Could you live in 344 sqft?

Architect Gary Chang created an innovative sliding wall system to make 24 room options in his tiny Hong Kong apartment.

Most impressive (other than 24 room options in 344 square feet!): All the eco-friendly attributes, the golden-tinted windows that add warmth (and happiness), and mirrored ceilings that make the room look larger and increase the light value in the the room.
What a genius, small-space inspiration!

If you could have moving walls and flexible room options, could you live like this? Or is this only a single person's dream?

If you would like to see larger homes in the area or simply just want to know whats going on in Real Estate Market today; visit my website ThePhillyKind.com

FNA is doing the Philly Spring Cleanup

Spring is in the air, and once again it’s time to clean up the neighborhood! Come to the check-in spot closest to you: 

Fishtown Rec Center (1202 E. Montgomery Avenue)
NKCDC Garden Center (Frankford & Berks)
Leotah’s Place (York & Coral)
Olde Richmond (Huntingdon & Aramingo)

Brings your gloves! As always, volunteers will be given a ticket to a special BBQ hosted by the great people at Philadelphia Brewing Company after the cleanup. For more information contact Tom Potts: 215-427-0350 x 119 or tpotts@nkcdc.org

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Motorcycle and Scooter Parking Expansion

With rising gas prices and temperatures, more and more folks are opting for alternative transportation such as motorcycles and scooters.  Parking for cycles and scooters has always been difficult. Pennsylvania Law prohibits motor vehicles from driving or parking on sidewalks. The Philadelphia Parking Authority has established new parking zones to accommodate motorcycles and scooters in the area between Arch and Locust, Broad and 20 Streets. Only motorcycles and scooters are permitted to park in these zones, where the meter fee will be one-half the prevailing rate on the block. Motorcycles and scooters may not park on the sidewalk in that area. Doing so will result in a $76 fine.It is unlawful to park scooters and cycles on sidewalks

List of Motorcycle and Scooter Parking

Suze Orman Vs. Warren Buffett: Whose Real Estate Advice Should You Follow? (Hint...it's not Suze)

You know Suze Orman - she delivers hardcore financial gut checks to everyday Americans on a regular basis. In her latest book, The Money Class, she also recently delivered a pretty striking declaration: that the American Dream - which, for many, includes home ownership and upward economic mobility - is as dead as a doornail.

To back this up, she points to huge numbers of jobless and what she sees as the near impossibility of getting credit these days.

But you might also have heard of Warren Buffett. He just so happens to be the third richest human being on the planet.  In Buffett's most recent letter to his company's shareholders, he, too, made a striking declaration of his feelings about owning a home: "[h]ome ownership makes sense for most Americans, particularly at today’s lower prices and bargain interest rates."
And the Oracle of Omaha didn't stop there - he literally raved about home ownership, saying that "the third best investment I ever made was the purchase of my home." Now, that's a big statement from a guy whose investment decisions have earned him a net worth over $50 billion!
Suze says the American financial dream is dead. But Buffett says buy, and buy now.  Who's right?  (And who's wrong?!)

Orman is right that one extreme version of the American Dream is dead.  But not the traditional American Dream of owning an affordable home that appreciates over time. That basic premise of the value of homeownership is valid. But it may be valid for a smaller segment than ever before. Orman believes that renters should save, save, save up every penny and they may never be a candidate to own a home.

Buffett believes now is the time to purchase as affordability has never been better.  Buffet wins here; he's right that a home is a very strong investment, with abundant yields, both financial and emotional. And according to our latest survey, the American Dream of homeownership lives on in the hearts of the 72 percent of Americans who say owning the place they live is a part of their personal American Dream.

How can you make sure your exercise in owning a home is set up to be like Buffett's 3rd best investment (#s 1 and 2 were wedding rings, btw), rather than Orman's image of the American nightmare? Here are 3 basic steps Buffett urges every American who owns a home - or wants to - to include in their approach to home ownership.
1.  Ditch your "dream home" for a practical pad. When it comes to homes and mortgages, bigger is not always better.  What is better is to buy a home that makes sense for your family's future and its finances. In Buffettt's own words, "a house can be a nightmare if the buyer’s eyes are bigger than his wallet and if a lender . . . facilitates his fantasy."  Instead of buying dream homes, Buffett went on, the goal should be to buy a home you can afford.

2.  When you buy, plan to hold. Warren Buffett is worth $50 billion, and he still lives in the home he bought 52 years ago - for $31,500. Many Americans got caught in the housing crash when they took on mortgages they could only sustain for a short period of time, then weren't able to refinance as expected. Buffett's stock investing advice has long been to avoid making investments you can't hold for at least 10 years. Likewise, buying a home should be done with a long-term plan to avoid catastrophe when home values fluctuate in the short term. 

3.  Mortgages should have fixed, affordable payments. In his shareholder letter, Buffett points out that a housing company he holds has done vastly better than other real estate and mortgage industry players and attributes their success to the fact that "our approach was simply to get a meaningful down-payment and gear fixed monthly payments to a sensible percentage of income."
Buffett believes these two mortgage musts are the key to avoiding foreclosure, opining that "[i]f home buyers throughout the country had behaved like our buyers, America would not have had the crisis that it did. . ..  This policy kept [the company] solvent and also kept buyers in their homes."
Unless you are one of those rare buyers who know their income will increase by a predictable amount at a predictable point in time, like a lawyer prepping for partnership, a good rule of thumb is to stick with a fixed mortgage payment (including taxes and insurance) that's under 30 percent of your take home income.

P.S. - You should follow Mike on Facebook, too!

Can You Really Trust a Real Estate Agent?

There was a survey done (I’ll try to find it again and put it here) on the “trustworthiness” of various professionals (Doctors, Firemen, Real Estate Agents, etc). As you can probably guess, real estate agents landed just before car salesmen (thank God) and right after lawyers (ruh, roh)!
I know, you’re not even shocked. Everyone has a story of a crappy real estate agent who tried to cheat someone out of something (or who actually did). So there’s really no shame in asking if you can really trust a real estate agent.

What is a Real Estate Agent?
Salesperson
Yep. Real Estate Agents are sales people. I get paid to sell houses. And if any real estate agent ever tells you they don’t work in real estate to make money I’d run. I am a real estate agent, in large part, to provide for my family. (I talk all about the salesperson aspect of the real estate agent in this post here.)
Agent
It’s funny, but the “agent” part of Real Estate Agent never really gets any play time. But its vitally important to understand what the agent part of real estate agent means to you as you look to buy or sell a house!
Understanding Agency
Understanding Agency is so important that the State of Idaho (who licenses me) requires me to present you (the potential home buyer or seller) with a brochure that explains the agency relationship. And what I think is more telling: it’s the only such material the state produces!
The idea of agency simply means that you (the principle) have hired me–or more precisely my Brokerage (the agent) to work on your behalf, and in your best interest, to negotiate a purchase and sale agreement on a property of your choosing. In other words I need to put your best interests ahead of mine, which includes my sales commission, because I have a fiduciary duty to do so.
Agent vs Non-agent
Now, in the state of Pennsylvania and NJ, I can actually function as a non-agent on your behalf. In other words, we don’t have a written agreement between us, but I still execute the duties you’d expect a real estate agent to do–things like write up an accurate offer, and show you houses based on your criteria, and disclose any adverse material facts about a property.
But, I’m NOT required to promote your best interest above others or bound to maintain confidentiality of your bargaining information!!
That’s why YOU should be asking me to sign on the dotted line!
Truthfully, I don’t push my buyers to sign a Buyer’s Representation Agreement. But I have asked some to, and some have asked me to.
But I won’t do business without a seller signing a Seller’s Representation Agreement aka Exclusive Listing Agreement. And I’ve never been asked to either.
But what you need to know is, a representation agreement protects both you and me. And it gives you the ability to put your full trust and faith into me as your agent.
Single Agency vs Dual Agency
To complicate things a bit (and make this post crazy long) there’s even more you need to know. In Idaho (and in many states) you have different “versions” of Agency.
Single Agency is when I (or more specifically, my brokerage) represents you, and you alone, in a real estate transaction.
Dual Agency is when I (or more specifically, my brokerage) represents you AND the seller in a real estate transaction.
“But Mike, Dual Agency doesn’t sound like agency at all! In fact, it sounds bad for me.” Well, you’re probably right in thinking that.
So why have Dual Agency at all? 
I work at Coldwell Banker Preferred. When you hire me, you hire the brokerage. Coldwell Banker Preferred is a great company and I’m proud to work for them. And since a lot of great agents work at Coldwell Banker Preferred it might not be a surprise that we do more business in the Delaware Valley than anyone else.
That’s a long winded way of saying the brokerage represents a lot of buyers and a lot of sellers.
WITH Assigned Agents vs WITHOUT Assigned Agents
Dual Agency is hotly debated in real estate circles because it presents an obvious conflict of interest in the agency relationship.
What does every seller want when selling their house? The most money possible for their home. Right? What does every buyer want? They want to buy at the lowest possible price. Right? If I represent both of you, who’s interest do I put first? The answer is nobody’s. And that’s probably not what you think I’m getting paid for, right? (These are all rhetorical questions in case you’ve missed that!)
In PA and NJ, Dual Agency is actually broken into two categories: Transactional and Limited Dual Agency with Assigned Agents.
An example of Limited Transactional would be you selling your house to your buddy and you ask me to basically do all the paperwork. At Coldwell Banker Preferred, we don’t work as Transactional agents.  There are many legal aspects of a real estate transaction and without an Agency Agreement, I can’t give you the guidance and advice you’ll need to successfully navigate a real estate transaction.
Now, Limited Dual Agency with Assigned Agents simply means that the designated broker steps in and “assigns” the two agents to represent their clients best interest (as you would in single agency) and they remain a 3 party making sure we do exactly that.
It’s still not ideal, but it’s many times better than having Limited Dual Agency without Assigned Agents.
OKAY! If you’ve read this far, gold star for you!! Of course if you have any questions just let me know!

The 10 Most Popular Housing Markets

Chicago continues to hold on to the top-spot in January as the most widely searched housing market at Realtor.com. The following are the top searched housing markets from last month, according to Realtor.com data of 146 metro areas.
1. Chicago
Median list price: $186,000

2. Detroit
Median list price: $81,700

3. Los Angeles-Long Beach, Calif.
Median list price: $320,444

4. Philadelphia, Pa.-N.J.
Median list price: $221,995

5. Phoenix-Mesa, Ariz.
Median list price: $169,500

6. Atlanta
Median list price: $150,000

7. Tampa-St. Petersburg-Clearwater, Fla.
Median list price: $142,500

8. Dallas
Median list price: $189,900

9. Orlando, Fla.
Median list price: $155,000

10. Las Vegas, Nev.-Ariz.
Median list price: $121,500

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

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For more information on our local real estate market, or for a free home valuation.  Go to www.ThePhillyKind.com

Upgrade Your Home's Value: Practical Investments In Personal Protection

 In this economy, homeowners face a variety of economic challenges. Rather than succumb to falling real estate prices and uncertainty, there is an alternative: practical investments in personal protection, starting with fire safety, which upgrade a home's value for the betterment of everyone. This decision, which complements recent state laws requiring the installation of sprinklers and other fire safety equipment for newly expanded homes, is an affordable but effective way to immediately improve the worth of residential and commercial properties.

Homeowners in several states, including California, already endorse this idea, based on the financial conditions of the real estate market and the importance of making personal safety a top priority.

Please note: fire safety equipment refers to, among other things, the installation and maintenance of sprinklers, not smoke detectors. The latter are often unreliable - by detecting everything, including burnt toast, they detect nothing – and insufficient in the midst of a flash fire or sudden calamity. The new law mandates, instead, the use of more sophisticated equipment with a proven record of success for both residential and commercial clients.
 
The installation of fire safety equipment is not simply a matter for homeowners in the midst of a renovation or expansion. Many residents nationwide recognize that their own protection starts with a serious inventory of the options necessary to achieve this goal. Meaning: fire safety is no longer an afterthought or discretionary purchase; it is the principal means of distinguishing one property from another, while preserving the natural beauty of a home.

In contrast, other changes to a home - like the construction of a swimming pool or spa or decking – may only appeal to a select group of people, which means there is a substantial risk these "amenities" will become costly liabilities. Never mind the added expense of maintaining something a future buyer does not want and will not use. Right now, homes that have assets that appeal to everyone - things like effective security systems, energy efficient plumbing, and yes, fire safety equipment - will create equity.

With a basic investment in concealed sprinklers and regular maintenance, homeowners can fulfill both their legal responsibilities and their interests in safety. The lasting worth of this decision gives residents some much needed peace of mind, particularly during these otherwise difficult times.
Finally, some additional advice for homeowners: always work with certified, credible fire safety professionals. This topic is too important to be the plaything of inexperienced or unqualified technicians. With this understanding and an emphasis on results, homeowners have a new way to succeed. Safety is their path to new-found protection and growth.

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You can find more information on the Real Estate market and view available listings in your area at www.ThePhillyKind.com