Unusual Real Estate: The Sleeper House in Colorado

One of the most interesting and unusual pieces of real estate in the United States is located on Genesee Mountain in Jefferson County, Colorado. It’s referred to as the Sleeper house because it was featured in Woody Allen’s science fiction flick Sleeper. It’s also known as the Sculptured House, and its design features an elliptical curve and a spaceship look:

 

Once listed as one America’s Ugliest Mansions by Forbes, this home was built in 1963 by architect Charles Deaton. The budget for building the Sleeper house ran out before the house was even finished. The home sat vacant and unfinished until 1999 when it was finally purchased. The interior was completed in 2003 by Deaton’s daughter. It was sold in 2006 to a Denver entrepreneur, and by 2010 the owner could not make the payments. The home was sold again under a foreclosure auction that same year.

Here’s a great view of the Sleeper House featuring the beautiful Front Range:

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How Technology Can Help Builders Work Smarter

More and more builders now rely on technology to run their businesses better. Technology helps builders reduce costs by organizing their information better.

Automated payment systems, for example, can eliminate costly mistakes that might arise from double paying vendors. In addition, they prevent the vendor from changing prices without your knowledge. 

There are apps for scheduling and they work really well. They can email reports to traders and contractors.

DIY Technology

Some real estate companies have built their own operating systems. When an organization has its own operating system, it will have a better control over functions such as scheduling, purchasing and customer relationship.

Paperless offices are becoming the norm. Here is how to use technology to your advantage:

Blogs and websites

Your website is a great tool to connect with your existing and potential clients. Is it fully functional? Does it provide value to the visitor?

Surveys conducted among home shoppers reveal that they prefer to search online before visiting a property. If you have a search engine optimized site, you will get targeted visitors to your homepage. Post compelling descriptions and photos of your homes on your site.

Your website is a sales center where you can showcase your homes. In addition, it allows you to capture valuable information about potential clients. Using interactive tools, you can even recommend structural changes online. Many websites offer live chat facilities, so that customers can fix appointments to visit model homes and interact with salespeople.

You may also consider adding homeowner portals to your site. They will allow the buyer the opportunity to watch their houses being built. Also include information about community areas on your site. You can also offer do-it-yourself video guides about construction topics.

Sales management

These tools can create an automated system that can manage every step involved in home buying. Besides helping you generate leads, they will also allow you to handle leads acquired from traditional and online channels. You can also generate reports that will let you know if a particular strategy is working or not.

Scheduling and purchasing

Proper estimating, scheduling, and purchasing are essential to cut costs and make profits. There are comprehensive apps that let you manage these vital processes. Since these applications allow you to share documents with every stakeholder mistakes and misunderstandings are unlikely to happen.

Warranty

When you have a Warranty system in place, you can ensure that people who bought your homes are happy with the purchase and ready to recommend your company to their friends or relatives. A comprehensive warranty system can schedule building inspections. Builders can also track warranty requests online and recommend work orders. Thanks to the reporting programs, this system also aids quality control and vendor analysis. Since it monitors inspection requests, recurring problems can be handled effectively.

Accounting

A sophisticated accounting system will keep your processes in order. It can handle automated payments, payroll and trade invoicing. In addition, it can generate reports which will keep your budget on track.

Even if you are not willing to spend lots of money on an integrated OS, there are several tools that allow you to work smarter and quicker. For example, Skype and FaceTime enable video conferencing in real time. Dropbox, another open source app, is used by several builders to share photos and documents.

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Should Real Estate Agents Discount Their Fee?

Do you really believe that your service is better than the service offered by your competitor? Have you got anything to prove that you can sell the property for a higher price or in less time? Can you prove that you can provide better value? If so, the value of your service exceeds the fee you charge.

Unless you are convinced that you are worth what you charge, you may find it difficult to defend your fee.

Prove it with concrete evidence

Agents will not have to reduce their fee if they can defend what they charge with solid proof. The service offered by an agent has many components and each one of these components has a value in dollars. When agents compare the value of their service to their fee, they will not have much difficulty convincing the client that they are worth what they charge.

Agents who want to earn like champions can't give away their fees. Still, many agents don't demand even a decent fee. They readily offer discounts to attract clients. Remember that when you adjust your fees, you are giving away your net profit.

Risks associated with being an agent

Consumers as well as agents often fail to realize that in the real estate industry, the agent assumes all the risk. The agents risk their time, energy, money and knowledge despite knowing that all that effort may lead to nothing. If the sale doesn't happen, the agent won’t get the fee. Note that the agent is not paid for showing the home or negotiating with potential buyers. The agent is paid only when the property is sold. And when agents assume all the risk, their commission should reflect the risk they bear.

An agent may show hundreds of homes in a year, but the actual number of sales may be much lower. As a result, agents have to amortize the cost of their service over relatively fewer transactions.

Expenses

In addition, in most cases, the agent doesn't receive 100 percent of the commission. That amount is usually split with a co-op agent. The agent's broker may also receive a certain percentage of the fee. The agent should also take into account other expenses associated with running a real estate agency.

Take tax liability into account

The agent has several tax liabilities as well. In fact, many agents pay over 50% of their net income after deducting the expenses to taxes. And when you calculate your real earnings after deducting all of these expenses, you will understand why you cannot adjust your fee.

Discounted fee equals inferior service

What is more, you cannot cut your fee without compromising on the quality of your service. It simply isn't possible to provide exceptional service for a discounted fee.

In fact, agents who charge lower commissions also offer somewhat inferior service. Most consumers who hire an agent who charges a lower fee do not realize that the quality of the service will be low. They expect great service for low fees. But this is not possible. In short, a seller who chooses a discount agent will unwittingly compromise their safety and their chances of getting the best possible price.

If you want to be a successful real estate agent, you should believe in the quality of your service and fee structure. You do not have to discount your fee just because some other agents do it. You need to tell yourself that you are worth every cent you charge.

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Essential Features of an Elderly-Friendly Home

Between 2010 and 2020, the number of US citizens aged 65 or older is expected to increase by 35%. As a result, there is a greater need to incorporate elderly friendly features into the design of homes. In fact, new age homes need to be multigenerational where people can spend their entire lives.

According to a survey conducted by AARP, the vast majority of elderly Americans want to spend their entire lives in their homes. And they want to live independently. When people age their general health tends to deteriorate. Elderly people are less mobile and also suffer from poor eye vision. Any new residential design should anticipate these changes and incorporate appropriate features. The homes should still remain comfortable, safe and aesthetically attractive.

The National Association of Home Builders (NAHB) surveyed new and potential homebuyers to find out what features they look for in a home. The findings of this survey were released in 2013.

Nearly 47% people who participated in the survey rated non-slip floors as a desirable feature. And 36% people want a full bathroom on the main level and a main entrance without steps. All of these clearly indicate that buyers are purchasing with aging in mind.

The NAHB has also compiled a checklist for builders working on new or renovated housing projects for the elderly. In fact, by incorporating these features into their projects, developers can build multigenerational homes that resonate with buyers of all age groups.

So what are the most important features of a multigenerational home? Developers building elderly-friendly homes should keep the following features in mind:

Features of the overall floor plan

·         The main living areas should be on one level.

·         There should be no steps between rooms on the same level.   

·         There should be clear walking space between rooms in the main living area

Hallways

·         The hallways should be well-lit and at least 36 inches wide.

Entry

·         The path leading to the home should be easily accessible.

Windows

·         There should be plenty of windows so that natural light can enter the home.

Garage or Carport

·         A carport should have a covered boarding area.

·         The floor of the front part of the garage to the back part should be sloping. This will be helpful if the floor is lower for the purpose of fume protection.

·         The door height should be 9 feet, so that they can accommodate raised roof vans. The door also needs to be wide.

Kitchen

·         There should be removable base cabinets and adjustable height counters in the kitchen.

·         Upper wall cabinetry should be somewhat lower than traditional height.

Electrical and lighting features

·         An audiovisual system should indicate when smoke or carbon monoxide detector has been activated. There should also be a system that monitors telephone and doorbell activity.

·         Light switches, controls and thermostats must be easily accessible. They should be at a height of less than 48 inches (120 cm) from the floor.

·         It should be possible to monitor the home security or intercom system from any TV set in the household.

·         Other desirable security features include a 911 switch that directly contacts the police, fire service, and EMS if necessary.

The homes should require less maintenance. They should have floors that can be cleaned easily. There should also be video phones and inbuilt recycling systems. Energy efficiency is another highly desirable feature.

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Google Capital Invests $50 Million in Online Real Estate Marketplace

Google Capital has recently invested $50 million in Auction.com, an online real estate marketplace. Google Capital is a capital arm of the search engine giant Google, and it launched in 2013.

Auction.com boasted $7.5 billion in sales last year, mostly in commercial sales. According to an article on CNBC, the investment will involve no product integration. Auction.com is expected to level the playing field for investors of small properties by changing the way real estate can be bought and sold.

It was also recently announced that David Thompson was named chief marketing officer of Google Capital. His duties will include marketing to the company’s business-to-business clients, which make up at least 80% of their business. He also faces the task of marketing to and growing the small percentage of business-to-customer business.

What Renovations Have the Biggest Impact on Housing Values?

When it comes to renovations some projects add value and some actually take away from the value of a home. When looking at spending money on home upgrades it is wise for consumers to consider the impact on resale value.

The top five renovations that build home values:

Updates kitchens. The kitchen is where the center of activity takes place in the home. Any improvements made to the kitchen will generally payoff. This can be as simple as cleaning the grout and replacing the door knobs on the cabinets. In the mid-range it could include updating appliances to stainless steel and putting in new countertops. Large renovations can include new cabinets or opening up the space to an open concept that is popular with buyers.

Bathrooms, like kitchens, are a great place to upgrade, update and renovate. Simple updates can include things like re-glazing the tub, updating light fixtures, or putting in a new sink or toilet. Larger renovations might include enlarging the shower, adding a separate tub, and re-tiling the shower area. All of these improvements will add value to the home.

Going green. Over the past decade green home improvements have added substantially to property values. Cost effective solutions include adding ceiling fans to each room or installing storm doors. More expensive but valued options can also include updating windows to double or triple pane providing a high level of energy efficiency. When upgrading appliances or HVAC systems, purchasing energy star appliances add value. Upgrades like solar water heaters, solar panels and other more expensive measures, homeowners should seek recommendations to consider resale value. These upgrades will add to the value of the home, and save money while the homeowner is in the home, however, the return might be lower than desired.

Adding curb appeal. Realtors often advise customers to provide good curb appeal. This means different things to different homeowners. Sometimes adding lots of flower beds and high maintenance gardening is actually a turn off for buyers. Adding a sprinkler system, a deck, or a sitting area with a hardscape can provide more value to a buyer. They are low maintenance options that provide entertainment without a lot of upkeep.

Technology. Buyers love technology as do most homeowners. Adding surround sound in the area where the television is, provides a great investment. Adding new programmable door locks, programmable thermostats and other advanced technology will add value to the home.

Top renovations don’ts would include adding a pool, over renovating a garage into something other than a garage. In general buyers want to be able to keep bedrooms as bedrooms, and garages as garages.

Homeowners should always be looking for ways to maintain their homes while they are living in it, not just when they are ready to sell. The better homeowners do this, the less must be done to attract buyers, when the time comes to sell the property. While homeowners want to be able to personal their space, it is always wise to consider the impact of renovations and improvements on potential buyers. Doing this will not only help the home sell faster, but will provide the highest resale possible.

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How the Green Movement is Impacting Home Ownership

Sustainable living is a popular buzzword today in many circles. Saving money has also become a popular concept that has reached the ranks of all income levels. Combining environmental concerns with saving money makes sense for homeowners. Fortunately prices for energy efficient designs are at a price point where it is available to homeowners in all price points.

Green Remodeling Options

Green remodeling can come in many shapes or forms. It can be as simple as sealing doors and windows to converting all the lighting to energy efficient options. Most energy companies offer free energy audits. This is a great place for homeowners to start. The biggest bang for your buck starts with sealing the air loss in the home. This can happen with increased insulation, insulating attics and places that have minimal or no current insulation, new windows, and cleaned duct work. These procedures will not only improve the air quality, but will reduce utility bills.

The next step consumers generally turn to are energy efficient appliances. With the Energy Star Rating system it is easy to compare appliances with regard to energy efficiency. The ratings include all appliances from televisions, to washers and refrigerators. Most appliances have the Energy Star Ratings allowing consumers to select the most efficient models.

The last step, and perhaps the most talked about, is converting to solar panels for electrical use and solar water heating. These are more expensive conversions that have much longer return on investments. They are however, more noticeable when looking at reselling the home.

Implications for Resale

Keeping track of energy efficient upgrades is the best way to get the value from a resale point of view. Keep receipts for the projects you have completed. This might include simple things like installing low flush or dual flush toilets and low flow showerheads. They make a big impact on water bills and are not expensive conversions. Documenting the upgrades along with the reduction in utility bills will help potential buyers see the value.

With larger projects look for rebates and government incentives before starting the upgrade. This applies to HVAC systems, windows, doors and often appliances. Solar panels and solar water heaters might also have incentives depending on where you live. These incentives can reduce the return on investment by over 50%, making them more financially feasible.

Quality of Life

Green remodeling not only impacts the environment and your wallet, it can also improve indoor air quality. Green initiatives will reduce the cost of operating the home, and conserve natural resources. Will millions of Americans suffering from allergies and sensitivities to the chemicals used in our homes, energy efficient and environmentally friendly options are more important to home buyers. Marketing your home as energy efficient and documenting improvements will enable sellers to get the maximum value for their homes with a faster sales cycle. Green living is becoming more than a buzzword, it is becoming an expectation.  

Home Construction: An Industry Rebounding with Optimism

The home building niche and its associated businesses have been instrumental in bringing about numerous cycles of economic recovery. This has helped the nation to recover from the aftermath of the economic crisis. Today, the home construction industry is actively addressing the renewed interest in home ownership and long term home rentals.

It Could Have Been Better

The number of homes built for occupancy and rentals grew steadily during 2013. This positive outlook is expected to sustain through 2014. As impressive as this might seem, it doesn’t reflect the potential of the industry. Home builders usually take upon 1.7 million homes during a year that is not hammered by recessionary cycles. Addressing the demands of younger, smaller families and home rental-seekers, the industry could have done much better. The resurgence has been impaired by the devastating effect that the slowdown had on the entire housing sector.

Understand How Recession Took a Serious Toll

During 2005, the home construction sector was at its peak. No amount of supply could meet the ever-rising demand. During this period, homeownership statistics were very high across the nation. However, some policy mistakes and regulatory oversights combined with the forthcoming recession ensured that an unprecedented shock was delivered.

Demand gradually declined and rising interest rates further mocked interest homebuyers. As the national and global economy started crumbling, house prices declined but not sufficiently to stimulate a rise in demand. Potential home buyers grew more skeptical about their sources of income and lending had already become too stringent.

It should be noted that the industry was among the first to show signs of recovering in a battling economy. The process has taken five years but its former glory hasn’t been restored, yet. Yes, the housing construction business grew impressively by double digits for two consecutive years—2012 & 2013. However, this growth seems impressive because during the preceding years, the demand was abysmally low. The journey of recovery has been slow and steady so far but now it seems ready to push through.

Having Recovered, Industry is set to Grow Insatiably in 2014

The overall picture seems rather encouraging for the next two years. A number of reasons explain this optimism across the industry.

For starters, genuine buyers who had been stuck during the slowdown years are set to return, i.e. demand homes. Whether they are first-time buyers wanting a new apartment or families trading for a bigger home, this is genuine demand that will drive ownership. In the last few years, homeowners have been very cynical about home ownership. This sentiment is fast changing. Job growth rate had impressed during 2013 and this trend will continue during 2014 with no palpable reasons for hiring to decline. Young adults are increasingly finding more jobs and getting better wages. Leading economic, trend-analyzing firms expect household incomes to increase and smaller businesses to recruit more during 2014.

Optimism Mixed with Some Caution

Construction firms are keeping a close watch on prices of building materials, ensuring that they are prepared for an unwarranted price hike. The national economy can do little if a major, international catastrophe emerges. More jobs need to be created across the nation to ensure that demand from first-time home buyers doesn’t decline.

Concluding Thoughts

The market is looking ripe for more home-ownership deals. Savings rates have dipped, bringing a cheer to families who have been waiting for normalcy to return. The stock market seems renewed and lending is becoming easier with financing institutions feeling more confident. Some mortgage trends are still in the negative but the numbers aren’t too alarming to halt the overall optimistic trend. The political instability that plagued the economy now seems largely cured. The much-argued stimulus packages and spending cutbacks aren’t derailing the enthusiasm of an upbeat market. Hiring is rising across the industry as demand for new homes is no longer being speculated.

Building A Home: What Steps Are Involved?

While building a new house is an exciting experience, it can be equally stressful. Sometimes you will need to make changes to the plan and then the construction takes longer than expected.

Indeed, the first step in building a house is buying a plot of land.

Getting all permissions

The next step is to submit your building plan and get it approved. If the lot doesn't have access to public water, the plan should include a well. It should also include a septic system if a sewer isn't already in place. Remember that there are fees attached to each one of these permits. In some states you might require permission to clear the lot.

Health inspectors will supervise the work on the septic system and the well. There will be yet another inspection after the well has been dug and the septic system has been installed.

Clearing the lot

You will probably have to cut down a few trees before building the house. This might require a permit.

Laying the foundation

You need to obtain all permits before you start building the foundation. Since the rest of the construction will be built on the foundation, it has to be strong. There may be 1 or 2 inspections during this phase. They are done to ensure that the contractor is building the foundation properly.

Framing

Once the contractor has built the foundation, they will start working on the framing. In some states, roof rafters are considered as part of the framing. However, in some other states, the building laws state that the owner has to hire an engineer to sketch the plans for rafters.

There will be some inspections during this phase too. Once the framing is ready, the contractor will put the sheathing on the roof and the exterior of the home. The windows and the doors will be installed afterwards.

Siding and roofing

The shell of the house should be ready before roofing and siding contractors can begin their work. When it comes to roofing and siding materials, you have got quite a few options. Be sure to hire contractors who specialize in the kind of materials you choose.

Plumbing and electrical work

The plumbing and electric work can start simultaneously. There will be 1 or 2 inspections during this phase.

Interior walls

The next step is to install the interior walls. Drywall (also known as sheet rock or plasterboard) is the most common material used to make interior walls and ceilings. Dry walls need to be hung. Since only a good drywall installer can hide the visible seams between the sheets, hiring an experienced person is imperative.

When the interior walls are in place, the work on the kitchen and the bathrooms can begin. Sinks, cabinets, countertops, and hookups are installed in the kitchen. Bathroom fittings can be expensive or inexpensive depending on the owner's preferences.

Painting and flooring work

Painting is usually done first just to make sure that the paint will not spill on the flooring. Several kinds of flooring are available. Depending on your budget and preferences, you can choose tile, wood, vinyl or carpet. Your home is almost ready now.

Landscaping

Some builders may also take care of landscaping. If they don’t, you will have to hire a landscaping company.