THE LAFAYETTE REPORT: December 2008

 FINAL 2008 SPECIAL INCENTIVES

• The Georgian - 1515 Lafayette - $10,000 Special Allowance
• Eden Lofts - 1720 Chouteau - $1,000 Closing Cost Assistance
• Mississippi Place - Prices Rolled Back to Pre-Construction Pricing
• Abbey on the Park - 1505 Missouri - Reduced Pricing - $265,000
• Union Club - 1 Year Membership to Lafayette Bath & Tennis Club

2.8% Commission and $1,000 Agent Bonus for Cooperating Agents

With the recent price reductions and special incentives and the historically low interest rate, there has never been a better time to purchase a new home built by Gilded Age.

For more information on these properties, please visit our website.  If you are in the market to purchase a new home, we would like the opportunity to represent you.  For more information, please contact Ryan Shaughnessy via telephone at 314.971.4381 or via e-mail to ryan@PREASignatureRealty.com to schedule a free consultation.

END OF BLOG POST______________________________________________

GENERAL DISCLAIMERS

Review Note:  The opinions and statements contained herein represent my personal opinions and observations.  These blog entries are not reviewed, endorsed or approved for publication by Gilded Age, L.L.C., Gilded Age Sales, L.L.C. , Preservation Real Estate Advisors, L.L.C. or any affiliated companies.

Real Estate Licensure Note:  Ryan Shaughnessy is a licensed real estate attorney and Preservation Real Estate Advisors, L.L.C. is a licensed real estate brokerage in the State of Missouri.  The contact information for the brokerage is:  1802 Lafayette Avenue, Suite 200, Saint Louis, Missouri 63104, (314) 771-7233 x13 (office), (314) 771-4085 (facsimile), or ryan@PREASignatureRealty.com.  The website pages and blog posts are provided for informational and discussion purposes only and shall not constitute the listing or offering of any property for sale or rent or the performance of any activity for which a license is required outside of the State of Missouri.

Legal Advice Disclaimer:  The author is a licensed attorney.  However, the opinions and statements contained herein are for informational and discussion purposes only and shall not constitute the provision of legal advice.  Nothing contained herein shall establish an attorney-client relationship.   Readers are cautioned to seek legal counsel in their state before using or relying upon any of the information contained herein.

COPYRIGHT AND TRADEMARK NOTICES

General Notice:  The materials available through this blog and other websites owned or provided by Preservation Real Estate Advisors, L.L.C. are the property of Preservation Real Estate Advisors, L.L.C. and are protected by copyright, trademark and other intellectual property laws. You may view, copy and print pages from the Website only (1) for personal use, provided that you maintain all copyright, trademark, and other proprietary rights or notices, (2) for republication by Activerain members, provided that you maintain all copyright, trademark and other proprietary rights or notices, (3)  as a personal home search resource, (3) for communicating with Preservation Real Estate Advisors, L.L.C. about our listed properties, products or services.  You may not otherwise use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the this blog or other websites owned or provided by Preservation Real Estate Advisors, L.L.C. without the prior written approval of Preservation Real Estate Advisors, L.L.C.

Copyright Notice:  © 2008 Ryan Shaughnessy/Preservation Real Estate Advisors, L.L.C. All rights reserved.

Trademark/Service Mark Notice:  PREA Signature Realty, the logo, and other trademarks are trademarks of Preservation Real Estate Advisors, L.L.C. and may not be used without permission.  The names of other companies, products and services used in any blog post or contained on any website page are the property of their respective owners.

Photographs and Graphic Materials Notice:  Photographs and other graphic images are the property of their respective owners and are used with the express permission of the owner of photograph or graphic image.

Digital Millennium Copyright Act Notice:  Preservation Real Estate Advisors, L.L.C. respects the intellectual property rights of others and is committed to complying with U.S. copyright laws, including the Digital Millennium Copyright Act of 1998 ("DMCA").  The DMCA provides recourse for owners of copyrighted material who believe their rights under U.S. copyright law have been infringed on the Internet or other telecommunications networks.  As a provider of transitory digital communications in the form of the comment section of any post, Preservation Real Estate Advisors, L.L.C.'s activities are protected by the safe harbor provision of the DMCA (see 17 U.S.C. 512 (a)). Preservation Real Estate Advisors, L.L.C. is therefore not obligated to respond to a copyright owner (or the owner's agent) nor does Preservation Real Estate Advisors, L.L.C. have a duty to remove or disable access to material transmitted, routed or connected to the Preservation Real Estate Advisors, L.L.C.'s network(s) that is initiated and/or directed by an individual user.  If you believe that Preservation Real Estate Advisors, L.L.C. has infringed your copyrighted work in a way that does not fall within the applicable DMCA safe harbor provision, please provide notice to our Copyright Agent.  The notice must include the following information as required by the DMCA (see 17 U.S.C. 512(c)(3)). In addition, the notice should include the basis for your belief that Preservation Real Estate Advisors, L.L.C. is not merely providing transitory digital communications under 17 U.S.C. 512(a) of the DMCA:  (1)  A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;  (2)  Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;  (3)  Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the service provider to locate the material;  (4)  Information reasonably sufficient to permit the service provider to contact the complaining party, such as address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted;  (5)  A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law;  (6)  A statement that the information in the notification is accurate and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.  NOTE:   The Copyright Agent should only be contacted with respect to copyright-infringement matters.  The Copyright Agent will not respond to general inquiries.  Copyright Agent:  Shaughnessy & Silies, L.L.C., 1802 Lafayette Avenue Suite 200, Saint Louis, Missouri 63104, By fax: 314-771-4085, By email: ryan@shaughnessylaw.com. 

Mortgage rates fell this week to the lowest levels since 1971.  The average rate on 30-year fixed rate mortgages declined to under 5.20%.  Purchasers with a substantial downpayment and a strong rate may qualify for a home mortgage as low as 4.50%.  These historic low rates coupled with favorable pricing represent a once in a lifetime buying opportunity. 

For more information on mortgages (including tips, financial calculators, links to preferred lenders, and online loan applications), please visit our Financing Page on our website.

If you are in the market to purchase a new home, we would like the opportunity to represent you.  For more information, please contact Ryan Shaughnessy via telephone at 314.971.4381 or via e-mail to ryan@PREASignatureRealty.com to schedule a free consultation.

END OF BLOG POST______________________________________________

GENERAL DISCLAIMERS

Review Note:  The opinions and statements contained herein represent my personal opinions and observations.  These blog entries are not reviewed, endorsed or approved for publication by Gilded Age, L.L.C., Gilded Age Sales, L.L.C. , Preservation Real Estate Advisors, L.L.C. or any affiliated companies.

Real Estate Licensure Note:  Ryan Shaughnessy is a licensed real estate attorney and Preservation Real Estate Advisors, L.L.C. is a licensed real estate brokerage in the State of Missouri.  The contact information for the brokerage is:  1802 Lafayette Avenue, Suite 200, Saint Louis, Missouri 63104, (314) 771-7233 x13 (office), (314) 771-4085 (facsimile), or ryan@PREASignatureRealty.com.  The website pages and blog posts are provided for informational and discussion purposes only and shall not constitute the listing or offering of any property for sale or rent or the performance of any activity for which a license is required outside of the State of Missouri.

Legal Advice Disclaimer:  The author is a licensed attorney.  However, the opinions and statements contained herein are for informational and discussion purposes only and shall not constitute the provision of legal advice.  Nothing contained herein shall establish an attorney-client relationship.   Readers are cautioned to seek legal counsel in their state before using or relying upon any of the information contained herein.

COPYRIGHT AND TRADEMARK NOTICES

General Notice:  The materials available through this blog and other websites owned or provided by Preservation Real Estate Advisors, L.L.C. are the property of Preservation Real Estate Advisors, L.L.C. and are protected by copyright, trademark and other intellectual property laws. You may view, copy and print pages from the Website only (1) for personal use, provided that you maintain all copyright, trademark, and other proprietary rights or notices, (2) for republication by Activerain members, provided that you maintain all copyright, trademark and other proprietary rights or notices, (3)  as a personal home search resource, (3) for communicating with Preservation Real Estate Advisors, L.L.C. about our listed properties, products or services.  You may not otherwise use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the this blog or other websites owned or provided by Preservation Real Estate Advisors, L.L.C. without the prior written approval of Preservation Real Estate Advisors, L.L.C.

Copyright Notice:  © 2008 Ryan Shaughnessy/Preservation Real Estate Advisors, L.L.C. All rights reserved.

Trademark/Service Mark Notice:  PREA Signature Realty, the logo, and other trademarks are trademarks of Preservation Real Estate Advisors, L.L.C. and may not be used without permission.  The names of other companies, products and services used in any blog post or contained on any website page are the property of their respective owners.

Photographs and Graphic Materials Notice:  Photographs and other graphic images are the property of their respective owners and are used with the express permission of the owner of photograph or graphic image.

Digital Millennium Copyright Act Notice:  Preservation Real Estate Advisors, L.L.C. respects the intellectual property rights of others and is committed to complying with U.S. copyright laws, including the Digital Millennium Copyright Act of 1998 ("DMCA").  The DMCA provides recourse for owners of copyrighted material who believe their rights under U.S. copyright law have been infringed on the Internet or other telecommunications networks.  As a provider of transitory digital communications in the form of the comment section of any post, Preservation Real Estate Advisors, L.L.C.'s activities are protected by the safe harbor provision of the DMCA (see 17 U.S.C. 512 (a)). Preservation Real Estate Advisors, L.L.C. is therefore not obligated to respond to a copyright owner (or the owner's agent) nor does Preservation Real Estate Advisors, L.L.C. have a duty to remove or disable access to material transmitted, routed or connected to the Preservation Real Estate Advisors, L.L.C.'s network(s) that is initiated and/or directed by an individual user.  If you believe that Preservation Real Estate Advisors, L.L.C. has infringed your copyrighted work in a way that does not fall within the applicable DMCA safe harbor provision, please provide notice to our Copyright Agent.  The notice must include the following information as required by the DMCA (see 17 U.S.C. 512(c)(3)). In addition, the notice should include the basis for your belief that Preservation Real Estate Advisors, L.L.C. is not merely providing transitory digital communications under 17 U.S.C. 512(a) of the DMCA:  (1)  A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;  (2)  Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;  (3)  Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the service provider to locate the material;  (4)  Information reasonably sufficient to permit the service provider to contact the complaining party, such as address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted;  (5)  A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law;  (6)  A statement that the information in the notification is accurate and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.  NOTE:   The Copyright Agent should only be contacted with respect to copyright-infringement matters.  The Copyright Agent will not respond to general inquiries.  Copyright Agent:  Shaughnessy & Silies, L.L.C., 1802 Lafayette Avenue Suite 200, Saint Louis, Missouri 63104, By fax: 314-771-4085, By email: ryan@shaughnessylaw.com.

At PREA Signature Realty, we are licensed Realtors and are bound by the Code of Ethics and Standards of Practice adopted by the National Association of Realtors as well as the regulations of the Missouri Real Estate Commission.  We also provide our agents with extensive training on new home sales, including customer service.

However, new sales representatives are not all created equally.  In Missouri, sales representatives employed by a developer do not necessarily have to be licensed and not all new home sales representatives are licensed or have received any ethics training.

Whether or not you are a licensed real estate agent or a member of the National Association of Realtors, it remains a good idea to adopt the Ten Golden Rules set forth below:

Rule 1 - Always follow the Golden Rule.  Treat your prospects in the same manner that you would want to be treated.  Remember a good customer service experience and provide the same prompt and knowledgeable service to your customer.

Rule 2 - Always introduce yourself and the project to prospects.  When working with a prospect or speaking on the telephone, promptly acknowledge the presence of a new prospect.  If a licensed real estate agent represents the prospect or customer, honor the agency agreement by directing communications to and through the real estate agent.  Keep the real estate agent informed.  When you do so, they can assist in addressing and resolving issues and managing customer expectations.  An outside real estate agent should never receive the cold "surprise" call from their client (and your customer).

Rule 3 - Schedule appointments and property showings as promptly as possible.  Call if you're delayed for a showing.  Before you cancel a showing appointment, contact the sales manager to attempt to coordinate coverage before canceling.  In a competitive market, buyers and their real estate agents don't wait.  If they don't receive prompt service, they generally may and will move on to the next development or the next builder.

Rule 4 - Preview the units before you show the units.  Report any adverse conditions (including safety or cleanliness issues) to the sales manager or other person responsible for such items.  Conditions that present a danger of property damage or personal injury should be addressed immediately.

Rule 5 - Present a professional appearance at all times, dress appropriately and maintain a clean work space in the display units.  No smoking, eating, or drinking in front of prospects.

Rule 6 - Be organized and prepared.  Anticipate questions and objections.  Prepare standardized answers.  Know the product.

Rule 7 - Respond promptly to inquiries and requests for information.  If you don't know the answer, contact the sales manager, transaction coordinator, or project leader for the answer.  Always follow up promptly with the prospect.  The prospect would rather receive prompt follow-up to an unknown question than to receive inaccurate or incorrect information.  Instead of saying what the prospect or customer wants to hear, provide the prospect or customer with the correct information. 

Rule 8- Stay positive.  Never criticize the property, developer or competitor in front of a prospect.  Focus on solutions to challenges, not on the problems.  In today's market, there is no such thing as that "isn't my job" or that "isn't my responsibility."  The customer doesn't care who is responsible - the customer just wants the job to be done and done well.  As a new home sales representative, you are the frontline and direct contact for the prospect and customer.  They are your customer, not just the builder's customer.

Rule 9-  Communicate clearly.  Promise only what you can deliver or, better, under promise and over deliver.  You can follow what others do and be average.  Or, you can exceed expectations and secure a customer for life.  Technology is changing so you need to match the style of your communication to the communication style of the customer.  When you are addressing an issue, memorialize conversations in writing - email or otherwise.  Don't assume that simply because you sent an e-mail that it will be read or understood.  If you want customers for life, you need to pick up the phone and explain or provide guidance and assistance on the topic.  E-mail provides anonymous, confrontation-free forum and are great for documenting or clarifying an issue.  However, if you want a customer for life, you need to speak and connect with them.

Rule 10-  Work as a team.  Whether an outside real estate agent is involved or not, it is best to focus on what is important to the customer.  It does no good to point blame or to simply wash your hands of an issue simply because it may fall within someone else's primary duties.  Don't simply delegate.  Rather, you must be willing to fully participate in each step of the sales process.  Although you represent the owner, developer or builder, your responsibilities include facilitating the sales transaction to provide your customer with the best possible experience and a smooth, stress-free closing.

These ten rules are intended to address the most common areas of dissatisfaction identified by purchasers of new homes as identified in response to recent J.D. Power Builder Customer Satisfaction Surveys.  These surveys consistently show that one of the leading factors driving overall customer satisfaction is customer service.  Remember, these rules represent minimum or expected customer service standards.  If you want to be the best, you need to be willing to go above and beyond the service levels provided by other new home sales representatives. 

For all of those real estate professionals who sell new homes, I wish you season's greetings and a prosperous 2009.

If you are in the market to purchase a new construction home or if you are a developer looking to change directions with your sales staff in 2009, we would like the opportunity to represent you.  For more information, contact Ryan Shaughnessy via telephone at 314.971.4381 or via e-mail to ryan@PREASignatureRealty.com to schedule a free consultation.

END OF BLOG POST______________________________________________

GENERAL DISCLAIMERS

Review Note:  The opinions and statements contained herein represent my personal opinions and observations.  These blog entries are not reviewed, endorsed or approved for publication by Gilded Age, L.L.C., Gilded Age Sales, L.L.C. , Preservation Real Estate Advisors, L.L.C. or any affiliated companies.

Real Estate Licensure Note:  Ryan Shaughnessy is a licensed real estate attorney and Preservation Real Estate Advisors, L.L.C. is a licensed real estate brokerage in the State of Missouri.  The contact information for the brokerage is:  1802 Lafayette Avenue, Suite 200, Saint Louis, Missouri 63104, (314) 771-7233 x13 (office), (314) 771-4085 (facsimile), or ryan@PREASignatureRealty.com.  The website pages and blog posts are provided for informational and discussion purposes only and shall not constitute the listing or offering of any property for sale or rent or the performance of any activity for which a license is required outside of the State of Missouri.

Legal Advice Disclaimer:  The author is a licensed attorney.  However, the opinions and statements contained herein are for informational and discussion purposes only and shall not constitute the provision of legal advice.  Nothing contained herein shall establish an attorney-client relationship.   Readers are cautioned to seek legal counsel in their state before using or relying upon any of the information contained herein.

COPYRIGHT AND TRADEMARK NOTICES

General Notice:  The materials available through this blog and other websites owned or provided by Preservation Real Estate Advisors, L.L.C. are the property of Preservation Real Estate Advisors, L.L.C. and are protected by copyright, trademark and other intellectual property laws. You may view, copy and print pages from the Website only (1) for personal use, provided that you maintain all copyright, trademark, and other proprietary rights or notices, (2) for republication by Activerain members, provided that you maintain all copyright, trademark and other proprietary rights or notices, (3)  as a personal home search resource, (3) for communicating with Preservation Real Estate Advisors, L.L.C. about our listed properties, products or services.  You may not otherwise use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the this blog or other websites owned or provided by Preservation Real Estate Advisors, L.L.C. without the prior written approval of Preservation Real Estate Advisors, L.L.C.

Copyright Notice:  © 2008 Ryan Shaughnessy/Preservation Real Estate Advisors, L.L.C. All rights reserved.

Trademark/Service Mark Notice:  PREA Signature Realty, the logo, and other trademarks are trademarks of Preservation Real Estate Advisors, L.L.C. and may not be used without permission.  The names of other companies, products and services used in any blog post or contained on any website page are the property of their respective owners.

Photographs and Graphic Materials Notice:  Photographs and other graphic images are the property of their respective owners and are used with the express permission of the owner of photograph or graphic image.

Digital Millennium Copyright Act Notice:  Preservation Real Estate Advisors, L.L.C. respects the intellectual property rights of others and is committed to complying with U.S. copyright laws, including the Digital Millennium Copyright Act of 1998 ("DMCA").  The DMCA provides recourse for owners of copyrighted material who believe their rights under U.S. copyright law have been infringed on the Internet or other telecommunications networks.  As a provider of transitory digital communications in the form of the comment section of any post, Preservation Real Estate Advisors, L.L.C.'s activities are protected by the safe harbor provision of the DMCA (see 17 U.S.C. 512 (a)). Preservation Real Estate Advisors, L.L.C. is therefore not obligated to respond to a copyright owner (or the owner's agent) nor does Preservation Real Estate Advisors, L.L.C. have a duty to remove or disable access to material transmitted, routed or connected to the Preservation Real Estate Advisors, L.L.C.'s network(s) that is initiated and/or directed by an individual user.  If you believe that Preservation Real Estate Advisors, L.L.C. has infringed your copyrighted work in a way that does not fall within the applicable DMCA safe harbor provision, please provide notice to our Copyright Agent.  The notice must include the following information as required by the DMCA (see 17 U.S.C. 512(c)(3)). In addition, the notice should include the basis for your belief that Preservation Real Estate Advisors, L.L.C. is not merely providing transitory digital communications under 17 U.S.C. 512(a) of the DMCA:  (1)  A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;  (2)  Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;  (3)  Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the service provider to locate the material;  (4)  Information reasonably sufficient to permit the service provider to contact the complaining party, such as address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted;  (5)  A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law;  (6)  A statement that the information in the notification is accurate and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.  NOTE:   The Copyright Agent should only be contacted with respect to copyright-infringement matters.  The Copyright Agent will not respond to general inquiries.  Copyright Agent:  Shaughnessy & Silies, L.L.C., 1802 Lafayette Avenue Suite 200, Saint Louis, Missouri 63104, By fax: 314-771-4085, By email: ryan@shaughnessylaw.com.

2009 IS TAX REASSESSMENT YEAR

In Missouri, real estate taxes are reassessed in odd years.  Reassessment is the process by which the County (or City) Assessor's Office updates or adjusts the real estate values for purposes of determining value of your home upon which real estate taxes will be assessed.  In reassessing the value of the property, the value is determined as of the January 1, 2009.

SHOWDOWN IN VALUES - ASSESSOR VERSUS THE MARKET DATA

The reassessment of real estate taxes in 2009 should be interesting.  On one hand, the Mid-America Regional Information Systems, the local multiple listing service for the Saint Louis metropolitan area, has published reports indicating that there has been double digit decline in market value between 2007 (the last assessment year) and now.  Similar statistics have been cited by the National Association of Realtors. 

Notwithstanding this data, City Assessor Ed Bushmeyer recently stated that "Overall I expect assessments to be nearly flat with some neighborhoods still appreciating." (Source:  St. Louis Post-Dispatch, December 17, 2008)  This statement comes after the City Assessor's Office increased home values on average by 22.5% in the 2007 reassessment year.

Given the City Assessor's prediction, local Realtors anticipate that the number of tax appeals filed in the City of St. Louis, Missouri contesting the tax reassessment in 2009 will increase by 40% over the number of tax appeals filed in 2007.

UNDERSTANDING THE VALUATION PROCESS

The City Assessor's Office must reassess the "market value" of each residential parcel of land as of January 1, 2009.  "Market value" is defined as the "price the property would bring when offered for sale by a person who is willing but not obligated to sell it, and is bought by a person who is willing to purchase it but who is not forced to do so."  In determining the market value, the City Assessor's Office primarily relies on use of comparable sales to determine the fair market the value.  However, in doing so, the City Assessor's Office excludes foreclosure sales, transfers to charitable organizations, sales between financial institutions, and homes with excessive cumulative days on market.  After identifying the comparable sales to your property, the City Assessor's Office makes adjustments for differences in the comparable sales compared to your property for such factors as location, date of sale, physical attributes (e.g. house size, land, number of bedrooms, number of bathrooms, garage, etc.) and location.  After the making these adjustments, the City Assessor's Office makes a determination of value.  The City Assessor's Office will then mail out Change of Assessment Notices in the first week of April, 2009.

WEIGHING THE BENEFITS OF PURSUING A TAX APPEAL

If you disagree with the determination of value by the City Assessor's Office, you can appeal the change in the tax assessment.  However, before doing so, you must assess whether or not a tax appeal is warranted.  The tax saved based on a $10,000 reduction in the market value is $138.00 per year for two years.  Here are some examples of possible tax saving scenarios: 

UNDERSTANDING THE TAX APPEAL PROCESS

If you elect to proceed with a tax appeal, there are three steps in the tax appeal process.

Step 1 - Informal Appeal to Assessor:  If the information used by the City Tax Assessor's Office is incorrect (e.g. wrong square footage), you may want to request an informal meeting to review and verify the information upon which the tax assessment is based.  These informal appeals are scheduled by appointment only and the request must be made within fifteen (15) days of receipt of the Change of Assessment Notice.  To schedule an appoint regarding residential property, contact the City Assessor's Office at 314-589-6581.  All informal appeals must be resolved by May 1, 2009.  The informal appeal is an opportunity to learn how the assessment was made, what factors were considered, and what type of records or data were used or considered by the City Assessor's Office in determining the value of your property.

Step 2 - Appeal to Board of Equalization:  If there is a disagreement regarding the value of the property (as opposed to an error in property information), it is unlikely that the informal appeal will resolve the matter.  You may appeal the change in assessment to the Board of Equalization by requesting a Notice of Appeal form from the Board of Equalization in person or by writing to the Board of Equalization, City Hall - Room 120, Saint Louis, Missouri 63103.  The Notice of Appeal must be filed no later than the second Monday in May (May 11, 2009).  If you fail to file the Notice of Appeal by this date, you will not be able to challenge or contest the tax assessment.  After the appeal is filed, the Board of Equalization will conduct a hearing where you will have the opportunity to submit evidence regarding the value of your property.  These hearings are conducted in an informal manner with no rules of evidence and no transcript of the testimony. You may, but are not required to, appear in person.  If you elect not to appear in person, your evidence will be submitted based on the statement, opinion of value and photographs submitted by you.  The Board of Equalization will then issue a decision determining the market value and assessed value of your property.

Step 3 - Appeal to State Tax Commission:  If you are dissatisfied with the determination made by the Board of Equalization, you may appeal the change in assessment to the State Tax Commission.  The deadline for filing the tax appeal for properties in the City of Saint Louis is August 15 or thirty (30) days after receiving the decision from the Board of Equalization.  The State Tax Commission will then appoint an independent hearing office to handle the tax appeals.  The hearings are conducted under the rules of the State Tax Commission.  As opposed to the informal procedures of the Board of Equalization, the hearings are conducted structured procedure and include the right to discovery, right to call and cross-examine witnesses, and the transcription of testimony.

HOW SHOULD I PREPARE FOR THE TAX APPEAL

Given the time deadlines and volume of tax appeals anticipated for 2009, you should start preparing for your tax appeal in January, 2009, by gathering the information necessary to start the tax appeal.

Item 1 - Photograph the exterior and interior of the home.

Item 2 - Prepare a floor plan of the home showing the room dimensions.

Item 3 - Prepare a list of the physical characteristics of your property such as lot size, square footage of living area, number of bedrooms, number of bathrooms, description of the interior finishes, description of garage or parking area, roof condition, type of electrical service and wiring, type of plumbing service, etc.

Item 4 - Prepare a list of repairs to be completed on your home.  Take photographs of the condition in need of repair.

Item 5 - Prepare a list of off-site conditions that may impact the value of your property such as high volume street, overhead wires, highway noise, airplane noise, etc.  Take photographs of these off-site conditions.

Item 6 - Identify possible comparable sales from your neighborhood.

Item 7 - Obtain copies of the original disclosure statement, HUD-1 closing statement, appraisal and survey from your original purchase of the home or the refinancing of any loan on the home.

RETAIN A REAL ESTATE PROFESSIONAL TO REPRESENT YOU, PREPARE WRITTEN BROKER'S OPINION AND PROVIDE EXPERT WITNESS TESTIMONY AS TO PROPERTY VALUE

Although you can represent yourself before the Board of Equalization, it is advisable to retain a qualified real estate professional and/or attorney to assist you with the tax appeal.   

Ryan Shaughnessy is a licensed attorney and real estate broker and is a former hearing officer for the Board of Equalization for Saint Louis County.  Mr. Shaughnessy writes extensively on real estate and sales related issues.  The comments in this post relate only to the deadlines and procedures for tax appeals in the City of Saint Louis, Missouri.  Deadlines and procedures vary based on the classification and location of the county.

To request more information on our property tax appeal services, please contact Ryan Shaughnessy / PREA Signature Realty by sending an e-mail to ryan@PREASignatureRealty.com.

END OF BLOG POST______________________________________________

GENERAL DISCLAIMERS

Review Note:  The opinions and statements contained herein represent my personal opinions and observations.  These blog entries are not reviewed, endorsed or approved for publication by Gilded Age, L.L.C., Gilded Age Sales, L.L.C. , Preservation Real Estate Advisors, L.L.C. or any affiliated companies.

Real Estate Licensure Note:  Ryan Shaughnessy is a licensed real estate attorney and Preservation Real Estate Advisors, L.L.C. is a licensed real estate brokerage in the State of Missouri.  The contact information for the brokerage is:  1802 Lafayette Avenue, Suite 200, Saint Louis, Missouri 63104, (314) 771-7233 x13 (office), (314) 771-4085 (facsimile), or ryan@PREASignatureRealty.com.  The website pages and blog posts are provided for informational and discussion purposes only and shall not constitute the listing or offering of any property for sale or rent or the performance of any activity for which a license is required outside of the State of Missouri.

Legal Advice Disclaimer:  The author is a licensed attorney.  However, the opinions and statements contained herein are for informational and discussion purposes only and shall not constitute the provision of legal advice.  Nothing contained herein shall establish an attorney-client relationship.   Readers are cautioned to seek legal counsel in their state before using or relying upon any of the information contained herein.

COPYRIGHT AND TRADEMARK NOTICES

General Notice:  The materials available through this blog and other websites owned or provided by Preservation Real Estate Advisors, L.L.C. are the property of Preservation Real Estate Advisors, L.L.C. and are protected by copyright, trademark and other intellectual property laws. You may view, copy and print pages from the Website only (1) for personal use, provided that you maintain all copyright, trademark, and other proprietary rights or notices, (2) for republication by Activerain members, provided that you maintain all copyright, trademark and other proprietary rights or notices, (3)  as a personal home search resource, (3) for communicating with Preservation Real Estate Advisors, L.L.C. about our listed properties, products or services.  You may not otherwise use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the this blog or other websites owned or provided by Preservation Real Estate Advisors, L.L.C. without the prior written approval of Preservation Real Estate Advisors, L.L.C.

Copyright Notice:  © 2008 Ryan Shaughnessy/Preservation Real Estate Advisors, L.L.C. All rights reserved.

Trademark/Service Mark Notice:  PREA Signature Realty, the logo, and other trademarks are trademarks of Preservation Real Estate Advisors, L.L.C. and may not be used without permission.  The names of other companies, products and services used in any blog post or contained on any website page are the property of their respective owners.

Photographs and Graphic Materials Notice:  Photographs and other graphic images are the property of their respective owners and are used with the express permission of the owner of photograph or graphic image.

Digital Millennium Copyright Act Notice:  Preservation Real Estate Advisors, L.L.C. respects the intellectual property rights of others and is committed to complying with U.S. copyright laws, including the Digital Millennium Copyright Act of 1998 ("DMCA").  The DMCA provides recourse for owners of copyrighted material who believe their rights under U.S. copyright law have been infringed on the Internet or other telecommunications networks.  As a provider of transitory digital communications in the form of the comment section of any post, Preservation Real Estate Advisors, L.L.C.'s activities are protected by the safe harbor provision of the DMCA (see 17 U.S.C. 512 (a)). Preservation Real Estate Advisors, L.L.C. is therefore not obligated to respond to a copyright owner (or the owner's agent) nor does Preservation Real Estate Advisors, L.L.C. have a duty to remove or disable access to material transmitted, routed or connected to the Preservation Real Estate Advisors, L.L.C.'s network(s) that is initiated and/or directed by an individual user.  If you believe that Preservation Real Estate Advisors, L.L.C. has infringed your copyrighted work in a way that does not fall within the applicable DMCA safe harbor provision, please provide notice to our Copyright Agent.  The notice must include the following information as required by the DMCA (see 17 U.S.C. 512(c)(3)). In addition, the notice should include the basis for your belief that Preservation Real Estate Advisors, L.L.C. is not merely providing transitory digital communications under 17 U.S.C. 512(a) of the DMCA:  (1)  A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;  (2)  Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;  (3)  Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the service provider to locate the material;  (4)  Information reasonably sufficient to permit the service provider to contact the complaining party, such as address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted;  (5)  A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law;  (6)  A statement that the information in the notification is accurate and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.  NOTE:   The Copyright Agent should only be contacted with respect to copyright-infringement matters.  The Copyright Agent will not respond to general inquiries.  Copyright Agent:  Shaughnessy & Silies, L.L.C., 1802 Lafayette Avenue Suite 200, Saint Louis, Missouri 63104, By fax: 314-771-4085, By email: ryan@shaughnessylaw.com.

It is 10 p.m. on Thurday night.  The movers are set to arrive in 12 hours and you still have two rooms to box up before morning.  As it gets later, you are frantically worried about the move.  Plus, you need to be at the closing table at 9 a.m.  Isn't that stressful enough?

Moving is a chore -but it doesn't need to chaotic.  With a little planning and preparation, the move could have been easier and more efficient.  More importantly, by effectively organizing your move, the time to unpack is shortened and your life is restored to normalcy sooner.

 Here is our schedule and checklist to assist you in organizing and simplifying the move:

6 Weeks to Closing:  Obtain recommendations for a mover, secure quotations, and verify insurance coverage and limits.  Determine how the quotation was estimated - weight and distance, number of rooms, or hourly rate.  Make a preliminary decision based on the estimate, insurance and circumstances of the move where you or the movers will be responsible for moving glass, antiques, and other fragile items.  Contact your insurance agent to verify that your personal property is covered under your new home owner's policy, whether there is a gap in coverage, and whether you should update your personal articles policy or revise you deductible. 

5 Weeks to Closing:  Conduct a room by room inventory.  Identify what is going to be moved, sold, and donated.  For valuable items such as antiques or artwork, take photographs or video tape them and  document their condition or value, including personal property appraisals if the expense is warranted by the value of the item.  Save the photos or videotape as a CD and place it in your contract, closing or move binder. 

4 Weeks to Closing:  Purchase your moving supplies.  Purchase the appropriate moving boxes, packing tape, labels, wrap, bubble tape, etc.  For moving boxes (especially if it is a self-move), assemble boxes, reinforce bottom of box with packing tape, and, if not pre-cut, cut a triangle into the side of the box with a box cutter to create a handle.  Download the labels template from MarthaStewart.com.  Put your name, new address, and mobile telephone number on each label.  Use color coding to identify the rooms.  Mark each label with notations as to room and whether or not it contains fragile items.  For glass mirrors and framed artwork, place an X with masking tape across the surface.  It will absorb some of the shock and will hold the glass in place if broken.  Pack in suitable box and mark as fragile.  Use plastic wrap to cover upholstered furniture, to hold drawers in place, etc.  For electronic equipment, mark cables and receptacles with color coded labels or numbers to make it easier to reinstall after the move.

3 Weeks to Closing:  Start packing infrequently used items starting with the attic, basement, garage, special use china, etc.  Place pillows or other bulky items in larger boxes.  Be aware of the weight of the boxes.  As you pack, color code the boxes to a floor plan of your new home, number the boxes and keep a master inventory list.  Identify any items that the movers may not be able or willing to move such as guns, hazardous liquids, etc. Make alternate arrangements for moving these items. 

2 Weeks to Closing:  Contact a cleaning company to schedule the cleaning of your new home immediately before and after the move.  Contact a locksmith to schedule the time and date to change the locks on your new home.  Notify utility companies, telephone and internet providers, and alarm companies of the date of transfer or start of new services.  Submit any required applications, transfer fees, etc.  If moving into a condominium or subdivision, contact the home owners' association to request a copy of the rules and regulations, new resident welcome packet, telephone list, etc.  Determine whether there are any access or time restrictions on moving, move-in inspections or fees, etc.   Prepare and send change of address cards by mail or electronically.  Order USPS mail forwarding.  Notify banks, investment companies, etc. of new address.  Update address information for magazine and newspaper subscriptions.

1 Week to Closing:  Prepare moving instructions for the movers with your old and new addresses, your mobile telephone numbers, a copy of the master inventory of boxes, a copy of the color coded floor plan, and instructions on access, placement of boxes, etc.  Confirm the payment terms - check, cashier's check, or credit card.  Confirm your closing date and time.  Finish packing.

2 Days to Closing:  Similar to travel suggestions regarding lost or delayed luggage, prepare for the worst case scenario by creating a last out-first in box.  This box should include a changle of clothing, start toiletry supplies, cleaning supplies, medications, first aid kit, tool kit, camera to document damage, a small amount of food (and wine) with dishware, and your moving and/or closing papers.  Similar to a carry-on bag, transport this box yourself.  In the event of a delay, you have what you need when you need it.  Make arrangements for the transport of jewelry and other high value items.

Closing Day:  Inspect your old home and new home before the movers arrive to note any existing damage.  Obtain keys, access cards, security or alarm codes, gate codes, etc.  Direct the traffic at the new and old house, check off the boxes as they are moved into your new home, and inspect for damage.  If there is damage, photograph and document the damage and notify the mover in writing.  Don't sign the release unless known damage is noted.  Change smoke detector batteries, arrange for utility transfers and other turn-ons, obtain new keys, change code settings on gates and garage doors, and unpack.  After you unpack, flatten boxes to discard, recycle or store.  As you discard boxes and other trash, show consideration for your neighbors by not creating trash piles at the curb, placing unflattened boxes in common dumpster, overstuffing trash dumpsters or trash chutes, etc.

If you follow this schedule and stay organized, you will have a smooth, problem free move.  If you are relocating to Saint Louis, Missouri, we would like the opportunity to represent you in the purchase of your new home.  Whether it is the moving process or closing process, we are here to assist you with the small and large things that can, if not addressed, make a move chaotic.  For a stress free move, please contact Ryan Shaughnessy / PREA Signature Realty by telephone at 314-771-7233 or via e-mail to ryan@preasignaturerealty.com.

END OF BLOG POST______________________________________________

GENERAL DISCLAIMERS

Review Note:  The opinions and statements contained herein represent my personal opinions and observations.  These blog entries are not reviewed, endorsed or approved for publication by Gilded Age, L.L.C., Gilded Age Sales, L.L.C. , Preservation Real Estate Advisors, L.L.C. or any affiliated companies.

Real Estate Licensure Note:  Ryan Shaughnessy is a licensed real estate attorney and Preservation Real Estate Advisors, L.L.C. is a licensed real estate brokerage in the State of Missouri.  The contact information for the brokerage is:  1802 Lafayette Avenue, Suite 200, Saint Louis, Missouri 63104, (314) 771-7233 x13 (office), (314) 771-4085 (facsimile), or ryan@PREASignatureRealty.com.  The website pages and blog posts are provided for informational and discussion purposes only and shall not constitute the listing or offering of any property for sale or rent or the performance of any activity for which a license is required outside of the State of Missouri.

Legal Advice Disclaimer:  The author is a licensed attorney.  However, the opinions and statements contained herein are for informational and discussion purposes only and shall not constitute the provision of legal advice.  Nothing contained herein shall establish an attorney-client relationship.   Readers are cautioned to seek legal counsel in their state before using or relying upon any of the information contained herein.

COPYRIGHT AND TRADEMARK NOTICES

General Notice:  The materials available through this blog and other websites owned or provided by Preservation Real Estate Advisors, L.L.C. are the property of Preservation Real Estate Advisors, L.L.C. and are protected by copyright, trademark and other intellectual property laws. You may view, copy and print pages from the Website only (1) for personal use, provided that you maintain all copyright, trademark, and other proprietary rights or notices, (2) for republication by Activerain members, provided that you maintain all copyright, trademark and other proprietary rights or notices, (3)  as a personal home search resource, (3) for communicating with Preservation Real Estate Advisors, L.L.C. about our listed properties, products or services.  You may not otherwise use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the this blog or other websites owned or provided by Preservation Real Estate Advisors, L.L.C. without the prior written approval of Preservation Real Estate Advisors, L.L.C.

Copyright Notice:  © 2008 Ryan Shaughnessy/Preservation Real Estate Advisors, L.L.C. All rights reserved.

Trademark/Service Mark Notice:  PREA Signature Realty, the logo, and other trademarks are trademarks of Preservation Real Estate Advisors, L.L.C. and may not be used without permission.  The names of other companies, products and services used in any blog post or contained on any website page are the property of their respective owners.

Photographs and Graphic Materials Notice:  Photographs and other graphic images are the property of their respective owners and are used with the express permission of the owner of photograph or graphic image.

Digital Millennium Copyright Act Notice:  Preservation Real Estate Advisors, L.L.C. respects the intellectual property rights of others and is committed to complying with U.S. copyright laws, including the Digital Millennium Copyright Act of 1998 ("DMCA").  The DMCA provides recourse for owners of copyrighted material who believe their rights under U.S. copyright law have been infringed on the Internet or other telecommunications networks.  As a provider of transitory digital communications in the form of the comment section of any post, Preservation Real Estate Advisors, L.L.C.'s activities are protected by the safe harbor provision of the DMCA (see 17 U.S.C. 512 (a)). Preservation Real Estate Advisors, L.L.C. is therefore not obligated to respond to a copyright owner (or the owner's agent) nor does Preservation Real Estate Advisors, L.L.C. have a duty to remove or disable access to material transmitted, routed or connected to the Preservation Real Estate Advisors, L.L.C.'s network(s) that is initiated and/or directed by an individual user.  If you believe that Preservation Real Estate Advisors, L.L.C. has infringed your copyrighted work in a way that does not fall within the applicable DMCA safe harbor provision, please provide notice to our Copyright Agent.  The notice must include the following information as required by the DMCA (see 17 U.S.C. 512(c)(3)). In addition, the notice should include the basis for your belief that Preservation Real Estate Advisors, L.L.C. is not merely providing transitory digital communications under 17 U.S.C. 512(a) of the DMCA:  (1)  A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;  (2)  Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;  (3)  Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the service provider to locate the material;  (4)  Information reasonably sufficient to permit the service provider to contact the complaining party, such as address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted;  (5)  A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law;  (6)  A statement that the information in the notification is accurate and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.  NOTE:   The Copyright Agent should only be contacted with respect to copyright-infringement matters.  The Copyright Agent will not respond to general inquiries.  Copyright Agent:  Shaughnessy & Silies, L.L.C., 1802 Lafayette Avenue Suite 200, Saint Louis, Missouri 63104, By fax: 314-771-4085, By email: ryan@shaughnessylaw.com.