakes opt for condos versus single family homes In Delray Beach or Boynton Beach as there is less maintenance.  They can come and go, just lock the door and leave.

“My parents didn’t want to move to Florida, but they turned sixty and that’s the law.”

Jerry Seinfeld

 

THINGS TO THINK ABOUT BEFORE MOVING SOUTH

Where do you want to live?  You may already be familiar with the area from visiting family or friends and have a good idea of where you may want to live.  Are you a beach person who wants to wake up and see the ocean every morning?  Does watching the boats go by on the Intracoastal appeal to you?  Or would you prefer a downtown condo, perhaps in Boca Raton or Delray Beach within walking distance of restaurants, shops, galleries and goings on?

 

You have options.  Perhaps condos are not for you. You’d prefer a townhouse, villa or single family house. A villa is Florida lingo for a single-story condo, often with a garage and attached on either one or two sides. You have no one above you.  (Remember, unlike New York, most homes in Florida are single level…and it’s much easier to age in place, so a nice little bonus.)

 

There are also gated communities.  Loads of gated communities.  Here again, more choices.  Are you a golfer who wants to live in an equity country club? Some people do and others prefer not to pay the higher fees associated with these clubs.

 

We have all-age communities and 55+ active adult communities.  Other than your monthly homeowner’s maintenance, these communities have no additional fees except for private fitness classes, massages, shows, restaurants, things like that.  The clubhouse, pool, fitness and recreation centers are all included in your monthly maintenance.  Most 55+ communities include lawn care, as well.

 

When I say 55+ communities or senior communities, these are not the communities of our parents’ generation (although they still exist.)  The newer communities, built in the last 20 years, were built to model country clubs without the golf course (reducing the expense) but cater more to the baby-boomer generation adding state-of-the-art fitness centers, pickle ball and more.

 

MAINTENANCE FOR YOUR SOUTH FLORIDA HOME

You will need to have someone check on your property in Florida (and probably New York, as well) to keep your pipes from bursting) while you’re gone.  In south Florida, it gets hot, sometimes humid and our air conditioners run pretty much all year long. When you leave your Florida home, you’ll set your thermostat at 78 or 79 degrees, so it will only kick on only if it gets that hot inside.   You don’t want to fly down to find your air conditioner not working or you have a leak.

 

MEDICAL CARE IN SOUTH FLORIDA

If you have a specific condition that needs monitoring, check with your doctor in New York to see if they have someone they can refer you to down here.  Through the years, I have heard complaints of how terrible doctors in south Florida are. I can tell you, first-hand, there are some very fine physicians here.  You need to find them.  Ask around.  Many NY doctors are well connected to the South Florida network.  It is so common for their patients to have homes in both places.

 

As more New Yorkers move down, we are seeing a shift.  My husband’s cardiologist’s practice was recently taken over by NYU Langone.   See what I mean?  I have also watched Boca Raton Community Hospital go from a small community hospital without a cardiac center to Boca Raton Regional Hospital now.  They do a lot of fundraising and, in the past 20 years, have added not only a cardiac center, but a neuro center, a cancer center, a new emergency room, and a newly redone women’s center.  They hire the best and brightest doctors from around the country.

 

Delray Medical Center, a level 1 trauma emergency center, has also recently expanded, as has Bethesda in Boynton Beach, which now has its own cardiac center and a third facility in west Boynton.  Nearby is also JFK Medical Center, and we are within driving distance of University of Miami Health System.  Bascom Palmer is consistently ranked number 1 eye center in the nation year after year.

 

TAX BENEFITS OF MOVING TO FLORIDA

Unlike New York, Florida does not have a state income tax. It is also a Homestead State. In order to qualify for the homestead exemption, you must become a resident of the state of Florida. It is always best to speak to your tax professional and/or financial adviser with regard to Florida residency and homesteading.

 

Residency in Florida requires you spend at least six months and one day in your Florida home. How do they know? They know. They can easily check your utility bills.

 

Florida Homestead offers several benefits. First, there is the 3% Save Our Homes Cap Assessment limit on all residential properties. That means they can never raise your taxes higher than 3% in any given year. Please note: Any time there is a change in ownership, that triggers a reassessment of the Fair Market Value on the property. Once you apply, the base year is established and the 3% Cap will kick in.

 

The second benefit of homesteading is protection from creditors. Basically, as long as you pay your taxes, homeowner’s fees and insurance on the property, no one can take it from you for any judgments or credit card debt.

 

The third part of homestead exemption has to do with when you pass away. And for this, depending on whether you’re single, divorced, married, remarried, whatever, you need to consult a Florida attorney. I know you probably have an attorney in New York, but unless s/he is licensed in Florida (and some are), please do yourself a favor and consult a Florida attorney. The laws in Florida are different than the laws in New York. Trust me on this, I am a retired court reporter from New York. And, that brings me to my next topic.

 

WILLS, TRUSTS AND POWERS OF ATTORNEY IN NEW YORK

Wills, trusts and powers of attorney in New York may not be recognized in Florida. Oftentimes, these documents are redone when people move here. So, if you’re planning a permanent move to south Florida, seek the advice of an estate planning attorney in Florida. Perhaps your New York attorney can refer you to one. Even if you’re planning to just become a snowbird, it would be wise to speak with your attorney in New York about this matter. What would happen if…

 

MOVING TO SOUTH FLORIDA WITH PETS

If you have pets, it’s important to look into where you’re considering buying before you buy anything.  Many condos and gated communities have pet restrictions, so make sure to do your due diligence first.  Hire a local buyer’s agent (FREE to you) who is knowledgeable about pet restrictions in different gated communities and pet-friendly homes in Boca Raton and the surrounding cities of Delray Beach, Boynton Beach, Highland Beach and south Florida.  Do you need a buyer’s agent for new construction – YES – especially for new construction!  For reasons beyond your furry friends.

 

Please don’t hire a real estate agent who claims they are “pet-friendly” and all you see are listings, because listings are manually entered and often wrong.  And our fur babies mean way too much to us to have problems later on, like when the board approves you but not your pet.  It happens.  I’ve seen it.

 

Speak to your veterinarian.  They may have a recommendation for a vet in south Florida.  Get a copy of your pet’s records.  Today they are usually available on disk or even online so you have them with you at all times.  My vet now has them online.

 

Most dogs love Florida.  They like to go walking and meet up with their friends.  They make friends in the neighborhood or building.  Boca Raton and Delray Beach have three dog parks between them, a dog beach and plenty of doggie day care, if you’re so inclined.  Plenty to keep your beloved pet busy.

 

UTILITIES IN NEW YORK AND FLORIDA

It’s a good idea to check with your local utility and cable companies to see if there is any problem with interruption in service while you’re gone.  Same goes for any subscriptions you may have.  You may be able to forward them for the months you’ll be gone.

 

MY FRIEND SAID…

I can’t tell you how many times I’ve heard “my friend said…,” and, please, don’t take this the wrong way – your friend may be right – but from my experience in working with people over the past 14 years, everyone has their own comfort zone.  While your friend may tell you one community is fabulous and you’re going to love it, you just may and that’s great.  But, you may not.  And, things do change over time.

 

As a buyer’s agent working in south Florida, I can tell you, you will know when the community is right for you.  You’ll feel it.  You’ll get a comfortable feeling that hey, this is a place I can call home.   And that’s it.  Because the best deal in the world isn’t going to work for you if you don’t feel comfortable there.

 

FINAL THOUGHTS ON MOVING TO SOUTH FLORIDA

There’s a lot to think about before becoming a snowbird, snowflake or making a full-fledged move to Florida.  It took time and folders (yes, folders!) 24 years ago (although my husband would still use folders!)  It takes planning.

 

From one New Yorker to another, I am here to help you make as seamless a transition as possible.  I get it.  I know what it’s like to move with the dogs, the family, the business, from New York to Boca Raton because I’ve done it.

 

 

Market June 2, 2018

What $649,000 Can Buy in Briarcliff Manor, NY

$649,000 just bought a great 5 bedroom 3 bath Chilmark colonial like the one we just closed on Meadow Road.

As described in the MLS:
Sought after Chilmark colonial on a fantastic half acre just a stone’s throw from Chilmark Park. Unbeatable lifestyle: large living room with fireplace and bay window, formal dining room, eat-in kitchen with island, first-floor laundry, family room, and a layout that is perfect for entertaining. Rear patio overlooks a lush green lawn and has plenty of room for gardening or recreation. Master suite with walk in closet, 4 additional good-sized bedrooms, and all on a quiet Chilmark street. Full walkout basement with enormous potential, state of the art updated heating system. Lots of parking, 2 car attached garage as well! Briarcliff Recreation, minutes from downtown of either village of Ossining or Briarcliff Manor.

We’d love to help you find your next home- just reach out to 914-450-8883 and the team will take awesome care of you!

Uncategorized April 21, 2018

Torching Last Year

After crunching the numbers a bit, I have some good news to report. The firm is 30% ahead of last year at this time for transactions closed, and 15% over last year for dollar volume closed. On April 20, 2017, we had 58 transactions closed for a dollar volume of just under $20 million. For the same period this year, we have almost 80 transactions closed for almost $22 million.

When you consider that this occurred in the wake of sacking the top producer in the company last summer, that is a fine thing- we didn’t miss a beat.

It’s also worth  noting that in 2017, the firm’s listings sold on 17 days faster on average than the market norm. That’s almost 3 weeks faster than the market average, and that is some solid performance. Clearly, the hard work of the professionals on the team and their astute leveraging of the available tools is working.

I am proud of this progress!

 

Uncategorized March 31, 2018

J. Philip Welcomes Stephanie Finney

“Go confidently in the direction of your dreams! Live the life you’ve imagined. As you simplify your life, the laws of the universe will be simpler.”

― Henry David Thoreau

My first impression of Stephanie was that she announced on Facebook that she’d joined the firm with a roll out of sharp, new professional head shots. Taking a strong first step like that makes me smile; I love the confidence, the drive and the resolute attitude. I have since been able to meet her in person and watch her approach, and nothing she’s done since has made me think otherwise.

Very much a local product, Stephanie graduated from Carmel High School before attending Dutchess Community College. She also got her Cosmetology certification at the Capri Learning Center. Prior to getting her real estate license, she worked as a bookkeeper and bank teller and also, not surprisingly, as a stylist. There’s more- she’s also a landlord. Want more? Ok fine- she’s managed a restaurant owned by her fiance. You know what else? She’s the mom of a beautiful daughter.

The common thread of hard work, customer service, and communication makes real estate a natural profession for her to excel. I won’t be at all shocked when she does.

Stephanie is one to watch, folks. You can reach her at (845) 656-2178 or email her at stephanie.finney@jphilip.com.

Uncategorized March 19, 2018

Of Saints, Josephs, and J’s

Statue of St Joseph at St Joseph’s University, courtesy of David Christman (!)

Today, March 19th, is the feast of St Joseph, my namesake. Yes- the “J” stands for Joseph. My father, Joseph S Faranda, wanted to name me Joseph, and my mother, who had successfully avoided the matter with my three older brothers (she didn’t want a “Joseph Jr.”), made him a deal: I would be named Joseph, but go by my (different than his) middle name, Philip.
Being a J. Philip rather than a Joseph P has had its headaches, but in some ways I get to have the best of both worlds.

Today is one of those days. St Joseph, the foster father of Jesus, is the patron saint of many things: fathers, workers, expectant moms, and home buyers and sellers. Being a dad, a rather hard worker, and a real estate broker who has, shall we say, more than a casual familiarity with expectant mothers, I like to observe the significance of the day. 

Incidentally, the reason Joseph is the patron saint of real estate is due to his difficulty in getting a room at the inn for Mary before Christ was born. I’ll add that the tradition of burying a small statue of St Joseph has never worked any miracles for selling my listings, but hard work, good marketing and prudent pricing strategies have done pretty well. 

So, to all you workers, you fellow dads, you expectant moms, and those of you buying or selling a home, have a great feast of St Joseph.