Princeton Prime

2006-10-25T11:00:00.000-07:00

What's living in my basement?

It may be lurking in your basement, hiding behind your walls, or finding safe harbor in your attic. No, the answer is not goblins. It may be October when small gnomes and fairy tale characters descend on your abode goblin up your Halloween treats, but the real answer is mold.

Mold is a fungus that has replaced radon as the homeowner nightmare. There are many species, far too many to list here. It is present everywhere in the air, but can become a problem when it takes up residence in your home. Over the long term it can contribute to respiratory problems and compromise the health of those with weakened immune systems and allergy.

This living spore organism takes hold in warmth and moisture. If you have a leaky window - seal it; leaky roof - repair it; damp basement - dehumidify it.

Be aware that the sale of your home may require disclosure, monetary contingency clauses, inspection, and remediation prior to closing.

We can't condems all mold however. What would that fabulous steak and peach salad be without that great blue cheese dressisng?

For more exploration:

http://www.42explore2.com/ghosts.htm
for Halloween history, crafts, costumes, cards, party planning ideas, etc.
http://www.epa.gov/mold/moldguide.html
for expanded/related mold information
http://www.foodnetwork.com/food/recipes/recipe/0,,FOOD_9936_16096,00.html
recipe for grilled steak and peach salad with creamy blue chees dressing

2006-10-17T09:00:00.000-07:00

Sellers Horror Story

Just in time for Halloween is the seller's horror story.

Your home has been on the market for months and months with barely a nibble. Your agent has been able to hold you at bay, with the help of the press, with general comments regarding the market and comments about your home. Straighten up, shine it up, paint it up, trim it up. Unfortunately, these endeavors did not happen to "hurry up" a great offer.

Why is your home not selling? It's a combination of things.

When you interviewed your agent, did they alert you about the market conditions?
How did you and your agent set an asking price?
Did you review your competition in the marketplace?
As other homes sold, did your agent reassess the competition?

We are in a buyer's market. It's a great time to purchase a home. Mortgage rates are low, inventory is higher than it's been in years and the increased surplus of homes has reinstated negotiation.

If your agent has not helped you set a realistic/competitive price for your home and/or has not been able to successfully negotiate an offer you may be one of those languishing on the market.

As stated before, choosing an agent is more than a shot in the dark. It's not your friend who just got their license, a friendly parishioner at your church, the most popular mom in the neighborhood, your friends brother, etc, etc, etc.

Be wise in picking someone to represent you in this very pricey transaction. In-experienced people will cost you thousands of dollars.

The most frustrating part of the real estate business is the fact that the majority of people never realize when they have been poorly represented.

Please read "The Three marketers."

2006-09-08T21:10:00.000-07:00

Where Have All The Investors Gone?

Where have all the residential investors gone? Housing flippers have disappeared and the seller's market is now a buyer's market. Have they just gone away to reappear when the lull is over?

No! The investors have just refocused. . . . . . . they have refocused on commercial real estate. Investment opportunities today are trending upward in pricing and purchase numbers as noted by the National Association of Realtors, which monitors commercial activity through its CLI - Commercial Leading Indicator.

Investors know that their investment here is safe. We have a strong economy despite the declining value of the U.S. dollar overseas.

Bank of America Plaza in Atlanta recently sold for $435 million, almost $348 a square foot
New York City 28 Park Avenue recently sold for $1.2 billion, about $1,000 a square foot, to a Dubai based firm, Istithmar PJSC

Australian and German companies and individuals are scooping up commercial properties for refurbishing or conversion to suburban medical facilities.

The prediction is that this trend will continue for at least the next year.

2006-08-23T11:50:00.000-07:00

Real Estate Auctions
As previously discussed across the nation new incentives are being thought of each day to breath life into the softened real estate market. One of the tactics written about recently is the real estate auction. A well known eastern real estate company has just linked to a large auction firm. The plan, of course, is to cash in on what they believe is the new marketing tool for selling real estate. Current published articles outline the plus of such auctions to homesellers presently at a loss for buyers. No mortgage contingencies, no home inspections and a "trouble free" sale in 75 days or less. Why is an auction producing buyers when the traditional method did not? That brings us back to incentives and the publics desire for a bargain. A builder hoping to reap some expended monies is auctioning off condos in a New Jersey shore town. Will people come? They sure will if reported figures are correct. These properties will have a start bidding point of 55% below previous asking price. Hence, the bargain. Then again . . . . . . . . . . . . . Do you think bids will not go higher? Whether their call on this investment pays off remains to be seen. Will sellers embrace the home auction? Would you?

2006-08-18T20:50:00.000-07:00

Weakening Real Estate Market

Real Estate has not hit bottom yet and there is not even a glimmer of light at the end of the tunnel. But there is no mistaking the slowdown as impatient sellers, reluctant buyers and home builders step back to reevaluate a serious market adjustment.

Many builders market numbers have fallen to a 52-week low and some are attempting to renegotiate their more recent land deals. The slowdown is national with sharp declines in the southeast, southwest and northeast (including New Jersey).

Toll Brothers (a Pennsylvania based company) has reported a 37% decline in the mid-atlantic region (including Pennsylvania, Delaware, Maryland, and Virginia) as well as Chicago, Las Vegas, northern California and Florida. Nationally, Toll Brothers is experiencing a 48 percent decrease in new home contracts for the last quarter and a cancellation rate that has more than doubled from a typical 6-8 percent to 18%.

Centex (Texas based company) is offering "employee pricing" - 5% discount up to $20,000. Pulte Homes (Michigan based company) offers free heat for 6 months, a 42" plasma television, and free window coverings up to $5,000.

A 2-year lease on a Dodge Dakota pickup is a Detroit developers offer to hesitant buyers. Interested in a buy-back plan? That's the incentive of a Miami developer. Purchase one of his condos at a 10% discount and he will buy back the unit at a 12% markup in 18 months. Decide to keep the unit, you will ante up the $10,000 discount. Willing to purchase a spec home in Arizona and you can reap $70-100,000 discount.

Another Florida developer is offering paid club fees to the tune of $90,000 (covers golf ranges, swim and fitness facilities) with an added enticement of no maintenance fees for 30 months. This is to keep present owners at bay, by not depreciating unit value. You may have heard of "buy the house get a new car" in the garage incentive. It's happening in Michigan. One New Jersey builder is offering a large discount and encouraging agents to bring their buyers with a large commission.

Where and when will things stablize? Who can really predict? But those that are making the attempt are estimating 6 months to 2 years. Only time will tell the true story.

Best advice: Looking to make a deal . . . . . . . . ask for upgrades rather than discounts.

2006-08-04T12:15:00.000-07:00

New Jersey Property Tax Reform

Discussion of New Jersey property taxes elicit disbelief from those of other states and fits of fury from New Jersey residents. It's often stated that we are the highest property taxed state in the nation. While that is debatable, we are certainly among the most highly taxed.

Property taxes are a driving force. And in New Jersey that force is driving people out of the state. People are leaving in record numbers all 21 counties to states where the tax impact is less. You may very well bump into an old New Jersey neighbor in Delaware, Pennsylvania or Florida.

These taxes are definitely having an impact on housing in New Jersey. Keeping New Jersey home ownership desirable and the business community growing should be a prime concern for all state residents.

Tax payers are calling for reform, and Governor Corzine has promised that there will be one.
Republicans New Jersey Assembly members are targeting a $3,000-$5,000 taxcut. Gov. Cozine is in opposition with the Assembly, saying an almost impossible 20% will not be accomplished this year.

What are they planning right now? The Assembly is proposing the consolidation and sharing of services, and a revamping of State worker benefits as has been done in the general populace. Gov. Corzine wants to re-negotiate government contracts and allow "local option" taxes (communities will be able to institute local wage taxes, special sales taxes and new construction assessments).

Of course, hand-in-hand with all government issues are committees and this tax issue is no exception. Four study committees have been formed, they are:

Joint Committee on Public School Funding Reform
Joint Committee on Consolidation and Shared Services
Joint Committee on Public Employee Benefit Reform
Joint Committee on Constitutional Reform and Citizens Property Tax Convention

These groups will consist of a 6 members panel, meet until November and then present reports to the Legislature.

The New Jersey School Boards Association is also gathering to present ideas for budget reform. The Association states that on the average each home pays $5,826 for the schools. There are 611 school districts and 566 municipalities in New Jersey.

The tax burden in New Jersey is impacting the quality of life for all who live here. The out of control New Jersey budget has imposed levies on business owners, home owners and will eventually curtail continuing economic growth. Hopefully, relief is on the way. Unfortunately, I don't have very high expectations.

2006-07-30T23:45:00.000-07:00

Real Estate - Competition is Hot and Heavy

On July 25, 2006, testimony was given regarding the real estate industry at a hearing before The House Financial Services Subcommittee on Housing and Community Opportunities. The National Association of Realtors presented a picture of the business all too obvious to those who call this our profession. This is a dog-eat-dog business. Company to company, office to office, and agent to agent - competition is fierce. Even more intensified during a market that we now experience.

This was recently brought to the forefront in my own dealings with a client. Agencies and agents will say almost anything to capture business. Unfortunately, the public too often believes what they are told or buy into an innuendo that is all but hinted at. Casting doubt on other agencies and agents is nothing new, but in this indecisive business environment is ratchet up several notches.

Don't get caught in the crossfire of competing agents. We are all independent contractors for the agencies we work with. No one pays us for our time, our advice, our experience, our phone bill, or puts gas in our car. Our payment comes when a transaction is completed - a property bought or sold. Our thanks for a job well done is in the form of a happy buyer or seller, and an endorsement to their relatives, friends and acquaintances. And, always remember, a referral is only a starting point in deciding who will represent you in this very valuable transaction.

But, bottom line, the most important things to consider are not the lines of gossip delivered by the business-hungry agent or agency. It's the facts and nothing but the facts. My advice is basic and doesn't change. Don't hire an agent or agency for the wrong reasons. (Please read the Three Marketeers post)

If the agent you choose knows the marketplace, presents statistical information regarding listings/sales in your area, communicates well, is easily understood and provides you with necessary services, you have probably made a good decision.

2006-07-18T21:30:00.000-07:00

New Jersey is Some Place to Live !

It's official, despite New Jersey's recent rush to national tabloid headline, we are not listed as the
winners in this year's "Best Places to Live."

Money's yearly competition lists will be the subject of their July 24 edition of the magazine.
Fort Collins, Colorado was the winner and there were five New Jersey towns that made the runner's up list.

Here are the Garden State's noted better places and their rankings:

Parsippany-Troy Hills, 17; Edison, 28; Wayne, 32; Cherry Hill, 47; and Middletown, 50.

While we all might feel that it's hotter than a blazing barbeque pit, New Jersey did not make the "Hottest Places to Live" list either. That category was wrapped up by Arizona, Nevada, and California locations.

And talk about H - O - T! Their average July highs are 105 and up.

You would think that New Jerseyans would soar in the highest median income per household category. Wrong again. We don't even make top twenty. Someone please notify Governor Corzine!

Check out the lists at www.cnnmoney.com

2006-07-12T11:22:00.000-07:00

Real Estate - From "Boom" to "Kaboom"

Looks like the real estate "boom" has gone "Kaboom." We are now solidly in the midst of a buyer's market. But, as a real estate agent, I must ask "Where are all the buyers?"
The normal slowdown we experience from July until the end of August is in full swing. Buyers are on vacation, enjoying family time, beaching it and generally immersed in the freedom of summer.
The summer ebb was preceded by growing housing inventory and blase buyer interest. Deals were being made and transactions completed, but the pace had hit turtle speed.
The National Association of Realtors is predicting that existing home sales for 2006 will be down 6.8% and new home sales will be down 13.47% across the nation.
What does that mean for buyers and sellers?
For sellers, the increased inventory means that there is more competition. What must now be assessed, more than ever, is comparison with your neighbor. Has your home kept up with the times, been maintained, and have amenities that will spark a buyer's interest? A professional real estate agent will know if you don't. Good consumers consider quality and price. If you pale in comparison, your price should reflect that. The increased marketing time will bring prices down, as those that must sell will lower their asking price to distinguish themselves from the herd of other more costly properties.
With mortgage interest rates on a gradual rise (it is forecast that they will reach no more than 7%) a buyer will downgrade the price they are able to pay for housing. The cost of money will offset the declining housing cost.
Are there right times and wrong times to sell or buy? Every situation is different. It depends on the motivation of the buyer/seller, the wheres, the whys and the wherefores; and must be answered on an individual basis. Sitting down with a real estate professional can help the buyer/seller assess the marketplace, and view the facts statistically. No "smoke and mirrors," no "my neighbor said," or any other ideas that have no basis in reality.

2006-06-26T22:00:00.000-07:00

FOURTH Of JULY

How to Display the American Flag

Wondering how to appropriately hang the flag? Here are some basic guidlines:

If hung on a flagpole, the Union (stars) should be at the top.
If hung on a wall, the Union should be viewed on the left. This applies when displayed either vertically or horizontally.
No other flag should be raised higher or be larger than the American flag. The exception is another national flag, which may be the same size and the same height.
The flag should never touch the ground.
The flag should always fall freely.
The flag should/can be displayed from dawn to dusk unless properly illuminated at night.
The flag can be mended, but if badly tattered should be respectfully disposed of. You can contact an American Legion Post with respect to such worn flags.

2006-06-24T14:30:00.000-07:00

Unique Property - Buyer With Imagination Required

Viewing the property from the street gave not a clue to what we were to find within. It was older and charming, on a lovely street, in a very desirable neighborhood. There were wildflowers jutting from a long fogotten garden and the trees were lush green from the recent rains.

The home was brick and cottage like. We entered planning to find a dated but cozy environment. It was dark despite many windows, disjointed rooms defied description, and then there was the wing!! A garage, my clients thought, because of the all-glass garage door. They asked me what it could be. "Looks as if someone was interested in atriums," I replied. But then they spotted the basketball hoop, and an area which could only be described as a suspended shelf-like deck for observing activity below. The room, if you choose to call it one, was all glass with a rustic brick floor and more than two stories high.

Absolutely not for them, and from the length of time it has been on the market not appealing to many others either. So many good elements going for it and yet no takers.

What this property needs is a "hook." The property is not old enough to claim that "George Washington Slept Here," but there are more recent Mercer County celebs. How about Dennis Rodman . . . . . . . . there is a basketball hoop? Or maybe Samuel Alito, or Joyce Carol Oates might lend their name to concoct this homes brush with fame.

There are homes all around the country that are unique to their owners. Seattle, Washington, artist Kelly Lyles decorated the outside of her abode with hubcaps. John Milkovisch quenched a tremendous thirst when he used more than 50,000 beers cans to build his home in Houston, Texas. And he was quite creative, too. The pull tabs were strung together for curtains. And, I can't forget the Mother Goose House - a Hazard, Kentucky landmark. Homeowners who made a statement all their own.

But it's best to remember that if you eventually need to sell your home, they may not have the same vision.

If you're interested in unique homes, check out these websites:
unusuallife.com/category/unusual-homes and hazardkentucky.com/more/goose.htm

2006-06-22T09:15:00.000-07:00

New Jersey Real Estate Market Slowdown

Yesterday I heard an interview regarding the New Jersey real estate market. The real estate market is in the midst of an "adjustment," and we are seeing "more homes for sale than we have in the last several years." Both, of course, are fact. The slowdown was attributed to the increased mortgage rates, and the availability of more choices.

Perhaps my perspective is different because my memory of history is better, because I realize that there is a cycle to the business or because I listen to what people say. My previous experience of the real estate slowdown in the 1980s had been accompanied by mortgage interest rates in the 17 and 18 percent range. This rate almost made people stop and stutter, and homes still sold.

The years of steady growth and often double-digit appreciation could not continue indefinitely.

And what do people say? Doing my own exit polls at "open houses" in the Princeton and Hopewell area gives me a much different view of the buyer standoff. The cost of a home is negotiable, the cost of money is adjustable, but property taxes are the dollar signs that are making the buyer cringe. When buyers tally property taxes with increasing energy/maintenance costs (gas, electric, water, sewer, garbage, association fees, etc.) the total is unacceptable.

There is no doubt that the boom is over, but it's not due to mortgage rates. Blame the inflated prices, greater competition, high taxes, and increasing energy costs. Faced with a new Governor who is asking New Jersey Legislators to increase the State sales tax, tax additional categories, and tax services provided by attorneys, accountants, realtors, and others will not help matters.

Increasingly, residents in New Jersey and across the nation are looking for areas with less taxes and more affordable homes. These towns are and will continue to experience growth. We must ask, how long before they too must raise taxes to better the schools, increase the fire department, hire more police . . . . . . . . . . provide all the services a growing community demands.

Each year the National Association of Home Builders compiles the Housing Opportunity Index,
which calculates the percentage of the population that can afford the areas median home (28% of total household income).

Rockford, Illinois $ 99,000 89.4%
Kokomo, Indiana 99,000 88.4%
Springfield, Illinois 100,000 88.3%
Syracuse, New York 80,000 88.2%
Binghamton, New York 72,600 85.5%
Elkhard/Goshen, Indiana 117,000 85.5%
Wilmington/Newark, Delaware, Maryland 89,000 85.5%
Dayton/Springfield, Ohio 106,000 85.3%
Vineland/Millville, Bridgeton, New Jersey 89,000 85.2%
Lima, Ohio 97,000 85.8%

2006-06-19T09:30:00.000-07:00

Foreclosure - Eastern States

The "buyer's market" is in full swing and investors have cash in hand as foreclosure numbers grow. While mortgage rates are still relatively low, the upward climb in home prices has been halted. The prices are soft, some prices have fallen dramatically, and the "days-on-the market" increased.

The increasing rates of adjustable mortgages coupled with higher energy costs have put a crunch on homeowners. Unfortunately, this scenario has propelled a glut of homes into the marketplace.

Foreclosure numbers are growing each month. In May 27,064 homes were thrown into the mix (an increase of 16.6% from April). The total nationwide is now 89,327.

Here's a rundown of the forclosure numbers (thru May) of eastern states:

Connecticut - 189
Delaware - 84
District of Columbia - 22
Florida - 1,232
Georgia - 9,998
Maine - 135
Maryland - 453
Massachusetts - 567
New Hampshire - 132
New Jersey 474
New York -- 2,520
North Carolina - 4,843
Pennsylvania - 3,781
Rhode Island - 101
South Carolina - 2,879
Virginia - 668
Vermont - 51

2006-06-17T11:30:00.000-07:00

Buyer's Market - You Were Ready, Set, Now Go

The tide has turned. The years of the seller having the upper hand in the "for sale" market place is over. No longer the scant inventory that has driven buyers into a desperate competition with one another; my drives through New Jersey provide evidence that the stockpile of homes continues to grow.

Buyers again have a choice. But no matter who appears to be in control, it's important that buyer's protect themselves. Having a good agent is step number one. Your agent will certainly advise you of the following:

Prepare - If you're a serious buyer you should be pre-approved for a mortgage. Being pre-qualified doesn't carry the same weight.
Protection - If you haven't been pre-approved for a mortgage, you need a mortgage contingency in your contract. It states that you can opt out of the contract if you are unable to secure a mortgage. You also need an inspection contingency, which states that you can opt out of the contract if the inspections find significant flaws with the property.
Don't Wear Your Heart on Your Sleeve - You love the house, you've always admired it, your friends/relatives live nearby, you think it's underpriced or similar such admissions of adoration have no place in conversations prior to the turning over of the keys.
Homework - Your agent is legally unable to provide you with information regarding neighborhood - community ethnicity, religious makeup, age of residents, number of children on street, etc. You must conduct your own survey, if you are interested in such things.

It's a great time to buy a home. The interest rates continue to be low, the choices are greater than we have seen in a long time, and negotiating ability is high. Don't miss the opportunity.

2006-06-16T11:20:00.000-07:00

How Do I Stage My Home?

The new buzz word in real estate is staging. What is it? It's preparing the home for showings. Some are now "staging" experts - creating an atmosphere of optimal presentation.

Many agents have done this for years and granted some are better at it than others. But, of course, most of my messages here do point out that all agents are not created equal.

Remember how we think about first impressions. You've only got that first time to make your home the object of someone desire.

Landscaping - Prune bushes, remove any plant debris, maintain the lawn adding a few colorful plants would be helpful.
Home - Take a good look as you approach. Do you see crumbling sidewalks, missing shutters, peeling paint, broken windows? And how's the roof?

Today's buyer is interested in several things. They do not want a property that requires work. Properties with lots of light and space are winners.

Paint - decors of today are not color shy, but unless they have your color scheme in mind, neutrals work best. If they are scuffed and marred, repaint them. The cost of paint is an inexpensive fixup.

Carpet - neutrals work best. It's also a good idea to have them cleaned.

Furniture - less is more. Store it, sell it, remove it. The objective is to create spaciousness in every room.

Personal Objects - you may be proud to display your hobbied collection, or personal photos, but it is best to remove them. We want them to picture themselves in your space without the competition.

Clutter - remove half of the clothes in your closets, lots of the food from your pantry, and any items on your kitchen and bathroom counters, clear out your basement. Create a clear view.

Drapery - remove heavy draperies that restrict light.

Light - clean your windows and make sure lighting fixtures work, and have sufficient wattage.

Things that we become used to in our own homes can be offensive to a potential buyer. Clients often comment on odors that they notice during a showing from pets, cooking, smoking, hobbies, etc. Eliminate them. Sprays and candles won't do here, but heavy-duty cleaning will.

If your appliances are old and there are coats of dust on your furnace, water heater, etc. a potential buyer will assume that they have not been maintained.

Make the effort to stage. Your home was a big investment for you, and it's a big investment for the next buyer. The impression you make can put you steps ahead of your competition and additional dollars in your pocket.

2006-06-15T08:55:00.000-07:00

Delaware River Development

Waldo the whale was quite a sight in 1995, when he was spotted in the Delaware River. It signaled that cleanup efforts were indeed positive. The 10-12 foot Beluga whale known as Helis caused an equal stir in the spring of 2005. Now developers have paid a visit, and they are deciding to stay. A 3-mile long section of the once global shipping center, will be transformed. Old warehouse sites will be replaced by casinos, restaurants, enhanced walkways and even a skating rink.

Democrat Governor Edward G. Rendell obviously saw an opportunity slipping through Pennsylvania State fingers. Land along the Delaware River has skyrocketed as developers (Donald Trump included) considered and some gobbled up available land.

On April 14, Rendell declared a moratorium as city leaders create an agency to oversee projects along the Delaware. Presently under consideration is a charge of 5% of the projects total cost to proceed.

Boston, Baltimore and Cleveland have plans in place for the development of their waterfront. Philadelphia's plans for a master plan fell apart in the 90's when real estate prices had plummeted.

Currently halted are condo projects, until the completion of a 4-month review. But given the go-ahead are the proposed casinos. Licenses for two slot parlors have been granted with hope for quick completion. How plump the State coffers become, since casino revenues will be taxed at 50%, remains to be seen. Development creates jobs. . . . . . . . jobs bring people. . . . . . . and people need housing.

2006-06-13T07:30:00.000-07:00

Identity Theft - You're The Victim

Your about to make an offer on a rental and your real estate agent pulls your credit report. A few quick glances sets your heart racing. Seems you have been a victim of identity theft.

No longer the crime of the 90's, the cons have become techies. No need to assault you while accessing your money, or have a bird's eye view of your PIN login. They have engineered new systems that don't hurt you, at least physically. You can have your wallet stolen, but you are also at the mercy of dishonest employees and "dumpster dippers" who go through the garbage of banks, auto dealers, restaurants, etc. The damage to your assets, however, can be quite extensive and the maze of remedial effort on your part is tedious. More disturbing is that less than 10 percent of the perpetrators are ever caught.

Nationwide there are more than 371,000 ATMs, one for every 296 households. No longer bank lobby territory these handy machines have appeared everywhere - convenience stores, supermarkets, coffee shops, etc. For our convenience we are paying a hefty price.

It's fairly easy to install alternate card readers on top of or behind existing bank systems. And in our hurried world, they are just as easily overlooked by the consumer. Then again, ever wonder what happened to that server who disappeared with your credit card for just a bit longer than expected? How about that good Samaritan, who was too too helpful at the ATM. Have you questioned that strange sign that says "Swipe Here First." My advice to you "DON'T."

New systems being used operate on a manual insertion, where the parts are less accessible than the swipe card machines. The industry change over to a "Jitter" system - using speed variation, direction and random reversal - outsmarts the skimming systems need for smooth operation.

If you are a victim of identity fraud you must first notify one of the credit card companies. That one company will contact the other two, and all three will place a "fraud alert" notification within 24 hours on your file. This will stop any application for credit cards from going forward for those creditors who check. (Please be aware that all creditors are not as concerned about checking for alerts.)

Notify the police departments in both your home city and the city where the theft occurred. Ask for the name of the investigator and his number. Also notify the Federal Trade Commission, which monitors identity theft.

You will receive a credit report from each of the three agencies. Complete a "ID Theft Affidavit" and have it placed in your file. It's very important that you document everything, and supply copies to law enforcement as well as the credit bureaus.

Password/PIN, Credit Tips

Never use your mother's maiden name
Never use the last four digits of your Social Security number
Save your receipts to check against your statements
Track all your accounts
Check your credit report periodically

As the victim you may also need to contact the Department of Motor Vehicles, telephone company, and utility companies. Receipts and your license are often used as ID for the thief to substantiate proof of residence.

Credit Bureaus: Equifax, Atlanta, Georgia
www.equifax.com
Experian (formerly TRW), Allen, Texas
www.experian.com
Trans Union LLC, Chester, Pennsylvania
www.transunion.com

Federal Trade Commission: http://www.ftc.gov

2006-06-12T09:50:00.000-07:00

New Jersey Oil Tank Problems

Perhaps your noticing an increase in your oil consumption, and we're not experiencing a cold snap; odor or plantings dying off around the oil tank ground; stains on interior wall or floor near oil tank; problems with your oil burner or distinct oil smell; or a change in the odor or taste of your drinking water. These may be indications of a leak in your oil tank. As a homeowner you are responsible for cleanup and remediation and is not inexpensive.

If you presently have an oil tank and it's not leaking, removal is approximately $2,000. Fall into the leaking oil tank category and costs leap to $40, 000 to well over $100,000. Homeowners insurance will not cover these costs unless the leak has affected a public waterway or a third party. If you have a concern, call your insurance company and ask about special oil tank insurance.

Should a leak be discovered during the home inspection process step of a sale, cleanup will be certified by the State Department of Environmental Protection. Transfer of property will be stalled until the problem is rectified. The DEP is the regulatory agency enforcing conformation to state specifications.

Realizing the enormous costs involved, New Jersey has established funding for homeowners. Application is presently open to residents with incomes less than $200,000 and a net worth under $200,000 (not including their residence and pension). There is a bill pending that seeks to raise this limit. Once you apply it takes several months to receive financial assistance, however, most contractors usually cooperate with the extended payout.

To report a leak call the Environmental Action Hotline 877-927-6337

New Jersey Department of Environmental Protection
Site Remediation and Waste Management htttp://www.nj.gov/dep/srp

2006-06-07T12:00:00.000-07:00

Motivation to Sell

Ultimately, the question comes up. Just plain curiosity? Best for you to answer that. "Where are they going?"

Too often the answer to that question is given without a second thought. But really, it has nothing to do with the transaction. Do the buyer's like the house? That's the real question.

More appropriate questions Buyers Should Ask are:

Can we be provided with a "disclosure statement?"
How many days has the property been on the market?
Have they received any offers?
Does the seller have a preferred closing date?

Seller's beware! Don't let your agent tip the scales on negotiating ability.

It is not the buyer's business that you desire to close before a relocation package must be accepted, that you are closing on your next home on a specific date, that your children need to start school in the new area on a certain date or that your spouse is already working in another area, etc. These things have absolutely nothing to do with disclosing defects of the property or misrepresentation. But they can have an impact on the price a buyer is willing to pay and the juggling of a closing date, when it's known that you are operating under a need, deadline or stress.

Any disclosure of motivation should be discussed with your agent.

2006-06-06T11:00:00.000-07:00

The Governor's Mansion - Drumthwacket

William Penn obviously knew the value of Prince-Town real estate and I wish I had been his agent.
On a portion of the 5,500 acres that he originally owned now sits Drumthwacket (Scottish Gaelic word for "wooded hill"). This magnificent mansion is hard to miss as you drive along Stockton Street (Route 206) in Princeton. However the estate's beginnings were much more modest by today's standards.
The small cottage sitting on the lawn of today's estate, the Olden House, was built by John Hill between 1759 and 1765 on 300 acres. Thomas Olden, a descendant of one of the original Quaker settlers, purchased the property in 1772, and his grandson, Charles Smith Olden was born here in 1799.
When Charles Olden (Governor during the Civil War) purchased the property in 1835 Drumthwacket was born. The Greek Revival style home with porticos and large ionic capped pillars was inspired by his fondness for New Orleans architecture.
Purchased by Moses Taylor Payne in 1893 for $15,000, transformation began with the addition of greenhouses, gardens, bridal paths, a dairy farm and two wings to the building. Again changing hands in 1941 Abram Nathaniel Spanel, scientist, bought the house on 12 acres from Pyne's grandchild, Agnes. During his ownership, the Music Room was the invention workroom for the engineers in residence, who worked for his International Latex Corporation.
The State of New Jersey acquired the property in 1966, with plans to covert it to a mansion for the Governor, and established the Drumthwacket Foundation for its restoration and management.
Although it officially became the Governor's mansion in 1982, most have only occupied it on a part-time basis. James Florio and James McGreevey have been the only full-time residents.
The 11,700 sq. ft. Drumthwacket mansion has 20 rooms. As restored, the home's interior paint was analyzed and is a true representation of the period, with original flooring and cupboards, and antique furnishings. Hand-made brick fireplaces were taken apart and rebuilt.
Olden House, which is the Gift Shop, is a favorite among visitors. Its 18th century charm is still apparent, with no signs of its short stints as butler's home, rare bird aviary or "Monkey House."

More History/Take a Tour: www.drumthwacket.org

2006-05-30T07:00:00.000-07:00

The Three Marketeers

The land was ripe with business and the field was ablaze with providers.

Among the slickest was Ivan. He portrayed himself as an amiable service provider. A network of friends and acquaintances sang his praises. However, his delivery was a far cry from his perceived reputation. Ivan was great at selling you Ivan, but he was not great at selling your home. The papers were signed, the signs were installed and Ivan disappeared. Ivan was terrible to deal with, not only with his clients but also with his real estate peers.

Pauline on the other hand was new to the business - not a bad thing necessarily. Oh, and part time! If you didn't know her, you had heard of her. You know the type - on several committees at school, active at church, blocking the aisles at the supermarket with gossip. . . . . . . . . . . . a leader if there ever was one. Pauline thought real estate was a great occupation. She could make her own time schedule, and make big money. The business of real estate, however, took back burner to everything else in her life. Listing with Pauline was perilous.

Then, there was Bea. Bea was everywhere. There was not a publication you could scan that didn't have her smiling face beckoning your business. She was queen of the region, and employeed a hive of workers to keep up with a vast number of clients swarming about, hoping for the promised results someone so popular was sure to produce. Great at some things, but dispite a beavy of workers (all with attitude), wide gaps existed in the service provided.

Art Banyon, on the other hand, also worked hard. He worked hard at providing service. He knew his stuff . . . . . . . . . . followed the market trends, knew the rules of real estate, communicated with his clients, was skilled at negotiation, and well respected within the real estate community. Service and satisfied clients were his goals. When he spoke, it was fact - when he promised, he delivered. Over the years, as his referral business grew, he employed assistants with the same work ethics. It was undeniable that Art was a gem of an agent.

It is so easy to look to someone you may like, know or admire and assume that they will be able to provide the services that are needed and necessary for buying or selling a property.

Don't be fooled by the three marketeers, because finding a gem of an agent is more of an ART.

2006-05-25T08:12:00.000-07:00

Memorial Day Remembrance

While many think of this weekend as the beginning of summer and barbeques in the yard, Memorial Day has a much more solemn meaning.

Sparked by an idea of Henry C. Welles, a druggest in the Village of Waterloo, and the support of General John B. Murray, a very patriotic Civil War verteran, what began as a community event to honor Civil War dead is now dedicated to the remembrance of all veterans.

However, Waterloo was not the only town honoring Civil War dead. About 25 towns, both North and South, laid claim to originating the practice. Among them were: Columbus, Mississippi; Macon, Georgia; Columbus, Georgia; Richmond; Virginia, Boalsburg; Pennsylvania; and Carbondale, Illionois.

It was originally called Decoration Day because graves of Civil War dead were decorated with flags, black banners, and evergreen garland. Today it is known as Memorial Day and observed annually on May 30th. The date choosen as one when flowers would be available throughout the nation.

The Village of Waterloo was officially named the "Birthplace of Memorial Day" in 1966. Those interested in the history of that time (1866) can visit the 22-room brick home at 33 East Main Street, Waterloo, New York. On view are mementos of the Village of Waterloo, the Civil War, and Decoration Day.

The first official observance of Memorial Day was staged at the Arlington National Cemetery and the Arlington Mansion, home of General Robert E. Lee, and attended by 5,000 people. After World War I all Americans who gave their lives for our country were honored and it was officially declared a national holiday in 1971.

Penned in June, 1868, by General John A. Logan the General Order Number 11 of the Grand Army of the Republic requested national observance. http://www.memorialdayorgin.info/order11.html

The National Moment of Remembrance was passed by Congress in December, 2000, and signed into law by the President. It requests that we exercise a minute of silence on Memorial Day at 3 p.m. local time to honor our veterans.

This weekend we remember that our freedoms were not granted without cost. We owe much to our veterans . . . . . . . . . . remembrance is such a small price to pay as we continue to enjoy the "choicest flowers of Springtime."

Like to learn more, please visit:
http://www.usmemorialday.com/
http://www.waterloony.com
http://www.va.gov/opa/speceven/memday.history.asp

2006-05-19T07:00:00.000-07:00

Real Estate Myths

Call the agent who listed the property to get a better deal.

Some believe that the seller's agent (the agent who listed the property) will cut the commission to make the deal. In this instance, the seller's agent is a dual agent because the agent is also representing the buyer. So this perception usually falls short of reality.
The agent is representing a seller and a buyer - coordinating Certificate of Occupancy issues, contingency dates, etc for the seller; as well as home inspection issues, mortgage commitment deadline, etc. for the buyer. Paving the way for both parties to come to an agreeable transaction conclusion.
Would you expect a discount from your dentist if two teeth were capped at the same time; a rebate from your doctor for the examination of two of your children at once? Try it - let me know how that turns out!

Call all different agencies, that way everybody is working to find you properties.

While this may seem like a splendid idea, it's not.
"Agent Hoppers" need to be informed that properties are researched through a "multiple listing service" and accessed by real estate agents who belong to that particular service. The same information is available to all member agents.
More experienced agents mine out such callers during their first conversation. While they may gather information to service the client, such efforts are at the bottom of things to do. Agents are more inclined to use their time and effort for people who are willing and able to come to the office and meet with them.
There are many agents. Find one you like. Ask those who know - recent sellers, recent buyers - who they used, and would they recommend them. Meet that agent, speak with them, decide if you can work with them. One is sure to meet your style, needs and expectations.
Follow this agenda and you can be sure you will be working with a dedicated professional, an agent eager to work toward your housing goals.

2006-05-10T07:10:00.000-07:00

Real Estate Market Forecast

Here's a short list of what's hot and what's cooling across the nation in real estate, as seen by predictors of such things

Continued Appreciation

Idaho
Albuqueque, New Mexico
Raleigh, North Carolina
Atlanta, Georgia

Appreciation will flatten

Fort Myers, Florida
Tuscon, Arizona
Baltimore, Maryland
Denver, Colorado

Deflating prices

Phoenix, Arizona
Naples, Florida
Nassau/Suffolk Counties, New York
Boston, Massachusetts

2006-05-09T14:19:00.000-07:00

How Does Your Garden Grow?

My last tulips are about to drop their petals and my landscaping is green and lush. Each year I watch with joy the awakening of flora from winter napping. Homeowners who realize the appeal of a well-done and well-groomed garden are steps ahead of those who do not.

My clients and I recently visited a home that was a great example of "pride of ownership" and as we exited through the rear gardens they commented that it was like walking through a park. The owners were happily gardening, and the remark made them glow.

Pierre Samuel duPont was also someone who took pride in his garden . . . . . . . on a grand scale.

In 1700 William Penn sold his land to a Quaker settler, George Peirce who farmed the land. His grandsons Joshua and Samuel Peirce (brothers) operated an arboretum, which was fairly well known, in 1800. Later, under the guidance of Joshua's son, George Washington Peirce, it became Peirce's Park, where the public enjoyed croquet and rowboats.

When George died in 1880 the park was neglected and forgotten and by the turn of the century the trees were being harvested by a sawmill operator.

Pierre Samuel duPont (Chairman of the duPont Company and General Motors Corp.) came along in 1906. It was here that he had his summer country estate. Influenced by his many visits (from 1913-1925) to the villas, chateaux and gardens of Italy and France, the wealthy industrialist developed the land throughout his life.

Before his death in 1954, duPont made sure that this beautiful family legacy would continue to be enjoyed by establishing a foundation for its care. His endowment enables Longwood Gardens, Inc., a not-for-profit organization with no government funding, to operate with the help of merchandise sales and public support through admission fees, courses and programs. Approximately 900,000 visit each year.

Longwood Gardens encompasses 1,050 acres of gardens, woodlands, and meadows. There are 40 indoor gardens, 40 outdoor gardens, a 4 acre heated conservatory, 11,000 plants, fountains, and much, much more. They offer garden demonstrations, children's courses, and gardening courses, as well as flower shows, concerts, performing arts events, and fireworks. The educational programs include horticultural training and internships.

Longwood Gardens is truly a treasure and this year marks its Centennial. Mr. duPont had a right to be proud, and I'm sure if you visit Kennett Square, Pennsylvania you will agree.
www.LongwoodGardens.org

2006-04-20T12:58:00.000-07:00

What is the largest home in the United States?

Near the beautiful mountain region of western North Carolina sits the Biltmore Mansion, considered the largest home in the United States. Quite an incredible property! For starters, it is 833 feet long. It was built by George W. Vanderbilt (born, 1862: died, 1914) , whose father and grandfather were very, very successful businessmen - shipping and railroad moguls to be exact.

Upon the death of George's father, much of his inheritance was used to begin work on his estate. More than a thousand laborers were employed from 1889 until December of 1895 when the work was completed.

Eight thousand acres remain of the original 125,000. George's widow, Edith, sold 87,000 acres to the Federal government to help create the Pisgah National Forest in 1915. Those acres today represent 5,000 acres of forest; 2,000 acres of farm; and 1,000 acres devoted to gardens, yard, and roadways.

The homes French Renaissance chateau style was the creation of Richard Morris Hunt, a famous designer of his day. Frederick Law Olmsted, famous for his design of Central Park in New York City, designed the gardens. Even the forest surrounding the estate was planned and not entirely random. The 1,800 acres of forest was designed by Gifford Pinchot, who went on to head the School of Forestry at Yale University.

A hotel and winery, said to be the most often visited in the United States, accompany the 250-room mansion.

On March 13, 1930, at the request of the Asheville Chamber of Commerce, the Biltmore Mansion opened its doors to the public. This was done to encourage tourism during the Depression.

Today, 65 rooms are open to the public. Several areas you may visit are the reading room containing 23,000 volumes in 8 languages and the level below ground, which had housed the employees of the Biltmores. When the home was used as a residence, it employed 80 caretakers. What was a barn for milk cows is now the winery.

The early 1960s saw declining profits for the Biltmore Mansion business but smart planning and development by the family turned it into a thriving $100 million company in 2003. The creation of The Family Business Consulting Group, Inc. "Blueprint for Success" guide now helps other family-owned companies on their path to success.

Today, this family-owned business is run by the fourth generation sibling team. Brother and sister William A. V. Cecil, Jr. and Diane Cecil Pickering employ 650 and support the company by funding profits with the help of the wood crop, and those who visit the Mansion each year. Approximately one million tourists visit each year.

This "for profit" business operates without outside funding or government assistance
Want to learn more about this National Historic Landmark, visit the Biltmore website

2006-04-17T06:38:00.000-07:00

Dual Agency - What is it?

There you are . . . . . your coffee in hand perusing the Sunday, New Jersey Real Estate section. It catches your eye. Perhaps it's that perfect property you've been seeking.

You call and make an appointment with R.U. Ready Realty. The agent seems pleasant enough as she explains the Consumer Information Statement (CSI), but she's a dual agent for this particular property. She must be the listing agent, you think. "No" she replies to your question. Another agent within R.U. Ready Realty is the listing agent.

All agents that are with R.U. Ready Realty, in that office and offices in other towns (if they exist) represent the seller and now they will also represent you.

"Isn't that a conflict?" you ask. No, because the role of agency changes form in this situation.

Both parties (seller and buyer) must provide consent for an agent to work
as a "disclosed dual agent."
The agent may not place the interest of one party over the other.
counseling either to gain advantage over the other is prohibited.
The agent may not divulge information such as the motivation of either to buy or sell; lowest price a seller is willing to accept; highest price a buyer is willing to offer; etc. without the permission of the party to reveal such confidential information.

As always the real estate agent is to represent honestly and fairly.

2006-04-12T06:49:00.000-07:00

Don't take it for granite!

My kitchen counters are a thing of beauty. I recently renovated my kitchen. Keeping up to date is a great way to protect your investment. Laminated countertops - even though they come in hundreds of colors - are pretty dated. My Corian was quite lovely, but it does scratch, can be gouged by knives and other utensils, burned by hot pots and stained. There are other materials that are also very attractive, but as manufactured products each has a negative.

My research into the world of granite initially put me off. Horror stories of staining that left thousands of dollars of granite irreparably scarred made me take several large steps back. There are websites almost dedicated to questions from consumers regarding everything that can possibly go wrong with installation and care.

I became a mini expert on density, absorption ranges, and the areas where they were geographically harvested. Charts reflecting percentage of mineral content were part of my bible of information. Soft stone, hard stone, quartz, mica, pegmatite, dolerite . . . . . my thoughts a swirl of too much information.

Okay, just the basics - the darker the color the less likely it was to absorb stain. My research had designated that black was a sure winner (no matter how much I preferred the light color ranges). Acquaintances objected to black's fingerprint problem. They were always wiping it down, dusting it off, shining up it's pristine beauty. Several replaced it with something else, but something else was always granite.

Off I was to suppliers who had acres of granite from around the world. Strolling through colorful aisles with a spray bottle for the lemon juice test only added to my confusion. Several months and many visits later, I made my choice. At the showroom of a small fabricator, I found a thing of beauty.

This bit of nature has not stained in the year and a half it has been part of my kitchen. It's cool to the touch, and the baker in me is delighted. You can't scratch it, cut it, gouge it, burn it or not love it.

Check out The World's Most Popular Granites

2006-04-10T04:42:00.000-07:00

The porch is back!

The porch was a standard feature of colonial homes and those built in the South where they provided shade and coolness. During Victorian times, the sleeping porch was a retreat where the occupant hoped to catch a cooling breeze in warm weather.

The Greek Revival porch of the mid 1800's, was designed with a gabled roof sitting on large columns. This porch was mainly architectural not functional.

After World War II the porch lost its allure when families were drawn inside by air conditioning and television.

Remember gathering on the stoop with friends or that small portico with a couple of chairs, where neighbors might stop to share a story with your parents. I recall the grand home on the main street with the wraparound porch complete with rocking chairs and swing, and the screened porch where my aunt served lemonade. It's all in the picture of a time gone by, whose time has come again.

Americans are once again embracing the home and porches are popping up on new homes in developments all around us.

Interested in The Stylistic Evolution of the American Front Porch check out http://xroads.virginia.edu/~CLASS/am483_97/projects/cook/style.htm

2006-04-03T06:48:00.001-07:00

Think your home is too small?

Homes have grown in size over the years. In a typical 1950 home, 290 square feet represented each family member. The number of square feet in 2003 was 893. Is all this space really necessary?

In comparison, consider 42 square feet, 6 feet wide by 7 feet long. Not a large area! Could you comfortably live in such a confined space?

Gypsies did at the turn of the century! As early as 1760, they travelled over the best roads in Europe. The 15,000 miles of French roads networked not just vehicles but homes on wheels. These wagons drawn by just one stocky, muscular horse also traversed the bumpy English countryside.

The vardo (wooden wagon) made efficient use of space, with a bed, stove with chimney and rear window or door. An open front entry might be covered with curtains or canvas panels for privacy, or doors with laced windows. Vivid fabric covered the interior ceiling. Of necessity, things were orderly and prized possessions displayed. Elaborately carved and painted woodwork livened the exterior.
The woman's prized domestic status symbol - the vardo.

In our consumer driven world, there are still those who feel small is ideal. No long list of builder upgrades to peruse. No debate over where to situate the sofa. A tidy, clean, orderly use of space.

Check out the links to see vardo inspired masterpieces, and another site that proves that it doesn't have to be big to be beautiful.

Want to read a bit of the history of gypsies it's just a click away.

2006-03-31T18:30:00.000-08:00

Who does your real estate agent represent?

When you walk into that cozy New Jersey real estate office for the first time, do you sit and talk with the agent who is planning to work with you?
If you don't . . . . . . . . . maybe you should rethink that!

Real estate representation is an area of my business that is not easily understood by the general public. Unfortunately, this is also true for some professionals. Years ago, everyone represented the seller. Today, buyers needs are also addressed.

Prior to dealing with any client, agents are legally obliged to explain and advise who they will be representing. After representation (known as "agency") is explained, the client is asked to sign a form to acknowledge that it has been discussed.

Clients are usually reluctant to sign anything presented by an agent they have just met. This understandable reaction on the part of the public is often reinforced by the agents inability to communicate what "agency" is. Because of this, many agents do not even broach the subject.

"Agency" is swiftly glossed over when formal contracts are being signed. Feeling some familiarity with the agent, the form is just another in a stack of documents needing signatures. "Sign here, please."

But it does matter! An agent who has been negligent in educating their client in "agency" has overlooked an important duty. This does not mean that the agent has improperly represented the client, but implies that the client may not know where the agents loyalty has been.

Before you decide to work with any agent, it is important to determine who and how that agent will be representing you. Ask to see the Consumers Information Statement and ask that it be explained to you.

2006-03-23T17:43:00.000-08:00

Trends in Home Renovation

Home remodeling today is a $233 billion business, a significant 50% increase from 10 years ago. Of that figure, kitchen renovation represents $13.5 billion and bathroom improvement $10.5 billion. Over the last 10 years, 30 million homes have undergone major renovations.

Today's buyer expects more than the buyer of a decade ago. The simple "colonial with a fireplace" request has disappeared. Our technologically changed world dictates different needs and the desires of the public is fueled by what they see and what they can afford. Expectations of two-income families is primed by exquisitly appointed development models in every-expanding suburban sprawl and the constant barrage of "what's new and what's hot" by magazines, radio, television and the internet.

The stuffy formal living room is now replaced by a more casual family room/kitchen, where both family and guests are entertained. The move is toward more upscale appliances - professional-type stoves, ovens, warming drawers, beverage/wine refrigerators, drawer refrigerators, etc. - surrounded by gleaming granite.

Convenience dictates a bathroom for each bedroom. No more waiting in our "hurry up" world.

A media room is not just for the wealthy. Plush seating, surround sound, and projection screen with your latest movie request makes the trek to the theater obsolete. The buttery popcorn is just a microwave away.

Custom closets can compete with any retail store display.

The clutter busters are now tackling the last frontier - the garage. A coated (and maybe heated) floor, insulated doors, painted walls and ceiling, roomy cabinets, shelving and racks can transform that dusty environment into a ritzy space for garden tools, skates, bikes and cars.

Decks are now stain and splinter free. Beautiful composites allow more time for fun and less time for upkeep. A more fitting backdrop for the outdoor grill and outdoor furniture.

Walkways, driveways and patios are now paved to evoke the look of European courtyards.

Bathrooms can be equipted with warming drawers for towels and robes, messaging shower heads, and bidets as well as the more usual messaging tubs.

The ability to work from home has created the need for dual office space for many.

What tomorrow's needs will dictate we can only imagine. For now all the rules of yesterday have changed in a world where walls have tumbled down and the roads beyond stretch far and wide.

2006-03-01T08:07:00.001-08:00

Appreciation on a Grand Scale

Is the real estate bubble over? News reports this morning reveal that those in the know say it is.

The market has definitely slowed. The balance between those selling and those buying has shifted. The rapid rate at which those willing to buy were snatching up those few properties that were available is no more.

Yet, even with the slight price adjustments presently seen, the appreciation has been phenomenal. During each upward climb the buyers were still there. Contracts in hand, agents presented pictures of perfect families to soften sellers in a grand contest called "Home."
Real estate agents, just like me, all over New Jersey wondered when it would all end and where was all that money coming from to keep up with the growing cost of real estate.
Of course, the increasing cost was not only in New Jersey.

It's been reported that the most expensive condo in the United States is a $70 million penthouse atop the Pierre Hotel in New York City, owned by financier Martin Zweig.

Where are the most expensive properties? Interestingly, of the top five - three are in the United States. (This list based on July, 2005 exchange rates and as reported by www.Forbes.com)

1. Windlesham, England $122.2 Million
2. Bridgehampton, New York $75 Million
3. New York, New York $70 Million
4. Malibu, California $65 Million
5. London, England $61.1 Million

The third wealthiest person in the world, Lakshmi Mittal, paid the most ever recorded for a private residence in April, 2005, when he plunked down $128 Million.

The most grand is a residence larger than the combined square footage of Buckingham Palace and Hampton Court in England. Updown Court in the London suburb of Surry sits on 58 acres. It has 22 bedrooms complete with private baths and boasts of 5 swimming pools, a heated marble driveway, cinema, bowling alley, helipad, an underground garage with room for 8 limos, a stable for 5 horses, and a panic room.
Askinig price for this grandiose real estate is approximately $135 Million (in American dollars).

This property was purchased in 2002 for $20 Million and another $30 Million went for improvements. Now this is appreciation!