Katie Cotter’s Blog

Here are more advertising goofs by real estate agents writing copy for the MLS (note, I am NOT including my own)

“Larve family room”

Because I want my insects to be comfortable, too!

“Dog on side of house”

It’s easier to find the house, instead of using an address or stupid Real Estate sign

“…toilet behind the house.”

Because when the toilet is in the front yard, it’s a harder sell 

“…supper high fence.”

The breakfast high fence was just too low

“Go size garage.”

and a Stop size house?

“Completely repaired by the bank”

Banks need tellers who can count money AND lay carpet!

“Nower carpet”

As opposed to the ‘thener” shag.

“Missing kitchen and some interior walls”

Let’s call a lumber alert!

“Gleaming hardware floors.”

right underneath the bed of nails.

“Great neahborhood to raise your kids…”

yeah, if you don’t care if they can spell.

“Kitchen, living room and dinging room…”

So Quasimoto can come by and ring his bells?

“Bach and one 1-bedroom.”

For those who prefer Classical to go to sleep.

Scroll down for MORE in my continuing list!

	14746 Betty Jean Bellflower, CA 90706 http://www.14746BettyJean.com
Price: $479,000 Property Status: Active Date of Listing: 4/12/2008 Bedrooms: 3 Bathrooms: 1 Lot Size: 7950 Interior Size: 999 sq. ft.	You should be delighted! with the condition, location, larger lot and the neighborhood feel of this traditional home. The residential street is wider and feels “rural” with larger front yards and no sidewalks.  Larger front lawn with a front porch just waiting for your rocking chair on warm summer nights. Or come into the air-conditioned front room. Hardwood floors throughout living space. Kitchen has been updated and upgraded with Beech wood, butcher-block countertops, new cabinetry, Dupont laminate flooring, dishwasher and a breakfast bar. Quaint corner sink with lots of light, makes this kitchen cheery. The interior has been freshly painted with contemporary colors. Bathroom has been updated. Newer roof. Large covered patio and lots and lots of recently landscaped backyard featuring lush grass, flowers with six fruit trees. The front lawn has a sprinkler system. Homey touches with flower boxes on the window shelves! Longer driveway.
Katie Cotter Phone: 562.230.0896 Office: 562.230.0896 Toll Free: Cell: Fax: Email: cotterrealestate@msn.com Website: Visit My Site Company: Century 21 Beachside

14746 Betty Jean at Clark   google map   yahoo map

	360 W Avenue 26 225 Los Angeles, CA 90031 http://www.360WAvenue26.com
Price: $459,900 Property Status: Active Date of Listing: 3/29/2008 Bedrooms: 2 Bathrooms: 2 Lot Size: Interior Size: 1030 sq. ft.	Built in 2006, close to all the wonderful attractions of urban Los Angeles living, well below the price you would expect to spend. Close to the Metro, Goldline and public transportion! Just a few blocks away from Chinatown and minutes away from Union Station and downtown. Located by the 5, 110, 10, and 101 Freeways. Complex is pristine and tranquil with gated, underground parking, recreation room and a work-out facility. The unit is located on the courtyard, facing a lushly landscaped quad with an ambience of resort-style living. Unit shares only one common wall for the ultimate in communal privacy. Two bedrooms and two baths are separated by an open and spacious living area. Architectural detailing, bullnose corners, granite, travertine all provide elegance and comfort. Formal dining area. Contemporary kitchen with stainless steel appliances overlooks the living room, which opens out onto a generous balcony. Master suite features a luxurious master bath with twin sinks and a larger walk-in closet. Guest bath, in-unit full-sized laundry closet and guest room are on the opposite side of living area. All of the amenities contemporary construction affords including, forced air heating and central air. Stainless steel appliances and washer and dryer stay with unit. For showing information, please call Katie Cotter, 562 230-0896.
Katie Cotter Phone: 562.230.0896 Office: 562.230.0896 Toll Free: Cell: Fax: Email: cotterrealestate@msn.com Website: Visit My Site Company: Century 21 Beachside

360 W Avenue 26 at Broadway   google map   yahoo map

	488 E. Ocean 201 Long Beach, CA 90802 http://www.488EOcean.com
Price: $537,550 Property Status: Active Date of Listing: 4/9/2008 Bedrooms: 2 Bathrooms: 2 Lot Size: Interior Size: 960 sq. ft.	It’s a lifestyle with an Ocean view condo! Downtown Long Beach a beachside community with urban flavor. This unit is in a newer luxurious building called Aqua. Reminescent of Art Deco architecture, celebrating Long Beach’s history in and the absolute thick of the new emerging urban focus. Larger living room area that opens out onto a generous balcony with Coastline view to Southeast–so you don’t get that blaring afternoon sun! Open kitchen with granite countertops and slate flooring. Kitchen is equipped with energy efficient appliances. Master suite and guest bedroom are at opposite ends of living area for maximum privacy. Both bedrooms open out on to balcony, too. Bathrooms are extra roomy with larger tubs, travertine walls and walk-in closets. Full-sized in-unit laundry. Convenient second floor location, close to elevator with a mezzanine over the lobby. Building features extensive common areas and amenities, including a pool, jacuzzi, clubroom, business center and fitness center. Building is equipped with high-speed internet. Each unit has sound-absorbing concrete walls for the ultimate in tranquility. Located close to the newer shopping downtown such as City Place and The Pike; as well as popular, attractions such as the Convention Center, The Long Beach Performing Arts Center, The Aquarium and Shoreline Village.
Katie Cotter Phone: 562.230.0896 Office: 562.230.0896 Toll Free: Cell: Fax: Email: cotterrealestate@msn.com Website: Visit My Site Company: Century 21 Beachside

488 W. Ocean at Long Beach Blvd   google map   yahoo map

It is nice to be the center of attention — all the headlines and news about the real estate slump, prices going down and foreclosures. 

Any publicity is publicity, eh? In fact, I feel a bit like a celebrity these days.

It used to be that when I told people I was a Realtor, they would tell me that their uncle, cousin, best friend, ex-wife’s nephew were into real estate…anyone can do it, if they can’t keep a real job or they’re too lazy to work 9-5.

Now when I tell people what I do, I’m like a superhero! “How are you surviving?!” “Good for you!” When I’m out there on the streets of the city, passing out flyers and magazines,the crowd is: “You go, you poor thing!”

Then, when I talk to someone, they ask: “What’s going on in this crazy market?!” Or they write: “Is NOW a good time to buy REAL ESTATE?”

I’m flattered…they must think I’m really, really smart because alot of the industry “experts” and “economic” forecasters, who are supposed to tell professionals what’s happening…they don’t really know! 

But here’s something I found in last month’s TIME Magazine — and I think TIME is a pretty reputable source.

The article’s headline says that buyers should: ”Ignore the Headlines”.

Here’s a link: http://www.time.com/time/magazine/article/0,9171,1713483,00.html

According to the article, real estate prices may still go down a bit, but if the mortgage interest rates go up then your house payments would be the same…

The magazine gives an example of how an approximate $20,000 decrease in price and a 1/2-percent increase in interest rates offsets each other (this is based on a purchase price range of about $200,000).

There are some tax and equity differences–that you should pencil out for yourself (principal on the loan, verses a write-off on interest: a tax professional would be your best source for that).

But I think the “bottomline” is that: give or take — now is probably an okay time to buy. Certainly prices are “lower” and sellers who need to sell are negotiating.

If you’re ready to own your home and can qualify for a loan–we’re approaching the “sweet spot,” if we’re not already there — and that’s not me, an Agent, that’s TIME, the magazine!

If you’re looking around for a house right now, to take advantage of the lower prices, you’re going to run into “Short Sales.” There’s a lot on the market in this area.

What is a “short sale?”

When the mortgaged amount on a house is higher than the current market value of the house… a sale will be “short” the amount owed. Someone buys a house for $400,000 last year. They have to sell, but the house is only worth $380,000 right now. That means the borrower should have to pay “$20,000″ to sell or that the sale will be $20,000 short.

Many sellers won’t have the extra money to pay when they sell. Many sellers in this position are being forced to sell because they HAVE to move or their house payments may be going up.

If you are a distressed seller, the lenders may allow you to sell the house and accept the “short” fall of the amount owed.

Are ”short sales” smart buys?

It depends…Lenders and mortgage companies are more scientific about calculating market value than regular sellers who dream about a high sales price and imagine their house is worth “more” even in a declining market climate. Lenders evaluating a short sale use comparables and broker price opinions (where a local real estate agent, not involved in the transaction, gathers information about the appr. value) They have to be more realistic when they’re just crunching multiple numbers and balance lots of loans. Financial institutions tend to understand that market conditions are what they are, so with appropriate evidence, they reconcile that prices are down, even if they don’t “like” it.

If you’re buying a short sale, you can be sure that you are buying at basic, approximate market value… probably not too inflated, but probably not at a “foreclosure” price. Foreclosures are discounted maybe a bit further because now the lender actually owns the property and is paying “carrying” costs. Lenders ususally want to get rid of property they own fast because there’s no income and they have to pay taxes and whatever when they own. Also a foreclosure is vacant and maybe there are some repairs and cosmetics needed, maybe the foreclosure required some kind of eviction so maybe the door was slammed on the way out. In some neighborhoods, foreclosures have boarded windows, etc.

So the good news is that you probably won’t have be be afraid of “over-paying” for a ’short sale’ and owners are usually nice to their houses, especially when they want to sell –

Are “short sales” easy?

For the buyer, a short sale works pretty much the same way that a normal transaction between buyer and seller works — EXCEPT it takes so much longer!!!! Lenders and banks have “layers” and “systems” that an offer must travel through before it can be “approved” or “accepted.” Depending on the lender, how may sellers looking for approvals at any given time, how many people the file has to visit, how many file handlers are on the job… just getting the offer accepted could take weeks.

Once the offer is accepted, things will move along as normal–it’s just getting that dang thing approved!

Buyers beware?

If a seller is selling “short” — maybe they haven’t been able to make repairs? Maybe there is no money to make repairs during escrow if a home inspection uncovers an issue. Once the price is negotiated, adjusting it or expecting

Sometimes the lenders will want a “quick” escrow because there’s an expiration on the approval. (Ironic? you’ll wait for weeks and they want YOU to hurry up!)

Also, some short sales are listed “below” market value, to get offers. Therefore, keep in mind — the lender may only approve a “higher” than list price, so you may not be getting the “deal” you hoped for.

If the property IS a good “looking” deal… chances are you’ll be competing with other offers. You’ll have to have a great financial presentation to impress a lender or seller who doesn’t want you to fall out of escrow. Therefore, you’ll want to be “pre” qualified for a loan and know how you’re going to pay closing costs or fees and be able to “prove” that to the seller and or lender involved with the property.

Quick commercial for me! If you want to take advantage of short sales or foreclosures! Please use an agent, namely me or my partner BECAUSE — we have been through all types of sales and can really help you avoid the pitfalls. while maximizing the benefits of each!

Also, if you have any questions about Foreclosures, Probates, Auctions, Short Sales, etc. PLEASE EMAIL ME!!! I would be happy to answer you questions personally or in the Blog!

(Today’s HOT BUY is down below. But, please bear with me on the preface!)

I attended a meeting this week with one of the top real estate brokers in the area — he’s been through several real estate cycles and he was speaking on the topic of staying successful in the current market place.

Luckily, so far, I’ve survived. And, I’m thinking it’s because I TRY to offer my clients highly indivdual and exceptionally superb service.

Fortunately, I tend to “get” clients who are big on relationships and communication — which makes it easy on me. I mean, if someone tells you exactly what they want, how stupid do you have to be to not do it!?

(I wondered in the beginning of my career who I always seemed to “pick” that kind of client — but, then I realized, the clients choose ME! What breathing agent is going to say NO to an interested prospect? It’s the client who carefully “chooses” who will have the privilege of serving!)

And yes, indeed, service was the number one strategy to staying alive in this market.

So then, I was very interested in broker’s SECOND secret to survival…

Which leads me to the topic of today’s blog.

The internet has changed Real Estate. 

It used to be that agents had the information — they had the listings, the statistics, the prices…

But now, the consumer can get all of that online — Zillow, Realtor.com — they can even get aerial photos of neighborhoods and school scores.

So now I have the opportunity to be more meaningful my clients.

Rather than just give you the rough data, I can offer you in-depth analysis, specific details, more service!

Which brings me to today’s blog — You can ”get” information on line – but I can go into the houses! I can see MORE houses (because it’s MY JOB, so it’s very convenient!) I can rate and compare for you! I have expertise and experience that affords you valuable insight!

So I spent today viewing, analzing and critiquing houses! I found some promising listings. I viewed them, compared them and found some “hot buys.”  Today’s “category” was lower-priced, traditional residential homes.

Many people prefer to look 90808 or 90815 areas of Long Beach — so I focused on those zips. Then, I looked at prices below $500,000.

And the winner is:

3858 Alberan!

Click here for an internet flyer: 3858 Alberan AVE , Long Beach

This won in this category as today’s HOT BUY! because it’s listed at $400,000 and has upgrades like: a roof less than 10 years, forced air heating (rare in this age home), central air conditioning, newer windows, exposed hardwood floors, and a 2-car garage.

According to my information on the MLS the house actually sold at $449,900 once–so this is a “short pay.” (write me for more details on how that works).

The location is far East: at Palo Verde and Los Coyotes.

The kitchen is larger — and there’s a laundry room — but if you don’t like really, really dark cabinetry and white tile — maybe a “redo” may be necessary. But there’s a new stove!

Here’s a bathroom shotCaution – the bathroom is smaller and the tub has “older” tile.Still, the other rooms are larger… like the living room. There’s a formal dining area.

Honorable mentions:

5219 Flagstone ST , Long Beach

Click the link above for a flyer –

This is located between Clark and Bellflower, up by the Skylinks Golf Course. It’s a “short” street, about a block long. There’s a remodeled kitchen:see the tile counter top. The kitchen is larger… the house is modest — but there’s a huge “sunroom” that blasts out the living room wall!I mention this in case there’s someone who would really like extra room in a none traditional way. Price is: $419,000. It features a 2-car garage. Has forced air heat and central air conditioning. There’s partial copper plumbing. This is also a “short sale.”

The other honorable mention goes to:

3436 Karen AVE , Long Beach

Click the link above for a flyerThis is located on by El Dorado Park — east of Studebaker by Wardlow. The kitchen has been tastefully redone.and it’s open to the dining area. The bedrooms and bathroom are not huge– but average. There’s an inside laundry room and two-car garage. It’s priced at: $419,997 and does not look like a short pay!

Write if the links don’t work — or call if you need me!

Yes, now at least my oldest child can afford to put me in a decent nursing home someday! The 23-year-old girl is going to Howard University as a Med student this summer.

Seen here graduating from Naples Academy in the 1996, she first wanted to be a Marine Biologist — until I drove her all the way out to Key West so she could swim with dolphins — and she completely lost interest.

Since middle school, however, she has be focused on becoming a peditrician.

After high school, she received a full academic scholarship for UC Irvine (where, I am highly grateful, she chose to go!!!) and graduated in 2006.

For the past year, she’s been serving at Claimjumper at South Coast and working with Spanish-speaking children who have learning difficulties. (Yes, she speaks Spanish–which helps the kids even more!)

Howard University was founded right after the Civil War in 1867, to help educate African-Americans. Since 1998, the University has produced a Rhodes Scholar, a Truman Scholar, six Fulbright Scholars and nine Pickering Fellows… The bad news (for me) is that it is located in Washington DC — which is the absolute furthest point from Long Beach?

Anyway, I know this news will all inspire you to think about real estate because I hear medical school is expensive (hint, hint).

I’ve MOVED!

Since 2000, I’ve been with Century 21 Sparow — then it was Century 21 Sparow-Shorline — and now it’s Century 21 BEACHSIDE!

The Beachside thing requires a “move” across the street however!

My new office address is:

6265 E Second St.

Long Beach, CA 90803

Everything else is the same — EXCEPT:

We have more in-house power! Beachside has more advertising venues, more offices throughout the Southland, more agents… it’s supposed to be a great thing for me to offer you in the way of improved service.

And, in case you’re interested, I’m closer to the Albertsons and it knocks off 30-seconds drive time to office.

More later! K