This year’s spring home-buying season, when the frenzy typically kicks off for the year, appears to be off to a slow start—particularly in and around some of the nation’s most expensive, coastal cities. That’s because for the fifth month in a row, the number of homes on the market surged 6% in February compared with the same time the year before, according to realtor.com®’s recent inventory report. Until last year, the nation had seen several years of housing shortages. “It suggests that the housing market is starting on a cooler footing this spring than last spring,” says realtor.com’s chief economist, Danielle Hale. That’s partly a result of the long-term housing shortage that pushed prices up so high, fewer people were able to actually buy a home. “Sales have slowed. … Affordability is a challenge.” The national median home price is now $294,800, up nearly 2% from last month and up 7.2% from February of last year. Which markets are seeing the biggest boost in homes on the market?The big, pricey, tech-fueled cities on the West Coast saw the greatest influx of homes on the market. The nation’s most expensive market, Silicon Valley’s San Jose, CA, experienced a 125% jump in the metro area in February compared with a year earlier. (The metropolitan area includes the main city and the surrounding suburbs.) The median home price in the metro is a whopping $1,079,800—and that’s down 10% from the previous year! That sky-high price tag is one of several reasons buyers suddenly have more choices in Silicon Valley—if they have the means. “Prices are so high there that even with a high-paying job, it’s difficult to afford homes,” says Hale. Therefore, residences are taking a little longer to sell. “Builders are definitely trying to build in that area. Buyers are being a bit more hesitant [to purchase properties], while existing residents who are thinking about downsizing or retiring or moving somewhere else think now is a good time to put their home on the market, while home prices are still high.” The metro was followed by Seattle, at 85%; San Francisco, at 53%; San Diego, at 39%; and Portland, OR, at 36%. Overall, the most selection is on the high end. The number of homes priced at $750,000 and above shot up 11% year over year in February. That’s because cheaper properties are most in demand, so they sell fast. And there simply aren’t as many buyers with large-enough bank accounts to snap up the pricey homes. Where are list price reductions on the rise?Sellers hoping for big paydays across the nation have been forced to lower their expectations, and their asking prices, over the past few months. Home price appreciation had a good run after rebounding from the recession, but eventually rising mortgage rates boosted buyers’ costs to a point where too many folks were simply priced out of the market. Las Vegas saw the biggest bump in price cuts, up 19% in February compared with a year earlier. That’s likely because list prices in Sin City rose 7% year over year in the metro, hitting $310,348 in February. But the annual rate of appreciation there is slowing down a bit, down from a 12% rise the previous year. “The market is slowing there, and sellers are being a bit slow to adjust,” says Hale. “Just because a market is seeing price cuts doesn’t mean prices are actually falling. It could just be a sign that sellers got a little too ambitious in their initial price.” Next up was San Jose, at 9%; Phoenix, at 7%; San Francisco, at 5%; and Dallas, at 4%. The post The No. 1 Sign That We May See a Cooler Spring Home-Buying Market appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/no-1-sign-cooler-spring-home-buying-market-come/
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Eleanor Roosevelt‘s most famous residence was the White House, but she also called a stately New York City townhouse home from 1953 to 1958. Located in a historic district of Manhattan, the 5,225-square-foot mansion boasts classic Victorian architecture that is indeed fit for a first lady. Although the building was constructed in 1873, the current owner has spent over $2 million to have the structure restored and the interior reimagined by prominent interior designer Maria Masi. Yet this trophy property has been on and off the real estate market since 2015, with nary a buyer in sight. We wondered why no one had scooped this place up—despite a series of price cuts—and as we looked into it, we discovered some fascinating tidbits about this historic home. Why hasn’t the townhouse sold?The current owner bought the property for $9.5 million in 2011 and listed it for the first time in 2015 for $16 million. After dropping the price several times and relisting it between 2016 and 2017, the home was listed again in February for its current price of $13.5 million. So why hasn’t a buyer come around yet? Listing agent Barbara Evans-Butler of Stribling & Associates believes that the townhouse’s elegant interiors, reminiscent of the type of stately Victorian home that Roosevelt would have lived in, might have been a liability. Over the past few years, she says, wealthy buyers have been drawn to the new high-rises with in-house luxury amenities like gyms and screening rooms that have been popping up all over Manhattan. “But because of the law of scarcity, properties like this one have become more and more rare, and more and more valuable,” Evans-Butler says. Ultimately, she believes that buyers will soon come back around to historic townhouses. Like many other luxury properties, it seems as though Roosevelt’s former townhouse is just waiting for the right buyer. ——-- Watch: Minnesota’s Legendary Pillsbury Mansion Is Now Toast ——-- Inside Eleanor Roosevelt’s former townhouseWhile studying up on the real estate history of the former first lady’s Manhattan abode, we uncovered some fun facts. Her rent was less than $500 a monthAfter President Franklin D. Roosevelt died, Eleanor returned to her native New York in 1953 and inhabited the first two levels of this building as one apartment. The rent she paid on this elegant pad: a mere $452 per month. She hosted many high-profile friendsEleanor entertained such luminaries as Indira Gandhi and Adlai Stevenson, as well as like-minded Democratic power players of the day, including John F. Kennedy. The neighborhood has some rare perksThe townhouse is located in Treadwell Farms, a residential historic district where no commercial buildings are allowed and the architectural integrity of the townhouses is protected. That means a giant skyscraper will never be built next door or in back, and the lovely rooftop terrace view will never be overshadowed. Many celebrities have appreciated the unique features of this district, including Martin Scorsese, Montgomery Clift, and Kim Novak. The home’s outdoor twoferThere are 1,770 square feet of outdoor entertaining space, divided between a backyard with a fountain and a roof terrace. In NYC, there are few places remaining where you get both. The post Why Hasn’t Anyone Bought Eleanor Roosevelt’s Former Townhouse in NYC? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/eleanor-roosevelt-townhouse-no-buyer/ WASHINGTON—The number of existing homes that went under contract in the U.S. rose strongly in January, a sign of improvement for the housing market at the start of the year. An index measuring pending home sales—a gauge of purchases before they become final—rose 4.6% to a seasonally adjusted reading of 103.2 in January, the National Association of Realtors said Wednesday. Economists surveyed by The Wall Street Journal had predicted a 0.8% increase in January’s sales. The index was down 2.3% in January from a year earlier. December’s reading was revised slightly lower, to 98.7 from an initial 99.0. Pending sales offer a forecast of the housing market because they measure purchases at the time a contract is signed rather than at closing. Contracts typically take weeks to become final, and some are ultimately canceled. “A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” said Lawrence Yun, the trade group’s chief economist. He added that rising incomes, a strong labor market and steady mortgage rates should help January’s positive trend to continue. Still, the NAR reported earlier this month that its more closely watched index—final sales of existing homes, which measure purchases after closing--fell in January. News Corp, owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Realtors. The post U.S. Pending Home Sales Rose 4.6% in January appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/u-s-pending-home-sales-rose-4-6-january/ Perhaps the third time is the charm. The Southern California ranch that once belonged to the late pop star Michael Jackson has returned to the market, this time for a majorly discounted $31 million, according to the Wall Street Journal. Once known as Neverland Ranch, the property first landed on the market in 2015 for a whopping $100 million. After two years, the price was cut to $67 million, but still failed to connect with a buyer. Now the property is really ready for a new owner—demonstrated by a price that’s finally in line with comparable properties in the area. “Nothing has changed, just the price—dramatically so,” says listing agent Suzanne Perkins. “The ranch is still as beautiful as it was. The structures, landscaping, all are being maintained. Nothing’s really changed other than the sellers have come to a realistic price.” The price may be right, but the timing is awkward. The property is also the backdrop of an explosive new, two-part documentary on HBO, “Leaving Neverland,” that details allegations by two of Jackson’s former protégés that the musician molested them when they were children. Jackson, who died in 2009, always denied the allegations of sexual abuse, as did his family. ——-- Watch: A Real Estate Thriller: Can a Massive Price Cut Sell Michael Jackson’s ‘Neverland’? ——-- Built in 1982 and designed by Robert Altevers, the sprawling estate was purchased by Jackson in 1987 for $19.5 million. He lived there for over 15 years. After financial troubles caused Jackson to default on a loan covered by the ranch, the investment firm Colony Capital bought the note for $23 million in 2008 and put the title into a joint venture it formed with the pop star. Colony in turn spent millions on property upgrades, with the intention of selling the spread. The ranch currently belongs to Colony and Jackson’s estate. Now called Sycamore Valley Ranch, the listing includes a 12,598-square-foot, French Normandy–style main house with six bedrooms, seven baths, and two-half baths. The first-floor master suite comes with a private loft and two master baths. The 2,698-acre ranch is just 5 miles north of the town ofLos Olivos, about 50 miles from Santa Barbara. The grounds include a 4-acre lake with a waterfall, mountain views, a barbecue area, pool, pool house, and tennis court. Beyond the main house there are multiple buildings on the property, including three separate guest homes, a 5,500-square-foot movie theater with a stage, several barns, animal shelter facilities, corrals, and a maintenance shop. The train station and train tracks still remain, as well as structures like a playhouse, an entertainment patio, and paths and gardens. The amusement park rides from Jackson’s days are long gone, but a llama still resides at the petting zoo. The post Neverland No Longer, Michael Jackson’s Ranch Gets Massive $69M Price Cut appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/michael-jackson-neverland-ranch-huge-discount/ A charming cottage in New Orleans? It’s not exactly breaking news in the Big Easy. But what if we told you about a cottage constructed from enamel-coated steel? Now, that’s a bit more unusual. We recently spotted an indestructible Lustron home on the market here for $435,000. The brainchild of Chicago industrialist Carl Strandlund, founder of Lustron Corp., the steel dwellings were a short-lived housing concept after World War II. Strandlund’s goal was to manufacture low-maintenance, affordable homes for returning GIs facing a housing shortage. The innovative and futuristic concept required these homes to be built off-site. An Ohio factory produced about 3,000 parts per home, including the bathtub, built-in cabinets, and vanities. The exterior is a steel frame, and the roof and walls are enameled steel panels. Prefab pieces were then loaded onto a truck and delivered to the building site, where they took mere weeks to construct. Unable to contain costs and facing a corruption scandal, the company went out of business by 1950, with only about 2,500 Lustron homes built around the country. Only a handful of these structures exist in New Orleans. Lustron homes were built to last, and last they have. And thanks to their typically small size, they tend to be fairly low-cost and make a great rental, starter home, or retirement nest. The homes were billed as maintenance-free, and can be power-washed on the outside and wiped down inside. Also, they don’t need a paint job. If you’re a fan of 1950s Americana, this unusual abode is just for you. Just 1,520 square feet, this Lustron in New Orleans has two beds and 1.5 baths. The exterior color is described as Surf Blue. The model is known as the popular Westchester Deluxe. Originally a one-bath home, it was later expanded to include a den with a half-bath, the listing agent Becky Weber notes. The sellers have lived in the home for over three decades and are only the second owners. Although small in size, the dwelling features some outdoor space, including a back patio and covered front porch. Located in the popular Lake Vista subdivision, the cute cottage faces a walking path running between the streets and is in walking distance to the Pontchartrain lakefront. The home’s affordability could be a bonus for someone younger who is “looking to get into the neighborhood,” says Weber, noting that the current asking price is close to the value of the lot itself. “It’s great for someone that’s looking for something that’s small, quaint, energy-efficient, and has a historic value,” she says. The eventual home buyer should budget in some renovations. The interiors look like they haven’t been touched for decades, and might need an update. Or the buyer could simply move in and relish the retro look of the one-time home of the future. The post Steel by the Bayou: New Orleans Lustron Home Seeks New Owner appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/lustron-home-new-orleans/ One-time GOP presidential hopeful and former Florida Gov. Jeb Bush is selling in South Florida. Bush and his wife, Columba, recently listed their immaculate townhome in the Almeria Row development in Coral Gables for $1.8 million. It’s a perfect location for a politician (or anyone else, really) who desires a little privacy but also likes to be close to the action. The small town of about 50,000 is close to downtown Miami and South Beach, but removed just enough to create a comfortable distance. Almeria Row is an exclusive grouping of 10 luxury townhouses that “combine the amenities of urban living with the convenience of a single-family home.” The Bush condo is pristine and bright, with white shades and walls, and marble accents throughout the kitchen and bathrooms. There’s a guesthouse in the back to accommodate staff or visiting family and friends. The main house features two en suite master bedrooms. Both floors of the townhouse are open and airy, allowing for an abundance of sunshine. The kitchen is appointed with top-of-the-line appliances, and oak wood flooring runs throughout the house. The two-bedroom guesthouse with a separate entrance is situated above a two-car garage. A buyer could potentially convert the area into an office or exercise studio. Given the Bush family ties and Jeb’s run for the presidency in 2016, it’s likely the Secret Service used the guesthouse at some point. Ready for the inevitable thunderstorm or, worse, hurricane, the townhome is equipped with impact windows and doors as well—a must-have in Florida. And in true Florida style, a private courtyard with a fountain separates the main home from the guesthouse and garage. The Bushes purchased the townhome in 2011 for $1.3 million. For a comparable, the townhouse next door has been on the market for over 90 days with a $1.85 million price tag. The post Please Clap! Jeb Bush Selling $1.8M Coral Gables Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/jeb-bush-selling-south-florida-home/ Record-high home prices have become the norm in most of the country over the past few years, leaving many would-be buyers priced out of the market while the rest battle it out for the few homes coming up for sale. These days, the bargains of the Great Recession are just a faded memory. But the recovery hasn’t been even. While median home values have increased an average $50,000 nationally, some places have exceeded that—and four metropolitan areas still haven’t returned to their 2009 price peaks, according to a recent report from online financial services marketplace LendingTree. The report looked at the 50 largest metros (which include cities and their surrounding suburbs) using the most recent U.S. Census Bureau data available, from 2009 through 2017. So where have home prices not caught up yet? Home values in Hartford, CT, were down the most, falling about $11,800 from 2009 to reach $247,900 in 2017, according to the Lending Tree analysis. Median list prices have since risen a little bit to reach $259,950 as of Jan. 1, according to realtor.com® data. “You’re seeing falling populations in [most of] these metros,” says Tendayi Kapfidze, chief economist of LendingTree. That’s because folks are going to places with hotter economies and more good-paying job opportunities. “That reduces demand for housing, which leads to lower prices.” The metro was followed by Chicago, where home values are down $9,300; Virginia Beach, VA, where they fell $3,700; and Baltimore, where they dipped $1,900. However, it’s important to note that the country is now experiencing a housing slowdown. Nationally, the rate of annual price appreciation is slowing—particularly in the priciest coastal markets—and sellers are being forced to reduce their list prices as more homes have hit the market. That could affect home values going forward. Where are home prices back up from the recession and then some?On the other end of the spectrum is California. The state’s housing market has been on a tear over the past few years, thanks to all of those good-paying tech jobs and a severe shortage of homes. Home values in Silicon Valley’s San Jose, CA, metro were up the most since 2009. They rose a whopping $319,400 to hit a median $957,700 in 2017, the Census data showed. (The median list price in the metro was $999,494 as of Jan. 1, according to realtor.com data.) “There was a massive surge in employment, a massive surge in new wealth,” says Patrick Carlisle, chief market analyst at the real estate firm Compass. “And the construction of housing didn’t even come close to matching the increase [in housing demand].” But since mid-2018, the market has “dramatically cooled,” he says. And it’s anyone’s guess where housing prices will head going forward. “Incomes have not been keeping up with that home appreciation,” says Kapfidze. “That would suggest it’s not sustainable.” The San Jose metro was followed by San Francisco, where home values shot up $257,900, and Los Angeles, where home values rose $153,500. The post The Places That Have—and Have Not—Recovered the Most Since the Housing Bust appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/places-recovered-since-great-recession/ U.S. housing starts tumbled in December, capping a weak year for construction of new single-family homes due to factors such as rising construction material and labor costs. Housing starts dropped 11.2% in December from the prior month to a seasonally adjusted annual rate of 1.078 million, the lowest level in more than two years, the Commerce Department said Tuesday. Residential building permits, which can signal how much construction is in the pipeline, edged up 0.3% from November to an annual pace of 1.326 million. Economists surveyed by The Wall Street Journal had expected a 1.3% decrease for starts and a 2.9% decrease for permits. Housing-starts data are volatile from month to month and can be subject to large revisions. December’s 11.2% decline for starts came with a margin of error of 14.0 percentage points. Single-family home building stagnated in 2018, after steadily climbing throughout the expansion. Construction of multifamily buildings continued to ease as the market for new condominiums and apartments has cooled. The Commerce Department’s report on housing starts in December was delayed by more than a month due to the partial government shutdown. The broader trend shows starts rose by 3.6% in 2018 compared with 2017. Starts were down 6.7% in December from the prior month for single-family construction and down 20.4% for buildings with two or more units compared with November. Permits in December were down 2.2% for single-family homes and up 4.9% for multifamily construction. Despite strong economic growth and a historically low unemployment rate, factors that should support home-buyer demand, a shortage of inventory and rising borrowing costs have locked out many would-be buyers. While affordability remains a key concern, home-builder sentiment picked up in the first two months of this year after pulling back in much of 2018. The National Association of Home Builders attributed strengthening home-builder confidence to lower mortgage rates. The post U.S. Housing Starts End 2018 on Soft Note appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/u-s-housing-starts-end-2018-soft-note/ Country music superstar Carrie Underwood has placed her Brentwood, TN, home on the market for $1.45 million, according to Variety. The musician purchased the “Italian-style villa” for $1.35 million in 2007, before her marriage to NHL player Mike Fisher in 2010. And although the home hits a high note inside and out, buyers need to be careful. The 35-year-old singer had a freak accident on the property in 2017, which reportedly left her needing 40 to 50 stitches on her face and surgery for a broken wrist. After the accident, fans began popping up in the neighborhood hoping to catch a glimpse of the celeb couple. Built in 2000, the 7,083-square-foot, four-bedroom home is located in a gated golf course community. The home features a two-story entry with a curved staircase, a formal dining room, and living room. The kitchen has a breakfast nook and stainless-steel appliances (including a wine fridge), and opens to a family room with access to the back patio. The master suite comes with a fireplace and a large bathroom with dual vanities. The highlight of the suite is the luxe dressing room with a spiral staircase leading to a “glam room” the size of many NYC apartments. The dressing room features marble flooring as well as displays for handbags and shoes. The home also features wet bars in the den, a gym, and a game room. Underwood and Fisher appear to have left in October, when Fisher posted a photo of a moving truck on Instagram. They reportedly now live in a more remote spot in a custom-built home with tons of acreage in Franklin, TN. Underwood shot to stardom after winning the fourth season of “American Idol” in 2005, and she’s sold over 65 million records worldwide. Fisher, 38, played with the Ottawa Senators and the Nashville Predators before his retirement last year. The post Carrie Underwood Selling Tennessee Mansion Where She Had a Terrible Fall appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/carrie-underwood-selling-mansion/ While housing prices in a number of cities continue to soar, it’s great to know there are still properties within reach for buyers who don’t have the bucks for a huge down payment. For every Silicon Valley teardown that draws a seven-figure bid, there are plenty of other properties priced for buyers trying to break into the market. Reality check: You don’t have to have millions in the bank to buy a home. Just a few years ago that would have been an obvious statement. Today, not so much. In fact, there are over 3,000 single-family homes—bungalows, cabins, and ranches—currently on the market priced between $60,000 and $99,999. That’s less than the price of a luxury car! So get your motor running, ’cause here are 10 livable, lovely homes priced below $100,000 worth checking out. 264 W. 146th St, Harvey, ILPrice: $99,900 ——-- 501 W. Spencer Ave., Marion, IN 46952Price: $79,900 ——-- 4018 Sacramento Ave, El Paso, TXPrice: $97,000 ——-- 1019 Croydon Ln, Holiday, FLPrice: $99,900 ——-- 937 S. Broadmoor Ave, Wichita, KSPrice: $95,000 ——-- 338 Hill St., Xenia, OHPrice: $99,900 ——-- 6000 Rolfe Rd, Lansing, MIPrice: $82,000 ——-- 2816 Beck Rd, Durham, NCPrice: $98,900 ——-- 2005 S. Fillmore St, Little Rock, ARPrice: $67,900 ——-- 312 E. Broad Ave, Spokane, WAPrice: $99,900 The post 10 Homes Priced Below $100K Prove Homeownership Isn’t Out of Reach appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/homeownership-homes-100k-or-less/ |
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