Just like video killed the radio star back in the eighties, video is beginning to kill the virtual tour in real estate. As bandwidth pipelines continue to get fatter and fatter, web content continues to get more robust. Low res real estate pictures of old were replaced with higher resolution pics and "360 degree" virtual tours (the tours that are famous for distorting the architecture of a room). Walls become curved. "Stitched" pictures have warped seams where they are "stitched" or joined with another photo.
Why not just shoot video?
Up 'til recently, it was quite costly to have a video produced and the quality was not too great. Recent websites devoted to video like utube.com have made even low res video "cool" if it well done. It is also producing many younger people that are very talented with a video camera and know how to work with many of the programs that allow them to edit their footage.
Which would you prefer...A nicely produced video showcasing your home or the typical virtual tour? We would love to hear from you. Feel free to post your thoughts here.
Wednesday, November 21, 2007
Sunday, November 18, 2007
Don't believe everything you read!
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." Warren Buffett
People are always asking me how the market is doing on the peninsula. I always have some statistical data to tell them about and I always tell them not to believe what the read in the media. If you believed everything you read, then we would all be thinking that real estate business is way down on the Monterey Peninsula. Oh, wait a minute....Most people do believe that real estate is way down.
When I tell people the total sales in dollars for Q3 of 2007 was substantially higher than Q3 of 2006, they are surprised. In fact most people have a hard time believing it. The fact is there was roughly $326,000,000 in real estate sales reported in q3 of this year for the Monterey Peninsula, Carmel Valley and parts of the 68 corridor versus only roughly $307,000,000 in Q3 of 2006! Unit sales were down slightly, but only by 17 units.
The high end is selling and is selling at a great pace. The lower end (good luck finding any of that stuff on the Monterey Peninsula!) is what has been impacted the most. Areas like South Monterey County, North Monterey County, Salinas, Seaside and Marina have been impacted mostly by the sub-prime loan issues. There are buyers out there that just can't qualify anymore.
Back to the Warren Buffett quote above...People who have the money tend to buy when others are fearful or uncertain. California real estate will continue to be a great investment although the media would lead you to believe otherwise. Coastal California real estate will always be in demand. Cities like Monterey, Carmel, Pebble Beach and Pacific Grove don't have substantial amounts of land available to build. Nor do they have water available for new homes (except Pebble Beach) which makes them an even better investment. So it is no surprise that people with the money are investing in our greatest local resource (Real Estate) at a time when there are less people competing with them to buy.
I will leave you with a couple of other quotes, this time from the media who has predicted doom and gloom before...
“The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000.” - Business Week - 1969
“The median price of a home today is approaching $50,000 . . . housing experts predict price rises in the future won’t be that great.” – National Business - 1977
“The golden-age of risk free run-ups in home prices is gone.” – Money Magazine – 1985
“A home is where the bad investment is.” San Francisco Examiner - 1996
People are always asking me how the market is doing on the peninsula. I always have some statistical data to tell them about and I always tell them not to believe what the read in the media. If you believed everything you read, then we would all be thinking that real estate business is way down on the Monterey Peninsula. Oh, wait a minute....Most people do believe that real estate is way down.
When I tell people the total sales in dollars for Q3 of 2007 was substantially higher than Q3 of 2006, they are surprised. In fact most people have a hard time believing it. The fact is there was roughly $326,000,000 in real estate sales reported in q3 of this year for the Monterey Peninsula, Carmel Valley and parts of the 68 corridor versus only roughly $307,000,000 in Q3 of 2006! Unit sales were down slightly, but only by 17 units.
The high end is selling and is selling at a great pace. The lower end (good luck finding any of that stuff on the Monterey Peninsula!) is what has been impacted the most. Areas like South Monterey County, North Monterey County, Salinas, Seaside and Marina have been impacted mostly by the sub-prime loan issues. There are buyers out there that just can't qualify anymore.
Back to the Warren Buffett quote above...People who have the money tend to buy when others are fearful or uncertain. California real estate will continue to be a great investment although the media would lead you to believe otherwise. Coastal California real estate will always be in demand. Cities like Monterey, Carmel, Pebble Beach and Pacific Grove don't have substantial amounts of land available to build. Nor do they have water available for new homes (except Pebble Beach) which makes them an even better investment. So it is no surprise that people with the money are investing in our greatest local resource (Real Estate) at a time when there are less people competing with them to buy.
I will leave you with a couple of other quotes, this time from the media who has predicted doom and gloom before...
“The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000.” - Business Week - 1969
“The median price of a home today is approaching $50,000 . . . housing experts predict price rises in the future won’t be that great.” – National Business - 1977
“The golden-age of risk free run-ups in home prices is gone.” – Money Magazine – 1985
“A home is where the bad investment is.” San Francisco Examiner - 1996
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