Chinese-American Buyers Cite Feng Shui as Key

DAILY REAL ESTATE NEWS | MONDAY, AUGUST 17, 2015

The ancient design philosophy, feng shui, still proves to be a powerful influence to Chinese-American home buyers, finds a new survey of 500 Chinese-Americans by Better Homes and Gardens Real Estate and the Asian Real Estate Association of America.

Seventy-six percent of Chinese-Americans surveyed said they were familiar with the principles of feng shui, which guides spatial arrangement and building design to increase the flow of energy in a home. Over half of those who said they were familiar with feng shui follow the practice in their daily lives, according to the survey.

Feng shui can prompt a big majority of Chinese-Americans to buy too. Overall, 86 percent of respondents said feng shui will play a role in a future home-buying decision, and 79 percent said they are willing to pay more for a home that has feng shui principles. Respondents reported a willingness to pay 16 percent more for a home that uses feng shui.

Indeed, 81 percent of Chinese-Americans surveyed who are also home owners said that feng shui factored into their most recent home purchase. What's more, 36 percent said they would avoid a real estate agent who was not familiar with the feng shui principles.

"It's critical for real estate professionals to understand all consumer drivers within the home search," says Sherry Chris, president and CEO, Better Homes and Gardens Real Estate LLC. "For this population, feng shui applications are as essential as other traditional characteristics of a home. Understanding these considerations is part of being a sophisticated service provider as well as an invaluable resource for our clients during the home buying and selling processes."

Chinese-Americans surveyed said the biggest design deal-breakers that went against feng shui principles are: the home being located at the end of a dead end street (31 percent); the home's back stairs directly facing the front door (29 percent); the home having a sloped backyard (29 percent); and the home's front and back doors being aligned with each other (24 percent).

"As the Asian American community's influence in the real estate market continues to grow, feng shui principles are gaining much needed attention and have already influenced real estate developers and interior designers alike," says Carmen Chong, 2015 AREAA national chairwoman.

                                                 www.LuxuryHomes-SWFL.com

3 Ways to Write a Tempting Offer When Buying a Home

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By Erika Napoletano

You've found it: the house of your dreams. In fact, you went home last night and played a little game of Where Does the Sofa Go? But before you can say "home sweet home," there's an offer to be made -- and it has to be accepted before you can move that sofa into the living room.

While these three tips don't guarantee your offer will be chosen, they will help you be competitive so you're one step closer to landing your dream home.

1. Carefully consider your approach.

If you think your dream home's listing price is just a place to begin negotiations, think again. First, have a conversation with your real estate agent. Look for similar homes and recent sales in the area.

You can do a little sleuthing on your own by searching Trulia for sold homes -- just be sure to choose a time frame in the past three months for the most accurate results. Comparables will give you a better idea of the seller's asking price in relation to similar properties and help you shape your offer based on property-specific amenities and location.

Next, you should decide how you'll pay for your purchase: cash or financing. Cash offers can sometimes command a lower selling price since there aren't mortgage details to sort through and the closing should go faster. If you're using financing but can offer a quick close (less than 30 days), take that into consideration in your offer price -- your real estate agent may be able to leverage a quick close to sweeten the deal.

If you're thinking of submitting a lowball offer, have a candid conversation with your real estate agent. Agents know the market well and might even know a thing or two about the listing agent through previous sales. There are certain times when a lowball offer might start a favorable negotiation process, but there are many others when it can derail the reality of landing your dream home. If you decide to submit an offer substantially below the listing price, be prepared for a negotiation process -- or a flat-out "no."

When you're ready to make your offer, back it up with everything the seller needs to know. You want them to believe that your offer is the one offer they should look at twice. Be sure to include completed offer paperwork, signatures where they belong, and make sure you're asking for seller concessions that make sense for the market.

2. Weigh the pros and cons of your requests for repairs.

Maybe you're looking to have some of your closing costs covered. Perhaps you just want the old, worn-out carpeting replaced. Asking for seller concessions is a normal part of the offer process, but you need to know what you can reasonably expect.

If you're in a competitive bidding situation, odds are that the seller is going to choose the offer requiring the least amount of work on their part. Work with your real estate professional to make a list of "musts" and "would like" items for the sellers to tackle. You can put these concessions side by side with your offer price and see what makes for the most compelling deal.

Bottom line? If you're entering into a negotiation and something's got to give, your requested concessions are probably the first place to consider revising to stay competitive.

3. Don't be swayed by emotions

One step it's important not to forget in the offer process is setting a maximum price. If you're financing, you will have a purchase ceiling from your mortgage lender, but when the perfect home comes along, it's easy for heartstrings to overrule good financial sense.

How much can you comfortably carry as a mortgage payment each month? (Use a mortgage calculator to get a rough idea.) How much is that home really worth? How long do you plan on staying in the home, and does that justify a higher-than-asking price?

And remember, the tips we're including here are for traditional sales, not short sales or purchases of bank-owned properties. Those types of transactions have nuances all their own.

www.LuxuryHomes-SWFL.com 

Trump Sells Apartment He Never Lived in for $21 Million

A private elevator leads to the five-bedroom, 

7.5-bath apartment on the 

24th floor of the Trump Park Avenue building.

By Melissa Allison

When he's not stumping for the Republican presidential nomination or making decrees on "The Celebrity Apprentice," Donald Trump still works in real estate -- and he just made a killing on a Manhattan apartment.

Trump sold the nearly 6,200-square-foot dwelling on the 24th floor of his 32-story Trump Park Avenue tower for $21 million, the Wall Street Journal reports. He listed it in 2013 for $35 million and cut the price twice, settling on $24.995 million earlier this month. (However, Trump purchased the entire building in 2001 for $115 million, the Journal reported, and since has converted it into 120 luxury condo units.)

Trump never lived in the just-sold apartment, listing agent Michelle Griffith of Trump International Realty told the Journal. She also said Trump rejected an offer to rent the place for $80,000 a month.

A private elevator leads to the five-bedroom, 7.5-bath space, which boasts high ceilings and lots of windows. Luxurious details include Italian brass doorknobs, custom moldings and a kitchen with marble floors and counter tops.

The master suite features two bathrooms, two walk-in closets and a study.

wwwLuxuryHomes-SWFL.com