J.D. Power and Associates: Prudential Real Estate Ranks Highest for Seller Satisfaction
on July 28, 2010J.D. Power and Associates: Prudential Real Estate Ranks Highest for Seller Satisfaction
J.D. Power and Associates announced July 28 that the Prudential Real Estate Network ranked “Highest Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms” in J.D. Power and Associates’ 2010 Home Buyer/Seller Study. This marks the second time in three years that the Network ranked highest in seller satisfaction.
The annual study measures customer satisfaction of home sellers and buyers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home-selling experience: agent (44%); marketing (30%); office (15%); and services (11%). Among home sellers, Prudential Real Estate scored highest on a 1,000-point scale and received particularly high ratings from customers in the marketing and agent factors.
PRERS Chairman Jim Mallozzi said the award speaks for the quality and consistency of the Prudential Real Estate Network. “Affiliate to affiliate, our sales professionals are the local-market experts who market and price homes right, while providing attentive service,” Mallozzi said.
PRERS has secured complete marketing rights for the study and for the Network’s favorable ranking. The company will promote this distinction through national advertising and other media, including a J.D. Power and Associates’ micro-site with exclusive marketing materials and comparative analysis showing our position in relation to competitors. Marketing guidelines, eCards and a press release template will be available later today on PREA Center. Many additional resources will be added to PREA Center soon.
J.D. Power and Associates maintains strict standards regarding the use of its name, the trophy and survey results, as detailed in the marketing guidelines. Contact Jill Aronson, jill.aronson@prudential.com, with any questions.
Read J.D. Power and Associates’ press release announcing the Network’s favorable survey ranking.
Housing Market Sees Widespread Price-Cutting
on July 15, 2010Housing Market Sees Widespread Price-Cutting
A home for sale in Chicago’s West Town
In a sign that the housing market has taken another turn for the worse, a new report shows almost a quarter of all home listings in the U.S. had at least one price reduction in June.
The price cutting is widespread too. The report, released Wednesday by residential real estate tracking firm Trulia, shows 21 of the country’s 50 largest markets cut prices on at least 30% of their listings, up from 10 markets in May. (See pictures of Americans in their homes.)
Minneapolis led the way, with 40% of its listings registering at least one price reduction. This was followed by Milwaukee, Dallas, Boston, Baltimore, Phoenix and Memphis, which all slashed prices on more than 32% of their listings.
“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” said Pete Flint, co-founder and chief executive of Trulia, in a statement. “We’re seeing more sellers reduce their home listing prices to attract potential buyers.” Housing inventory rose 5% between April and July.(Comment on this story.)
Moreover, waning consumer confidence, continued high unemployment, fears about a double-dip recession and a volatile stock market are all shaking buyer confidence in a possible housing-market recovery. “It’s the perfect storm for creating less demand,” says Ken Shuman, a spokesman for Trulia. “People are nervous.” Recent housing data, including sharp drops in pending home sales, housing starts and mortgage applications for new home purchases, have all served to fan those fears. (See a PDF of housing price reductions.)
Probably the biggest factor influencing sales recently has been the federal homebuyer tax credit. The credit was particularly effective in bringing first-time homebuyers into the market. But now that it’s over, move-up buyers are having a tougher time selling their existing homes, since the entry-level buyers have all but disappeared, says Alex Barron, founder and senior research analyst at Housing Research Center LLC. Under the federal tax-credit program, a home had to be purchased by April 30 in order to close by the June 30 deadline. “The whole market has slowed down anywhere from 30% to 40% across the country,” says Barron. “When supply exceeds demand, you have to lower the prices.”
Although the average price cut, according to the Trulia report, was 10%, some markets saw significantly bigger reductions: Detroit slashed prices by 26% on average, Las Vegas dropped prices by 15%, and both Miami and Phoenix saw average cuts of 13%. The total dollar amount slashed from home prices in June was $27.3 billion, the report said. (See high-end homes that won’t sell.)
Home sellers are under the gun to cut prices as they try to compete with foreclosed properties and short sales, which continue to climb. “If your home has been on the market for four months and it hasn’t sold, you have to adjust your price,” says Shuman.
Raylene Lewis, a realtor at Century 21 in College Station, Texas, says she urges today’s sellers to look at the prices of comparable homes sold recently, rather than the listing prices, when setting the sale price. “I definitely think we have more inventory,” she says. “But everything will always sell for a price.”
Another change in the market, Lewis says, is that she now must qualify the seller in addition to the buyer to make sure the seller will have the cash needed to pay off the mortgage and cover legal, realtor and other fees when the home is sold. She recalls how one seller in College Station recently didn’t show up at closing because he didn’t have the cash to cover the closing costs.
With so many dark clouds hanging over the housing market, experts recommend homeowners hold off putting their homes on the block unless they absolutely have to sell now. “If you are trying to be an opportunistic seller and you don’t have to sell, there’s no reason to have it on the market right now.” says Shuman. “The demand is not there.”
Read more: http://www.time.com/time/business/article/0,8599,2003578,00.html#ixzz0tkmqr6Wd
Businesses, town working to sell success in Rocky Mount
on July 15, 2010Businesses, town working to sell success in Rocky Mount
The economic slump has taken its toll in Rocky Mount, but many businesses are turning around, and town officials are working hard to encourage new growth.
By Janelle Rucker | janelle.rucker@roanoke.com | 981-3159
http://www.roanoke.com/news/roanoke/wb/253637
Photos by SAM DEAN The Roanoke Times
Dawn and Bob Rapecis shop at Antiques & Collectables of the Crooked Road in Rocky Mount.
J&J Fashions owner Shelia Copenhaver (center) assists Barbara Schilling (left) and her mother, Bonnie Corley, with shopping at the store in Rocky Mount. Copenhaver said business has been better in the past three months than in the past year.
Rocky Mount has seen businesses close in the last year of economic trouble, but there are new stores opening, too.
ROCKY MOUNT — Customers flowed in and out of J&J Fashions downtown last week.
Owner Sheila Copenhaver took over the family business about a year an a half ago, just as the economy started to sour.
Though it’s been hard, Copenhaver said by focusing on customer service, unique merchandise and numerous sales and promotions, she hasn’t had to lay off any employees or cut their work hours. The town government, too, is trying to prop businesses up with programs such as a recent coupon initiative.
“The last three months are way ahead of last year,” Copenhaver said.
While Copenhaver’s business continues to survive, others in town continue to struggle.
Restaurants such as Old Virginia Barbecue and Red Clay went out of business in a town that’s long served as Franklin County’s hub — a town that has been hit hard in the past with the downsizing of the manufacturing industry.
Local sales tax figures in Rocky Mount have been declining since fiscal year 2006. In the fiscal year that ended in June, the town collected only $153,829 — down almost $10,000 from the previous year.
“It’s tough in Rocky Mount right now,” said Bob Mills of Angle Hardware. When a lot of the manufacturers closed in Rocky Mount, Mills said he lost his larger accounts.
“Like so many communities are seeing, our businesses are doing what they can to stay in business,” said Assistant Town Manager Matt Hankins, who also is in charge of economic development in the town. “Most are making the best of the national and local economic situations — offering new or different services, finding new clients, adding new lines. To their credit, many of them are succeeding and surviving.”
Hankins considers the town’s shopping centers “healthy,” with occupancy rates at or above pre-recession levels. An exception is Schewel’s Plaza on Virginia 40, where a Maxway chain store closed late last year, Hankins said. The town and real estate agents for the shopping center are working to recruit a “small discount chain grocery store, which would serve a real need on the west end of town,” he said.
But potential businesses are eyeing Rocky Mount’s commercial real estate.
“We’ve had more business and development interest in Rocky Mount than I would have expected during a lingering recession,” Hankins said.
While Hankins said he can’t comment on specific businesses or locations, he said that during the past six months businesses have been looking at the Uptown area off Rocky Mount’s downtown, as well as North Main Street, the industrial park and Virginia 40.
“I showed a prospective business three locations in town last week and have a tentative appointment with a national retailer interested in opening a location here,” he said in late June.
Others want more businesses, especially in the downtown area.
“Business brings business,” said Harold Ingram of Haywood Jewelry, who said business has been fair, but not as good as a year or two ago.
Mills agrees.
He said he’d like to see some compatible businesses fill empty spaces along Franklin Street.
Many of Copenhaver’s customers say they’d like to see more restaurants, particularly ones that are open on Sundays, she said.
The town and private developers have contacted and will continue to attempt to recruit some national “family-type” restaurants that could locate near U.S. 220, Hankins said.
“If we land another restaurant, great,” Hankins said. “If not, I think we have great dining experiences already.”
There are some new businesses in town.
The Grainery, an art studio and galleries, and a sewing and knitting supply store called The Crooked Stitch are opening up, Hankins said. And El Rodeo moved into the former Olde Virginia Barbecue building on North Main Street.
“Their business, which was doing great before, has really taken off,” Hankins said.
Aside from new businesses, more jobs are expected soon.
Empire Foods will open a new manufacturing center, and a new Walgreens drug store is under construction, Hankins said.
Until the economy improves, town officials have stepped up to assist struggling businesses.
In November, guided by the local Community Partnership for Revitalization group, about 50 businesses signed up to participate in the “5 on Us” coupon program. Coupons offering $5 off a $20 purchase were distributed in the town for use from November through May. Town officials set aside $35,000 to reimburse participating businesses for each $5 coupon redeemed at their establishment, in an effort to drive up sales and encourage consumers to shop locally.
Copenhaver said the coupon was a nice incentive, but she didn’t notice too many new customers.
If anything, it encouraged people to spend a little more money than they might have, Mills said.
Six thousand coupons were distributed and, according to monthly finance reports, more than $10,000 worth of coupons were redeemed.
Contracts being accepted on Bridgewater Pointe condos
on June 11, 2010
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Bridgewater Pointe, a waterfront condominium complex with 48 units at Smith Mountain Lake, is being marketed by The Willard Companies and Prudential Waterfront Properties. The marketing of the condos comes about two years after BB&T Bank foreclosed on the project in April 2008. A foreclosure agreement was worked out between the condo investors and the bank. The agreement called for BB&T to become the owner and forgive about a $21 million debt. Work on the project was halted at that time when Bridgewater Pointe LLC filed Chapter 11 bankruptcy just hours before BB&T was scheduled to hold a foreclosure auction on the property. The project has since been completed, except for a swimming pool and a pavilion, which will be finished later this summer. Prudential Waterfront Properties is accepting contracts through Saturday, June 26 from 10 a.m. through 5 p.m. All acceptable contracts will be entered into a lottery sale with a drawing and brunch on Sunday, June 27 at the Waterfront Country Club. Contracts will require a $5,000 deposit with special BB&T financing options available for qualified buyers. Prices start at $199,500. The condos range from 1,685 square feet to 2,294 square feet. “This will truly be a once-in-a-lifetime opportunity to own a luxury waterfront condo at Smith Mountain lake,” said Ron Willard, president of the Willard Companies. “The timing is perfect with such attractive pricing on a top-of-the-line quality product.” Purchasers of the condos can join The Waterfront Country Club with no initiation feed, he added. The country club features include tennis courts, swimming pool, fitness center, driving range, pro shop and dining facilities. The Waterfront Country Club also features an 18-hole PGA championship golf course. Prudential Waterfront Properties has an onsite sales office at Bridgewater Pointe with sales advisors available to answer questions and provide tours from 10 a.m. to 6 p.m., seven days a week. The six-story condo project is believed to be the tallest building in Franklin County. For more information about Bridge Pointe, call 1-800-858-4653 or visit www.smithmtnlake.com. |
Bridgewater Pointe for sale
on June 8, 2010Vacant Smith Mountain Lake condos finally up for sale
A lottery sale will take place on June 27th for those interested in buying one of the 48 condos at Bridgewater Pointe.
Condos he believes are a steal, priced between $199,000 and just over $500,000.
“I think this is an opportunity investment of a lifetime. I have been working with Atlas, BB&T, and English Construction for about 14 months on the project,“ said Willard.
The end result of that work is a unique opportunity to own one of 48 condos. All of them are either three or four bedroom layouts, with three or more baths.
For those interested in purchasing one of the condos, you can reserve a spot for $5,000 in the lottery drawing to be held on June 27th at Waterfront Country Club. You can enter your name up to six times, to have a better chance of being chosen.
Willard expects more than 100 entries for the 48 condos.
If your name is drawn, you will have the choice of which unit you want to buy. If you do end up getting one, you will need another $5,000 on the spot, and will have 30 days to close.
If your name is not chosen, or you decide not to buy, you will be able to get your original $5,000 back.
Willard believes another big selling point for the condos, is that the buyers will be able to become members of the Waterfront Country Club with no initiation fee. That’s a $10,000 value.
http://www2.wsls.com/sls/news/local/article/vacant_sml_condos_finally_up_for_sale/103300/
Adam’s New Website Launched
on May 24, 2010I’m pleased to announce the launch of our new website! The new site features more user friendly navigation, more features, a contact form, live IDX links that allow for real-time look up of properties, and much more.
