Kupanoff Luxury Homes & Estates Market Update - Sept/Oct 2014 by Mino Media, LLC.

dc ranch/silverleaf & surrounding area

luxury homes & estates market update www.kupanoff.com

september/october 2014

Real Estate Market Update

Recent updates in the area

Architecture & Design

Formal Mediterranean Elegance

Remodeling

Top 5 things to avoid when remodeling a home

REPRESENTING BUYERS AND SELLERS OF LUXURY REAL ESTATE IN NORTH SCOTTSDALE

publishers letter luxury homes & estates market update

28190 N. Alma School Pkwy, Suite 111 Scottsdale, AZ 85262 www.kupanoff.com PUBLISHERS Michael A. Kupanoff

480.688.0342, michael.kupanoff@bhhsaz.com

Trifon M. Kupanoff, Jr.

602.989.3457, trif.kupanoff@bhhsaz.com

EDITORS Tammy LeRoy, Kimberly Kupanoff CREATIVE DIRECTION/DESIGN Erin Loukili, Jaclyn Threadgill FOR ADVERTISING: Lisa Brewer 480.390.8354

FOR EDITORIAL SUBMISSIONS: editor@minomedia.net FOR PHOTO SUBMISSIONS: editor@minomedia.net TO SELL or BUY YOUR HOME: 480.688.0342 michael.kupanoff@bhhsaz.com 602.989.3457 trif.kupanoff@bhhsaz.com RECEIVE UPDATES ABOUT HOME SALES & PRICES: 480.688.0342 michael.kupanoff@bhhsaz.com

9943 E. Bell Rd., Scottsdale, AZ 85260 480.245.5888 www.minomedia.net Kupanoff Luxury Homes & Estates is published 6x per year by Mino Media, LLC. Opinions expressed are those of the authors or persons quoted and not necessarily those of Mino Media, LLC. While efforts to ensure accuracy are exercised, the publisher and/or Mino Media, LLC. assumes no liability for the information contained in either editorial or advertising content. Information contained within is subject to change. Publisher and/or Mino Media, LLC. assumes no responsibility or liability for unsolicited manuscripts or artwork. Reproduction in whole or part without the expressed written consent from the publishers and Mino Media, LLC. is strictly prohibited. Kupanoff Luxury Homes & Estates Market Update is the registered trade name of this publication. Copyright 2014 by Mino Media, LLC. All rights reserved.

Trif Kupanoff

Michael Kupanoff

A Pedigree Like No Other Introducing Kupanoff & Associates and Berkshire Hathaway HomeServices

By utilizing the strength and valuable resources of one of the world’s most respected brands, we bring operational excellence and innovation as a compelling value for our customers. With a clear vision as one of the most highly valued real estate companies in the market, our powerful network of brands exemplify the reputation of Berkshire Hathaway — among Fortune’s 2013 most admired companies. As one of the top firms in North America, backed by Warren Buffett — the world’s most successful investor — the company is a leader in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal. Together this powerhouse firm creates an international network of approximately 80,000 real estate agents and 2,800 real estate brokerage locations. The company’s U.S.-based Global Relocation Services is the #2 player in global relocation. With more than one-third of Fortune 100 companies as clients, our Relocation network moves nearly 85,000 families in and out of over 125 countries around the world each year. A member of the over 200 billion-dollar Berkshire Hathaway Family, one of the most stable companies in the world employing over 300,000 people globally among its family of companies. Berkshire Hathaway HomeServices operates in nine countries; the U.S. under Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living; Canada under the leading Real Estate Companies, Royal LePage and the luxury Via Capitale, as well as Brazil, U.K., France, Singapore, China and India. It is the only company with such reach, reputation and resources in the Real Estate Industry.

“Berkshire Hathaway is built to be forever... it’s true of all the businesses we own.” — Warren Buffett, Chairman and CEO of Berkshire Hathaway Michael & Trif Kupanoff September/october 2014

table of contents

IMPORTANT NUMBERS

Emergency........................................................... 911 Police (non-emergency).....................480-312-5000 Fire (non-emergency).........................480-312-8911 MVD......................................................602-255-0072 Poison Control.....................................602-253-3334 US Post Office/Kachina Branch.........480-513-2963

Utilities APS.......................................................602-371-7171 Southwest Gas....................................877-860-6020 SRP.......................................................602-236-8888 City of Scottsdale................................480-312-3111 City of Scottsdale Water.....................480-312-2461 City of Scottsdale Waste/Pickup.......480-312-5600 Cox Communications.........................602-277-1000 Century Link........................................800-366-8201

Community Associations DC Ranch.............................................480-513-1500 Silverleaf..............................................480-515-3200 Grayhawk.............................................480-563-9708 Windgate Ranch..................................480-596-7300

Community Gates DC Ranch West Gate..........................480-473-7362 DC Ranch East Gate...........................480-473-7506 Silverleaf/Arcadia Gate......................480-585-9662 Silverleaf/Horseshoe Gate.................480-515-9443 Silverleaf/Windgate Gate...................480-342-9095 Grayhawk/Talon..................................480-502-7685 Grayhawk/Raptor................................480-502-5078 Windgate Ranch..................................480-419-4154

Golf Courses DC Ranch Country Club.....................480-342-7200 Silverleaf Country Club......................480-515-3200 Grayhawk Golf Club............................480-502-1800

Schools Copper Ridge Elementary.................480-484-1400 Grayhawk Elementary........................602-449-6600 Mountain Trail Middle School............602-449-4600 El Dorado Private................................480-502-6878 Notre Dame Prep................................480-634-8200 Chaparral High School.......................480-484-6500 Pinnacle High School.........................602-449-4000 Scottsdale Prep Academy.................480-776-1970 BASIS Scottsdale................................480-451-7500

10 4 Real Estate Market Update Recent updates in the area.

8 Mortgage Getting a Mortgage - Fact vs. Fiction

10 Architecture & Design Formal Mediterranean Elegance

14 Remodeling Top 5 things to avoid when remodeling a home

16 Building Choosing a contractor

19 DIY 10 ways to boost your property value Kupanoff & Associates | Berkshire Hathaway HomeServices // 3

market update

Kupanoff & Associates Market Update Marketwatch Report 2014 July - Aug Market Statistics for Single Family Homes

Q2-2014

The K&A Market Update specifically focuses on housing statistics in the communities of DC Ranch, Silverleaf, Grayhawk, Windgate Ranch, Pima Acres and Ironwood Village as well as the 85255 zip code, Scottsdale and the Phoenix Metro area. (Note: For more information on your neighborhood that is not listed below, contact us at 480.688.0342 or michael.kupanoff@bhhsaz.com)

MaricopaMetro County Phoenix Area Market Update Key Metrics Key Metrics

Market Activity Market Activity

Q2-2014 Q2-2014 1-Yr 1-YrChg Chg

Q2-2012 Q2-2012 Q2-2012

Median Sales Price

$200,000

+ 8.1%

Average Sales Price

$261,284

+ 6.1%

23,108 23,108

22,354 22,354 22,354

Q2-2013 Q2-2013 Q2-2013

Q2-2014 Q2-2014 Q2-2014

23,086 23,086 23,086 20,069 20,069 20,069

16,159 16,159 16,159

15,908 15,908

Pct. of List Price Received

97.5%

- 1.3%

Homes for Sale

23,108

+ 45.3%

Closed Sales

20,069

- 13.1%

Months Supply

4.1

+ 65.1%

---1.6% 1.6% 1.6%

Days on Market

+ 25.4%

Homes for Sale

+++45.3% 45.3% 45.3%

++ 3.3% + 3.3% 3.3%

---13.1% 13.1% 13.1%

Closed Sales

Phoenix Metro Area Key Stats » July - August 2014 • July median new list price was $215,000 which is a 7.6 % Historical Median Sales Price for Maricopa County

• Monthly Sales: July sales volume was 17.5 % lower than last year, at 6,775 compared to 8,216. Month-over-month numbers $275,000 $275,000 were down 6.2%. • New Inventory: In July 8,468 new listings were added compared to 9,246 last year at this time, a decrease of 7.4%. • Inventory: The total number of listings for sale was 34.3% $231,250 $231,250 higher in July of 2014 compared to July of 2013…26,928 compared to 20,049 last yr. • Month’s Supply: Currently we are at 3.97 months • Average Days on Market: 86 days compared to 64 days in $187,500 $187,500 July of 2013.

• • • •

increase year over year. July median sales price increased 6.5% to $197,000 year over year. Sale Price Forecast (August 2014) Decrease from $197,000 (July 2014) to $194,900. Foreclosures pending dropped again in July to 6,351, falling 36.6 % year over year. Distressed sales total (short sales plus lender owned sales) 649 which represented 9.6% of total sales… down 73.4% year over year.

All data from the Arizona Regional Multiple Listing Service, Inc. All information is deemed to be reliable but not guaranteed. $143,750 4 $143,750 // Kupanoff & Associates | Berkshire Hathaway HomeServices

September/october 2014

85255 Market Update 85255 Key Stats » July - August 2014

85255 2014 & 2013 YTD Comparison

• Active Listings down 494 from 509

Last Year

This Year

PCT

Total Active

1443

1588

+10%

New Listings

1071

1123

+4%

• Months supply up 7.1 from 6.9

Number Under Contract

770

618

-19%

• Active Listings Price per sqft up $366 from $359

Number Sold

743

624

-16%

• Monthly Sales Price per sqft up $261 from $247

Sold Volume

$569,712,869 $550,578,814 -3%

• Annual Sales Price per sqft remains unchanged at $266

Average Sale Price

$766,774

882,338

+15%

Percent of List

97%

96%

-0%

• Pending Listings down 47 from 57 • Sales per Month down 70 from 74 • Days on Market for Monthly Sales up 146 from 108 • Days on Market for Active Listings up 177 from 171

• Appreciation - Monthly price per sqft down 3% from 9% • Appreciation - Annual price per sqft down 13% from 14%

85255 Quarterly Update - 2nd Qtr 2014 Median Sales Price

Average Sales Price

Pct. of List Price Rcvd

Q2-2014

1-Yr Chg

Q2-2014

1-Yr Chg

Q2-2014

1-Yr Chg

$642,500

+ 12.3%

$851,455

+ 18.3%

96.1%

- 1.0%

Days on Market

Closed Sales

Q2-2014 1-Yr Chg Q2-2014 1-Yr Chg 93

+ 28.7%

360

- 7.7%

Neighborhood Area Market Update (Includes: DC Ranch, Silverleaf, Grayhawk, Windgate Ranch, Pima Acres and Ironwood Village)

(Note: If you or someone you know needs this information for their neighborhood and it is not listed within, please contact us for your free report)

Listings Prices

New Listings

Sold Listings

Active Median List Price

A-1 4

4 J-1

14 M-

4 A-1

14 M-

4 J-1

F-1 4

3 D-1

N-1

S-1 3

A-1

J-1

M-

A-1

F-1

J-1

D-1

N-1

O-1

Active Listings

$400K

$500K

$600K

120

M14

$700K

180

$800K

240

$900K

S-1 3

300

A median price is where half the prices are higher and half the prices are lower. List price is current price on market. Sale price is price sold for. Active listings are on market on a single day of month. New listings are all properties put on market during an entire month. Sold listings are sales contracts that closed during month.

Active listings: How many listings were for sale during each month. New listings: How many properties were put on the market during each month. Sold listings: The total number of listings whose sales contracts were completed, or closed, during the month.

O-1

Number of Listings

New Median List Price

Sold Median List Price

All data from the Arizona Regional Multiple Listing Service, Inc. All information is deemed to be reliable but not guaranteed.

kupanoff.com

Kupanoff & Associates | Berkshire Hathaway HomeServices // 5

market update 2014 Select Neighborhood Sales Updates for the area:

(Note: For more information on your neighborhood that is not listed below, contact us at 480.688.0342 or michael.kupanoff@bhhsaz.com)

Neighborhood

Avg Sales Price

Average Price/ Sqft

Number of Sales

Average Sqft

Avg Days Active on Market Listings

DC Ranch/Camelot Haciendas

$1,333,333

$335.44

4,017

170

DC Ranch/Country Club Villas

$664,500

$276.08

2,459

DC Ranch/Courtyards at Desert Park

$564,975

$298.55

1,902

DC Ranch/Courtyards at Market Street

$379,000

$222.55

1,703

178

DC Ranch/Parks by Ashton Woods

$531,862

$263.95

2,050

DC Ranch/Parks by Engle

$744,875

$220.76

3,366

DC Ranch/Parks by Maracay

$1,013,062

$259.84

3,936

Silverleaf/Arcadia

$2,245,400

$402.80

5,641

Silverleaf/Canyon Villas

$1,760,000

$388.26

4,533

Silverleaf/Sterling Estates

$2,175,908

$536.85

4,018

148

Silverleaf/The Casitas

$2,575,000

$664.45

3,979

128

Grayhawk/Firenze

$1,001,320

$225.91

4,438

100

Grayhawk/Serenity

$1,856,250

$335.86

5,507

221

Grayhawk/Encore

$430,857

$235.74

1,832

119

La Strada

$1,200,000

$238.81

5,025

197

Windgate Ranch

$1,130,821

$273.05

4,117

104

Ironwood Village

$449,466

$204.67

2,218

Neighborhood Area Average Price per Sq. Ft. Comparison

Days on Market

2014 July - August Avg $/Sqft

2013 July - August Avg $/Sqft

Annual Change

$500k - $1m

$250.47

$244.09

+2.61%

$1m - $1.5m

$293.33

$288.13

+1.80%

$1.5m - $3m

$461.74

$421.01

+9.67%

$3m +

$504.99

$512.47

-1.48%

130 114 98 82 66

4 A-1

4 J-1

14 M-

4 A-1

14 M-

4 F-1

4 J-1

3 D-1

3 N-1

O-1

(Chart at Right) Days on Market displays average number of days that sold listings are on market. CDOM is Continuous Days On Market, the number of days from when listing was entered into system until its Off Market Date. If property was taken off market (not sold) and listed again within 90 days, then days are added to CDOM.

Days on Market

S-1

Price Range

Average CDOM

Neighborhood Area Summary Statistics Aug-14

Aug-13

% Chg

2014 YTD

2013 YTD

% Chg

Average List Price

$1,730,462

$2,012,227

-14.00%

$1,445,588

$1,348,216

7.22%

Median List Price

$825,000

$828,498

-0.42%

$744,000

$732,125

1.62%

Average Sale Price

$1,180,289

$960,250

22.91%

$1,045,508

$821,171

27.32%

Median Sale Price

$530,000

$685,500

-22.68%

$660,000

$620,000

6.45%

All data from the Arizona Regional Multiple Listing Service, Inc. All information is deemed to be reliable but not guaranteed.

6 // Kupanoff & Associates | Berkshire Hathaway HomeServices

September/october 2014

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Cantabria Homes (877) 797-7307 PO Box 14566 Scottsdale AZ 85267 www.cantabriahomes.com

mortgages

Getting a Mortgage FACT VS. FICTION Turn on CNBC or read the Arizona Republic or Wall Street Journal and you may be like millions of Americans who have been led to believe if you do not have a 720 FICO score and a 20% down payment you will not qualify for a mortgage. That is fiction. Here are the facts; At the same time thousands of Phoenicians are coming out of a short sale, foreclosure and/or bankruptcy that owned in the last 5 years, there are more options today for residential mortgages than at any time since the market began to collapse in 2007. Here are a fewâ&#x20AC;Ś

GOVERNMENT LOANS (FHA AND VA)-PRIMARY RESIDENCES ONLY

Jeff Oâ&#x20AC;&#x2122;Brasky Certified Mortgage Planning Specialist, Homeowners Financial Group NMLS#236692 This is not a pre-approval or commitment to engage in a loan transaction. All loan products and loan amounts may not be available in your area and are subject to credit and property approval pursuant to agency and investor guidelines. Information, rates and programs are subject to change without prior notice. Other restrictions and limitations may apply. NMLS#93718 BK#0906222

FHA loans are available with a FICO score as low as 580, 3.5% down payment (which can be a gift) and you can even have a non occupant co borrower to help with income qualification. Also, FHA allows for debt to income ratios as high as 56.99%. The drawbacks are that the loan limit in Maricopa County is $271,050 and you cannot have a short sale or foreclosure in the past 3 years, or a bankruptcy in the past 2 years. If you cannot meet these criteria, you probably are not ready to buy a home. VA loans may be even more attractive. VA does not have a formal FICO score requirement although 620 is a mainstream benchmark. Loans to $417,000 require no down payment and Jumbo VA loans have no limit. The veteran must come in with 25% of the loan amount over $417,000. For example, on a $1,000,000 purchase a veteran needs to have a $145,750 down payment and there is no mortgage insurance. Veterans are eligible 1 year after a short sale, 2 years after a foreclosure or bankruptcy, even if the prior loan was a VA loan.

8 // Kupanoff & Associates | Berkshire Hathaway HomeServices

JUMBO LOANS

Jumbo loan options depend very much on the individual lender but overall there are many more options than in the past several years. Loans up to $750,000 may require as little as 10% down, 15% for loans up to $1,000,000 and only 20% for loans up to $2,000,000. Loan amounts up to $5,000,000 are available in Maricopa County. These loans typically require FICO scores of at least 660 and proof of income with no short sales, foreclosures or bankruptcies in the past 5 to7 years.

PORTFOLIO LOANS

This is the most interesting niche in the marketplace. Depending on the lender you may be eligible to obtain a mortgage as little as 1 day after a short sale or foreclosure and 6 months after a bankruptcy. Some investors will allow income to be derived via nontraditional means such as asset depletion, IRA distributions and unseasoned trust income just to name a few. Also, you may be able to pledge an investment portfolio or savings account in lieu of a traditional down payment. Finally, lot loans, construction loans and home equity lines of credit up to 90% of your home value are available through select lenders. Most of these outside of the box products are not available at the large national banks. You need to find a local private mortgage bank (like Homeowners Financial Group) or small private local bank who have access to private pools of capital and are willing to be creative for a good loan and appropriate return on their investment Please call me with any questions pertaining to these products or any other issues you would like to discuss. I offer no cost and no obligation consultation on all your real estate financing needs. If I cannot help you I will point you in the right direction to someone who can. September/october 2014

Arizona’s Award Winning Mortgage Company

services, I have the experience, knowledge and work ethic necessary to structure a loan that works in today’s demanding environment.”

Experience the HFG difference with local and in-house processing, underwriting and funding.

help you achieve your real estate goals!

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FHA VA Conventional Jumbo Second Home Investment Property

IN ARIZ ONA

“We Made The List”

Homeowners Financial Group USA, LLC | homeownersfg.com | BK#0906222 | NMLS#93718 This is not a pre-approval or commitment to engage in a loan transaction. All loan products and loan amounts may not be available in your area and are subject to credit and property approval pursuant to agency and investor guidelines. Information, rates and programs are subject to change without prior notice. Other restrictions may apply.

architecture & design

10 // Kupanoff & Associates | Berkshire Hathaway HomeServices

September/october 2014

Formal Mediterranean Elegance by Dale Gardon Set on a prestigious corner lot in the coveted Silverleaf neighborhood in North Scottsdale, this 7,500 sf home exemplifies the beauty and gracefulness of the Formal Mediterranean Estate character. This home was crafted by Architect Dale Gardon, Principal of Dale Gardon Design, along with the homeowners Anthony and Rebecca Salcito, of the Salcito Custom Home legacy. Design restraint was strategically deployed both inside and out to reinforce the timeless classical lines and carefully selected color motifs throughout each space. The subtle contrast provided from one space to another creates a unique and special dialogue. This rare design orchestration only comes about when the entire team is aligned, and in this example, the alignment hit a high note. Bold graphic patterning and subtle visually calming backdrops added to the dialogue. This deliberately edges right up to the modern simplicity currently sought after by many, but does so with a rich and inviting comfort . While the term â&#x20AC;&#x153;Formalâ&#x20AC;? maybe off-putting for some, this home demonstrates how that can translate into a very livable and comfortable array of furnishings and fabrics for todays active family lifestyle.

Dale Gardon, AIA, LEED AP is a Principal at Dale Gardon Design Architecture Planning Placemaking For more information: 480.948.9666 dale@dalegardondesign.com www.dalegardondesign.com

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Kupanoff & Associates | Berkshire Hathaway HomeServices // 11

architecture & design

The Family gathering spaces of the Kitchen, Breakfast Table and Family Room flow seamlessly, each with a captivating view of the manicured yard and mountains beyond.

The Family Living areas are equally inviting as well appointed â&#x20AC;&#x153;roomsâ&#x20AC;?, such that they are almost indistinguishable as to which is indoors or outdoors.

12 // Kupanoff & Associates | Berkshire Hathaway HomeServices

September/october 2014

The Master Sitting Room exhibits the carefully crafted play of texture and black and white contrasts in the furnishings against an almost museum like quality of the interior space.

The well manicured yard reinforces the formal alignments between the crisp lines of the architecture and the soft landscape elements.

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Kupanoff & Associates | Berkshire Hathaway HomeServices // 13

remodeling

Top Five Things to Avoid when Remodeling a Home There are many things to consider when remodeling a home. Here are the top five things to avoid in order to make your project successful.

Not understanding the process and paperwork required to complete a project. This includes items like getting a permit, obtaining HOA approval, procuring financing and reviewing all contracts including those with your builder and architect. You need to spend time understanding your builderâ&#x20AC;&#x2122;s and architectâ&#x20AC;&#x2122;s contracts as they are legal documents which will significantly impact the project. A good building partner will be happy to spend time reviewing these documents with you and answer any questions you have.

2 If you have any feedback or questions please feel free to contact the writer, Jonathan Stuart of Stuart Luxury Homes LLC at Jon@StuartLuxury.com or 480-797-1300. ROC License #176117B. Mr. Stuart is also a licensed Real Estate Broker with Stuart Luxury Realty LLC.

Not considering your future. How long do you plan to live in the property and what is most important to you? For example, will the number of people living in the house change in the foreseeable future or are you planning on eventually retiring to a different location? Do you want to take advantage of designing your project so you can age in place and live in your house as long as possible? Take time to think of these types of questions and what you want out of your project so you are sure what you are doing makes sense not only for today but also for your future.

Not setting a realistic budget and not having a process to review your costs regularly so there are no large surprises during the project. When starting to plan a project it is hard to set an exact budget

14 // Kupanoff & Associates | Berkshire Hathaway HomeServices

but as the process continues a budget will develop based on what is to be done and which selections are made. The more decisions and selections that are determined upfront the better as this adds more certainty to the budget and helps the project get completed in a timely manner. Not making selections prior to a project starting or well in advance of when an item or decision is needed is a major reason projects go over budget or are delayed.

Not asking questions and working with licensed and insured professionals. A home is often the largest purchase of your life and remodeling it can significantly affect its value. There are many great professionals who are able to help you with this process including realtors, builders, architects and lenders. The best of these partners are happy to answer questions and discuss options since a homeowner knows best what they want and a good professional can help them achieve their goals.

Not having fun with the process. Yes, remodeling can be one of the most frustrating and emotional undertakings anyone can complete but with realistic and proper planning and great partners you just might find that a remodeling project can be fun, rewarding and allow you, your family and your friends to all enjoy your home even more than you already do. Good luck! September/october 2014

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Kupanoff & Associates | Berkshire Hathaway HomeServices // 15

building

Choosing a Contractor Get It Right the First Time by Michael Kupanoff

There are many horror stories out there about fly-bynight contractors, but the truth is there are many good contractors out there with an ongoing commitment to quality construction and good customer service. Knowing how to find them is the trick. In fact, one of your responsibilities as a homeowner is asking the right questions of your contractor.

Feeling confident in choosing is very difficult. The thought that thousands of dollars are at stake is enough to intimidate many from ever starting. By following certain steps, you’ll learn how to better spot good contractors, build a list of qualified candidates, and test them so you choose the contractor best suited for your job. The selection process can not only be manageable, but also very informative and often rewarding. In addition, this process can aid in the development and refinement of your home’s design.

Your First Call

Most people don’t like interviewing contractors because they don’t have confidence in their ability to discern if a contractor is honest. If you’ve done your homework with thoroughness and patience, you’ve spared yourself that anxiety because you already know your candidates are qualified, honest, and reliable. Following are some preliminary questions to ask potential contractors before setting a meeting: • Have you completed a job similar to this before? • Do you have a list of references I can contact? • When will you be able to start the job? • When could we meet in person to further discuss this? (Ask this only if you’re encouraged by the answers they’ve given.)

16 // Kupanoff & Associates | Berkshire Hathaway HomeServices

There is no set script for these calls, and in the course of some conversations, a builder may offer everything mentioned above and more. Be aware of how easily the conversation progresses. During and after the call, make a few notes. What

Common Mistakes When Hiring a Contractor 1. Choosing Lowest Bidder 2. Not Getting Everything In Writing - Including All the Details. 3. Too Large of Down Payment 4. No Guarantees 5. Not Checking References 6. Not Knowing What You Want 7. Not Checking Contractor's Insurance Coverage 8. Not Insisting on Lien Waivers 9. Not Asking About Their Professional Affiliations 10. Not Asking Questions About How the Work Will Be Done. 11. Not Asking About Similar Work Experience

September/october 2014

were your impressions of the builder? Did he listen well? Did he answer your questions thoroughly?

Your First Meeting with Preselected Contractors

Most contractors are well aware that this first meeting is a make-or-break situation. If one schedules to meet but doesn’t show, cross them off your list. It is critical that all principal parties are present at this initial and all subsequent meeting. This includes

• Who will be your contact if that person is not available? • Will there be a supervisor on the site fulltime? • Will they be providing a written construction schedule? • Will they meet regularly with you during construction? • Can you expect to see workers at the site every day? • Does the builder plan to stay personally involved in the project at all points?

“Most contractors are well aware that this first meeting is a make-or-break situation. If one schedules to meet but doesn’t show, cross them off your list.” the contractor and both homeowners, if applicable. It’s absolutely essential for everyone to participate fully in the interview process to further facilitate an equal understanding of the project. Listed below are some questions you should ask during your first meeting:

Business Identity

• How long has the firm been in business? • What is their permanent business address? • Is the prospect licensed to work in your area?

Business Practices

• How does the company effectively handle warranty service complaints? • Is the company insured? • How does the company maintain good customer relationships throughout the construction and warranty period? • What will the payment or draw schedule look like?

Building Practices (applicable in longer projects)

• Who will be assigned as the project or site supervisor? kupanoff.com

This list is not intended to be exhaustive. In fact, it should help you generate other, more project-focused questions. Asking any and all questions that you have as a home owner is a must. Nothing is off-limits concerning your project or the company you’re interviewing. Asking detailed questions is the heart of your due diligence. If you don’t question thoroughly, you’re giving up your responsibility in this process and possibly compromising the quality of your project. There are many more questions to ask your contractor than are provided on this list, so write up your own questions related to your project. This can help you not only verbalize and solidify your project, but also helps give the contractor more information—leading to a welldesigned and focused goal: the house you want.

You’re in control...

Home & Business AutomAtion Custom A/V solutions Home tHeAter ligHting Control seCurity & surVeillAnCe

Michael Kupanoff is a Realtor with Berkshire Hathaway HomeServices and a licensed contractor and has more than 20 years experience in the real estate industry in Arizona. Michael may be contacted at michael. kupanoff@bhhsaz.com or 480.688.0342.

MediaInnovation.us info@MediaInnovation.us 480-378-2747 14666 N 74th St. Scottsdale AZ 85260

Kupanoff & Associates | Berkshire Hathaway HomeServices // 17

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For All It’s Worth 10 Ways to Boost Your Property Value

You’re in control...

by Michael Kupanoff Homeowners play an important part not only in how their home is perceived by prospective buyers, but also its actual appraised value. To help sellers better maximize their profit potential, follow these 10 tips for readily increasing a home’s worth: Paint the exterior - A fresh coat Furnish the home to sell of paint can give even a relatively Appeal to the buyer’s emotion. new home a much needed face lift, Furnishing a home can go a and can often be done for as low long ways to getting your home as a few thousand dollars. Select a sold, increasing the odds of it neutral tone that is consistent with other selling. Give buyers the option to procure residences in the neighborhood. Also, be the property with or without furnishings, sure to pay close attention to eaves, gutters and have a pre-established sale price set and drains that may also need painting. for either scenario.

1 2 3

Complete all needed repairs To maximize a home’s worth, it should be in good condition both inside and out. Don’t wait until there is an offer on the home. Hire an inspector now and fix any problems such as roof deficiencies, leaky plumbing and electrical concerns.

Purchase a home warranty Establish peace of mind that comes with knowing a home and its contents are adequately covered in the event of a loss. A transferable home warranty protection plan can provide added security to the homeowner—and the potential buyer.

kupanoff.com

4 5

Upgrade front yard landscaping - Curb appeal plays a big role—more so than people realize. Potential buyers driving the neighborhood may never call the number on the For Sale sign if your home doesn’t look appealing from the outside. And buyers waiting for their Realtor to show up often spend a good amount of time critiquing the landscaping while waiting. In addition to purposeful foliage, add landscape lighting and a weather- and soil moisture-based landscape irrigation scheduling device to boost the value even more.

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MediaInnovation.us info@MediaInnovation.us 480-378-2747 14666 N 74th St. Scottsdale AZ 85260

Kupanoff & Associates | Berkshire Hathaway HomeServices // 19

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20 // Kupanoff & Associates | Berkshire Hathaway HomeServices

RoC 255123 September/october 2014

diy

Create a quick kitchen makeover - Kitchens are one of the number one rooms in the home in which you get the most bang for your remodeling buck. Countertops and appliances are the quickest fix, along with faucets, fixtures, door knobs and other easily changed items that can have a great impact on the space.

Staging Your Home for Show

To make the best impression, keep your home clean, neat, uncluttered and in good repair. Please review this list prior to each showing: 1. Keep everything clean. A messy or dirty home will cause prospective buyers to notice every flaw. 2. Clear all clutter from counter tops. 3. Let the light in. Raise shades, open blinds, pull back the curtains and turn on the lights. 4. Get rid of odors such as tobacco, pets, cooking, etc., but don’t overdo air fresheners or potpourri. Fresh baked bread and cinnamon can make a positive impact. 5. Send pets away or secure them away from the house, and be sure to clean up after them. 7. If possible you, your pets, and your children should be gone while your home is being shown. 8. Clean trash cans and put them out of sight. 9. If you must be present while your home is shown, keep noise down. Turn off the TV and radio. Soft, instrumental music is fine, but avoid vocals.

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Think spa, not bathroom - The master bath is an important a factor in a home’s worth. Think spa, or private sanctuary where the master bath is concerned—a space meant to be relaxing, rejuvenating and more. Give buyers something to be excited about with upgraded faucets, fixtures, lighting, cabinetry, mirrors and other details. Then, dress it up with plants, candles and other inexpensive, high impact décor.

Install soft and hard window treatments - There is nothing more boring than a plain window. Take advantage of this easy opportunity to give the home’s interior design more impact, while also increasing the home’s worth. In addition to “hard” treatments such as blinds and shutters that offer privacy, also add soft treatments hung from decorative fixtures, which can alter the appeal of a room entirely. Look to a professional to ensure the best outcome.

You’re in control...

9 10

Replace carpet rather than just cleaning - Rather than simply steam cleaning old, used carpet, replace it with fresh, neutral-toned carpet with an upgraded pad for an extra luxurious feel. Spending the extra money on new carpet will really make your home stand out from the crowd in looks, feel and even smell.

Don’t overlook your closets - The better organized a closet, the larger it appears and the better it reflects on a home overall. Now is the time to box up those unwanted clothes and shoes and donate them to charity. Then, invest in a closet organization system—either by a professional or self-installed. A closet makeover will have a positive impact on an appraisal.

Home & Business AutomAtion Custom A/V solutions Home tHeAter ligHting Control seCurity & surVeillAnCe

MediaInnovation.us info@MediaInnovation.us 480-378-2747 14666 N 74th St. Scottsdale AZ 85260

Kupanoff & Associates | Berkshire Hathaway HomeServices // 21

selling

Preparing Your Home FOR SALE First impressions have a major impact on potential buyers. Try to imagine what a potential buyer will see when they approach your house for the first time and walk through each room. Ask your Realtor® for advice; they know the marketplace and what helps a home sell. Here are some tips to present your home in a positive manner: Mow and edge the lawn regularly, and trim the shrubs. Make your entry inviting: paint your front door and buy a new front door mat. Paint or replace the mailbox, if needed. If screens or windows are damaged, replace or repair them. Repair or replace worn shutters and other exterior trim. Make sure the front steps are clear and hazard-free. Make sure the door bell works properly and has a pleasant sound. Ensure that all exterior lights are working. Check stucco walls for cracks and discoloration. Remove any oil and rust stains from the driveway and garage. Clean and organize the garage, and ensure the door is in good working order.

Repair or replace loose knobs on doors and cabinets. Shampoo carpeting or replace if very worn. Clean tile floors, particularly the caulking. Brighten the appearance inside by painting walls, cleaning windows and window coverings, and removing sunscreens. Repair leaky faucets and caulking in bathtubs and showers. If doors stick or squeak, fix them. Make sure toilet seats look new and are firmly attached. Repair or replace loud ventilating fans. Replace worn shower curtains. Rearrange furniture to make rooms appear larger. If possible, remove and/or store excess furniture. Remove clutter throughout the house. Organize and clean out closets and pantry.

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22 // Kupanoff & Associates | Berkshire Hathaway HomeServices

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Michael Kupanoff & Trif Kupanoff 480.688.0342 | 602.989.3457 michael.kupanoff@bhhsaz.com trif.kupanoff@bhhsaz.com

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