Larry Buchanan Realtor®

Archive for the ‘Misc. Real Estate Topics’ Category

I thought you might find this trip down memory lane makes an interesting comparison with the real estate scene in Florida these days.

Please feel free to share your comments.

Florida land boom of the 1920s
From:Wikipedia, the free encyclopedia

The Florida land boom of the 1920s was Florida’s first real estate bubble, which burst in 1925, leaving behind entire new cities and the remains of failed development projects such as Isola di Lolando in north Biscayne Bay.

The preceding land boom shaped Florida’s future for decades and created entire new cities out of the Everglades land that remain today. The story includes many parallels to the modern real estate boom, including the forces of outside speculators, easy credit access for buyers, and rapidly-appreciating property values.

By the 1920s, its economic prosperity had set the conditions for a real estate bubble in Florida. Miami had an image as a tropical paradise and outside investors across the United States began taking an interest in Miami real estate.

Due in part to the publicity talents of audacious developers like Carl G. Fisher of Miami Beach, famous for purchasing a huge lighted billboard in New York’s Times Square proclaiming “It’s June In Miami”,[1] property prices rose rapidly on speculation and a land and development boom ensued.[2] By January 1925, investors were beginning to read negative press about Florida investments.

Forbes magazine warned that Florida land prices were based solely upon the expectation of finding a customer, not upon any reality of land value.[3] New York bankers[who?] and the IRS both began to scrutinize the Florida real estate boom as a giant sham operation. Speculators intent on flipping properties at huge profits began to have a difficult time finding new buyers. The inevitable bursting of the real estate bubble had begun.

On January 10, 1926, the Prinz Valdemar, a 241-foot, steel-hulled schooner, sank in the mouth of the turning basin of Miami harbor. The old Danish warship had been on its way to becoming a floating hotel.[4]
The Prinz Valdemar, capsized and blocked the port of Miami for several weeks in January of 1926, helping to usher in the end of the real estate boom. Florida Photographic Collection

The railroads, already strained by the burden of transporting both food and building supplies, had already begun raising shipping rates. When the sea route to Miami was blocked the city’s image as a tropical paradise began to crumble.

In his book Miami Millions, Kenneth Ballinger wrote that the Prinz Valdemar capsize incident saved a lot of people a lot of money by revealing cracks in the Miami façade. “In the enforced lull which accompanied the efforts to unstopper the Miami Harbor,” he wrote, “many a shipper in the North and many a builder in the South got a better grasp of what was actually taking place here.”[5]

In October 1925, in an effort to improve Florida’s clogged rail system, the railroad companies placed an embargo on all railway goods other than food, which further contributed to Florida’s skyrocketing cost of living.[citation needed] New buyers failed to arrive, and the property price escalation that fueled the land boom stopped. The days of Miami properties being bought and sold at auction as many as ten times in one day were over. The first Florida real estate bubble had burst.

The next year brought the 1926 Miami Hurricane, which drove audacious Biscayne Bay development projects such as Isola di Lolando into bankruptcy. The 1928 Okeechobee Hurricane and the Wall Street Crash of 1929 continued the catastrophic downward economic trend, and the Florida land boom was officially over as the Great Depression began.

The depression and the devastating arrival of the Mediterranean fruit fly a year later destroyed both the tourist and citrus industries upon which Florida depended. In a few short years, an idyllic tropical paradise had been transformed into a bleak, humid remote area with few economic prospects. Florida’s economy would not recover until World War II.

Interesting information right?

Thanks for reading this great article from Wikipedia…

Best Regards,
Larry Buchanan, Realtor
Prudential Network Realty
904-910-0204

Nearly every day I get questions about whether or not homes on the market in Jacksonville are starting to sell. The good news is that homes sell every day. However, the pace is not as robust as home sellers in Jacksonville would hope.

The economy is showing signs of growth and in regard to Jacksonville real estate sales as well as home sales in Jacksonville Beach and the other beaches, the pace of sales is definitely showing a measure of improvement. Part of the concern is mortgages, however, the amount of homes on the market in Jacksonville areas makes for a slow moving sales pace at this point in time.

What is important is to keep up appearances in and around your home and prepare for spring. Even though we’re just moving into the fall season, it definitely time to prepare for spring. My prediction is the pace will quicken just a little as we move into warmer weather in the early part of 2010.

And remember, Larry said it first

Best Regards,
Larry Buchanan, Realtor
Prudential Network Realty

Call me with your questions at 904-210-0203

When you are selling your home one of the first things you must realize about the future buyers, the decision to buy your home is more of an emotional decision than it is a logical one for them.

Now this does not mean that the future buyers throw out logic all together, but it does mean the buyer will allow his emotion’s to dictate the final decision making process more so than the logical ones. Therefore your home must appeal more to the buyer’s emotions as well as the practical ones. The tips provided here will help you recognize how easy it is to appeal to the emotions of your future buyers.

As we all know the “first impression is a lasting impression” and therefore the first thing your future buyers are going to see is the front yard and the front of the home. In real estate terminology, this is often referred to as “Curb Appeal”.

Curb appeal makes a huge difference because it impresses the prospective buyers and also assures them that their new home will look good from the outside. Right from the moment they first drive up to your home they are hooked.

Having a high curb appeal means that selling your home becomes a lot easier and buyers tend to look over small things, when they are truly impressed with the curb appeal of your home. This is the very first emotion you want to trigger in your future buyers. Frankly, it’s not that difficult to do.

It is extremely important that your yard be well manicured and appears sharp and clean. Proper edging of the driveway and sidewalks will ease your potential buyer’s eyes right on up to the front exterior of your home. The front exterior walls of the home then become the focal point of your buyers.

In most cases the buyers will be checking out the exterior colors of the walls and trim. Therefore it will be necessary for you to be absolutely certain the exterior walls, at a minimum, be power washed or where necessary repainted. Color is among the top things that add to the curb appeal. When choosing colors for the repainting it can make or break the “curb appeal” of your home.

At this point you must remember that you will be repainting for the future buyers not yourself. Therefore you will have to set aside your own personal taste and think in terms of what will appeal to the buyer. However, since you don’t know what anyone buyer will like it is safest to choose what is known as a “universal color”.

In fact the original color on the home may well be just the right color. The thinking behind this is more than likely the original color blended well with the other homes in the neighborhood, appealed to you and did not stand out like a “big sore thumb”.

Please understand this does not mean you have to repaint the house the same colors of all the other homes in your neighborhood. It simply means it is best to follow the basic rule known as the “clash rule”. Which in turn simply means your property should look like a part of the whole and not clash with every other home in the neighborhood.

A very easy way to help you select the right basic colors and trim colors, for maximum “curb appeal” is to use a color matching chart. You can also take a sample of the original colors of your home to the local paint center and for the most part these centers will be able to advise you and match your colors perfectly.

Having the right “Curb Appeal” to your home will be the first emotional trigger your buyer will experience. In turn this will lead your buyer to be more open to the other emotional factors of your home.

I’m Larry Buchanan and I’m a full time Realtor. Let’s talk… call me at 904-910-0203
email: Larry@ LarryBuchananRealtor.com

I have six quotes on my wall that I recently added… and many people
have told me they like to read quotes as part of starting their day. My friends speak of quotes as an important part of their tool kit of success secrets.

Without getting too technical, psychologists have observed that during times of financial turmoil and associated stresses, positive quotes can stimulate a powerful response in the subconscious mind.

Bottom line, you will be more successful, based on the advice of professionals in the world of personal development, if you add quotes to your daily exercise routine…I promise.

Here are a few quotes I recently received to share with my blog fans. Please feel free to write these down and use on your wall or carry in your daytimer.

- “Self esteem is everything. There is power in believing that I deserve success!”

- “All men are very much alike. It is their habits which separate
them.” (Ladies are not off the hook for this one either)

- “Time is the irretrievable element. A top ranking decision I must make every day is how I use my time.”

- “I will never punish myself for any mistake I make out of enthusiasm.”

- “I will cut all ties with dishonest or negative people and revise my list every day.”

- “People will only treat me like my actions TEACH them to treat me. Nothing more and Nothing less.”

What do you think of those quotes?

I hope you found them fresh enough to add them to your list of things-to-do today!

I look forward to reading your comments.

Best Regards & Thanks for stopping by…
Larry
Larry Buchanan Realtor
Prudential Network Realty
Phone: 904.910.0203
Email: Larry @LarryBuchananRealtor.com

Purchasing real estate is no laughing matter – whether the economy’s doing well or it’s experiencing recession. It’s a well-known fact that buyers are in a better position to purchase real estate during a recession. However, there are still some risks involved.

So how do you make sure you’re still getting the best real estate deal during the recession times? Here are some tips that you can make use of:

Determining whether you have gotten yourself a good deal in buying real estate, or simply just about anything, depends on your priorities. My years as a Realtor have taught me one thing for certain, all of us have different priorities, that’s a fact.

So if you’d like to make sure you satisfy yourself, get your own expectations in check. Creating a checklist can help you here. Finding a property to buy with a checklist handy can greatly facilitate the process.

I definitely advice about the importance of knowing your priorities and recommend that you create a checklist to guide your decisions. However, flexibility can also get you a long way. Be objective with your judgments and take a hard look at the property you are considering for your purchase.

Think hard and see if you are actually being too choosy to the point of being impractical. Would you like fancy or functional? Is it comfy or uber-elegant? How about trying to meet in the middle? Have you asked for suggestions from family or friends with experience? Do they agree with you?

Although you do not need to wipe your slate clean and accommodate all their opinions, are your expectations realistic enough… and what about your budget? Remember it is recession. Naturally, as a Realtor I can research many of the variables that help you consider your options. There’s no downside to taking advantage of this free service.

Many think that since it is recession, they can just buy and buy and buy properties. Although many property sellers are usually on the lower part of the scale during these times, not all deals are the best ones. You still need to be as careful as ever in purchasing real estate. My listings cover a wide range of choices, and I have access to literally thousands more. Should your schedule open we can set an appointment for a tour that will blow your mind. The market is absolutely perfect for great values at this point.

Many would pursue a short sale trying to grab a good deal. However, before you buy a property with a price that seems too low for the location, check with me about the areas and properties you’ve thought about. I can investigate to make sure you have all the facts. This is important since you should not just make an offer on a pre-foreclosure, short sale property.

Home sellers do know that during a recession, they may not be able to sell their properties for a better price. This means that they would have to wait longer to put their home out on the market. There may be properties for sale, but they get bought quicker, too. It would be helpful if you are prepared enough to make a purchase without dilly-dallying if you really are into it.

Your decision should not be clouded in buying a property. Always shop for the lowest price, which fortunately is more attainable during recession for buyers. However, do not forget that the lowest-priced property is not necessarily the best one.

In summary, there are some advantages to buying a home during recession. However, if you do not really have the budget or are not that well-educated in the real estate industry, do not feel pressured to jump in. There is still time for research and planning to help you make the best choice for the one decision that is a most important investment of your life.

Best Regards,
Larry
Larry Buchanan Realtor
Prudential Network Realty
Call me: 904-910-0203
Email me: Larry@Larry Buchanan Realtor.com

Click here to see my complete listing of homes in the Greater Jacksonville Area

Everyone would like to have a place that they can call their home. If you have saved enough money, you might even consider building your own home or buying instead of renting. But there is one problem, the country is now in a financial crisis. So should you consider building or buying a home now or continue paying rent?

The answer is definitely move away from paying rent. As long as you have money in your possession, today’s real estate market values are in your favor. This means you don’t have to borrow a large sum of money from the bank in order to find a good value in a home. Plus, even though the cost of materials would seem to be low, according to the latest economic reports, they are in fact rising.

So, first things first. You want to spend some time figuring out what kind of home do you want to have and set a certain budget. After getting an idea of where you’d like to be, both in regard to location, and price, you also have to factor in inflation and a little allowance just in case there will be some unexpected situations later on. With all the information you have gathered, you can provide your realtor with an overview of your plans and ideas.

Over time, the value of your house will go up and when you decide to sell it, you will have more money which you can use to buy or build a bigger home.

That may not be the case right now when we are currently facing a financial crisis but it will happen. One thing that could help increase its value even is to install eco-friendly mirrors, low drain, high efficiency appliances and a good security system.

You’ll never build a strong plan for your future financial health if you continue to pay rent because you are just shelling out money and giving this to the landlord rather than earning interest and appreciation.

Remember, it is currently cheaper to buy a home especially with the very low market values currently being observed in this section of the country. Even though it’s not easy to think about it now, the financial crisis will eventually stabilize.

There are a lot of lessons you will learn when you decide to purchase a home. In fact, when you make a home buying decision, you don’t only establish a place for yourself but also help people in the comunnity in many different ways. This is because you have now added to the overall growth of the economy and the neighborhood in a positive way. While also stimulating the local revenue.

So should you buy your home amidst the current economic decline affecting the real estate industry? Yes because you will finally have your dream home just the way you like it…and the homes on the market these days are largely environment friendly or “greener” and often exceed standards that relate to the latest environmental regulations.

Please feel free to leave your comments…

Larry Buchanan Realtor
904-910-0203
email: Larry @ Larry Buchanan Realtor.com

Click here to see my complete listing of homes in the Greater Jacksonville Area