Barron Park real estate has been a consistently "hot" commodity for the past two years! Happily, memories of the disappointments of the earlier '90's, after the 30% increase in '88, are fading . . . and there is every reason to believe that 1996 will continue to be good to our neighborhood.
However, whether you plan to stay put forever or sell in the foreseeable future, consider having your home inspected by thorough, licensed professionals. "Deferred maintenance" is very expensive, and can take a big bite out of your investment the longer you postpone a reality check! Don't be afraid to ask questions of experts . . . knowledge is power! Avail yourselves of the guidance of trusted professionals to steer you to competent handy men and contractors who can preserve your home! A word to the wise: when you invite a heating company to service your furnace, be sure to ask the technician to check the heat exchanger! If you don't, don't expect them to . . . the end result is that there could be cracks from hairline to worse that will go unnoticed. Incidentally, the Barron Park Association Newsletter welcomes local tradesmen to advertise in our quarterly Newsletters. All residents are reminded that if they wish to receive the 1996 Spring, Summer and Fall editions, they need to remember to fill out the 1996 BPA membership form (see bottom of page for on-line membership form).
Further, if you are debating whether to remodel your present home or move to one more in keeping with your current needs and/or desires, there are honest real estate and design/builder professionals who can help you make a well-considered decision. Two examples of Barron Park homes that were expanded externally and internally this past year and that have dramatically enhanced our neighborhood's appearance are located at 906 Ilima Way, (corner of Ilima Way and Laguna Avenue), and at 4020 Orme Street, (cross street: Los Robles Avenue). Two different design builders worked with the owners of these properties to create exactly what each family desired. Others in our neighborhood, such as the second generation owners of 4075 Laguna Way, have reconfigured existing internal space, with equally satisfying results. Tearing down, and starting from scratch is not the only way!
Lastly, examination of actual real estate activity in Barron Park during the past two years challenges the assumption that there is a "best time to sell." Based on the following statistics, one cannot say with certainty that the first or second quarters of the year are always the best times to sell, or that the last quarter is always the worst! While the 1st quarter of '94 had the most sales, (19), the 1st quarter of '95 had the least, (6). Yet in '95, our 2nd quarter had the most sales, (23), while in '94 there were the fewest, (11), in the 2nd quarter. The 3rd quarter of both '94 and '95 each had 13 sales, and the last quarter of both years was equally strong, with '95 edging out '94's total, 14 to 13 sales. More statistics? In '94, the biggest positive range between original list price and final sales price was $56,000, in '95, $46,000. In '94, the biggest negative range between original list price and final sales price was $229,000, (a FSBO, initially, i.e., "for sale by owner"), in '95 $84,000. In '94, the longest time a property was on the market was for 2 years, with a $70,000 (negative) difference between original list price and final sales price; in '95, 1 and 3/4 years, with a $69,000 (negative) difference between original list price and final sales price.
In contrast, 1/4 of all Barron Park sales in 1995 sold over the asking price, within an average of 8 days from listing. In 1994, about 1/5 sold over the asking price within an average of 8 days. The moral of the story? To ensure the best results, sellers should arm themselves with knowledge about their property, (prepare their homes with "pre-sale" inspections), price and market "right," then... within 8 days of listing, "no money will be left on the table!"
If you wish to become a Barron Park Association Member, email the editor at njh@best.com and I'll fax you a form or,