$3,995,000 - Wow...

[TFP]

I obviously meant the current owner no ill will and I wish him nothing but the best as he moves on from his home. And if someone pays him 4 million dollars for his home more power to him. At the end of the day he owns the place and I'm commenting on a message board in the middle of the work day to avoid the stacks of work on my desk.

However, I do agree with others that I think this reflects poorly on the realtor. If we assume a split of the 5% commission between the buying and selling realtors, and then also assume that the realtor splits half of the commission with their broker as I know many do: 5% of 4 million is 200,000, half of that is 100,000 and half of that is 50,000. So we're looking a possible 50k dollar payday for the realtor and they didn't put the effort in to tidying up the place a little. Sweeping, raking, and stacking chairs doesn't cost any money.

And LIforrelaxing, while you might argue that staging is pointless because rich people will spend money anyhow, I don't think you turn anyone off by having the place look well kempt. In other words, no one looks at a clean porch on the listing and says "Nope, not for me, I don't see pine needles all over the place and how dare they neatly arrange their chairs around the fire pit." Yet, posting it the way they did turned me and at least a few others off.

Also, how far does the "rich people are gonna spend money anyways" theory go? If you bought a new Bentley Continental GT should you expect the car to be clean when you pick it up at the dealer? Or is it assumed since you have the money to buy the Bentley you have the money to take it through the car wash too?

[tis]

I think that house had to be at least partially staged. I can't imagine a single 83 year old man keeping his house like that.

[codeman671]

Originally Posted by TFP

I obviously meant the current owner no ill will and I wish him nothing but the best as he moves on from his home. And if someone pays him 4 million dollars for his home more power to him. At the end of the day he owns the place and I'm commenting on a message board in the middle of the work day to avoid the stacks of work on my desk.

However, I do agree with others that I think this reflects poorly on the realtor. If we assume a split of the 5% commission between the buying and selling realtors, and then also assume that the realtor splits half of the commission with their broker as I know many do: 5% of 4 million is 200,000, half of that is 100,000 and half of that is 50,000. So we're looking a possible 50k dollar payday for the realtor and they didn't put the effort in to tidying up the place a little. Sweeping, raking, and stacking chairs doesn't cost any money.

And LIforrelaxing, while you might argue that staging is pointless because rich people will spend money anyhow, I don't think you turn anyone off by having the place look well kempt. In other words, no one looks at a clean porch on the listing and says "Nope, not for me, I don't see pine needles all over the place and how dare they neatly arrange their chairs around the fire pit." Yet, posting it the way they did turned me and at least a few others off.

Also, how far does the "rich people are gonna spend money anyways" theory go? If you bought a new Bentley Continental GT should you expect the car to be clean when you pick it up at the dealer? Or is it assumed since you have the money to buy the Bentley you have the money to take it through the car wash too?

Agents typically don't split 50/50 with their broker unless they cut a really bad deal when they signed on. Sometimes listing agents will favor the split towards themselves, like a 3% to listing agent/ 2% to buyers agent. This usually pisses off buyers agents, but money is money.

[Biggd]

Originally Posted by codeman671

Agents typically don't split 50/50 with their broker unless they cut a really bad deal when they signed on. Sometimes listing agents will favor the split towards themselves, like a 3% to listing agent/ 2% to buyers agent. This usually pisses off buyers agents, but money is money.

The listing office gets a cut also so that's usually why the listing agent gets more.

[TFP]

Originally Posted by codeman671

Agents typically don't split 50/50 with their broker unless they cut a really bad deal when they signed on. Sometimes listing agents will favor the split towards themselves, like a 3% to listing agent/ 2% to buyers agent. This usually pisses off buyers agents, but money is money.

I absolutely stand corrected then. If anything I was trying to put together the most conservative estimate of what the listing agent stood to gain. And again, no insult intended to anyone involved, just some constructive criticism from the cheap seats.

[WillyK]

Well, they've dropped the listing price almost 20% down to $3.25M. Still too high IMO, I think if they sell at all, it'll be in the $2.0 - $2.5 range.

[marinewife]

I recently spoke to a local realtor to ask who are the people selling their homes here to the newcomers (mostly MA 80%, then CT, NY, NJ buyers), and was surprised by the answer.

Many of the sales are from elderly people who don't want to keep up with a 2nd home and would rather cash out in a good market, feeling they can always rent for a few summer weeks if they miss the area.

Another group- the adult children of the recently deceased (or their parents have moved to a long term facility) and are unwilling or cannot come to an agreement on covering the costs of keeping the family vacation home, vacation black out days, whether to rent it out, etc.

This group is typically where the selling price seems too high or unreasonable- there's in-fighting, one sibling may want to keep it, and the others want the money instead- many price it higher, against a realtor's instincts, hoping some out of towner will jump at it.

Lastly, those that are divorcing are selling their vacation homes as well.

I just hope the new residents are friendly, adapt to NH, and don't try to change what we have here.

[Sue Doe-Nym]

Marinewife, your seller/buyer summary is very interesting. We fall into the senior category, and we were just discussing the headaches involved in owning 2 properties, 1500 miles apart. We both dislike extreme temperatures....Florida is beastly hot from May through September, and we all know how frigid it is here during the winter months, but it’s nice having the option of going to either one when you want to....plus you have your own belongings, etc, and don’t have to worry about what creature occupied the place the week before. 🤨 It’s a tough one, and the older you get, the less patience and ability you have to cope with problems that come up. A dilemma, for sure.

[thinkxingu]

Originally Posted by Sue Doe-Nym

Marinewife, your seller/buyer summary is very interesting. We fall into the senior category, and we were just discussing the headaches involved in owning 2 properties, 1500 miles apart. We both dislike extreme temperatures....Florida is beastly hot from May through September, and we all know how frigid it is here during the winter months, but it’s nice having the option of going to either one when you want to....plus you have your own belongings, etc, and don’t have to worry about what creature occupied the place the week before. It’s a tough one, and the older you get, the less patience and ability you have to cope with problems that come up. A dilemma, for sure.

Is there not a place that's temperature all year? The Carolinas? Arizona? I don't really know, but my wife and I have often talked about our future in retirement and am interested in knowing options other than what you've identified.

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[Sue Doe-Nym]

I guess there’s no perfect place.....some have claimed that the panhandle of Florida is more temperate....also some love Hilton Head, SC. For you, I would think that anywhere South, and hanging on to Arcadia, would be perfect.

[marinewife]

I spent over 3 years doing research on where to move before moving here.

Being an East Coast person for most of my life, I couldn't picture moving out west
and dealing with a completely different set of issues and unknowns.

The south, well, I don't think real southerners seem to accept or appreciate northerners, I could be wrong. There's a recent study on where people move from and to for all 50 states, and the south has maybe 5-10% of northerners in SC, NC and FL, mostly due to weather. I have relatives who moved to FL and NC, and while they're in gated communities or regular neighborhood homes, they say the people are different.

That left the mid-Atlantic and NE states. Tax-wise and in terms of natural beauty, NH seemed to have the best circumstances for me.

While I would love a shorter winter than what is up here, I guess my answer will be to rent somewhere for a few weeks to get a break from the cold. I think if I had two houses, I'd always be worried about the one I WASN'T in during any weather issue, and I'm getting too old for constant worry.

~just my two cents

[MeredithMan]

Originally Posted by marinewife

I recently spoke to a local realtor to ask who are the people selling their homes here to the newcomers (mostly MA 80%, then CT, NY, NJ buyers), and was surprised by the answer.

Many of the sales are from elderly people who don't want to keep up with a 2nd home and would rather cash out in a good market, feeling they can always rent for a few summer weeks if they miss the area.

Another group- the adult children of the recently deceased (or their parents have moved to a long term facility) and are unwilling or cannot come to an agreement on covering the costs of keeping the family vacation home, vacation black out days, whether to rent it out, etc.

This group is typically where the selling price seems too high or unreasonable- there's in-fighting, one sibling may want to keep it, and the others want the money instead- many price it higher, against a realtor's instincts, hoping some out of towner will jump at it.

Lastly, those that are divorcing are selling their vacation homes as well.

I just hope the new residents are friendly, adapt to NH, and don't try to change what we have here.

Way back in the 70's, when my parents bought their vaca home at the lake, their realtor, who was also a family friend, told them that 2nd homes are mainly put up for sale because either the owners are old and can't afford it or keep it up anymore, or the kids don't want it, (or they can't afford it), or there's a life-changing event, like a divorce, major illness, spouse death, etc. So it's really no different right now, with the exception of the sudden huge spike in prices that is maybe motivating some folks to sell to take the money and run. I also believe that the majority of 2nd home owners have always been out-of-staters, so again, I don't think there is anything new going on.

Mr Think:

To your point of where to go in retirement, we are having that same discussion in our house. We envision being at the lake 1/2 the year and "somewhere more south" the other part of the year, but we don't know where. Neither of us like FL...we have some friends in SC who absolutely love it, but we've never been there. I guess the thing to do is pick a few places and do some long weekends or a week or two there to get a feel for the areas. Then we'll be the out-of-staters that the locals will hate...HA

[thinkxingu]

Originally Posted by MeredithMan

Way back in the 70's, when my parents bought their vaca home at the lake, their realtor, who was also a family friend, told them that 2nd homes are mainly put up for sale because either the owners are old and can't afford it or keep it up anymore, or the kids don't want it, (or they can't afford it), or there's a life-changing event, like a divorce, major illness, spouse death, etc. So it's really no different right now, with the exception of the sudden huge spike in prices that is maybe motivating some folks to sell to take the money and run. I also believe that the majority of 2nd home owners have always been out-of-staters, so again, I don't think there is anything new going on.

Mr Think:

To your point of where to go in retirement, we are having that same discussion in our house. We envision being at the lake 1/2 the year and "somewhere more south" the other part of the year, but we don't know where. Neither of us like FL...we have some friends in SC who absolutely love it, but we've never been there. I guess the thing to do is pick a few places and do some long weekends or a week or two there to get a feel for the areas. Then we'll be the out-of-staters that the locals will hate...HA

This appears to be something many here are familiar, or are dealing, with, so I'll start a new thread!

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