IN JUNE’S ISSUE 5 Realities Buyers & Sellers Will Face in 2021 Painting the Town Pink Is that Swimming Pool Safe?
LIVING LARGE
FEATURE COMMUNITY PROPERTY
IN YOUR CORNER
IN YOUR CORNER
JUNE 2021
IS THAT SWIMMING POOL SAFE? WHAT HOMEBUYERS SHOULD KNOW
COMMUNITY PROPERTY PAINTING THE TOWN PINK
FEATURE STORY 5 REALITIES BUYERS & SELLERS WILL FACE IN 2021
LIVING LARGE CARVE OUT A PERSONAL RETREAT FOR YOURSELF AT HOME
MARKET UPDATE CURIOUS IF PRICES ARE UP? WHAT’S THE MARKET DOING? WE’VE GOT ANSWERS!
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The cover image was photographed by R ARCHITECTURE.
Is that Swimming Pool The following is a guest post by PAULINE HAMMERBECK, posted by LINDSAY LISTANSKI originally published on Blue Matter, Coldwell Banker’s Blog. Guest blogger Pauline Hammerbeck is a content editor for the Allstate blog, which helps people prepare for the unpredictability of life.
Swimming pools can be a valuable amenity in a new home. When an agent takes you to a home and slides open the patio door to reveal a backyard swimming pool, you’ll likely have one of two reactions: you’ll either conjure up images involving lazy Saturdays and margaritas, or you’ll stiffen up with thoughts about the pool safety implications.
What
Homebuyers Should Know
Keep these safety tips in mind when you’re considering buying a home with a backyard pool.
Pool Buying tip #1:
Not all fences were created equal Most pool accidents can be avoided with preventative measures. And while a perimeter fence is the first line of defense, many older homes have outdated installations that fail to keep curious children away. According to U.S. Consumer Product Safety Commission home pool barrier guidelines, a pool fence should be at least four-feet high with slats that are less than four inches apart. Also, be sure to check that the pool has a self-latching fence and that everything is also in compliance with local codes. Otherwise, you may have to factor in a substantial budget for building a new fence, renovating an existing one, or negotiating with the seller to cover the costs.
Pool Buying tip #2:
Check for cracked drain covers Missing or cracked drains and suction covers pose a serious safety risk. Don’t believe a homeowner who insists that his drain cover “works just fine” even though it’s cracked. Older drains may not be in compliance with federal safety regulations and may cause accidental entrapment. If the pool’s drain is outdated or cracked, you will need to install a new drain that meets Florida code. A
Pool Buying tip #3: Cloudy water may indicate algae—or worse Cloudy pool water is a sign that a pool’s chemistry is unbalanced. To pinpoint the problem, you’ll need to test the pool’s chlorine, bromine, pH, alkalinity, hardness and cyanuric acid levels. In some cases, backwashing or cleaning the filter is sufficient to correct the imbalance. But if the pH imbalance has resulted in black algae growing on the pool’s floor or siding, you’ll need to completely resurface the pool, which can cost anywhere from $5,000 to $10,000.
Pool Buying tip #4: Beware of leaky plumbing Checking a pool for plumbing leaks can be difficult during a brief showing (you might want to think about hiring a home inspector familiar with swimming pools). However, if the owners routinely add more than two inches of water to their pool per week, this may indicate a plumbing leak. When you visit the pool, check for sunken, wet soil or eroding areas. The pool skimmer (which helps remove dirt and debris) is a common source of leaks but, typically, it can easily be fixed with pool putty. Plumbing leaks, however, can be expensive and time consuming to repair.
Swimming pools can be a valuable amenity in a new home. But giving a good eye to the safety before making an offer can ensure that the pool ends up being nothing more than a great source of future family fun.
Photography provided by the following in order of appearance: Alexandr Podvalny (A), and Marven Meyer (B).
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Painting the Town PINK
Mount Dora is a colorful town, but in the 1981 film Honky Tonk Freeway, the town was literally painted pink. In honor of this year’s 40th anniversary, let’s look back at a piece of Mount Dora’s film history. This quaint small town is no stranger to celebrities from President Dwight D. Eisenhower and Henry Ford to Albert Einstein, who have all enjoyed Mount Dora. Still, the proverbial circus came to town, elephant and all, back in 1980. Honky Tonk Freeway was a $24 million budget film widely viewed as a flop despite an all-star cast including Beau Bridges, William Devane, and Jessica Tandy. In addition to the all-star cast, the director was Oscar-winner John Schlesinger. The film follows several characters who converge on the small town working to rebuild its tourism industry after a superhighway bypassed Ticlaw. The town tried everything possible, from painting the town pink and constructing its own off-ramp to advertising a waterskiing elephant, Bubbles. Critics said the plot lines were disjointed and lacking, and the film was quickly pulled from movie theatres after its first week. Although it was a box office bust, Mount Dora was tickled pink to not only have Hollywood film sets all over town and their 15 minutes of fame, but they also enjoyed the spectacle of their town painted pink. Thousands of people auditioned to be extras and hundreds were cast for the filming during the summer of 1980. According to an interview by Merrie Skinner, one was even the former mayor, Margaret Lofroos, who was encouraged by townspeople to audition for the role. Many of the residents were dressed up as tourists in bathing suits and visors.
It appears that the most popular memories of filming were not standing or sitting hours in the sun waiting for their scenes. Instead, the highlight of the experience was Bubbles, the elephant. The town fell in love with Bubbles during her training sessions on Lake Dora. One of the movie’s stunts involved Bubbles being a waterskiing elephant, an elephant who didn’t actually know how to waterski but was a ploy by the town to bring in tourists. Filmmakers literally sent the elephant sailing across Lake Dora on two enormous pontoons. Bubbles was also featured in a massive parade that went from Fifth to Donnelly.
In addition to the spectacle of the pink painting downtown, getting to enjoy seeing movie stars and Bubbles up close and personal, the film also brought attention to Mount Dora. Even with the film quickly falling into obscurity, Mount Dora experienced an influx of visitors who wanted to experience the town first hand after seeing it in the movie. Mount Dora residents felt nostalgic back in 2016 with a celebration of the film’s 35th anniversary which included outdoor showings during the Movie Under the Stars series hosted at Elizabeth Evans Park.
Earlier this year, the Mount Dora Archives unveiled its Honky Tony Freeway Collection. The collection includes posters, souvenirs, including a production clapperboard, and iconic images of the town painted pink. If you were a part of the filming or you have pictures or memorabilia, feel free to donate them to the Mount Dora Archives. You can contact them at mountdoraarchives.com
All images courtesy of the Mount Dora Archives’.
5
Realities Buyers & Sellers Will Face In
2021
A The following is a guest post by CHELSEA CORNELIUS
As we are halfway through 2021, we are seeing the Sellers’ Market that started in 2020 continue to go strong. In fact, across the country, if you’re buying a home, you will most likely be involved in bidding wars, and in many cases, the highest prices, best terms, and shortest closings win. All of this, plus the memory of our last housing burst, has people asking search engines over 200% more if there will be a Real Estate Market Bubble Burst in 2021. According to many real estate experts, including the CEO of Coldwell Banker, Ryan Gorman, the answer is no. The consensus is that because market leads are organic, people wanting to buy houses, as opposed to inorganic, there will be no burst. In 2007, there were inorganic leads in the form of investors creating a false demand which utlimately led to the burst we fear will happen again. If we trust the experts and historical data it is not likely to occur today. So, what will Buyers & Sellers face in 2021?
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Low Inventory with High Demand Florida isn’t just a tourist trap. We offer sunny, warm weather, lower costs of living, and more land with amenities. The combination of rapid economic growth and the perks of living in our area have contributed to a massive influx of people migrating to the Sunshine State. In addition to those migrating, it has become apparent to many renters that buying is far more cost-effective than renting. That being said, the demand is at an all-time high which is only made more competitive with a low inventory. The inventory is lower than it has been since the early 1990s. The days of seeing ten or twenty houses to find their perfect home before putting in offers is not an option in 2021. Buyers will need to make concessions in 2021 and ask their Coldwell Banker Agents about recently sold comparable homes to what you are looking for in a home. Your agent can explain the sold and list price ratios. This will give you a better understanding of what your budget will realistically need to be to secure your dream home.
2
COVID has forced investors to expand. With banks and investors unable to foreclose or force short sales, and landlords unable to legally evict and get rid of properties, investors are having to expand their investment horizons. This often means they will be looking at overpriced, outdated homes that even regular buyers don’t want to touch. Investors willing to put in the time and money for flips can still maintain a good profit margin if they are strategic and involved, even with the current cost of lumber and other materials. For sellers, this means that investors might approach them with cash offers that might be more appealing than first-time home buyers, VA, or renovation loan bids. For buyers, this means you need to be prepared to go above the list price potentially. You might consider looking at a lower price point, so you have room to go above the list price without maxing out your budget.
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New construction will continue to grow Many home buyers want a new, updated, and completely move-in ready home, especially buyers moving from outside of Florida. Due to this organic demand, New Construction builders are reaping the rewards, even with the price of materials. Since the pandemic hit, the cost of lumber has increased 250%, according to a letter written by a Housing Coalition spearheaded by the National Association of Home Builders (NAHB) to Commerce Secretary Gina Raimondo. In addition to the cost of materials, there is also the time materials take to become readily available. The pandemic caused a wave of lockdowns, and increased safety protocols that affect material cost and timeframe. Additionally, recent US-imposed retaliatory tariffs on goods coming into the US are impacting the overall cost. For example, the bulk of lumber imported into the US is Canadian(83%.) Canada completely shutdown during the pandemic last year including it’s lumber mills. This limited supply, stalled, or completely stopped shipments. The US felt the affects and it is estimated that building a new home has increased at least 15% in the last year.
B
Although you would think this would halt new construction, builders pivoted and will continue to experience growth in 2021. They are doing so by either including clauses that increase the price you pay if the cost of materials increases or by requiring homeowners to pay market value at the end of the home building process. This means homebuyers will face a longer home building process and can expect to pay more in the end than the builder might quote. Your Coldwell Banker Vanguard Agent will help you navigate the negotiation contract process to put you in the best position when buying a home. Home sellers should expect new construction to effect their process the same way it always has, a little friendly competition.
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Appraised values might challenge rising market values. Home market values in Florida have been consistently rising by over 15% for single-family homes and over 28% for condos and townhouses. Home Market Values are determined simply by what homebuyers are willing to pay for homes. If you’re selling a home, your Coldwell Banker Vanguard Agent will have provided you a comparative market analysis to help determine how you should list your home. An appraised value is determined by an extensive index of requirements from a site visit in addition to a comparable market analysis. The issue for Sellers arises when there is a bidding war that results in homes selling way above list price, which was already market value.
In Florida, mortgage rates have been hitting historic lows. However, many experts, such as Brad O’Connor, Chief Economist for Floridarealtors.org, suggest that instead of the Bubble Burst, everyone fears it will be Mortgage rates that will eventually adjust the steadily increasing market values. However, it may not be immediate as mortgage rates start to rise, homebuyers will be less likely to buy anything. For sellers, this means if you are interested in selling, you should contact your Coldwell Banker Vanguard agent for a free-market analysis while it continues to be a Seller’s Market and home values are still increasing.
Thinking About Selling? Reach out to your Coldwell Banker Vanguard Realtor for a complimentary COMPARABLE MARKET ANALYSIS on your home today! C
Photography provided by the following in order of appearance. Kent Rebman (A), Blake Wheeler (B), and Digital Marketing Agency Network(C).
Carve Out A for YOURSELF at
HOME The following is a guest post written by MICHELLE LEE posted by SHARON LEE originally published on Blue Matter, Coldwell Banker’s Blog. Edited by Chelsea Cornelius.
Let’s face it; this past year has been challenging. Now that things are getting back to normal, there will be more family and friends events, work, and travel obligations. All of which can be very stressful. Having a personal haven at home to unwind and restore your mind, body and soul is key to staying sane and on top of it all. Even if you’re renting or moving soon, it’s important to have a space to de-stress on busy days. Make the most of your nooks and crannies at home with these ideas for a rejuvenating retreat.
Set Your Focus and Intentions Upfront Decide what’s most important to you and what you want to achieve during your personal time. It doesn’t have to be an ambitious goal; a simple wish to rest is perfectly valid. Alternatively, you can use this time for spiritual exploration or to work on your craft. Jot down your thoughts in a journal before, during, and after the experience, and keep it nearby to reflect on in future “you time.”
Make It Yours However nice a personal corner is, it won’t mean much unless you can connect with it. Place special mementos around the area that are extremely significant and meaningful to you. These could be pictures of your loved ones and favorite places or trinkets you’ve collected throughout your life and travels. Store a couple of your favorite books nearby, light candles, start an aromatherapy diffuser and brew a hot pot of herbal tea to add to the ambiance – whatever speaks to your heart.
Turn on the Tunes The right music has the power to immediately energize or stabilize your mood and take you to a place of idyllic tranquility. Before indulging in a personal retreat time, put together a playlist (your personal soundtrack) or download a relaxing podcast. Invest in a white noise machine to set the mood if words are too distracting to you.
Layer It Up If the only free space you have left is a spare corner of a room, don’t fret. Turn it into a cozy comfort zone by adding as many pillows and throws as your heart desires. They will immediately warm up any space and serve up a whole lot of style. Snuggling up with lots of layers and a good book can be so relaxing, especially if your retreat space ends up being your bed, as many are.
Practice Meditation or Yoga Once you’ve set up your space and are all ready to go, you may begin to think, “now what?” You certainly aren’t alone—having moments of silence are key to self-reflection but can also get boring fast or you may just not know where to start. A wonderful way to combat this is to set up an activity such as meditation or yoga that keeps you focused while also allowing for room to unwind and relax. Lay down a yoga mat and get started with a couple of beginner stretches. A
Go Outside If your home is simply too stuffy, step outside for a breath of fresh air. Bonus points if you have a lush garden to be your retreat. Hang a hammock or set up camp beneath a shady tree for a place to call your own. Being surrounded by greenery and basking in natural sunlight will immediately elevate your mood and induce relaxation. Furry friends are always welcome, too, petting your furry friend is also known to reduce the stress hormone while increasing your feel-good hormone, oxytocin. If you dont have a lucious backyard complete with a secret garden, you can still reap Mother Nature’s benefits by taking a stroll to a nearby park. If you’d rather keep it all indoors, though, pull up a chair near a sunny window and add a few low-maintenance houseplants. Succulents are great for first-timers and come in a variety of eye-catching arrangements. This welcome addition of life amidst the chaos of daily life will keep you happy and healthy all year long. Photography provided by the following in order of appearance. Roberto Nickson (A), Wes Hicks (B), Kadarius Seegars (C), Sema Martin (D), Andrijana Bozic (E), and Minh Pham (F).
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MARKET UPDATE MARCH 2021
MARKET BREAKDOWN What does this mean for BUYERS?
If you are looking to buy, your options are no longer plentiful. Your agent needs to be a fierce negotiator and give you realistic expectations of what your budget options might dictate. Be prepared to thoroughly examine what your must-haves genuinely are and what you can be more flexible on when looking at properties.
What does this mean for SELLERS?
Seller’s Market is holding firm in 2021. The low inventory means sellers have more control over pricing, closing, and other terms. Looking closer at the data, many homes are sitting on the market for less than a month, with outliers pulling the average towards the 50 days on market average. If you’ve been considering selling, this might be the time to contact your agent. Make sure you have all of your bases covered, and you and your Coldwell Banker Vanguard Agent are planning for your next home too.
Want the latest market data when it is available? Ask your agent if they are a part of the MLS MARKET UPDATE program. www.CBVHomesearch.com
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