Created: Jan 28, 2022 7:51 am
Larry Sticca, veteran real estate agent, appraiser, and real estate professor (Photo by Jessie Moniz Hardy)
If you’re looking to sell your home, says real estate veteran Larry Sticca, making room for a home office is a great idea in today’s pandemic world.
“It’s become the new trigger to improve your home’s resale value,” Mr. Sticca said. “More and more people are working from home. And they don’t want to work in their living rooms.”
Mr Sticca of Cranfields Property Bermuda Ltd said that common areas in condominiums, such as a pool, garden or courtyard, are also very desirable.
“You can’t be tied to your computer all the time,” he said.
But he didn’t see Bermuda condo prices rising very much in the coming year.
“There are far fewer people to hire,” Mr Sticca said.
He also thought that with the pandemic driving up the cost of importing building materials — it can now cost $20,000 to import a container — more people will try to buy an existing home rather than build one .
“But that would not necessarily result in a blanket increase in Bermuda property prices,” he warned. “I can’t see that correlating for every property. That depends on the property and its condition.”
He said the saying “location, location, location” needs to be updated to “location, construction and condition of the house.”
Originally from Tampa, Florida, Mr. Sticca has been involved in real estate in Bermuda since 1981.
“I was the wife of a Bermudian,” he said. “Now I’m an adopted Bermudian.”
Shortly after his arrival, he passed the real estate exam in Bermuda.
One of his first real estate jobs was working at the Bank of Bermuda as a property manager.
“That was back in the days when banks had licenses for real estate companies,” Sticca said. “I was limited to dealing with trusts, estates and estates and testamentary trusts.”
He jokes that people “were dying to see him.”
Mr. Sticca also conducts appraisals and has taught real estate and appraisal courses at Bermuda College since the 1990’s. His students are between 18 and 70 years old.
“There are some people coming in who want to sell properties in retirement,” he said.
He said how well they do really depends on their attitude.
He loves it when a student lights up when suddenly given a topic.
“Although you can’t see that spark that much over Zoom,” he laughed.
He also teaches regularly in Singapore, Belize and the Bahamas.
He finds it difficult to say which he likes better, selling real estate, appraisal or an apprenticeship.
“I like all three very much,” said Mr. Sticca. “Each of them has a different challenge. Each of them has a different audience or market audience. You teach the subjects you need to learn the most. I enjoy it. There is always something new. In this industry, if you think you know everything, forget it! They’re buried six feet under. You can never say you know everything or have seen everything.”
The resident of St. George’s is a self-confessed extrovert.
“You have to know how to deal with people,” says Sticca. “It’s a people business.”
He said things are unusually busy at the moment in terms of sales for the period between Christmas and the budget debate in March.
“There is activity,” he said. “There are sales.”
He believes this is because some sales have been put on hold during the holidays or during the pandemic in general and are now going ahead.
“A lot of things that didn’t close over the holidays are closing now,” he said.
In anticipation of the budget debate, he hoped the government would not tax rental income.
“That would have a paralyzing effect on grandma and grandpa in particular,” he said.
Mr Sticca said many Bermudians, particularly the elderly, depend on renting housing for extra income.
To contact Larry Sticca, email [email protected]