This split-level home on 53rd Avenue in the Bayside area of Queens, NY, has only had one owner since it was built in 1953. Now pending sale after intense interest, it’s a throwback to a different era. The home, which landed on the market in mid-January for $1,098,888, is a colorful, well-preserved time capsule in an area in the midst of housing flux. “If you drive around this area now, you’ll actually see a lot of newer-construction houses. It’s getting more rare to see a house in this type of condition,” says the listing agent, Timothy Ho. “When I walked into this house, it’s definitely a flashback from the past, but it has been kept in meticulous shape. Everything is in really mint condition, just back from the ’50s to the ’70s.” Green is the dominant color throughout the interior spaces of the residence—as seen in the pea-green shade of shag carpet in the entry and main living space. An array of shades of green run throughout the flooring, except for a couple of key areas. In the hallway bathroom, you’ll find red carpet. Yes, the bathrooms are carpeted. “I mean, you would never think in a million years nowadays that somebody would put carpet in the bathroom, but back then, that’s what they did,” Ho says. The brightly colored home has three bedrooms and two bathrooms. The master bedroom comes with an en suite bathroom and large closets. The kitchen has an eat-in area next to the formal dining room with a special feature: a series of stained-glass windows depicting a large tree. “The owners did that themselves. On the exterior, they have lights pointed at the window, so when it’s nighttime, you can turn the lights on, and it just lights up the whole stained-glass window,” Ho notes. On the other side of the window is the large backyard. Ho compares the shape of the lot to a baseball diamond, which gets wider farther back on the lot. There’s also a large finished basement with plenty of storage. The mechanics of the home have been updated over the years, but it was a trendsetter in at least one respect. “The owners mentioned to me that they were one of the first people in the whole area to put central air conditioning into their house,” Ho says. While the decor takes you on a stroll into the past, the home itself isn’t a relic. On first arriving, he says, visitors tend to say, “It’s older, but you could actually move into this house, if you wanted to, the way that it is—in terms of the quality and the condition of the house.” The house has only been on the market for a couple of weeks, but Ho has already fielded a number of offers, and says potential buyers have pointed out that a movie crew could use the property as a set for a movie set in the 1960s. He feels, though, that the buyers are likely to be a younger family interested in choosing their own modernizations and updates. That would be the preference, Ho says, of the current owners. “They really like the idea of selling this house to a family that’s going to appreciate the love and the caring that went into the house,” he says. “This is one of those houses that it’s hard to tell from photos, but when you walk through a house, there are houses and then there are homes. This one, as soon as you walk through the door, you get that loving feeling of home.”
The post This Time Capsule Home in Queens Has Been Royally Popular With Buyers appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/time-capsule-home-in-queens-ny/
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A former mill from the 1860s is now a private waterfront home for sale in Cumberland, ME. Listed for $575,000, the house on Skillin Road sits right on the Piscataqua River. For someone who swoons over the sound of flowing water, it offers a great opportunity to commune with nature. “[The river] wraps around this property and actually runs underneath the back side the whole length,” says the listing agent, Pete Molloy. It continues beyond it, wraps around a point, and continues upriver from there, he adds. Also known as the Wilson Mill, the building has a rich history from the mid-19th century through the 1950s, when it was used as a place for making flour, barrels, and wood planks. “It was used first as a grist mill for a short period of time, and then as a stave mill with a vault, making the big barrels,” Molloy explains. “Then predominantly, it was a sawmill, to cut up these enormous timbers into wooden planks that were used for other building materials.” The part of the structure that used to be the mill is a large, wide-open area, built with post-and-beam construction. A new owner with big dreams can convert the space into any number of possibilities. “That is where the mill ran, back in the day, and that’s where the timbers were coming through and where the big heavy machinery was placed,” Molloy says. “It’s a massive structure, with a big roofline that’s all open.” Lorenzo H. Wilson and James Leighton started the mill in about 1874, and Wilson became the sole owner shortly after. The mill stayed in the Wilson family until the mid-1960s. The current owners acquired the property in 1964, and used the open mill area for family functions until just a few years ago, when they moved out. In the large open area, there’s a kitchen for entertaining that has no heat. “It’s perfect in the summer. It would be miserable to cook there today, because it’s cold out today,” Molloy says. The open area also flows out on to a large deck. The 1,200-square-foot living space, with two bedrooms and one bathroom, sits below the former mill, and you’ll find exposed logs in almost every room. The kitchen is modest and compact, but is perfectly serviceable. At one end of the living area, the space comes to an end in exposed rocks and walls, part of the old mill operations on the water’s edge. The rocky outcropping brings nature right into the home. Although expansion of the current structure is limited by the river, Malloy says there are some things he would do to the house. He says he would make the two smaller bedrooms into one and open up the kitchen, noting that the walls are not load-bearing, with the timbers holding everything up. Since the mill area isn’t heated, Molloy says it wouldn’t be possible to use that as living space in its current state. A new owner would need to winterize it to make it usable square footage year-round. The size of the former mill floor does offer an array of intriguing opportunities. “You’ve got uses for zoning that fall into other categories that could be related to education, or day care, or farming,” he says. Using the space as an event venue that could be rented out would require a zoning change. There’s also a small garage with a heated workshop inside. The house sits on 2 acres of land, with a subdivision nearby. An additional 4.8 acres are available to purchase separately. “It’s really picturesque. The river changes everything,” Molloy says. “When you’re in the space, all you hear is the river, so it’s really nice.” The post ‘All You Hear Is the River’: This Former Mill in Maine Is a Waterfront Delight appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/former-maine-mill-piscataqua-river/ The numbers: The index of pending home sales dropped 0.3% in December, marking the fourth consecutive month of declines, the National Association of Realtors said Friday. The index measures real-estate transactions in which a contract is signed, but the sale had not yet closed. Compared to 2019, pending sales were still up 21%, a sign of how strong the market is right now despite the recent weakness. What happened: Pending sales didn’t fall across all regions, as was the case in November. In fact, the Midwest was the only region to experience a decline, with a 3.6% drop. Pending sales were flat in the West and rose by 3.1% in the Northeast and 0.1% in the South. The big picture: In the months to come, the story will be whether the number of listings of homes for sale will grow to meet demand. “Pending home-sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,” said Lawrence Yun, the National Association of Realtors’ chief economist. “There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings.” It’s not clear precisely what has held sellers back from putting their homes on the market. But the problem could be a self-perpetuating one: Some buyers might be seeing the dearth of homes for sale and be reluctant to list their own for fear of not finding somewhere to move to. What they’re saying: “Demand for existing homes remains strong but supply is likely restraining sales figures,” said Ruben Gonzalez, chief economist at Keller Williams. “We expect to see continued price acceleration in the near term as a result of record-low inventory levels that have persisted for several months now.” Market reaction: The Dow Jones Industrial Average and S&P 500 both fell in Friday morning trades. The post Pending Home Sales Fall on the Month, but the Midwest Is Hit the Hardest appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/pending-home-sales-fall-on-the-month-but-the-midwest-is-hit-the-hardest/ The golf legend Greg Norman is swinging for a sale of his longtime estate on the exclusive Jupiter Island. He and his wife, the hospitality design expert Kirsten âKikiâ Norman, who have owned the property for about three decades, have decided to hoist the home onto the market for a hefty $59.9 million. The expansive space on Jupiter Island in Hobe Sound has been completely rebuilt, and includes a main house, poolhouse, and beach house, with extensive updates to all the other elements of the estate. Norman showed off the newly built poolhouse on his Instagram account. Jill Hertzberg, of Coldwell Banker Realtyâs The Jills Zeder Group, and Michelle Thomson, of Coldwell Banker Realtyâs Thomson Team, are representing the sellers. Known as Tranquility, the spread covers a total of almost 32,000 square feet, and extends from the ocean to the Intracoastal Waterway. The main house exudes a modern, tropical feel, with yacht-inspired details, and includes dockage that can handle a 150-foot yacht. The couple bought the home in 1991 for just under $5 million. Norman placed the original home on the market in 2007 and attempted to sell it for nearly a decade. In 2016, the couple eventually decided to renovate and expand it instead. They are now ready to have another go at selling the trophy property. âGreg and Kiki Norman feel it is time to move on, after 30 years of enjoying this beautiful home,â Hertzberg says. The next owner will enjoy a true tropical paradise.
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âHaving grown up on the beach in the tropics of Australia, my search for the perfect property in America allowing me to incorporate all my needsâfrom privacy, security, a dock for my boats, and direct access to the beach and oceanâwas fulfilled when I was blessed enough to come across âTranquilityâ in 1991,â Greg Norman announced in a press statement. âIt is a blend of everything I love in life and about life. The new build of our main house under the passionate and professional eye of my wife, Kiki, only elevated the entire property to another level.â Kiki Norman adds that her design direction was all about catering to a âbarefoot eleganceâ lifestyle. She said in a statement, âMy vision was to create a sanctuaryâa place that felt like we are on a permanent holiday; and a gathering place for friends and family. The basis of my design was an open floor plan, maximizing light and coastal views from every aspect.â Set on 8.31 acres, and built for entertaining and welcoming visitors, the living space incorporates 10 bedrooms, 12 bathrooms, and six half-bathrooms. The waterfront grounds include 172 feet of ocean frontage and 370 feet of waterfront on the Intracoastal Waterway. âThis estate is a true peaceful escape,â says Hertzberg. âThe property not only offers all of the amenities of a high-end resort in just one place, but it also provides the right amount of privacy and space. âAdditionally, it is very rare to find a property that spans from the Atlantic Ocean to the Intracoastal, offering panoramic water views, as well as both Intracoastal and ocean access to boat lovers.â The main house, a completely new structure built by the Normans, is filled with lavish amenities, such as a 1,900-bottle wine cellar, a space for entertaining, a bar, catering quarters, and a movie theater. The first floor features two bedrooms, a trophy room and gallery, a family room, living room with fireplace, main bar, and floor-to-ceiling glass doors that open to a deck looking out to the water. The home also includes a formal dining room and gourmet kitchen. Upstairs offers a large terrace, a bedroom suite, a den, dual offices, dual bathrooms, a sitting room, and kitchenette. Other buildings on the property include a two-bedroom coach house, a brand-new poolhouse with grill and outdoor shower. A tennis house with bar, entertainment area, and bathroom adjoins the tennis court. A two-bedroom beach house sits ocean side, and the boathouse can store sporting equipment. The three-bedroom carriage house includes a gym, full kitchen, and equipment storage, and could be used as guest housing or office space. A permit has been issued for an additional building, should a buyer want to add to the numerous structures already in place. Now 65, Greg Norman, an entrepreneur, is a retired professional golfer who spent 331 weeks as the worldâs No. 1 in his sport. Kiki Norman is the founder of the Norman Design Group. The new listing is being unveiled just as the coupleâs massive Colorado ranch, which they listed for $55 million in 2016, has finally found a buyer. The 11,900-acre property, Seven Lakes Ranch, was last on the market for $40 million. The post Golf Legend Greg Normanâs Jupiter Island Compound Available for $60M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/greg-norman-jupiter-island-compound/ Florida’s most expensive home floated to the top of this week’s 10 most popular homes for sale on realtor.com®. Listed for an eye-popping $140 million, the Palm Beach, FL, mansion landed on the market at an opportune moment—thanks to a buyer-driven frenzy in one of the nation’s most exclusive markets. And because this magnificent mansion sits at the tippy top of the luxury market, curious clickers had to see what the utmost in high-end construction holds behind the high hedges. What everyone peeped is a beachfront prestige property filled with exquisite art and finishes. Wide-open spaces and high ceilings define this chic estate available to only a tiny pool of ultrahigh net worth buyers. But it wasn’t the only megamillion-dollar mansion from Florida to crack this week’s list. Race car driver Johnny Gray‘s $32.5 million mansion in Jupiter features a “megayacht” dock and an incredible garage. Other homes you clicked on this week included a Pennsylvania home in an art community, a funky geodesic dome in a Missouri lake community, and a Sacramento-area castle known as Swan Lake. For a full look at this week’s 10 most popular properties, simply scroll on down. 10. 1020 Woods Rd, Southampton, PAPrice: $340,000 The listing notes that the co-op community includes artists, musicians, and professionals from all walks of life who are “looking for a slightly alternative living style.” The community offers residents a number of shared amenities. ——-- 9. 2270 Main St., Bethlehem, NHPrice: $379,900 ——-- 8. 1426 Mahoning Dr E, Leighton, PAPrice: $699,900 Other highlights include the sunroom, a covered porch, and a new roof. ——-- 7. 176 Spyglass Ln, Jupiter, FLPrice: $32,500,000 ——-- 6. 50 Glenwood Dr, Fenton, MOPrice: $189,000 ——-- 5. 8300 Moss Ct, Granite Bay, CAPrice: $28,000,000 Inspired by European royalty, the castle near Sacramento is hoping for a bidder with royal dreams to step up. The listing agent says the interiors aren’t being shown to preserve the mystery within for a deep-pocketed buyer. ——-- 4. 3962 Flowers Rd, Florence, SCPrice: $299,000 ——-- 3. 3400 Paper Mill Rd, Huntington Valley, PAPrice: $3,495,000 ——-- 2. 14318 Aboite Center Rd, Fort Wayne, INPrice: $683,000 The one-room schoolhouse was built in 1883, and the conversion project has won awards for its smart reuse of a historic structure. It features original slate chalkboards, old carvings, and original beams—all lovingly maintained and restored. ——-- 1. 535 N County Rd, Palm Beach, FLPrice: $140,000,000 Spectacular in every way, this brand-new, nine-bedroom mansion is elegant and tasteful. Windows throughout allow the oceanfront vistas to take center stage. The land beneath the beachfront home was once owned by former President Donald Trump, before he sold it in 2008 to a Russian investor. It now awaits a buyer enamored with the idea of the ultimate in Palm Beach luxury living. The post Palatial $140M Mansion in Palm Beach Is the Week’s Most Popular Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/palm-beach-140m-mansion-most-popular-home/ This fixer-upper in the woods shows what can happen when a stone mason builds a house with a vision of using the energy of the earth. But doesn’t quite finish the job. The current owner built the house on Miner Street in Warsaw, NY, from concrete and glass in 1980, and notched it into the hillside. It’s listed for only $99,900 and needs some serious work to bring it up to date. There are a variety of ways a buyer could configure the earth-sheltered structure. “One of the early blueprints that he had was that this would be built as an apartment complex,” explains the listing agent, Rodney Heale. Instead, the owner wound up taking up residence in part of the structure and leaving the rest unfinished. Other projects competed for his attention, and he was never able to devote his full attention to the place. “Being a mason by trade, he’d go out and have to finish everybody else’s projects, and then this was kind of his baby to do on his own,” Heale says. “As with other contractors, not all of them finish some of the projects that they’re doing for themselves. He’d be the classic example of that.” One side of the structure is a wall of windows facing out to nature, but the back side backs right into the earth, which forms part of the roof. Heale told us the rubber membrane between the concrete and the earth needs some repairs. Even so, the earth does help the structure to maintain a consistent temperature. “On a day like today, at the right time in the afternoon, you could open up those inside windows and just by letting in some of that natural heat that has been captured, the temperature would go up anywhere from 2 to 5 degrees,” he says. As far as finished spaces go, the home has four bedrooms and two bathrooms on 2,336 square feet. Everything inside could use a refresh. The rustic kitchen has custom brickwork and several living spaces outfitted with radiant heat, baseboard heat, and other technology. Another 600 square feet of unfinished space is ready for new owners to customize to their liking. It’s not clear what the next steps should be, but the concrete home in the hillside is a livable space. “Everybody’s subject to their own opinion as to what’s move-in ready,” Heale says. “There’s some that would look at it and say, ‘We can live in this part here, and we’ll slowly change some of the things around, and then eventually finish [it] off.’ Then there’s other people that come in and say, ‘Oh my, I would have to spend a ton of money on this property in order to make it the way that I want it to be.’” The house sits on almost 1.5 acres of wooded land in the village of Warsaw, NY, about an hour southeast of Buffalo. “It’s on a dead-end road, so there are only a couple other properties there,” Heale says. “There are really no other building opportunities there, so this is very secluded, but you’re inside the village, so you still get public water and sewer.” He says the house is quiet because of the concrete and earth, yet bright, thanks to all the windows. Because of the issue with the roof and the repairs required, obtaining traditional financing has been difficult. Heale and the owner are in search of a cash buyer. It will also take a buyer with a vision and talent. “In the description, I put unique as one of the first words, ‘unique contemporary,’” he says. “Somebody needs to come in and finish it off.” The post Built Into a Hillside, This Concrete and Glass Fixer-Upper Is on Sale for Only $99,900 appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/concrete-and-glass-fixer-upper-earth-sheltered/ The three-time world heavyweight champion Lennox Lewis has sold his Miami Beach condo in the sky for $1.39 million. The Canadian/British boxer sold his Florida pied-à-terre to Ali Kavoussi, the managing partner of The Lions modeling agency, based in New York. The two-bedroom, two-bathroom condo is a choice corner unit in the prestigious 1000 Venetian Way building. The tower is on Biscayne Island, a narrow strip of land on the Venetian Causeway in Biscayne Bay, between downtown Miami and South Beach. The views from the island are spectacular, and Lewis’ corner unit features a large, wraparound balcony, with both sunset and sunrise vistas of Miami Beach and the downtown skyline. Measuring 1,830 square feet, the unit has wood floors and 10-foot ceilings, idea for accommodating Lewis’ towering 6-foot-5 frame. It also has floor-to-ceiling windows and sliding doors galore, taking full advantage of the views. Amenities for residents at 1000 Venetian include tennis courts, a pool, a children’s play area, barbecue and dining decks, a gym, and luxe public areas, among other luxury perks. As grand as the property is, the sale was not exactly a first-round knockout. Property records show that Lewis rented out the property for several years, for prices between $8,500 and $9,000 per month. He put it on the market for $1.75 million in February 2019, and appears to have gradually reduced the price until it reached $1,399,000 in November. The $1.39 million offer was recently accepted. Even so, this was no real estate defeat for the champ. Records reveal that Lewis purchased the unit in 1999 for $477,500. He was represented in the recent sale by Manuel Daniel Sepe of Calibre International Realty. Lewis, 55, is the last heavyweight to hold the undisputed championship. He held world titles simultaneously from all four of the major sanctioning organizations, the World Boxing Association, the World Boxing Council, the World Boxing Organization, and the International Boxing Federation. He announced his retirement in 2004, after a career record that included 44 fights and 41 wins. ___ Watch: Sylvester Stallone’s Reported New Palm Beach Home Is a Knockout
The post Heavyweight Champ Lennox Lewis Swings a Sale on His Miami Condo appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/heavyweight-champ-lennox-lewis-sale-miami-condo/ Mortgage rates dipped slightly over the past week, as investors sought a safe haven amid volatile markets and concerns about the economy. But the era of persistently falling rates has likely passed, which is bad news for home buyers. The 30-year fixed-rate mortgage averaged 2.73% for the week ending Jan. 28, down four basis points from the week prior, Freddie Mac reported this week. The 15-year fixed-rate mortgage fell one basis point to an average of 2.2%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage held steady at 2.8%. The slight decrease in rates was a testament to investor activity, according to Realtor.com senior economist George Ratiu. “With COVID cases still elevated amid the vaccine rollouts, investors remained worried about high unemployment claims, volatile earnings and lingering concerns about the economic outlook from the Federal Reserve,” he said. “The mood kept them funneling funds into mortgage bonds.” Despite the decline, Ratiu argued that rates will rise this year. If that prediction plays out, what will happen to home sales? It depends on who you ask. “As we look at 2021, we expect rising mortgage rates to dampen the pace of activity in the next couple of months, as many buyers will be priced out,” Ratiu said. He noted that as the youngest millennials are entering their 30s and the economy is expected to improve from the coronavirus pandemic, both factors that should keep the pace of home sales elevated in the spring and summer. Others argue that rising interest rates won’t necessarily hurt home sales or prices. “Historically, when mortgage rates rise, existing-home sales don’t necessarily fall,” Mark Fleming, chief economist at title insurer First American, wrote in a recent report. Fleming examined previous eras where rates were rising. In two cases — the 2005-2006 period and the 1994 period — home sales did fall after interest rates increased. But in the other time periods he examined, home sales actually increased. The difference came down to why rates were rising. “Rising interest rates reduce house-buying power and affordability, but are often a sign of a strong economy, which increases home buyer demand,” Fleming wrote. The post Mortgage Rates Dip—Here’s Why You Shouldn’t Bet on Interest Rates Going Much Lower appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/mortgage-rates-dip-heres-why-you-shouldnt-bet-on-interest-rates-going-much-lower/ Rumor had it that the NBA superstar Shaquille O’Neal was dabbling in the art of home flipping, when he put his luxurious home in a gated equestrian community in Bell Canyon, CA, on the market for $2.5 million in late 2019. The big man purchased the place in February 2018 for $1,815,000, and owned the home for only a little more than a year before he decided to sell. However, if Shaq harbors dreams of an HGTV spinoff show, he’ll have to improve his return on investment. He recently let the home go for $1.85 million. The five-bedroom, 4.5-bathroom, traditional-style home is on a fenced and gated acre lot, ideal for an owner who craves privacy. O’Neal perked up the 5,217-square-foot home with new carpeting, fresh paint, customized closets, and improved landscaping. The home was originally built in 1990, and its HVAC system, garage door, and some of the plumbing were also updated. There’s plenty of proof of the property’s provenance. O’Neal’s images, trophies, and mementos greet visitors the second they set foot in the grand black-and-white, two-story formal entry, with a large staircase and circular gallery. The home has a number of highlights: a wide-open floor plan, beamed ceilings, and hillside views. The kitchen, however, is the true showstopper, according to the listing agent, Emil Hartoonian of The Agency. “Buyers loved the kitchen and its brightness. They also loved the open living space, with no shortage of natural light and flow,” he says. The kitchen has marble counters, a large center island, built-in stainless steel appliances, and designer cabinetry. Other luxe features in the residence include a wine closet and wet bar in the great room, a media room with a convenient kitchenette, a screening room, and a spacious office with splendid views. The luxury spills into the outdoor spaces as well. Out back, there’s a rock-rimmed heated pool and spa, a fire pit, multiple seating areas, and manicured lawns. “We presented this property in the light it deserved, and helped buyers see the true value of a premier updated property behind guard-gates,” Hartoonian says. He co-listed the property with Nicholas Siegfried, also of The Agency. Gary Keshishyan Pinnacle Properties represented the buyers. But wait—there’s more. O’Neal’s sale in Southern California isn’t his only recent real estate success. The famous “Shaq-apulco” in Windermere, FL, which has been on and off the market at varying prices over the past couple of years, appears to have found a buyer. O’Neal first put the massive estate on the market in 2018, for $28 million. It was most recently listed at $16.5 million, and a sale is now pending on the 4-acre waterfront property, with its 31,000-square-foot mansion. O’Neal, 48, is reportedly spending more time in Atlanta with his NBA on TNT gig. The Hall of Famer won four NBA titles during his 19-year NBA career. The post Shaquille O’Neal Recruits a Buyer for a Luxury $1.85M Spread in SoCal appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/shaq-sells-bell-canyon-home/ When COVID-19 shuttered offices across the U.S.—forcing legions of white-collar workers to go remote—many took a hard look at their living situations. Why were they spending so much money to spend 24 hours a day in their itty, bitty, high-priced apartments? As a result, some young professionals decided to trade in their pricey apartments to move back in with good ol’ Mom and Dad and accelerate their savings. While the prospect of moving back in with the ‘rents may be shudder-inducing to many, for others it’s a dream of home-cooked meals and freshly folded laundry. Plus, folks who have retained their jobs save some significant money that could help them to eventually become homeowners. When life gives you lemons, save up for a down payment on a home? “The pandemic changed how we think about being a young adult and moving back in with your family. It’s not just a failure to launch. So many people are now choosing to do it,” says realtor.com® Chief Economist Danielle Hale. “They might be able to move into homeownership sooner than they would—or they may be able to put down a bigger down payment.” Putting what they would have paid in rent toward a down payment could allow aspiring homeowners to have a 5% down payment on a median-priced home in under two years. Five percent was the median down payment that buyers contributed to their home purchases nationally in December. (This assumes folks were paying the national median rent of $1,533 for a one-bedroom apartment.) In some metropolitan areas, like Chicago, St. Louis, and Philadelphia, former renters could even do it in just under a year. Just because a metro is less expensive, it doesn’t mean folks can save up faster. Wages are often lower in cheaper areas as are monthly rent and home prices. So it can take longer to hit a goal when folks are putting less money in. “This scenario could work better in some markets than others,” admits Hale. To come up with our findings, the realtor.com economics team pored over our for-sale home listings and rental data in the nation’s 20 largest metropolitan areas in December. Metros include the main city and surrounding towns, suburbs, and smaller urban areas. So how long will it take renters to save up for a 5% down payment in these large metros if they move back in with their families? That depends on where they live. It will take the least amount of time, just 11 months, to come up with a 5% down payment in the Chicago, Philadelphia, and St. Louis metropolitan areas. In Chicago and Philadelphia, the median monthly rents hover around $1,500 a month, while home prices are a median $327,000. That means buyers need a 5% down payment of $16,350. “This is an affordable market for sure,” says real estate broker Ryan Gable, of Starting Point Realty in Chicago. He specializes in working with first-time buyers. “But there’s not a lot for sale unless you’re looking for a high-rise downtown.” St. Louis has lower median rents, of about $1,035 a month, and home prices, of $232,000. Buyers there need only an $11,600 down payment, which will take about 11 months to save up when factoring in those lower rents. But they still should have a little extra stashed away for emergencies. “We tell people to have a down payment, and then on top of that have a minimum of $10,000 for a single-family home for unexpected expenses on the house, like [problems with] a roof, furnace, air conditioning,” says Gable. “You have to have a cushion for unexpected expenses.” On the other end of the spectrum is Los Angeles, where ultrahigh prices mean it will take the longest to save up that 5% even if folks are living rent-free. Former renters can expect to spend 22 months accumulating that $2,250 monthly rent into a $49,950 down payment. The median home price in the L.A. metro was a whopping $999,000. Here’s how long it will take to save up for a 5% down payment:
The post Home Buyers in These Cities Could Save These Down Payments—by Moving In With Their Parents appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/moving-back-home-could-help-buyers-save-for-a-down-payment/ |
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