real estatemust sign papers or go to class. · smarter to improve the house you already own —...

■ Rob Samouce: New condominium directors must sign papers or go to class. 14RReal Estate

Sunday, February 5, 2012

Section R

KENNETHHARNEY

NATION’S HOUSING

WASHINGTON — Do you fit any of these descriptions?

■ You came through the housing bust and recession far more debt-averse than you were before.

■ You’ve been reluctant to consider selling your house because you don’t believe you’ll get what it’s really worth.

■ Buying a new home is out of the question, even with today’s low interest rates, because it’s so diffi-cult to qualify for a mort-gage.

■ You’ve gradually come to the conclusion that it’s smarter to improve the house you already own — spend some money on making it more com-fortable, more up to date — and just stay put for a while.

Whether you share them or not, sentiments like these are having pro-found effects on real estate markets across the coun-try, fueling post-recession interest in remodeling. In fact, according to fed-eral estimates, by late last year the annualized dollar value of expenditures on renovations outstripped

Fixer-upper for yourself

By Marcie Geffner bankrate.com

Selling a home as is can save repair dollars, but the sales tactic has risks and other considerations sellers should keep in mind.

The main danger of sell-ing a home as is comes from the possibility it will fetch a rock-bottom price. Some-times, but not all the time, it’s more cost-effective to pay for repairs to merit a higher purchase price.

Sellers can advertise their home any way they choose, whether that means as is, willing to make repairs or no comment on the sub-ject, says Patti Ketcham, owner of Ketcham Realty Group in Tallahassee, Fla.

Some sellers don’t want to make repairs because they have lived in the house themselves for a long time and don’t see the need for im-provements, Ketcham says.

“The house is held to-gether with duct tape,” she says, “and it’s worked fine for them for 45 years, so (they’re thinking), ‘Why in the world would I need to put in granite counter-tops?’ ”

Other sellers are upside-down or underwater — they owe more on the mortgage than the home is worth, says Jan Baron, a Realtor at HomeSmart Real Estate in Temecula, Calif. These sellers need the lender’s permission to close a short sale, and because they ex-pect to lose money on the deal, they’re in no mood to pay for repairs.

Virtually all bank-owned homes are sold as is, though in those cases, the stipula-tion is more about respon-sibility than the repairs themselves.

“Banks are more wor-ried about the liability,” Baron says, “though they don’t want to make any re-pairs they don’t have to. The short sellers are thinking more about that they don’t want to pay out of pocket because they don’t have the money.”

An as-is sale doesn’t mean buyers won’t try to negotiate repairs because the home’s condition, like the sale price, is subject to bargaining regardless of how the property is ad-

vertised. In fact, Ketcham says she advises buyers to make an offer on terms they prefer rather than what the seller wants.

Many states require sell-ers to make disclosures about a home’s condition to prospective buyers, says Joanne Fanizza, a real estate attorney in Farmingdale, N.Y. An as-is sale gener-ally doesn’t erase such ob-ligations as much as sellers might wish it did.

Nor does as is mean the buyer will waive a home in-spection. Ketcham says sell-ers can try to head off buy-ers’ demands by getting an inspection before they put their home on the market and using that to price the

property and inform pro-spective buyers of what will and will not be repaired.

“It puts your house in a category way above all the other houses buyers have to look at if you’ve already had the inspection done,” she says.

The biggest risk of an as-is sale is a lower sale price. For sellers who have no equity, this trade-off is ir-relevant. But for those who expect a profit, it should be a real consideration.

“As is” carries a stigma, says David Tamny, owner of Professional Property Inspection in Columbus, Ohio, since the term sug-gests the house is in poor condition.

“Most houses that are sold as is are sold as is for a reason,” he says.

“Something is wrong with it usually, and the sellers know they can’t deal with it.”

The bottom line is that today’s housing markets are competitive, and buy-ers will choose another home if they’re suspicious of the seller’s motivations, or they believe a home isn’t a good deal based on its location, price and condition.

“If you’re selling,” Ket-cham says, “your house has to be priced a little better than the other four houses the buyer will look at that same day.”

There are risks to selling a house ‘as is’

ASSOCIATED PRESS

A home is for sale in Hialeah Gardens, Fla. Some sellers don’t want to make repairs because they have lived in the house themselves for a long time and don’t see the need for improvements.

See HARNEY, 2R

REAL ESTATE ADVERTOR I A L

5-StarWaterfront Resort Lifestyle atMiromar Lakes

The Beach Clubhouse, voted #1 in the United States.

On a sunny Southwest Florida day at Miromar LakesBeach & Golf Club water-skiers test their skill on the700-acres of freshwater lakes, kayakers paddle across theclear blue water and children play on three miles of whitesandy beach. You will find residents relaxing in the whitedreamy beach cabanas or gazing at the lake over theinfinity edge swimming pool, attending a fitness class orhaving a luxurious treatment at the full-service Europeanstyle spa. Golfers work to beat their personal best onSouthwest Florida’s only Arthur Hills “Signature”championship golf course and tennis enthusiasts honetheir strategy on the courts. As the sun sets, thewaterfront is alive with friends gathering for any numberof social activities in this one-of a kind community.

“I love every minute here, from morning coffee on thebeach to magnificent sunsets it’s magical. The entireMiromar Lakes community is a meeting place for thosewho really enjoy life!” said New York native BarbaraHeine.

It is no mirage, this ocean-style beach on an inland lake.Developer and CEO Margaret Antonier had a plan, “Iwanted to bring the feel of the French and Italian Rivierashere, its beaches, boardwalks, architecture and lifestyle. Iwanted to create a unique place where you have thefeeling of being on vacation every day.”

An award-winning fusion of community design,waterfront homes and amenities, Miromar Lakes is the #1Community in the United States, winner of the NationalAssociation of Home Builders Gold Award forCommunity of the Year, the only Florida community in 31years to receive the building industry’s top honor. Andthere’s more. Beyond the beauty of the architecture andlush landscaping, is the dynamic, vibrant lifestyle that winsthe accolades of its residents.

“I was looking for an upscale community that offeredwater-skiing, and everything else. Miromar Lakes has itall. It’s a combination of great water skiing, social life, allof the luxury amenities at the beach club, plus golf, tennisand fitness,” says resident Michael Frye.

Miromar Lakes’ kicks off each year with a decadentNew Year’s Eve Gala complete with fireworks over LakeComo. More than 300 events fill the yearly calendar,ranging from wine pairing dinners and cooking classes togame nights, continuing education classes and movienights with popcorn in the private 50-seat theater.Residents make weekly dates for Happy Hours, NFLAfternoon Football, Tapas Thursdays, and more. Thebeach and lakes create the backdrop for kayaking andpaddle-fit lessons, water skiing, boating, in-lakeswimming, sailing and fishing. Miromar’s waterfront is

also the choice venue for special events includingthe Southwest Florida Wine & Food Fest, Art onthe Lake along the waterfront promenade and theNational OpenWater Swimming Championships.

The uniquely designed and exquisitelyfurnished Beach Clubhouse is comfortablyluxurious. Voted #1 Clubhouse in the UnitedStates, it’s perfect for an evening of dancing andgourmet dining or a tapas plate at the outdoorlounge. The Blue Water Beach Grill is always ahot-spot full of energy, entertainment, great foodand good times! The beachside open-air pavilionhas panoramic lake views and boat docks. You’llsee residents cruise from their backyard acrossLake Maggiore to join neighbors for a watersidelunch or dinner.

For the kids, Miromar’s waterfront is the perfectplayground. Their “social calendar” includes

beach games, tennis clinics, reeling in their catch at kidsfishing clinics, kite flying on the beach, Beach Olympicsand poolside crafts and their own parties.

“There is nothing else like it anywhere. The communityis very friendly, beautiful and simply top notch. It feelslike a year-round vacation at a five-star resort with all ofyour closest friends,” say Maryland natives Joanne andBob Appel.

A wide range of new construction and residentialchoices include Beachfront Residences,WaterfrontResidences, Grand Estate Homes, Estate Homes, LuxuryVillas, Full Floor Condominiums and Beach Cottages.Residences are priced from $500,000 to over $5,000,000.Five neighborhoods are currently available for new homeconstruction.

Visit www.MiromarLakes.com.

Residents cruise to the BlueWater Beach Grill, a social hot-spot.

The clear, blue 700-acre lake is the centerpiece ofMiromar’s waterfront lifestyle.

■ Rob Samouce: New condominium directors must sign papers or go to class. 14RReal Estate

Sunday, February 5, 2012

Section R

KENNETHHARNEY

NATION’S HOUSING

WASHINGTON — Do you fit any of these descriptions?

■ You came through the housing bust and recession far more debt-averse than you were before.

■ You’ve been reluctant to consider selling your house because you don’t believe you’ll get what it’s really worth.

■ Buying a new home is out of the question, even with today’s low interest rates, because it’s so diffi-cult to qualify for a mort-gage.

■ You’ve gradually come to the conclusion that it’s smarter to improve the house you already own — spend some money on making it more com-fortable, more up to date — and just stay put for a while.

Whether you share them or not, sentiments like these are having pro-found effects on real estate markets across the coun-try, fueling post-recession interest in remodeling. In fact, according to fed-eral estimates, by late last year the annualized dollar value of expenditures on renovations outstripped

Fixer-upper for yourself

By Marcie Geffner bankrate.com

Selling a home as is can save repair dollars, but the sales tactic has risks and other considerations sellers should keep in mind.

The main danger of sell-ing a home as is comes from the possibility it will fetch a rock-bottom price. Some-times, but not all the time, it’s more cost-effective to pay for repairs to merit a higher purchase price.

Sellers can advertise their home any way they choose, whether that means as is, willing to make repairs or no comment on the sub-ject, says Patti Ketcham, owner of Ketcham Realty Group in Tallahassee, Fla.

Some sellers don’t want to make repairs because they have lived in the house themselves for a long time and don’t see the need for im-provements, Ketcham says.

“The house is held to-gether with duct tape,” she says, “and it’s worked fine for them for 45 years, so (they’re thinking), ‘Why in the world would I need to put in granite counter-tops?’ ”

Other sellers are upside-down or underwater — they owe more on the mortgage than the home is worth, says Jan Baron, a Realtor at HomeSmart Real Estate in Temecula, Calif. These sellers need the lender’s permission to close a short sale, and because they ex-pect to lose money on the deal, they’re in no mood to pay for repairs.

Virtually all bank-owned homes are sold as is, though in those cases, the stipula-tion is more about respon-sibility than the repairs themselves.

“Banks are more wor-ried about the liability,” Baron says, “though they don’t want to make any re-pairs they don’t have to. The short sellers are thinking more about that they don’t want to pay out of pocket because they don’t have the money.”

An as-is sale doesn’t mean buyers won’t try to negotiate repairs because the home’s condition, like the sale price, is subject to bargaining regardless of how the property is ad-

vertised. In fact, Ketcham says she advises buyers to make an offer on terms they prefer rather than what the seller wants.

Many states require sell-ers to make disclosures about a home’s condition to prospective buyers, says Joanne Fanizza, a real estate attorney in Farmingdale, N.Y. An as-is sale gener-ally doesn’t erase such ob-ligations as much as sellers might wish it did.

Nor does as is mean the buyer will waive a home in-spection. Ketcham says sell-ers can try to head off buy-ers’ demands by getting an inspection before they put their home on the market and using that to price the

property and inform pro-spective buyers of what will and will not be repaired.

“It puts your house in a category way above all the other houses buyers have to look at if you’ve already had the inspection done,” she says.

The biggest risk of an as-is sale is a lower sale price. For sellers who have no equity, this trade-off is ir-relevant. But for those who expect a profit, it should be a real consideration.

“As is” carries a stigma, says David Tamny, owner of Professional Property Inspection in Columbus, Ohio, since the term sug-gests the house is in poor condition.

“Most houses that are sold as is are sold as is for a reason,” he says.

“Something is wrong with it usually, and the sellers know they can’t deal with it.”

The bottom line is that today’s housing markets are competitive, and buy-ers will choose another home if they’re suspicious of the seller’s motivations, or they believe a home isn’t a good deal based on its location, price and condition.

“If you’re selling,” Ket-cham says, “your house has to be priced a little better than the other four houses the buyer will look at that same day.”

There are risks to selling a house ‘as is’

ASSOCIATED PRESS

A home is for sale in Hialeah Gardens, Fla. Some sellers don’t want to make repairs because they have lived in the house themselves for a long time and don’t see the need for improvements.

See HARNEY, 2R

REAL ESTATE ADVERTOR I A L

5-StarWaterfront Resort Lifestyle atMiromar Lakes

The Beach Clubhouse, voted #1 in the United States.

On a sunny Southwest Florida day at Miromar LakesBeach & Golf Club water-skiers test their skill on the700-acres of freshwater lakes, kayakers paddle across theclear blue water and children play on three miles of whitesandy beach. You will find residents relaxing in the whitedreamy beach cabanas or gazing at the lake over theinfinity edge swimming pool, attending a fitness class orhaving a luxurious treatment at the full-service Europeanstyle spa. Golfers work to beat their personal best onSouthwest Florida’s only Arthur Hills “Signature”championship golf course and tennis enthusiasts honetheir strategy on the courts. As the sun sets, thewaterfront is alive with friends gathering for any numberof social activities in this one-of a kind community.

“I love every minute here, from morning coffee on thebeach to magnificent sunsets it’s magical. The entireMiromar Lakes community is a meeting place for thosewho really enjoy life!” said New York native BarbaraHeine.

It is no mirage, this ocean-style beach on an inland lake.Developer and CEO Margaret Antonier had a plan, “Iwanted to bring the feel of the French and Italian Rivierashere, its beaches, boardwalks, architecture and lifestyle. Iwanted to create a unique place where you have thefeeling of being on vacation every day.”

An award-winning fusion of community design,waterfront homes and amenities, Miromar Lakes is the #1Community in the United States, winner of the NationalAssociation of Home Builders Gold Award forCommunity of the Year, the only Florida community in 31years to receive the building industry’s top honor. Andthere’s more. Beyond the beauty of the architecture andlush landscaping, is the dynamic, vibrant lifestyle that winsthe accolades of its residents.

“I was looking for an upscale community that offeredwater-skiing, and everything else. Miromar Lakes has itall. It’s a combination of great water skiing, social life, allof the luxury amenities at the beach club, plus golf, tennisand fitness,” says resident Michael Frye.

Miromar Lakes’ kicks off each year with a decadentNew Year’s Eve Gala complete with fireworks over LakeComo. More than 300 events fill the yearly calendar,ranging from wine pairing dinners and cooking classes togame nights, continuing education classes and movienights with popcorn in the private 50-seat theater.Residents make weekly dates for Happy Hours, NFLAfternoon Football, Tapas Thursdays, and more. Thebeach and lakes create the backdrop for kayaking andpaddle-fit lessons, water skiing, boating, in-lakeswimming, sailing and fishing. Miromar’s waterfront is

also the choice venue for special events includingthe Southwest Florida Wine & Food Fest, Art onthe Lake along the waterfront promenade and theNational OpenWater Swimming Championships.

The uniquely designed and exquisitelyfurnished Beach Clubhouse is comfortablyluxurious. Voted #1 Clubhouse in the UnitedStates, it’s perfect for an evening of dancing andgourmet dining or a tapas plate at the outdoorlounge. The Blue Water Beach Grill is always ahot-spot full of energy, entertainment, great foodand good times! The beachside open-air pavilionhas panoramic lake views and boat docks. You’llsee residents cruise from their backyard acrossLake Maggiore to join neighbors for a watersidelunch or dinner.

For the kids, Miromar’s waterfront is the perfectplayground. Their “social calendar” includes

beach games, tennis clinics, reeling in their catch at kidsfishing clinics, kite flying on the beach, Beach Olympicsand poolside crafts and their own parties.

“There is nothing else like it anywhere. The communityis very friendly, beautiful and simply top notch. It feelslike a year-round vacation at a five-star resort with all ofyour closest friends,” say Maryland natives Joanne andBob Appel.

A wide range of new construction and residentialchoices include Beachfront Residences,WaterfrontResidences, Grand Estate Homes, Estate Homes, LuxuryVillas, Full Floor Condominiums and Beach Cottages.Residences are priced from $500,000 to over $5,000,000.Five neighborhoods are currently available for new homeconstruction.

Visit www.MiromarLakes.com.

Residents cruise to the BlueWater Beach Grill, a social hot-spot.

The clear, blue 700-acre lake is the centerpiece ofMiromar’s waterfront lifestyle.