COLDWELL BANKER ARUBA REALTY Local news and market updates of Aruba. March 2011 Year 01 / number 02
NewsLetter
Harsh Winter May Have Triggered Vacation Home Market After several years of negative trends in the real estate industry, a recent market study shows signs of increasing consumer confidence. The third annual Cotton Report polled more than 800 participants on housing preferences, motivating factors, pricing levels and timelines for purchase. The survey included participants from 39 states, as well as Canada, Europe and Latin America. “These results show buyers are beginning to separate the home buying process from the economic instability.” While no direct correlation was made to the harsh winter temperatures, the research survey indicated a substantial increase in the number of homebuyers seeking a vacation home purchase, an increase of 800% year-over-year. Over the threeyear period of the annual research study, a continuous trend towards smaller homes has been noted with the most popular size home now being 1,700 to 2,299 sq.ft. Homes ranging from 1,000 to 1,699 sq.ft. saw an increase of 5% in interest levels from 2010 to 2011. The Cotton Report also shows signs that pricing levels have adjusted to meet consumer expectations. In 2009, respondents indicated the need for a 50% reduction in order to reenter the market. In the 2011 survey, this level of price reduction has changed dramatically with the median response being a 20% reduction. This trend was also reflected in the consumer’s timeline to purchase. In 2011, 25% of the respondents reported they would be purchasing within 6 months, an increase from just 4% at the same time last year. “The adjustment of pricing to realistic levels has brought buyers and sellers closer together. These price adjustments combined with the brutal winter up north have resulted in strong sales in many of our resort residential properties.” “One of the most dramatic changes in buyer psychology was seen in the responses from those who are uninterested in a real estate purchase,” says Laurie Andrews, Cotton & Company’s COO. In 2010, 96% of these respondents sighted economic conditions or political instability as the reason for not purchasing. In 2011, this number was cut in half with 46% of the respondents. “These results show buyers are beginning to separate the home buying process from the economic instability.” We wanted to share the positive news with you and we have been very busy working with buyers. The Coldwell Banker team will continue to work hard for you all. Best regards, Dick A. Sougé
New listing # 739
Costly Mistakes that Can Delay a Quick Sale Hoping to Sell Your Aruba Home in 2011? Mistake #2: Not Enhancing Your Home's “Curb Appeal” When a potential buyer drives by your home, their first impression will be based on your home's “curb appeal.” If the buyer is disappointed by what they see, they may not even bother to request a showing, no matter how wonderful the interior of your home is. Almost half of all houses purchased are sold before prospective buyers open their car door and walk into your home. Ask your realtor what you can do to improve your home's appeal, so that the property shows at its very best. Mistake #3: Insisting that Your Home Is Shown Only When It's Convenient for You while no one wants dinner frequently interrupted or to spend Saturday morning or Sunday afternoon leaving their home for no purpose, often the only time buyers can see your home is after work or on weekends. Plan ahead. Keep the house orderly and make the time away from home fun. Remember this last minute showing may be the last buyer you will have to show your home to. Mistake #4: Attempting to Hide Problems With Your Home Be honest with your realtor about problems with your home and property relating to health, safety, or the environment. During home inspections, most problems will be discovered anyway. It's better to factor any issues into the listing price, or state up front you, as seller, will correct specific items prior to sale.
Feature property - Palm Beach 310 Listing ID: # 640 REDUCED - This spacious family residence is located in the popular area of Palm Beach, walking distance from the beaches, hotel area and malls. This spacious residence offers a carport, front and back patio, spacious kitchen, 4 bedrooms and 4 bathrooms. You will find ceramic tiles throughout the house. The build-up area is 408 m2 / 4398 sq ft. on 501 m2 lease land. One of the bedrooms can be converted into a separate apartment with its own entrance for income purposes if you wish. This property is fully fenced with aluminum entrance gates to the carport and front door. On the back-patio you will find a twostorey gazebo. This residence is available per direct. US$ 211.500 Afl. 376.470
Island properties
Listing ID # 686
Listing ID # 724
$279.000
$366.500
Coldwell Banker CEO Collaborates on New Home Buyer Book 2011-03-02 11:32:03 by Jim Reed Thinking of buying a home? Not sure what to do in today’s market? Then you need to read Before You Buy! It’s the essential, must-read survival guide for everyone thinking about purchasing a house in today’s real estate market. Before You Buy! is the no-hype, straight talking, indispensable, step-by-step guide to understanding this market and purchasing a home safely, sanely, and at a price you can afford.Coldwell Banker Real Estate Chief Executive Officer Jim Gillespie worked closely with Corbett while the author was researching and writing Before You Buy! Gillespie wrote the foreword for the book, which also features his personal insights throughout, culled from his nearly 36 years in real estate. “Mortgage rates are at historic lows, so now is a great time to buy to avoid the uncertainty of these rates increasing in the future,” Gillespie continued. “Michael does an exceptional job in breaking down the various phases buyers go through so that they can make excellent lifestyle and financial decisions.” This book offers all buyers control of the process. First-time buyers and experienced homeowners alike will learn how to uncover hidden dollars and eliminate costly expenses at every step. But most importantly, they will learn how to avoid the traps and pitfalls that put so many buyers into bad deals, risky mortgages, and unaffordable homes. “There’s never been a better time to buy real estate than right now. Michael’s Before You Buy! is a must-have if you want to do it smart, safe, and with real success!” Barbara Corcoran, Real Estate expert for NBC Today Show, Best Selling Author and Founder of The Corcoran Group “The book that every homeowner must read before they put their house on the market.” Jim Gillespie, CEO Coldwell Banker Real Estate.
KLM Expands Service to Aruba
Listing ID # 746
$351.000
KLM has announced that it will carry out a significant expansion in the Caribbean this year. Due to take effect when the airline's winter schedule begins October 30, 2011, the changes will provide an additional 2,600 seats to the region each week from Amsterdam Schiphol. There will be 9 weekly flights to Curacao, daily service to Bonaire, five weekly flights to Aruba, and three to St Maarten. Peter Hartman, the airline's chief executive officer, said that for the first time in the airline's history, KLM will make more than half a million seats annually available to the Caribbean.
Coldwell Banker Aruba Realty J.E. Irausquin Blvd. 12, Aruba (297) 588 - 7781 info@coldwellbanker.aw www.coldwellbanker.aw