Hello from Florence & Venice, Italy! I am here with 15 students learning about business & culture. And eating.
In our wanders, I am also perplexed & curious about how the housing market works here, Venice specifically.
TOURISM is the name of the game here, with only 53,000 residents living here & most choosing to AirBNB their home given the cost of housing here.
In our walk about around the city, I found three different real estate agents. This island was settled (reported at least) in the 6th century, with the 'NEW' homes beings after 1794 (when Napoleon invaded). So 'NEW' is still 250+ years old.
Along with AGE of home, Venice is SINKING. That is right, sinking. The city was built on lagoon & large wooden pile-ons. That wood is starting to decompose (shocker right, its only 1000 years old) along with changing weather pattern, the AQUA ALTA is occurring more frequently. They have special metal barriers they place in front of their doors and all residents own waders (see pic below).
Totally sold you right? YOU WANT TO BUY IN VENICE RIGHT?
Now here is the kicker, its extremely costly. The AVERAGE PRICE for a 2 bedroom, 1 bathroom, living room & kitchen is 550,000 euros (8,000-10,000 euros per square meter). Sorry, no boat 'garage' included.
I don't know the cost to maintain a 250+ year old home, but it seems like it would be high due to the moisture & flooding issues. I have yet to find an insurance agent here.....I shudder to think how much that costs, or if its even available. Which then makes me wonder how you get a mortgage loan on a home here.
Coupled with this fun filled fact, the average annual wage is $36,658 per person. Compared to the US, with an annual income of $60,558 per person. WOW right. How does that work?
One final note, street art. LOVE street art. Come to Italy for street art. And food. And wine. Not the real estate.
Sorry my post is late this week peeps..busy in Venice!
Have a great week!
The most common type of contingency is 'pending sale of current home by a stated date'. If the buyer's house does not sell by stated date, the offer is TERMINATED. Earnst money is returned to the buyer.
Depending on the market you live in, selling your home can be slow or fast. In NE Iowa, generally speaking, the market does not move very fast. For example, a BUYER could accept an offer that is contingent on the SELLER listing and selling their home.
Selling could take 1 day, or it could take longer (come on, we all know the houses that have been on the market for YEARS).
As a SELLER, how long do you want to wait to be rid of the house? If speed is of the essence, you might want to consider the 72-hour clause.
What is THAT you might ask....
The 72-hour clause is a common provision added to real estate contracts that allows a seller to continue marketing their property for a period of time after an offer is made
Step-by-Step of the 72 hour clause
Before agreeing to a home sale contingency, the seller’s real estate agent should investigate the potential buyer’s current home to determine:
I like to be be clutter free....it seems to make daily life run more smoothly.
YET, I HATE to waste. Talk about conflict!
Which means sometimes I keep something I 'might' use or 'think I need. Sometimes I do...sometimes I don't. How you do your find balance in what to keep and what to get rid of?
THAT is HARD to know.....as the criteria is different for everyone.
For example, my husband just got rid of this bottle cap collection from 2005 (can you hear me cheering!!!??) from studying abroad. Rather than keeping all, he kept those he really liked &I helped him make them into frig magnets.
Remember those old projector stands from elementary school (you have to be at least 30 for this to make any sense!) I found one! Its now a fern stand. Why not right? Right. Or some old tire rims (they were are kewl white color)? They are know a pedestal in my kitchen.
I seem to gravitate to medal things--they are hard to break--to repurpose. Check out these creative ideas on how to repurpose (the piano bookshelf is so creative...not sure how I feel about the plastic spoon creation!)
Growing up with antiques taught me early one that repurposing is a way of life for me. And might be why have a headboard made out of a door now.....or why my mantel is a peice of wood from the burn pile....
Being able to reduce, reuse, repurpose, recycle is know TRENDY. I showed up to take a friend to the airport in my work clothes (yes, my jeans were from high school and patched), their reply was 'this is the new trend in NYC'. Who knew I was so fashion forward (tee-hee)
Seriously though, being able to repurpose items in your house that shows you know flare is something buyers will notice when looking at your home. Remember BALANCE though, too much of a good thing....fails to be good.
So why not join the trend of repurpsoing and help Mama Earth out as well?
Have a good weekend and maybe see you at my garage sale seeking to reuse or repurpose!
There are both expensive updates (like siding, roofing, and windows) and there are cheaper DIY projects you can do (taking care of your lawn, landscaping, front door, planters, lighting, windchimes). You have to decide what works for you and your budget.
"If all your remodeling is on the inside
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!