Strip Joints and Selling Houses
Wednesday morning’s Naples Daily News had an article about a Fifth Avenue South restaurant that had a promoter running a dance club in the restaurant. Apparently while visiting this restaurant, undercover Naples police found meagerly dressed women dancing on the bar accepting tips in their thongs. Needless to say the City of Naples was not happy about this. The restaurant owner, who says he was unaware of his promoter’s entertainment events, put an immediate stop to this entertainment.
Understandable, people were upset by this event. The Fifth Avenue South shopping district has families that frequent the establishments on the street. Neighboring residents I am sure were horrified
As I read this article, a memory stirred to the surface of my consciousness. “Picture this,” as Sophia Petrillo of the Golden Girls used to say. It was 1981; I had only been in the real estate business for a while and was still learning. This was in a time where in the Berwyn, IL area where I worked computerized MLS’s did not exist. (Besides being noted for its wonderful Czechoslovakian food, Berwyn was also noted for the Spindle Sculpture.) At that time Realtors had to drive to the MLS to pick up photocopies of new listings and a sheet with all the pending and closed sales. Every Realtor in the Board had their own set of photocopied listing books. There were no adjustable rate mortgages yet and mortgage interest rates were around 15%. Yes, 15%. Hey, what did I know? I was young.
I teamed up with a woman from my office to work For Sale By Owners (FSBO’S). One day we landed an appointment in the neighboring community of Lyons, IL. Back then Lyons was noted for its strip clubs a la The Sopranos, Bada Bing, up and down Ogden Avenue. (It has since changed.) When my colleague and I arrived at our appointment destination, we saw the listing we were trying to obtain was an alley away from a strip club! Being young and fearless, we went to our appointment and actually obtained the listing.
A real estate seminar I had attended taught me to call agents that had shown my listings and find out what their clients had to say about my listing. The seminar leader told us that we should then communicate this information to our sellers. After about 20 showings with client reaction of “Too close to the strip joints”, I had my first revelation about price reductions. The house for sale was clean, in good shape it was just in the wrong “location”. The seller could not make the condition of the house any better, he could not change the location but he could change the price, which is what he did. Lo and behold…………the place sold!
Years later I was at a Mike Ferry real estate seminar. Mike told the audience that people always think a house will sell because of “Location, Location, Location”. He told us that statement is untrue. A house will always sell because of the price. He said a home could be located next to a rail road track with trains that passed by every 10 minutes and be a pigsty but if the house was priced right, it would sell. My listing next to the strip club surfaced in my mind.
There has been a great deal of talk about the Naples real estate market. The reality is that our pending sales are up and homes that are priced at market are selling. Mid May the Chairman and CEO of Toll Brothers was interviewed on CNBC’s Mad Money. In the interview he states that he thinks the Naples market has hit bottom. Naples is specifically mentioned at about 5min 30seconds. The whole video is pretty interesting.
Where am I headed with my strip club remembrance? Some Naples Sellers still think “Location, Location, Location” is going to sell their house today. These Sellers should think again. Price is the key for getting a home sold in today’s market. If you are a Seller who really does not have to sell your home and can wait for the market to come to your price, please take your house off the market now. You can put it back on the market when the market escalates to your desired price.
What about the hubbub about the Fifth Avenue South restaurant with the “dancers”? The neighbors, proprietors on Fifth Avenue South and the City of Naples, will not let Fifth Avenue South turn into a Ogden Avenue anytime soon. That is just one of the reasons I love living in Naples. Another reason is the sunsets!
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