As it turns out, the conventional wisdom surrounding the best time to rent is on the money. Across the 10 largest metropolitan areas nationwide, apartments were on average 3.9% cheaper to rent in the winter as compared with the more competitive summer months, according to a study released Monday by real-estate website RentHop. From peak to trough, one-bedroom apartments are between 2.4% and 5.4% cheaper in the winter, while two-bedroom units are between 2.3% and 5.8% more affordable. In dollar figures, that equates to between a $37 and $171 per month savings for one-bedroom rentals and between $36 and $191 for two-bedrooms. “The ‘best’ months to rent are between December and March,” RentHop wrote. “Conversely, the ‘worst’ months are between May and October (during the summer).” This relationship generally held for all cities that the site looked at, and applied to both 1 and 2-bedroom apartment units.
RentHop identified two main factors that could drive the discounts renters will see by signing leases in the winter months: Weather and student populations. Cities where it gets colder during the winter months saw greater discounts with colder weather, according to RentHop, suggesting that the temperature can actually keep people from venturing out to find a new home.
Meanwhile, the influx of college students at the end of summer proved to have a bigger effect on pricing difference between then and winter in cities with more universities. These factors particularly play out in Boston — which has the fourth largest student population nationwide thanks to schools like Harvard, MIT and Boston University. Rental prices there jumped from August through November — the start of the school year — and then dipped sharply during the frigid months of January and February. Meanwhile, sunny Los Angeles and Miami saw less pronounced swings in prices. Still though, the monthly cost to rent a one-bedroom in L.A. tanks by more than 2.5% in November on average, while rent for a two-bedroom is cheapest in December in Miami. And the cheaper prices that crop up that time of year can be a strong bargaining chip when negotiating lease terms, experts say. The post This Is the Best Time of Year to Rent appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/best-time-year-rent/
0 Comments
The numbers: The S&P/Case-Shiller 20-city index rose a seasonally adjusted 0.7% in the three-month period ending in November compared to the same period ending in October, and was up 6.4% compared to a year before. The national index rose a seasonally adjusted 0.7% for the month, and 6.2% for the year. What happened: Both annual increases were higher than in the prior month’s release. The 20-city index rose 6.3% in the three-month period ending in October, for example. Surging prices are all about limited supply of homes to buy. But there’s another interesting development. The cities “that enjoyed the fastest price increases before the 2007-2009 financial crisis are again among those cities experiencing the largest gains,” said David Blitzer, chair of the index committee at S&P Dow Jones Indices. Blitzer named San Diego, Los Angeles, Miami and Las Vegas. Big picture: Home prices continue to surge well ahead of inflation and wage gains. Prices were hottest in Seattle, where they rose 12.7% compared to a year ago, and in Las Vegas, where they rose 10.6% for the year. Even San Francisco’s short blip seems to be over: it was in third place, with a 9.1% annual increase. Such lofty gains don’t seem sustainable, even if they’re driven by true demand and limited supply, rather than a bubble mentality.
Case-Shiller’s conclusion that prices are on fire has been echoed elsewhere. On Monday, real estate data provider Black Knight said U.S. home prices rose 6.44% compared to a year ago in November. The post Led by Seattle and Las Vegas, Home Prices Accelerate in November, Case-Shiller Shows appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/led-seattle-las-vegas-home-prices-accelerate-november-case-shiller-shows/ Comedian Chelsea Handler’s seriously swank Los Angeles home is on the market for $11.5 million. The author and TV personality recently ended a two-season run of her Netflix talk show. Along with her departure from the show, she’s also departing from her home. Handler purchased the home in 2010 for $5,9 million. The 1964 build with Mid-Century Modern details was “entirely reimagined and updated into a quintessential California modern retreat,” according to press materials. The gated residence in posh Bel Air measures 5,500 square feet and has six bedrooms and 6.5 baths. The surrounding outdoor space is meant to be enjoyed with floor-to-ceiling glass doors that disappear entirely, for a seamless indoor-outdoor experience. The master suite comes with a private balcony, drop-down TV, master bath, and “to-die-for closet,” according to the listing. There’s also a chef’s kitchen and staff quarters with a separate entrance. In addition, the layout includes a den with fireplace, plus a large family room and game room that opens to the pool. Outdoors, there are patios and decks, a kitchen with pizza oven, and lounge with fireplace. Then there’s the 50-foot-long pool with spa, the centerpiece of what was once the former estate of Esther Williams. “This home is the ultimate retreat,” says listing agent Anne Leeds with Wyatt Park of Pacific Union International. “Architecturally unique and thoughtful, the property features Mid-Century inspiration, multiple entertaining areas, and several indoor-outdoor elements throughout. The master bedroom is exceptionally special, offering incredible modern conveniences and serving as a sanctuary surrounded by foliage and overlooking the property.” Handler may have decided to sell as she’ll no longer have time to lounge by the glorious pool. She recently announced on Twitter that she’ll be embarking on a nationwide “In Conversation Tour” and is also partnering with Netflix on a documentary. The author of “My Horizontal Life” and “Are You There, Vodka? It’s Me, Chelsea” explained her more high-minded goals in a Facebook post announcing the end of her talk show. “I want to travel the country and visit areas and people I don’t know enough about, speak at colleges and listen to students, and gain a better understanding of our political divide,” she wrote. “I have joined forces with EMILY’s List to elect more women to public office, register people to vote, and campaign for candidates who are fighting for women’s rights.” The post It’s No Joke: Comedian Chelsea Handler Lists Bel Air Home for $11.5M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/chelsea-handler-bel-air/ By their nature, the country’s hottest housing markets are tough places to buy a home. When it comes to finding affordable places in those same markets, the window of opportunity narrows to near nothingness. After reviewing January’s 10 hottest markets, we were determined to find affordable options for each of the scalding locales. Keep in mind affordability is relative when it comes to these popular destinations for home buyers. We couldn’t find any sub-$100,000 options in these cities, and even if we could, we doubt you’d want to see the pictorial evidence. Each of the homes we’ve highlighted below is affordable when compared with other options in the same city. There aren’t any screaming bargains, but each place provides an elusive entry point into the fastest-moving real estate markets in the country. Get your offers ready in the nation’s hottest housing markets… 1. San Francisco, CA11 College TerracePrice: $859,000 ——-- 2. San Jose, CA930 S 6th StPrice: $739,000 ——-- 3. Vallejo, CA1447 Alabama StPrice: $339,900 ——-- 4. Colorado Springs, CO2639 E Yampa StPrice: $164,900 ——-- 5. Midland, TX502 O Rourke StPrice: $319,900 ——-- 6. San Diego, CA2649 Desty CtPrice: $460,000 ——-- 7. Santa Rosa, CA2019 Nordyke AvePrice: $479,950 ——-- 8. Sacramento, CA2980 66th AvePrice: $215,000 ——-- 9. Denver, CO1498 S Perry StPrice: $295,000 ——-- 10. Stockton, CA4921 Innisbrook DrPrice: $369,000 The post Affordable Hotness? Great Homes Available Now in the Nation’s Top 10 Markets appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/affordable-housing-options-hottest-markets/ When it comes to the price of his Mid-Century Modern home in Palm Desert, CA, Devo co-founder Gerald Casale has opted to whip it good. He’s smacked the ask down, from a reasonable $1.5 million to an even more reasonable $1.2 million. Built and designed in 1963 by the architectural team of Patten and Wild, the 3,218-square-foot desert home is in pristine condition. Casale is a Mid-Century Modern aficionado who spent seven years restoring the Richard Neutra–designed Kuns residence in the Hollywood Hills. “It’s perfect for someone who really appreciates midcentury architecture and wants something with the original details still intact,” says listing agent Gregg Fletcher of The Agency in Palm Springs. The agent singled out period details such as the Japanese step-down tub with the original tile, and the textile block wall. Other ’60s-era details include cork and slate floors, beamed ceilings, floor-to-ceiling windows, a split-rock fireplace, and rare glass walls. Although it’s popular these days, the open floor plan isn’t a new concept. It’s a common feature of Mid-Century Modern homes, and this single-story is a prime example with its four bedrooms, each with its own bath, located off the open living area. Both the main kitchen and prep kitchen have retained their cork flooring, although the appliances have been updated. The pastel-colored tile in the bathrooms has also been well-preserved. Off the main house is the guest quarters with a kitchen and enclosed patio and yard, which also has backyard access to the Pebble Tec saltwater pool, fountain, succulents garden, and fire pit. Both the front yard and backyard have landscaping with gravel, palm trees, desert rocks, and succulents. The 69-year-old singer and bass player bought the home in 2005 for the same price it’s currently offered for—$1.2 million. So why is he letting his Mid-Century Modern gem go? Fletcher says Casale is spending more time at his vineyard in the wine country. Throughout his career, Casale has been a man who has worn many hats, including the red energy dome that became Devo’s trademarks. Over the years, he added the titles of singer, songwriter, composer, record producer, and video director to his resume. The post Devo Co-Founder Slashes Price of Mid-Century Modern Gem in Palm Desert appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/devo-palm-desert/ On Tuesday, President Donald Trump will deliver his first State of the Union address, the annual check-in for the head of state to outline how the country is doing and what he’s planning for the year ahead. Here at realtor.com®, we thought we’d do something similar—but for real estate, of course. While the news for the economy is solidly upbeat, with low unemployment and steady job growth, that isn’t necessarily helping home buyers who face high prices and a limited inventory of homes for sale. A lot of the major factors that have been affecting home availability and prices are still going strong—but hold on! Changes being enacted by the new administration will likely have an effect in the year ahead. The most notable of those changes, of course, was the tax law that the Republicans pushed through in the last days of 2017. The debate over the legislation was highly polarized between Democrats and Republicans, and its effects may be skewed as well. Last year, blue states saw higher home price growth, at 9.1%, than red states, at 5.9%. They also saw stronger sales growth, at 1.6%, than red states, at 0.7%. The main reason driving the higher price appreciation in blue states is that they tend to have more urban and suburban communities—especially California, Illinois, and the tri-state region of New York, New Jersey, and Connecticut—than the largely rural red states. Further property development in these built-out areas is extremely challenging; there simply isn’t much influx of new housing to meet buyer demand. And the outlook for blue states in 2018 isn’t so rosy, either, especially in the wealthier enclaves. The new tax law eliminates the interest deduction on mortgages greater than $750,000. That fits the bill of 2.5% of mortgages in blue states, compared with 0.4% of mortgages in red states. “The new tax law that caps the mortgage interest deduction and the deductibility of state and local taxes can be expected to impact the upper-end market in 2018—precisely how and the extent of which remain to be seen,” said Joe Kirchner, senior economist for realtor.com. Other than that, though, the lack of inventory and strong demand from buyers (including plenty of first-timers eager to put in a bid) are still key dynamics in the 2018 housing market. “The macro factors that have defined real estate in recent years—strong demand and weak supply—continue to set the tone,” Kirchner said. Inventory fell 8.8% nationally in the 12 months ending Dec. 31, 2017, compared with a 10.7% dip the previous year. There was a sharp increase in new construction—single-family housing starts jumped 8.4%, and 10.2% the previous year—but it just wasn’t enough to offset inventory shortages. That’s likely why sales of existing U.S. homes actually cooled, increasing only 1.1% in 2017 compared with a 3.8% gain the previous year. On the other hand, prices appreciated 5.8% on average during 2017, compared with 5.1% a year earlier. All this has been toughest on millennials, who are buying more starter homes than any other group. While they’re moving up in their careers and starting families—typical life events that would lead people to buy a home—in 2017, they often found themselves hitting the wall of tighter-than-tight inventory levels. With the majority of new construction in mid- to upper-tier price points, new homes have provided very limited relief to these would-be homeowners. The solution may lie in the hands of developers, Kirchner said. “Builders will need to focus more on homes geared for moderate incomes, and partner with the government on initiatives to transform distressed urban neighborhoods and overcome labor shortages,” he said.
The post Red States vs. Blue States: What’s the State of the Union in 2018 Real Estate? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/state-union-real-estate-edition/ Professional golfer Justin Leonard is taking a swing at the real estate market, putting his Aspen, CO, home up for sale for $15.9 million. The 12-time PGA Tour winner had bought the retreat in 2015 for $9 million, which was a discount from its $9.45 million list price. We’re not sure what spurred the golfer to abandon Aspen, but if he sells his home for anywhere near his asking price, it will be a very nice payday. Bubba and Tracy Eggleston hold the listing. The 5,000-square-foot home was built on an elevated corner lot in 1994, and “has been remodeled to perfection,” according to the listing. We can’t disagree. The home is light, bright, and cozy and features white oak flooring throughout. The open layout includes a combined living and dining room. The area centers around an eat-in chef’s kitchen with a large center island. There are five bedrooms and 5.5 baths. Upstairs, you’ll find the master suite with a fireplace, private deck, and marble bath. There’s also a guest room and an office, which is currently adorned with sports memorabilia and trophies. On the lower floor, a cozy media room boasts a bar and fireplace. Outdoors, the side yard is newly landscaped and there’s a patio with a fireplace and pizza oven. The driveway is heated, which means there will be no arguments about who has to shovel the snow. The home is near Triangle Park, the Aspen music festival tent, and the Aspen Ideas festival, as well as plenty of hiking and skiing options. Born in Dallas, the 45-year-old Leonard attended the University of Texas and joined the PGA Tour right out of college. Along with his many wins on the PGA Tour, he has one major title to his name—the 1997 British Open. The post PGA Star Justin Leonard Selling Awesome Aspen Home for $15.9M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/justin-leonard-selling-aspen-mansion/ Ingvar Kamprad, the man who created the Swedish furniture empire Ikea, had no shortage of mysteries stored away in his ready-to-assemble dresser. After his death at the age of 91, we decided to take a closer look at this titan of home furnishings. Despite how familiar most of us are with Ikea’s famously budget-friendly, flat-pack furniture, we bet you know almost nothing about Kamprad, who rarely gave interviews. Nonetheless, plenty of interesting tidbits have surfaced over the years—some sweet (like him selling matchboxes at age 5), some unsettling. So check out these surprising facts about the founder of Ikea to see his furnishings in a whole new light. 1. He started selling stuff earlyAt the wee age of 5, he sold matchboxes to his neighbors. Business soon expanded by bike to hawking fish, loganberries, Christmas decorations, and ballpoint pens. In 1943, at the age of 17, he registered his business with the name Ikea. 2. The name ‘Ikea’ comes from his initialsBecause “IK” was a tad short and unsavory on its own, he tacked on the initials for his farm (Elmtaryd) and village (Agunnaryd). Some of his earliest products included table runners, fountain pens, and, um, udder balm. In 1948, he added furniture to the mix. Smart man. 3. Those strange furniture names stem from dyslexiaEver wonder how the “Fyrkantig,” “Knutstorp,” and Ikea’s other furnishings got their wacky names? According to the University of Michigan, Kamprad’s dyslexia made it difficult for him to read numerical product codes, so he demanded his company devise names for every product—which, ironically, are hard to read and mostly unpronounceable to non-Swedes. 4. Ikea made him filthy rich (duh)After opening its first store in Oslo in 1953, Ikea soon ballooned into the world’s largest furniture retailer with over 350 stores in 29 countries, raking in $47.6 billion last year alone. Bloomberg’s Billionaires Index listed Kamprad as the world’s eighth-richest individual, worth $58.7 billion. He continued to run the company until 1988, when he downshifted to more of an advisory role. 5. Yet he lived a somewhat thrifty lifeHe “humblebragged” that he flew only economy class, stayed in budget hotels, drove a 15-year-old Volvo, and filled his home with cheap (Ikea, one would hope) furniture. Nonetheless, this frugal public image was found to be a bit of a sham when reporters unearthed that, in addition to his house in Sweden, he owned vineyards in Provence and a mansion overlooking Lake Geneva in Epalinges, Switzerland (where he established residence to evade taxes and was known around town as the “Miser”). He also drove a Porsche. 6. He preached thrift as a virtueIn 1976, he wrote a manifesto titled “The Testament of a Furniture Dealer” featuring bible-esque commandments touting what people in Småland call “lista,” which means “making do” with a minimum of resources. On a company level, that meant that employees had to use both sides of sheets of paper and model in Ikea catalogs to save on production costs. 7. He was an alcoholicKamprad made no secret of his alcoholism, and claimed he “controlled” it by “drying out” for three weeks around once a year. 8. He dabbled in fascismIn 1994, news broke in a Swedish newspaper that back in 1942, Kamprad had attended meetings and raised funds for Per Engdahl, a Swedish fascist with anti-Semitic tendencies. In the wake of these unsettling disclosures, Kamprad confessed his fascist activities were “the most stupid mistake of my life” that he “bitterly regrets.” Jewish groups tried to boycott Ikea, but it made nary a blip on business. 9. He married twice and had four kidsIn 1950 he married Kerstin Wadling, with whom he had a daughter named Annika. They divorced in 1960, and he married again three years later to Margretha Sennert, with whom he had three sons: Peter, Jonas, and Mathias. All three have occupied positions in their father’s company; however, according to the New Yorker, “he and his associates have suggested that none of them possess sufficient mettle” to fill their father’s big shoes. 10. There’s a musical in his nameIn spite of his foibles and offenses over the years, Kamprad is extolled as a hero in Sweden. Last year, the Malmö City Theatre even premiered a musical in his name. In “Ingvar! A Musical Furniture Saga,” he ends up crucified on a maypole, where he nonetheless belts out in song, “Do you think this can stop Ingvar?” The post 10 Shocking Facts About Ikea’s Founder That’ll Make You See Your Furniture in a New Light appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/facts-about-ikea-founder-ingvar-kamprad/ The former MLB player Jimmy Rollins has made a record-breaking move in Encino, CA, buying a home for $10.65 million—the highest price ever paid in the city, according to the Los Angeles Times. A trust linked to Rollins was recorded as the purchaser, the Times noted. Marc Noah of Sotheby’s International Realty represented the listing. Now retired, the shortstop suited up for the Los Angeles Dodgers in 2015. He left the team to finish his career with the White Sox in 2016. But the former National League MVP is back in SoCal, setting real estate records instead of racking up on-field stats. So let’s take a look at what he got for his money. The gated mansion measures almost 15,000 square feet and sits on a half-acre lot. The mansion has eight bedrooms and 12 baths. The spectacular main level features a home theater, sauna, indoor pool, wine cellar, office, staff quarters, and two separate two-car garages, according to the listing. The second level includes the master suite with dual walk-in closets and bathrooms. There are an additional four en suite bedrooms and a sitting area. The grounds include a putting green, sport court, barbecue, and pool. The two-story pool house has a kitchen, living room, two beds, and two baths. There’s also a gym. The Alameda, CA–born All-Star played with the Philadelphia Phillies for the bulk of his career, from 2000 to 2014, and helped the team win the World Series in 2008. He also has a home in Tampa, FL. His New Jersey mansion, where he lived when he played with the Phillies, is still on the market for $799,000. The post Phillies Legend Jimmy Rollins Sets Record With Encino Estate Purchase appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/jimmy-rollins-buys-encino-estate/ Super Bowls are far more than just epic sporting events. They’re also unrivaled career makers (perma-MVP quarterback Tom Brady!) and breakers (sorry, nip-slip victim Janet Jackson). They launch ad campaigns into terrifying global ubiquity (Wassup!). They prompt the consumption of millions of pizzas, billions of chicken wings, and untold gallons of ranch dip. But what’s the true worth of the Super Bowl for the metro hosting the extravaganza? NFL officials like to brag that their little gridiron contest brings in hundreds of millions in local tourism and retail business. It’s akin to a weeklong, megabudget city commercial, complete with swooping aerial shots and tons of celebrity cameos. But does any of that commerce and national attention translate into higher long-term housing sales? When the first-down marker dust finally settles, what is the true real estate Super Bowl bump each year? Experts debate the impact. “There’s no doubt you can rent your apartment for a nice chunk of change for one weekend [for the Super Bowl],” says Victor Matheson, a professor at the College of the Holy Cross in Worcester, MA, who studies the economic impact of sporting events. “But is that enough to move real estate prices?” The clutch realtor.com® data team took the field to find out. We focused on the locations of the last five Super Bowls (XLVII through LI, for those of you keeping track at home). To gauge buyer interest, we compared how many people viewed realtor.com home listings in the host metros, from the month prior to the game to the month it was played. We analyzed the number of new home listings, comparing the total number of listings in the November and December prior to the game to January and February (the month of the game). Finally, we looked at the number of home sales and the median list price changes in the 12 months following the big game. Turns out, near the downtowns and stadiums, there’s a lot of action—and we’re not talking about tailgating. Every city we examined experienced at least a 50% jump in the number of new home listings near the stadium leading up to the Super Bowl. But the longer-term impact varied widely, favoring lower-tier places like New Orleans and Glendale, AZ, which have attractive markets for second (or third) homes. There was way less of an effect on the already skyrocketing markets in New York and Silicon Valley. So let’s take a slant route down memory lane to check out recent Super Bowls. Some were spectacular, some were Super Snores™. But all had an impact on local housing. Hike! 2018: Minneapolis, MNCurrent median home price in stadium’s ZIP code: $572,000 Even before U.S. Bank Stadium opened in 2016, the neighborhood around the stadium, referred to as East Town, was being flooded with new development. Just about everyone in this resurgent town was wishin’ and hopin’ and thinkin’ and prayin’ for their beloved Vikings to make history this year, as the first team to play a Super Bowl in its home stadium. Alas, the Vikes were vanquished by the Philadelphia Eagles, who will now do their best to unseat the scarily robotic New England Patriots in this year’s showdown. Regardless of local disappointment, the Minneapolis rental and hotel industry is getting a big boost. All those Eagles fans and No. 12 jersey owners need a place to stay, after all, and plenty are shelling out big. Take this swanky mansion, listed for $10,000 per night on Airbnb. “I live fairly close to the stadium, so I’ve raised my prices for that room seven times higher,” says Kevin Han, a Minneapolis-based lawyer. He normally rents a room in his home on Airbnb for $50 per night, but listed it for $350 per night the weekend of the Super Bowl, with a three-night minimum. Minneapolis isn’t really a vacation destination, though, so home sellers aren’t expecting to net many buyers from out of town. Local real estate agents say sellers aren’t sure if they should list before the Super Bowl, and perhaps wait until things die down to list. Minneapolis worked hard to get the Super Bowl, erecting a new $975 million stadium. But will it have a lasting impact? “A Super Bowl in Minneapolis is almost certainly a one-off event,” Matheson believes. “A Super Bowl isn’t ultimately going to move the market very much.” During the NFC Championships, when the Minnesota Vikings played, real estate broker Geoff Bray held an open house that was attended by only four people. About 50 had come through the previous day. If the Vikings had beat the Eagles to make it to the Big Show, “the entire state would have shut down to celebrate,” says Bray, of Engel & Völkers Minneapolis. “That weekend would have been devastatingly slow for real estate.” 2017: Houston, TXCurrent median home price in stadium’s ZIP code: $150,000 Houston experienced tragedy in 2017, when Hurricane Ike cut a swath through the city in October. On an infinitely less consequential note, it saw a different kind of disaster earlier in the year, when the Super Bowl was played 6 miles south of downtown, at NRG Stadium, home to the Houston Texans. Atlanta Falcons quarterback Matt Ryan got the nickname “Matty Ice” for his tendency to pull out wins at the end of games. But after getting out to a 28-to-3 lead over the New England Patriots, he melted into an oily puddle in the fourth quarter, and the game finished with Pats QB Tom Brady holding up his fifth Vince Lombardi Trophy. But there was nothing frozen about Houston’s housing market at first. In January and February 2017, the number of home listings in the metro area jumped 30%, including a 52% jump in the ZIP code that is home to NRG Stadium, where the game was held. In fact, four of the five ZIP codes in Houston that saw the biggest new listing increases were within 8 miles of the Super Bowl venue. Although the number of home sales actually wound up dropping for the year—thanks to the hurricane and its aftermath—condos attracted more interest. In the weeks leading up to the Super Bowl, there were out-of-town buyers purchasing $100,000 to $200,000 condos in cash, according to real estate broker Brooks Ballard of Engel & Völkers. They were convinced it was more cost-effective to buy than to pay $10,000 for a weeklong rental. Some of those buyers turned around to resell, and others are hanging on to the property as an investment. Airbnb reported a big jump in rentals leading up to the Super Bowl. In fact, 50% of Airbnb listings in Houston were from first-time Airbnb hosts. “Houston saw a dramatic increase in the demand for luxury rentals in the lead-up to last year’s Super Bowl,” says Allen Shayanfekr, CEO and co-founder of Sharestates, a New York-based real estate investment business. 2016: Santa Clara, CACurrent median home price in stadium’s ZIP code: $986,600
Super Bowl 50 featured one of the game’s all-time great quarterbacks, matched up against the league’s fastest rising star. The high-flying duel between the Denver Broncos’ Peyton Manning and the Carolina Panthers’ Cam Newton promised plenty of fireworks, and locals expected the housing market, particularly short-term home rentals, to blow up as well. The game was played in the $1.2 billion Levi’s Stadium, which opened in 2014 as the new home of the San Francisco 49ers, replacing historic Candlestick Park. The 68,500-seat stadium is in Santa Clara, in the heart of Silicon Valley, more than 40 miles from San Francisco. Rental demand turned out to be three times higher for the Super Bowl in Santa Clara than in the previous year in Glendale, according to Airbnb. But even so, people’s expectations in this already inflated market were hard to meet. “People not even close to the stadium thought they could get two or three months’ worth of rent for a single week,” says Rick Smith, real estate broker at Windermere Real Estate in Santa Clara. “It didn’t happen, and many were disappointed.” Smith says rentals in San Francisco fared much better, probably because that’s where most of the pre-Super Bowl festivities took place. Aside from rentals, Santa Clara didn’t see a big housing boost. In fact, total realtor.com page views in the area were down 16%, and sales fell 4% in the following year. However, there was 13% uptick in page views in the ZIP code containing Levi Stadium. But Silicon Valley’s superhigh prices didn’t appeal much to folks just passing through—the median list price in the San Jose metro area, which includes Santa Clara, was $912,000 in February 2016. (Today, it’s $1.1 million.) 2015: Glendale, AZ (outside Phoenix)Current median home price in stadium’s ZIP code: $310,000 Super Bowl XLIX is considered one of the greats. The New England Patriots rallied to take the lead. In response, Seahawks quarterback Russell Wilson took the team to the Patriots’ 1-yard line with 26 seconds left in the game. So close! But then Wilson threw a game-ending interception, and so Brady added a fourth ring to his collection. (D’oh!) But Phoenix didn’t just host a terrific Super Bowl. It was also among the housing markets that got the biggest boost from the event. The game was played at the University of Phoenix Stadium, home to the Arizona Cardinals, located 13 miles out of downtown Phoenix. New home listings in the Phoenix metro jumped 31% in January and February of 2015, compared to 22% nationally. The ZIP code where the stadium is located saw new home listings jump 100% in that period. “I had around 10 sellers who wanted to get listed before the Super Bowl, because they knew there was going to be an extraordinary amount of extra exposure,” says Kristy Ryan, a real estate agent at RE/MAX Fine Properties in Phoenix. Phoenix has a large second-home market popular with retirees seeking warmer climes. So it only makes sense that the Super Bowl, which brings in thousands of wealthy tourists, would mean plenty of opportunities for home sellers in Glendale and Phoenix. Dollar dollar bill, y’all. Ryan saw this firsthand. She sold a $2.8-million second home to a New York couple who were in town for the game. “They thought, ‘Hey, while we are here, we can look.’ And then they fell in love,” Ryan says. 2014: East Rutherford, NJ (outside New York City)Current median home price in stadium’s ZIP code: $322,700 In the Big Apple, the big game just didn’t have the same punch—either for the local economy or fans. The underdog Seattle Seahawks trampled the Denver Broncos in what turned out to be one of the biggest blowouts in Super Bowl history. MetLife Stadium, home to both the New York Giants and the New York Jets, became the first outdoor venue to hold the midwinter event. But it’s New York in name only. The stadium is the centerpiece of a sports complex carved out of the nothingness of the Meadowlands area in East Rutherford, NJ, a 25-minute drive from Manhattan. For most towns, an influx of some 100,000 fans has a significant impact on the local economy. But in the New York City metro, which has more than 20 million people, that doesn’t push the number of rentals—or home listings—through the roof. And the additional media attention doesn’t move the needle much in this famed city, either. “Everyone knows New York, they’ve probably been here before, so the Super Bowl wouldn’t create a new identity for people about it, unlike some other places,” says Gary Malin, president of the real estate brokerage Citi Habitats. “The city already has that cachet.” The New York City housing market as a whole doesn’t appear to have received a big boost from the Super Bowl. The exception is the community near the stadium. The East Rutherford ZIP code where the stadium is located saw new home listings jump 150% around the time of the game. Additionally, that area saw a 17% increase in realtor.com page views, while the entire metro fell 4%. And while the game didn’t quite set the region’s housing market on fire, it wasn’t a complete wash, says Jim Kirkos, CEO of the Meadowlands Regional Chamber in New Jersey. “The first priority was to get as much economic impact as possible,” he says. “But we also got to showcase the greater Meadowlands, and show people it is a great place to live, work, and do business.” 2013: New Orleans, LACurrent median home price in stadium’s ZIP code: $398,500 This Big Easy’s Super Bowl, held in the Mercedes-Benz Superdome, just a mile’s walk from the French Quarter, had plenty of drama. For starters, there was the battle of the Harbaughs: Baltimore Ravens head coach John Harbaugh taking on 49ers honcho Jim Harbaugh—aka his little bro. Then there was the halftime show put on by Beyoncé and her old crew, Destiny’s Child. And shortly after the show, the stadium’s power went out, which caused the game to be postponed for more than 30 minutes, and seemed to change the momentum of the contest. But those technical difficulties didn’t stall the local housing market. The game gave home sales a nice jolt, says Joyce Delery, a broker at Engel & Völkers New Orleans. That’s thanks to its supply of desirable vacation homes, particularly condominiums in the Warehouse District and homes in the historic French Quarter. New listings around the stadium jumped 67% around the time of the Super Bowl, compared with 29% during that period nationally. “These [fans] are the type of people who could afford second or third homes,” Delery says.”You have people who make impulse looks, or maybe [even an] impulse buy.” And those who stayed in town one more week after the game got to experience Mardi Gras. Could that be why the Super Bowl keeps coming back? The post Hut, Hut, Price Hike! Does Hosting a Super Bowl Have a Super Impact on Home Sales? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/super-bowl-homes/ |
About usI am Casey Abby From USA and I am 30 Year Old. I done my study recently in MBA Marketing. Archives
April 2021
Categories |