WINDWALKER REAL ESTATE » Uncategorized

Windwalker Week in Review: January 20-27th

jennifer — Fri, 27 Jan 2012 21:22:00 +0000

5 Nantucket Properties Transferred:

Sales Totaled $6.3 million
Highest Sale of the Week: 11 Front Street for $2.18 million
Highest Sale: 11 Front Street for $2,180,000
Lowest Sale: 47 Milk Street for $725,000

4 Offers Were Accepted (Prices reflect most recent asking price):

Highest: 27 West Sankaty Road – most recently listed for $799,000
Lowest: 11B Park Circle – most recently listed for $299,900

3 Purchase & Sale Agreements Were Executed (Prices reflect most recent asking price):

Highest: 73 Main Street – was most recently listed for $2,995,000
Lowest: 47B Appleton Road – most recently listed for $549,000

9 New Nantucket Properties Came to Market:

Total Dollar Value: $9.2 million
New to Market: 36 Evergreen Way for $445,000

Highest Value: 10 Candle House Lane $2,689,000

Lowest Value: 36 Evergreen Way $445,000

6 Price Reductions:

Largest Reduction: 20 Miacomet Road – discounted 23 percent from original list price

REALTOR.com Launches International Website

judy — Tue, 08 Nov 2011 23:18:26 +0000

Over the last three months, close to 2.6 million international visitors searched for U.S. real estate on REALTOR.com. The top five countries where searches originated from are Canada, the United Kingdom, Germany, Australia, and India. Now the National Association of Realtors and Move, inc have announced that they will be launching an international REALTOR.com website featuring listings from Brazil, Bulgaria, Croatia, France, Italy, Portugal, Romania, Serbia, Slovakia, and Spain. Translation options and currency converters are just a few of the options that will make international searching more efficient on the new website. Read here to discover the compelling international statistics and the continued power of REALTOR.com.

Wall Street Bonuses Predicted to Decline

jennifer — Tue, 08 Nov 2011 23:02:33 +0000

As if the current real estate market needed more headwinds, the WSJ is reporting that Wall Street bonuses are expected to decline 20-30 percent from 2010, on track to be the lowest levels since 2008. Bond traders are expected to be the hardest hit with bonuses predicted to shrink an estimated 45 percent. On the bright side, small bonus increases are predicted for employees in the commercial and retail banking sectors. Pay trends could improve in 2012, as further job cuts mean there will be a smaller employee pool to which funds will be distributed.

Will Higher Loan Limits Be Restored?

judy — Mon, 24 Oct 2011 16:41:25 +0000

Less than a month after allowing them to expire, the Senate voted to attach a proposal to a spending bill that could restore higher conforming loan limits. The bill will go before the House later in 2011. Conforming loans are loans that can be purchased and/or insured by the federal government.

At the end of September, maximum mortgage amounts insurable by the government dropped from $729,750 to $625,500 in high cost areas. Many economic experts viewed the expiration as a hardship to the already weakened housing market. The limits had been raised in 2008 by the Bush administration in an effort to make housing more affordable and accessible. The Obama administration allowed the higher limits to expire as part of a “short term plan to shrink the government’s role in the mortgage market,” but many senators argued against it. The move just made “a weak housing market even weaker,” according to New Jersey democrat Robert Menendez, who introduced the bill amendment. The National Association of Realtors®, along with other housing groups have been urging Congress to renew a new two-year extension that would maintain the GSE maximum loan limit at $729,750.

Windwalker Salutes the Work of Steve Jobs

judy — Fri, 07 Oct 2011 14:09:30 +0000

Apple’s Steve Jobs changed the face of technology and left many businesses inexorably transformed. Our real estate industry, for one, will never be the same; he drove technology to the internet, made computer accessibility easier and devices more user friendly. Ultimately the tools that Steve Jobs created have influenced the way the buying public consumes and does business everyday. His vision has driven technology at warp speed to a place where we can work smarter and faster on the go, ultimately increasing our efficiency and productivity.

Windwalker Real Estate salutes Steve Jobs as one the the 20th century’s greatest innovators. The world has lost a superior mind and his footprint will be forever indelible.

WSJ Article Calls for Action on Housing

jennifer — Thu, 06 Oct 2011 22:52:58 +0000

A recent Wall Street Journal article suggests that the US government cannot afford to ignore the numerous issues still facing the housing sector. Traditionally, one of the areas to recover first after a recession, it’s clear strong headwinds persist for the housing market three years after the financial crisis began. If housing is to recover any time soon, the administration should strongly consider implementing some of the many current proposals on the table (mortgage modifications, qualifications, refinancing etc). See the full article below:

We Can’t Ignore Housing Anymore

In the end, we can’t dodge housing.

The U.S. recession and financial crisis of the late aughts began with housing and the scourge of subprime mortgages, which were so messily dispensed. It spread to Europe and its banks.

For a few years we tried to work around the paralyzed housing sector – the drip, drip of steadily lower home prices, the unresolved status of the wounded Fannie Mae and Freddie Mac — and it seemed to be working.

With the help of a super-easy Federal Reserve, fiscal stimulus and much else an admittedly weakish recovery took hold.

Now that worries mount about an ever more likely return to recession amid a significant equities markets decline, we are hearing again about housing.

There’s the foreclosure mess, the underwater mortgage mess, the tight mortgage lending standards and all the rest. There’s displaced construction workers. There’s consumers unwilling to spend as their perceived real estate wealth evaporates.

There’s housing, traditionally the leader out of recession, still generally in decline, and harder to ignore.

Just today, two well-known commentators on the U.S. economic scene weighed in on housing, and it wasn’t encouraging.

Warren Buffett, chairman of Berkshire Hathaway Inc., was generally upbeat about the economy. He cited record carloads at the company’s railroad, Burlington Northern, and same-store sales increases at Berkshire’s retail outlets.

But he was downbeat on housing. The company’s housing units are “as bad as they’ve ever been during this period.” The usually sunny Buffett said he likely would have to amend his view that housing would recover by year-end.

On Capitol Hill, Fed Chairman Ben Bernanke talked about housing as he urged Congress and the administration to in effect join the Fed in attempting to spur the economy.

He said Congress should develop a “future path” for housing, Dow Jones reported.

Given political realities, it’s hard to imagine much of a fiscal push, in housing or elsewhere.

But there are reasonable proposals offered from many corners that don’t spell stimulus in capital letters but would do some good.

As has been widely pointed out, the “Operation Twist’ effort by the Fed to drop long-term interest rates even below their historically meager levels won’t do much for housing if too many people won’t qualify for mortgages or can’t refinance because the value of their home has declined or they don’t have much equity.

That has to change. By regulatory fiat, where possible, more people who are current on their mortgage payments have to be able to refinance their mortgages to take advantage of rates near 4%.

That savings for many would go into additional spending, a stimulative measure, and would boost their economic psychology, which is important. Even if they used the savings to pay down their own debt it would do long-term good.

Someone also has to take a hard look at standards for initial mortgage qualification. Obviously, things became absurdly easy as the housing bubble inflated. But pendulums swing too far and experts should determine if there’s a middle ground that would allow more to qualify without excessive risk to lenders.

It’s time to stop trying to work around housing, and take it on.

Sellers: Reconsider Listing Your Nantucket Property Too High

jennifer — Wed, 17 Aug 2011 18:57:34 +0000

In today’s real estate market, with historically high levels of inventory and still-declining property values, it’s ever so important to price a property competitively. While sellers may be tempted to not leave any money on the table, overpricing a property may actually do just that. According to Trulia.com, here’s why overpricing real estate can create problems for a seller:

“Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value. But, as logical as this advice sounds, for many sellers it is still tempting to tack a few percentage points onto the price to “leave room to negotiate”. ”To avoid this temptation, let’s take a look at the seven deadly sins of overpricing”:

1. Appraisal Problems
Even if you do find a buyer willing to pay an inflated price, the fact is that over 90% of buyers use some kind of financing to pay for their home purchase. If your home doesn’t appraise for the purchase price the sale will likely fail.

2. No Showings
Today’s sophisticated home buyers are well educated about the real estate market. If your home is overpriced they won’t bother looking at it, let alone make you an offer.

3. Branding Problems
When a new listing hits the market, every agent quickly checks the property out to see if it’s a good fit for their clients. If your home is branded as “overpriced”, reigniting interest may take drastic measures.

4. Selling the Competition

Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.

5. Stagnation
The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder – What’s wrong with that house?

6. Tougher Negotiations
Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it is overpriced compared to the competition.

7. Lost Opportunities
You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don’t see the home because the price is above their pre-set budget.

Most buyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.”

Madaket Contemporary Beach House Just Reduced over $200,000!

peter — Mon, 15 Aug 2011 19:25:29 +0000

Just reduced from $1,799,000 to $1,595,000. This is not your grandmother’s beach house! Enjoy stunning views from this beautifully designed house complete with all the amenities you could ask for. Three levels of carefully finished spaces include many extras such as a media room, 2 wet bars, home gym and spa bathrooms. Visit www.12washingtonavenue.com for more information.

Exclusively Listed: Liza Ottani & Justin Quinn

Windwalker Real Estate / 508.228.9117

34th Annual Nantucket Antiques Show (July 29th – August 2nd)

julie — Wed, 27 Jul 2011 13:26:24 +0000

The 34^th annual Nantucket Antiques Show will take place July 29-August 2 at the Nantucket High School, 10 Surfside Rd. The show will feature 25 exhibitors from the United States and Europe and the proceeds will benefit the Nantucket Fireman’s Association. Daily admission is $10. Call 757.220.0400 for more information.

Nantucket Comedy Festival (July 28-30)

julie — Mon, 25 Jul 2011 20:04:36 +0000

The Nantucket Comedy Festival will return this summer for it’s fourth season, running from Thursday, July 28 through Saturday, July 30. This year the Festival will feature three great nights of comedy and a kids comedy show on Thursday afternoon. Daily Show favorite Lewis Black will perform his full show, and two Festival favorites will return: The Night of Funny Women and New York vs Boston Comedy Smackdown. The festival is a non-profit event which benefits ProjACK Comedy, a new comedy curriculum for high school students. In addition to the professional comics, this year’s Festival will feature the first ProjACK Comedy high school proteges from the Nantucket schools. Get more information and buy tickets–on sale now–at nantucketcomedyfestival.org. Get your tickets now…last year the shows sold out.