Perrysburg Blog

I love the press.

I just wish it was on a better and happier subject.  Like flowers blooming in the Spring or pennies from heaven.

But the Toledo Blade was kind enough to interview and quote me in their latest real estate article.

And it was on short sales.  Which is when the seller does not have enough money from a real estate sale to pay off the combination of mortgage debt and closing costs when a property sells for market value.

An indicator short sales is the number of homes in “preforeclosure”.   One database that I subscribe to has over 900 houses in Perrysburg listed as being “in distress”.

Now, it’s not a short sale unless you have to sell/move.

Then it might be – and there are options.  Plenty of them.   Hence the CDPE training that I procured for my agents.   It’s specialized training to get Realtors qualified to deal with short sales and distressed sellers.  And it was needed.

But 900 homeowners?  In potential distress in Perrysburg?

Hard to imagine but I believe that number is accurate.

If it is – there will perhaps be many more empty ghost houses – like this one I have on the market:

Because distressed homeowners can become short selling homeowners.

And if they are not successful they can become foreclosed homeowners.

And those houses become “HAUNTED”.  Empty.  Full of expense-causing gremlins that wreck monetary damage and hurt everyone’s neighborhood and the value of everyones house.

I have no answers or solutions (Steve Forbes does – and it’s the best I have read.)

But there is hope for any homeowner.   There are solutions.  There are options.  You just have to know where to look and what to do.

The folks at Ohio Magazine agree with me.

Perrysburg is one of Ohio’s great hometowns.

They also chose Athens, Chagrin Falls, Dublin, and Troy.  All minor, inconsequential cities.

But I am biased – Perrysburg is the best.

You can read all about it on Ohio Magazines website.

I hope you are proud!

Not many towns in America combine our great features: Location, housing, education, livability, and a great sense of community.

Panera. The original idea was “Au Bon Pain” – which is French for something to eat.

The Panera in Perrysburg is housed in a former restaurant. Which is a place to . . . eat.

So why review Panera as a coffee shop/meeting place?

Well, because it is so popular with clients and agents to meet at. And most of the time you go there to NOT eat.

Panera is a GREAT place to meet a client or an agent. It is therefore a functional coffee joint whether they know it or not (I think they do – most retailers don’t mind visitors who bring money).

My review:

Location: 3 Pens. The Perrysburg Panera is on the east side of town just off of US 20. You see, there is this invention called the “frontage road”. And the wise folks that planned this part of Perrysburg obviously have not heard of frontage roads. So Panera is close to I-75. But it’s in that US 20 mess of u-turning cars, trucks, and frustrated suburbanites. Last week I was just off of US 20 and heard a giant thunderclap – the sound of a car accident on 20.

Music: 5 Pens. Nice and quiet. Usually smooth jazz or nu jazz. And no mercenary upselling of CD’s and gift cards full of iTunes money.

Furniture: 5 Pens. Really too many tables to count. Plenty of plugs. Plenty of work and meeting space. Simply the best place for a meeting.

Drinks: 4 Pens. Being a tea imbiber they have great brewed ice tea and every kind of hot tea you could want – these things I can attest too. The coffee and sugary drinks. My teen daughter who loves such things actually places Panera just below Starbucks.

Staff: 4 Pens. Quiet and unobtrusive. No tipping allowed! I think they are busy making bread.

Most Annoying Feature: The phone! Turn the ringer down. You can hear it throughout the entire store.

Best Feature: The fireplace. Certainly adds to the warmth and ambiance 5 months out of the year.

Free Wi-Fi: Yes. Just agree to their terms and register – hopefully they read Seth Godin. It’s called “Permission Marketing”.

Weird Real Estate/Design Thing That I Noticed: 2 actually. Love the “Air Lock” door. Saves money. Keeps bugs out. Makes patrons happy (no blast of cold air on a Winter or Fall night. Costs some money to install but a smart design feature. Interior not as “fancy” or trendy in Perrysburg as their newer locations in Toledo and Sylvania. Must have had to spend money on ovens and the kitchen in their rehab of the former steak joint . . . . all budgets have limits.

Overall: 4.5 Realtor Pens. The best Winter place to meet a client or an appointment. Think it’s a restaurant? Watch the people. 1/2 are not eating – they are meeting.

This is the sad scene that my children dread.

Fall has officially arrived.

Some key information . . . .

446 MLS Properties for Sale on 10/16.

38 Properties Closed/Sold in September.

27 Properties went Sale Pending in September.

42 Properties Expired in September.

92 New Single Family and Condo Listings in September.

Comparing September 2008 vs. 2007

2007 vs. 2008

For Sale 503 vs. 446 -11%

Under Contract 35 vs. 27 -22%

Sold 35 vs. 38 +9%

14.0 Months Supply of Inventory now on hand, up 18% from 2007

Average Days on the Market now 97, up 41% from 2007

Interesting Chart #1 – Median SOLD Price in Perrysburg. Note that the median selling price is down 10% in the past year, on average, from $195,000 to $175,000, a HUGE $19,500 decrease. Own property in Perrysburg and need to sell today? Ouch!

Interesting Chart #2, for your edification -

This shows the graphical representation of current supply/demand trends in residential real estate in Perrysburg (43551 zip code only).

11% fewer houses on the market vs. 1 year ago.

23% drop in average “Sale Pending” price vs. 1 year ago.

And . . . 9% more homes sold vs. 1 year agon (month to month comparison).

Some thoughts and conclusions:

A. Price matters.

B. Price really matter!

C. The buyers will buy – if the price is right.

D. Some people have “given up” and taken their houses off from the market. This is good – because they will not sell unless they price to market, and if they do not NEED to sell today, why try to sell and fail?

E. The residual inventory is trending down, thus the absorption rate is trending higher, and that means that the local Perrysburg residential market is now rapidly moving to a more balanced position, however now at the new price points that this market demands.

Time for the second review of the Realtors adjunct office – the coffee shop.

And the Mack Daddy, 800lb Monster, the Progenitor of Seattle Coffee Cool is . . . of course, Starbucks. There are several flavors of Starbucks. Small, walk-up airport ones, small walk-up turnpike ones, small ones in Krogers.

These are not, of course, “real” Starbucks operations. You can even buy a Starbucks kiosk for your office – I have priced one out for my Perrysburg office.

No, “real” Starbucks are found all by themselves, not in a bank or a Kroger.

And Perrysburg has just one “real” Starbucks.

#2 in a Series: Starbucks at Levis Commons (www.Starbucks.com)

Location: 3 Pens. At the new Levis Commons mall. Popular. Easy to get too. But whereas Bigbee’s has a drivethru, Starbucks has parallel parking, and a sometimes long walk if you are meeting someone there during prime shopping hours. But – everyone knows where it is. And if you are there early you can almost always pull up right in front and get in and out. Drive thru convenience? You are going to BG and that is not convenient. Who is here? People after movies. Kids. Teens. Dates. Families. Business people meeting. Bible study groups. It’s really not about the coffee – Starbucks has become the new town gate / town square.

Music: 3 Pens. Not too loud. And you never know what will be playing. Starbucks has been fully invaded by the merchandising virus – nothing is not for sale. Music that you hear can be bought at the register.

Furniture: 4 Pens. Soft chairs. A coffee bar to sit at if you so choose. 5 tables. Better seating than anyone else.

Drinks: I suppose that this is why you come here? I come for the tables, I am ashamed to say. I must have a writing surface. But wait . . . if that was true, I would go to the Way Library. So I guess that I do come here for the drinks: 8 types of tea. 87 varieties of coffee. Water. 5 Pens.

Staff: The “Barista”. They end up knowing you by name if you are not careful. Of course there is a lot of turnover – but I imagine that courses change at BGSU so that’s why I see new ones all of the time. Right? 4 Pens. I try to always tip them, too.

Most Annoying Feature: It is the “in your face” merchandising. Songs. Mugs. Bags of Coffee. But I am a hypocrite. Look in my kitchen cupboard and you will find some Starbucks mugs that the Wife Unit bought there on sale.

Best Feature: The beverages. People stand in line here. For flavored water. For expensive flavored water. Amazing.

Weird Real Estate/Design Thing That I Noticed: When the lease is up the really cool aluminum and steel ceiling unit above the baristas goes with the tenant! Nice design that is obviously not a permanent improvement but actually a trade fixture. That will show the landlord! It also really ads to the ambiance of the entire store. Next time you are there, imagine the effect of this thing being totally gone.

# of Laptop Outlets: 4 or so, plus a hidden one that I use that I am not going to share with you. 3 Pens. (N.B. – Every flat surface should have it’s own plug. Every time I go in there, laptop users are there. They want to plug in and not burn out their batteries. Future designers note this well: adding plugs increases the satisfied customer count.)

Free WiFi: No. Sorry.  Nothing is free anymore.  Not in the New Great Crisis.  So, gget an i-Phone. Then you can laugh at them like I do.

Overall – the best Spring/Summer/Fall place to meet a client for coffee. Great seating and ambiance. 4 pens.

Next up . . . Panera – and we ask the question “Is it a coffee shop?”.

Northwest Ohio:  BFL.  Boring Flat Land.

But . . .

We are blessed with the one of the Great Lakes right on our doorstep.

Which does no good at all – if you do not get out on Lake Erie.

Many of my clients move in from out of town and need an introduction to the wonders of Lake Erie and the Lake Erie Islands.  Problem.  Challenge.  Opportunity.

So . . . most years I charter one of the Jet Express boats for a full day cruise.

And I invite all of my clients and their families and kids for the full day affair.   It does not matter when you bought or sold a house from me.

The folks at “The Jet” do a fantastic job each and every year. They also let my father ride up in the cockpit – which pleases him to no end – you see he is boater – always was, always will be. He even gets radar on his boats . . . but the Jet is a whole different level of Lake Erie boating experience and my dad loves riding up there, but I digress.   With a narrated tour and a great view on a fast, steady boat, what could be better?

We visit Sandusky.

We cruise by Johnston Island.

We spend most of the day at Put-In-Bay.

And then we stop at Kelley’s Island for an hour or two.

The weather this time of year?  Usually perfect.  9 out of 10 times.

Except this year – it was overcast and “scuddy” as a boater would say.

But when you have the Jet, you can laugh at the weather.  And the payoff is that you can land and get off the Jet for a couple of hours at . . . Put In Bay.  Where it’s always warmer (that’s why they grow grapes there).  And where a bridge to the”mainland” would somehow destroy the island.

The best part?  I get to reconnect with my clients -

Houses come and go – but great clients last a lifetime.

(Thanks to Dennis S. for the great photos!)