Uncategorized June 14, 2022

Writing about celebrity homes a way to capture interest

Back in the 1980s, when I was real estate editor for the Desert Sun in Palm Springs, Calif., I had the privilege of writing about many of the celebrity homes when they went on the market.

Among them was the late Hollywood studio system kingpin Darryl Zanuck’s estate. The two-story, Spanish-styled home built on six lots encompassed about two acres in a neighborhood dubbed the Movie Colony. It included a large, rectangular pool and pool house.

Legend has it Zanuck won it in a poker game.

The listing agent brought the story idea to me, thinking it might make a good read. And a great marketing tool for her. She loaded me up with black and white photos, ghosts or the many celebrity cocktail parties held in that home and pool house. We ran it on the front page of the real estate section, featuring a party photo of Marilyn Monroe and Yves Montand. That picture never made it out of the backshop. It disappeared. Probably in an employee’s back pocket.

One of Zanuck’s favorite pastimes — that became legend, according to the listing agent — were the croquet games that went into the wee hours of the morning on that well-lit, two-acre yard, surrounded by oleanders and grapefruit trees.

Treelined Path

I also wrote about an unusual brand-new home in Palm Desert with a waterfall pool and a treelined path to the bathroom — inside. Actor Tony Curtis saw the story, and according to the listing agent, bought the home.

High-end homes then started in the $300,000s. These days you can add another zero.

I wrote about Liberace’s home, the one with the kitchen bar that was really a piano and his artistic toilet embossed in gold baroque designs. That was after he moved to the home where he died that was once a church.

I wrote about the Bing Crosby home and its unusual step-down spa tub in the guest house. I wrote about the then-65-year-old home that once belonged to actors Natalie Wood and Robert Wagner with its huge bathroom with the tub reposing in the middle of the room.

I wrote about comedian Jack Benny’s not so glamorous house near the hospital where my daughter was born. I wanted to name our newborn Laurel Ann so she would be Laurel Ann Hardy, but my wife nixed that idea. (For you young folks, look up Laurel and Hardy.)

I interviewed Ginger Rogers about the remodel of her Rancho Mirage home. She enlarged it by some 3,000 square feet to accommodate all her costumes.

Writing About Pioneertown

Later, as a freelance writer, I wrote a piece about Pioneertown in the foothills near Yucca Valley when it went up for sale. Founded by a group of investors in 1946, including movie legends Roy Rogers and Dale Evans, many movies in the 40s and 50s were made there. Weather-worn movie posters adorned many of the walls of the main town. Movies today are still made there, and the town has become a destination.

The old school building served as storage space for furnishings of the period, really antiques. Some of the buildings in Pioneertown became homes simply by finishing the missing wall the movie makers left open.

Remember the character Judge Roy Bean? Rumor had it that the set became the home of Hopalong Cassidy’s widow, according to the agent. The interior smacked of a movie museum.

“I want to show you something,” the listing agent said. She proudly brought out a well-preserved 1941 movie poster of The Bad Man, starring Ronald Reagan and Laraine Day.

The agent was so proud of that mint-condition poster. Reagan was president at the time. But what was exciting for me was Laraine Day. My grandfather and her father were first cousins, which makes me a not-so-distant cousin.

I also wrote about the worst home in a Palm Springs neighborhood where actor Kirk Douglas lived. An interior designer bought and remodeled it into a fantastic million-dollar home. It was featured in the short-lived TV show, P.S. I. Luv U in the early 90s. It starred Connie Sellecca and Greg Evigan. I met Evigan on the set of B.J. and the Bear, first filmed in Oroville, Calif. when I was a news reporter there.

One home I didn’t get to write about was the copper-domed flying saucer-style home that glistened from the mountainside — comedian Bob Hope’s home. Probably because it never went on the market.

The one that got away

And while the bright sun bounced off that copper roof every day, rumor had it that once you stepped inside for a party or other event, photographs were verboten. Those were pre-cellphone days, so it was not easy to sneak a picture.

So, I got to thinking, now as a Realtor and a freelance writer, why not write about historic celebrity and public figure homes in Utah when these homes are listed or other newsworthy event occurs? Celebrities and public figures usually didn’t live in the homes when I wrote about them.

Still, they make compelling stories as part of a marketing program. People have great interest in real estate like that. Got a listing like that? Let’s talk.

Uncategorized June 1, 2022

Stats show bidding wars are slowing down

Did you know that people keep records on bidding wars? A bidding war occurs when two or more people bid on the same property. The brokerage Redfin has been logging bidding wars since April 2020. 

Its latest stats say that the number of bidding wars across the nation are declining. For example, April 2021 saw 73.1 percent of all offers faced bidding competition. This past March that dropped to 67 percent and then in April bidding wars were down to 61 percent of all offers. 

Needless to say, it’s getting a bit easier for buyers to compete in this market. Many buyers just dropped out. It’s time to come back. I know, because like many Realtors I’ve lost clients who just gave up. It’s time for them to come back before they are priced out of the market, if they aren’t already. 

I sold a home to a client in December, however, who refused to give up. After failing to win the bid on several homes in Utah County he calculated that it was just a half hour drive to his office in Orem and bought a home in Nephi. That house would have cost a lot more in Utah County.

The hike in interest rates is beginning to slow this crazy market. Many buyer wannabes who qualified to buy a home before the rate hikes, no longer do. As the Fed tries to quell inflation, mortgage rates will continue to rise kicking more folks out of the market and reducing bidding wars. 

Folks who were waiting to take advantage of an over-heated market are now part of a 6 percent decline year over year. The market hasn’t seen that kind of decline since June 2020, Redfin says. Mortgage applications are also down 8 percent and many home sellers are dropping their prices.  

Uncategorized May 18, 2022

New loan program gets sellers off the fence

Our financing partner, Guaranteed Rate Affinity, just introduced a new program that should help folks who want to buy another home but won’t list their property right now for fear of being homeless if they can’t buy what they want. They don’t want to be a buyer in this competitive environment. 

Called a cross-collateralization loan, you can now use the equity that’s built up in your current home as collateral on a new home without selling your current residence. So go ahead and make a non-contingent offer on your next home for 100% financing. 

Additionally, this program gives you a 75% loan to value option up to $2 million and 70% loan to value up to $3 million. Want to go to $5 million? This will give you a 65% loan to value option. 

You have a year to sell your current residence and then pay 20% don from the proceeds of your current home toward the new home. That also triggers a rate reduction. Here are a few more details: 

  • You must qualify for the full loan amount
  • The loan must be in first position for both properties
  • Your current home may be listed
  • An appraisal and preliminary title report is required on both properties

Want more clarification? Call my loan partner, John Harrison at 801-404-9796. 

 

Exclusive Look helps Coldwell Banker clients through their agents learn of new listings that are not yet on the Wasatch Front Multiple Listing System. These listings cannot be advertised publicly until they hit the MLS. But Coldwell Banker clients through their agents have access to them in advance. Briefly, here’s what is available today: 

  • A single-family home in West Jordan for $739,000.
  • A condo in Salt Lake City for $375,000.
  • A lot in Wasatch County for $625,000.

Agents may also post buyer wants on needs on the internal website. To get more information on these or other listings that are coming soon, please call me at 801-360-9133. 

 

Our May Clients For Life contest is in full swing but few of you have entered. Check your email for an invitation to enter, then just click on the entry button to enter the drawing. I just re-sent the email. This month Coldwell Banker is giving away cleaning supplies from Better Life.  

  • $1,400 in prizes: 3 Grand Prizes, 
  • 14 House Warming Kits, and 
  • 28 Starter Kits 

To enter, just click at the appropriate place. Nothing to buy, nothing to fill out. It’s just our way to help you keep us in mind. 

 

 

 

 Fence Sitter

Uncategorized May 10, 2022

Real Estate Training Never Stops

I was in real estate for awhile before my eyes were opened to how much training it takes to be a successful Realtor.

In Utah, 18 hours of continuing education is required every two years just to keep your license. That doesn’t even count the 120 hours it took to get it in the first place.

After getting my license back in 1994 I wasn’t offered any formal real estate training; just what the broker taught me. Luckily I had family in the business and I had covered real estate as a news reporter for six years before making the switch to sales. That helped a bit as did my Master of Arts from BYU in public relations.

So, I thought I knew a little something.

In-depth training

I picked up more tricks to the trade from the different brokerages I worked at over the years. But the deep real estate training came later from two main sources. One was Coldwell Banker Realty, where I am now, and the other was By Referral Only, a coaching business where I spent a couple of years. Great Stuff!

Coldwell Banker has great training under the watchful guidance of Stacy Staley, a successful Realtor-turned-trainer. I’ve come to know that the first thing to learn is mind-set. Without that you’re like a ship without a rudder.

I’m in a 7-week course right now called The Closer Club. As weeks go by it gets more intense and challenging. All this so I can become better in leading, guiding and protecting the clients I work with. After all, buying a home is likely the largest investment you will ever make.

Classes include how to:

• Get listings and market them for maximum exposure

• Help home buyers get the home they want

• Use Coldwell Banker’s many tools to help clients successfully

• Explain the buyer broker agreement and how it protects buyer interests by creating a fiduciary.

… and a lot more.

Think of me as a resource. I am ready to answer your real estate-related questions, so give me a shout. My contact info: 801-360-9133. rodger.hardy@cbrealty.com.