Brendan's Blog

I had the opportunity yesterday to tour Turner Development's newest project in Baltimore's Locust Point neighborhood yesterday, and the day before.  I feel that I need to consult a thesaurus prior to making this post, as I don't think that my feeble vocabulary is stocked with enough superlatives to describe this truly amazing project.  I want to be clear, that I have been skeptical of this project since its inception, but am truly blown away by the progress, and with the finish line is sight, the end result.  I originally and naively thought that it would be crazy to build a luxury development like this in South Baltimore, without the businesses in place to cater to the residents, but now firmly believe that Silo Point is about to be the anchor that turns Locust Point into one of the premiere neighborhoods in Baltimore.

Silo Point is a 228 unit development is a conversion of a 1920's grain elevator silo, nestled in perhaps the most attractive piece of water-front in Baltimore, near Fort McHenry.  The northern side of the building has absolutely stunning views of the Baltimore City Skyline, and the Inner Harbor.  The neighborhood has building restrictions in terms of height, but Silo Point is grandfathered, meaning that nothing is going to block these truly extraordinary views.

To me, this project redefines luxury.  The insdescribable views aside, this development offers every amenity one could look for.  I found myself speechless at the level of workmanship that went into the conversion of this structure, retaining much of the original concrete (especially breathtaking are the columns in the main lobby) while bringing all of the modern amenities one could want, including AMX touchpad technology, closets by closet innovations, a myriad of available floor-plans (I think 30 at my count), terrific restaurants, a concierge, 24hr gym, and the list goes on.

My clients and I stopped in on Sunday afternoon while we were touring other properties in the area and were met by very friendly staff, and a stunning sales center.  Sadly, we were unable to take a tour that day, but quickly rescheduled for the following day.  We were met the next afternoon by Scott, the very personable and extremely knowledgeable sales manager.  We viewed a number of different floor-plans and models, and were impressed by just about everything, including the price (most of what we looked at was under the $750k mark).  There was a flurry of activity, with workmen everywhere as they get ready for an opening event in the coming weeks.

If city living is your thing, take a look at Silo Point...here I am, publicly "eating crow," I was wrong...way wrong...Congrats to the folks at Turner Development, this project is a home run (did I mention you can see Camden Yards)

I am amazed that the number of blog posts on AR regarding the presidential campaigns of John McCain and Barack Obama.  I understand that this is a great format where people can truly speak their minds, but is it really a good idea to broadcast your political beliefs like this?  I mean, I am just as happy to sell a home to a John McCain supporter as I am to a Barack Obama supporter.  I don't mean to discount the importance of this election.  I have very strong beliefs about who I am going to vote for and why.  I just really would hate to alienate a potential customer who happens to disagree with my politics.  Shouldn't the laws of a first date apply to blogging?  Never discuss politics or religion?

Cheers,

Brendan

At the risk of turning an otherwise positive blog into a world-class rant fest, I thought I'd share an experience that just boggles my mind in this slow market.

I have a young, qualified, eager and responsible client who is looking to purchase a multi-family here in Baltimore to live in one unit and rent the other.  We had scheduled to see eight properties today, and were actually able to view TWO.  Of the other six, there were five who just didn't return my calls for showings (after three days of trying) and one who insisted that the key must be picked up at his office (miles out of our way) in order to show.  I left early, so as to not take time from my client to play go-fetch, and headed to the listing agent's office (incidentally, and office that I was once affiliated).  Needless to say, the key was not there, after I was assured that it would be waiting for me at the front desk.

Long story short, people...I cannot sell it if I cannot show it.  You are not serving your client well if you cannot arrange a showing on THREE days notice.  I can almost guarantee that these agents are also the ones who are complaining about how bad the market is.  Do your job, I want to sell your listing...at least call me back...you remember the phone, right?  That thing that used to ring off the hook when the market was HOT?

I take solace (as does my client) in the fact that if we have to work so hard to view the property, so do other folks...I'm a persistent bugger, and we'll get in there before the competition.

Thanks to those of you who have called back this week....I'll return the favor!

We've known for a long time that Baltimore's Mount Vernon neighborhood is super convenient for DC commuters, but today we decided to put it to the test! My partner, Catrin Davies, agreed to start in "ms. davies takes the train," a video short showing the ease of the Marc Train commute.  Just one of the many things that makes Baltimore City, and Mount Vernon a terrific place to live!

I realized a long time ago that I don't just sell houses, I sell neighborhoods. It's a good thing that I love my neighborhood! Here is some video footage that was shot on a lovely Spring day this year of the Mount Vernon Cultural District in Baltimore City. It is home to the Baltimore Opera Company, The Baltimore Symphony, The Peabody Conservatory, Walters Art Gallery, Center Stage and many more wonderful arts organizations, not to mention a ton of fabulous restaurants. I hope to get some more little video tours of my favorite place up and running soon!

I am not a big complainer about the slower market, in fact, things have never been better for my business. I am not the type that stares at the phone and wonders why it doesn't ring. My business partner and I have been able to move a large number of listings in this challenging market through proper pricing, adequate preparation, and aggressive marketing. For the most part, our strategies are working...this makes it all the more frustrating when we can't move a particular property. Why do strategies work in some places and not others?

We have a wonderful listing in a beautiful, highly sought after neighborhood, a stone's throw from our office in Baltimore City's Mt. Vernon neighborhood. We've had an huge number of showings, and the feedback is always stellar. The owners really prepared the property well, priced it right, and are incredibly flexible about showings (even with a newborn and a two year old!). Our website gets about 7500+ unique visitors per month looking at this property, yet nobody has been able to pull the trigger.

Normally, I would trust that this is just going to take a little time...we're doing everything right, and a buyer is truly around the corner. Unfortunately, the sellers NEED to move as with their newborn they have outgrown the place, and they have already located the property that they would like to buy. Short of advising them to have a firesale, or staging a hunger strike until we get it sold, I just don't know what to do to get this listing any more attention.

My bag of tricks is nearing empty...if there any any ACTIVERAINERS out there who happen to be looking for a STUNNING two bedroom condo in Mt. Vernon at a great price, give me a call...and bring me a sandwich.

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930 Stubblefield Lane Baltimore, MD 21202

For Sale $249,000

Great two level condo with parking right outside your back door! Bedrooms: 2 Bathrooms: 1 1 Area: Mount Vernon Style: Contemporary Square Footage: 1,315 Year Built: 1983 Fantastic condo/rowhome in the heart of Mt. Vernon. Outdoor access and PARKING! Two levels, 2 bed 1.5 bath. Beautifully renovated!    Home    Video Tour    Full Details    Photo Tour    Print Brochure    Property Documents    Property Map    Area Schools    Schedule a Showing    Email Property Info    Mortgage Calculator    About Me    Contact Me    Census Information    More Information    Area Amenities    My blog    Our other listings    Our website    My ACTIVE RAIN Profile Brendan Cooke Realtor-Associate Broker Passport Realty, LLC Office: 443.524.4660 Mobile: 410.591.1683 Fax: 443.836.0208 Email: brendancooke@earthlink.net Website: www.opera-houses.com

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So, I get the call on Thursday...an excited investor that found me (of all places) on ActiveRain.  The investor is pre-approved, and unlike many calls I've been receiving from graduates of some awful "investor class" they are actually looking to take title to properties rather than wholesale, and start a portfolio of rental properties.  We discuss some strategies, and decide to meet on Sunday.

I set up eight showings on some rather distressed properties requiring total rehab.  The investors gladly watched as I unboarded home after home with my screw-gun so that they could take a look.  The second to last one of the day was a winner, they asked me how we would go about writing an offer.  I explained the process, and notified them that there were special bank addendums that would be required, and that I would obtain them from the listing agent.

Of course, that morning when we met, I provided the buyers with "Understanding whom Agents Represent" and with a copy of my buyer broker agreement.

So, after 45 minutes or so on the initial phone call, 30 min setting up appointments, and five hours away from my beautiful wife and child on a Sunday morning...you all know what's coming.

The investor is not comfortable signing a buyer broker agreement.  They have located an agent who will work without one.  They wrote an offer on the property with that agent.

Now, really, this was a very small sale, and a very small commission, but we have worked long term with some investors in Baltimore City who have bought multiple properties through us, and I am all about building the long-term relationships.  I realize that we all "waste" a few hours here and there with buyers that end up going elsewhere, and that my tiny payday on this sale is hardly worth crying over, but I realized something this time around.  The general public has a really poor understanding of how our industry works.  Occasionally, someone will get enough information to be dangerous, and really miss the forest for the trees. 

I explained to these folks that my exclusive agency agreement is pretty buyer friendly.  They can cancel the agreement at any time if they are not happy with my work, and 14days later, they are free to work with whomever they wish.  Of course, I am entitled to comission, should they purchase anything that I had showed to them (for a period of three months after the agreement is ended).  Yet, they don't really listen to that...all they hear is "I am commited to working with this person only..."

We generally try to have a "sit down" meeting with anyone before we will take them out to  view properties but occasionally people will balk at that idea, and I realize that it's a gamble if we decide to meet with them anyway, but I have a few questions for the group:

1) what is it about our industry that gives the public the perception that they can abuse our time and take advantage of us?

2) what are some ways that we can further limit our risk?

In the end, when I look at the big picture, this is all for the best...I don't really believe that these particular investors are experienced, motivated, intelligent or realistic enough to really build a portfolio that would be an important part of our business.  They were seemingly incredibly naive about costs of renovation and what kind of work it would entail to manage a portfolio of rental properties in Baltimore City.  I did my best to share my knowledge with them (free of charge) whilst risking life and limb to show them $20k shells...but again, they obviously had their own information and ideas from another source.

In my relatively short eight years in this business, I have experienced many peaks and valleys.  Months with eight settlements, followed by months with one, or none.  If there is one thing that I have learned, it is that the most important times seem to be the valleys.  If you put your nose to the grindstone in the tough times, you will reap the rewards.  It's also important, however, to remember that when you are in that month of eight closings, you need to be finding some way to spend some time focusing on the next couple of months, or these peaks and valleys get worse and worse.  You work for fingers to the bone when you've got the business, then crash when it's all done.  When it is easy, everyone does it...it is what we do in the rough times that set us apart from the crowd.

Happy selling,

Brendan

www.opera-houses.com