As the home-buying season enters its most frenetic period, the pace of sales set new records in May, according to an analysis of realtor.com® data for the month. That’s not all: Listing prices also continued to set records. However, in the end of a historic run, the majority of the hottest markets in the country are no longer in California. “Our latest inventory data confirms we’re in the thick of the hottest home-buying season on record, as the pace of sales nationally has officially reached a seasonal and historical high,” said Javier Vivas, director of economic research at realtor.com. “The frantic activity observed this month means homes are spending 32 fewer days on the market compared to six years ago, and 39 of the top 50 largest markets in the country are seeing the lowest days on market since we started tracking in 2012.” The median listing price reached $297,000 in May, an increase of 8% over the previous May. But while the supply of housing is still tight, there was a slightly larger than usual seasonal increase in inventory as owners sought to capture peak prices. About 557,000 new listings hit the market in May, 8% more than April and 2% more than May of the previous year. The total inventory of homes for sale grew 6% over April, more than the 4% average increase in previous Mays going back to 2012. So where is all this home-buying activity the hottest? As we do each month, we ranked the country’s top metro markets by how fast homes are sold and how many views listings get. This month shows that California’s seemingly endless reign over the top 20 markets has, in fact, ended—at least for now. The Golden State claims only four markets on the list. For the second month in a row, Midland, TX, tops the list. The oil town in West Texas has seen its fortunes rise lately. Other standouts are Fort Wayne, IN, and Grand Rapids, MI, which leaped up 20 and 16 spots, respectively, since April. Here’s the full list of the hottest markets in the U.S. in May. The hot list
The post Home-Buying Frenzy Sets a Record as California Loses Its Grip on Hottest Markets appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/hottest-markets-may-2018/
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Celebrated for his clay and bronze bells, avant-garde drawings, and concept of Arcosanti (an experiential village hosting design workshops), the late Arizona architect Paolo Soleri is less celebrated for his residential designs. This could be because only one was built: this six-bedroom, four-bath, split-level home in Phoenix. It’s listed for $1.88 million through Scott Jarson with azarchitecture/Jarson & Jarson. This Phoenix home was Soleri’s only solo project. He did partner with another architect on a dome house in Cave Creek, AZ, and designed an amphitheater at the Indian School in Santa Fe, NM. He received a National Design Award in 2006 and taught architecture at Arizona State University. It’s tucked into the Colter Estates neighborhood—not far from the Arizona Biltmore Hotel—where the home’s lush green spaces are an unexpected pleasure in this desert. The unique creation was built in 1982 for Sen. Dennis DeConcini and his brother, Dino, who were fans of Soleri’s work. “The DeConcinis were a prominent Arizona family,” says Jarson. Soleri’s trademark organic architecture is apparent throughout the home, including the passive-solar features, barrel-vaulted ceilings, and oak cabinetry and flooring. Interior spaces include an office, tower library nook, and partly finished basement. The property’s huge lot size also helps set it apart from neighboring homes. But it’s the outside amenities that bring this house over the top. The property is blessed with an older irrigation system, which makes it easy to keep the yard “very lush and green. It’s got a country setting, but it’s maybe 10 minutes from downtown,” says Jarson. “You’ve got this oasis estate with very large shade trees.” There’s also a pool, gazebo, and fireplace perfect for alfresco living. Included with the sale is the home’s original work-study model. “It’s remarkable that that got preserved with the house,” says Jarson. The sellers will also leave a bell sculpture designed by Soleri. So who would appreciate the design of the home and want to live in it? “Somebody who has an interest in art and design, foremost, but it’s a highly functional family home, too,” says Jarson. “It’s rare to find a combination of the two.” The post Desert Oasis: Rare Paolo Soleri-Designed House in Arizona Seeking a Buyer appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/paolo-soleri-designed-deconcini-house/ The once-mighty pop producer Lukasz Gottwald (aka Dr. Luke), who faced a series of high-profile lawsuits from Kesha, sparking the #FreeKesha movement, has put his mansion in the Hollywood Hills on the market for $12.8 million. Gottwald, 44, bought the house in 2008, near the height of his music career, for $4.7 million. The Los Angeles Times first spotted the listing. Built in 1931, the Spanish-style mansion is perched on a hillside overlooking Sunset Boulevard, with a perfect view of downtown Los Angeles. The house has three levels, with walk-out balconies on each level. On the top level, the renovated kitchen has custom gray cabinetry, greenish-blue stone countertops, a gas range with mirrored backsplash, and a butcher block island. Through the kitchen is a sitting room with dramatic, black walls, a golden ceiling, and a mirrored light fixture that looks like it was inspired by a ‘70s-era disco ball. The sitting room connects to the step-down, living-dining room, with a Spanish-style fireplace and sliding glass doors that open to a balcony. Down a spiral staircase, the second level features an infinity pool, outdoor kitchen with gas grill, and lounge. The level is dominated by a jam area, with recording equipment and a mirrored ceiling. The bottom level features the massive master bedroom, which is relatively spare. Listing photos show a king-size bed in the center of the room, with a live-edge wooden headboard. Two of the walls have floor-to-ceiling mirrors. Gottwald churned out platinum-selling hits, including Kelly Clarkson’s “Since U Been Gone,” Avril Lavigne’s “Girlfriend,” and Katy Perry’s “I Kissed a Girl.” It was a fast ascent for the musician, who started out as lead guitarist on “Saturday Night Live,” leaving the show in 2007. In court, Kesha claimed Gottwald raped her early in her career, and that her contract forced her to continue producing music with him for another decade. She ultimately dropped part of her case, which continues in New York. Gottwald countersued Kesha for defamation. The post Embattled Pop Producer Dr. Luke Lists Mansion in the Hollywood Hills appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/dr-luke-mansion-hollywood-hills/ Living right on the water isn’t cheap. Living in a pedigreed property also costs a pretty penny. Add those two deluxe attributes together, and you have this “one-of-a-kind waterfront treasure” in Newport Beach, CA. On the market for a hefty $60 million, this Harbor Island estate is this week’s most expensive new listing on realtor.com®. According to property records, the neoclassical mansion with bay views last changed hands in 2010 for $38 million. Nearly a decade later, the price has jumped 58%—not a bad ROI if you can get it. What a buyer will score for the prodigious price tag is a promontory location with over 300 feet of bay frontage. Built in 1990, the “remastered residence” measures 14,200 square feet and features six bedrooms, eight bathrooms, and four half-baths. The exterior features lush landscaping and gardens, limestone terraces, a pool and lounge area, and a dock big enough for a yacht and other watercrafts. Sea-Doo, anyone? Inside, large-scale rooms offer water views with floor-to-ceiling windows and French doors. The layout includes a formal living room and dining room, which opens to the outdoors. There’s also a sleek kitchen, foyer with grand staircase, rec room with billiard table, media area, staff quarters, a den, and office. The master bedroom includes a sitting area and fireplace. The property is located in a gated enclave and comes with an underground parking garage. Tara Shapiro with Pacific Sotheby’s International Realty holds the listing. The post $60M ‘One-of-a-Kind Waterfront Treasure’ Is This Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/waterfront-treasure-most-expensive/ Exclusive: Tarek El Moussa From Flip or Flop Reveals 6 Upgrades That Could Come Back and Bite You5/31/2018 I’ve been flipping homes for almost 10 years now; it’s my passion to take an old property and breathe new life into it. Yet as everyone knows, making mistakes is part of the learning process—and during the course of flipping hundreds of homes, I’ve definitely had some hiccups along the way. Most homeowners believe that upgrading and adding features and rooms will always boost the value of their property. I can’t tell you how many times I’ve met with homeowners who are thinking about selling their property and want to list for hundreds of thousands of dollars more because of the additions they’ve made to their house. But in reality, the upgrades may be too personal, or not necessary, or result in the house being choppy—which just reduces the value of the home because the new owner will typically have to go through and remove what the previous owner added. You may have a long list of items you’d like in your home, but it’s important to think of the long-term payoff when investing in upgrades. Your home is your castle, make it what you want it to be, but keep in the back of your mind whether your investment will be a good one in the long run. I’ve done flips where I’ve added upgrades that just absolutely have added no value and, in some instances, have dragged down the price. Here are some of the mistakes I’ve made over the years, which hopefully you will avoid when renovating your home. 1. You say bidet, I say no thanksOne of the most interesting projects I worked on was a 1991 flip in an established area of Anaheim Hills. This is a very interesting area, as most properties there have large lots that are usually an acre and up, and home sizes of 6,000-plus square feet. The 8,000-square-foot home that I was working on had every amenity one would need: a great pool, home theater, game room, 10,000-bottle wine cellar, and seven-car garage. So, in the spirit of “having it all,” I thought why not add a bidet in each of the bathrooms? I soon realized that this decision was a poor one, as word quickly spread about the “bidet house.” My idea had backfired. Not only did it detract from the thousands of dollars I had put into the property, it also took away the hours of planning and structural changes we had made just to allow room for the addition. The point: Pull back on the reins of creativity just a tad, save yourself the headache, and the money, and do what people are accustomed to seeing. Let the new buyer put in the unique items. Make your additions neutral and of good quality, and let them speak for themself. 2. Swimming pools: Not always a splashWe are lucky to enjoy so many days of nearly perfect weather in California. It’s no surprise that when it rains, the people of greater Los Angeles County go into a state of shock. Pools are a great source of fun and entertainment for kids and adults alike. There are great pool designs that are modern and elegant and still kid-friendly. Infinity pools are perfect for homes that sit on lots with unobstructed views. But a lot of families with kids actually avoid homes with pools for safety issues. A gate around the pool can just create an eyesore, and most people don’t care for it. For one of the homes I was flipping in Buena Park, I decided to put in a pool, which added about 15 days to the flip time and about $50,000 in expenses. Not good! I can’t tell you the number of families that came through and walked right out for that reason. After 35 days on the market and hearing the same feedback over and over, I decided to spend an additional $15,000 and fill in the pool. It sold within two days. 3. It’s a jungle out thereA homeowner recently contacted me, interested in selling her home directly to me to flip. I arrived at the address, but couldn’t tell if I was at the right house: There were so many overgrown trees and bushes that finding the door was near impossible. The owner told me she’d wanted to create a wall between her house and the street. Landscaping is great for adding privacy and curb appeal. Flowers and a picket fence create charm and make the home feel cozy before one even walks in. But there is good reason why people prune. When it comes to your home’s exterior, think simple, using a combination of plants and flowers local to the region. Perennials are always a nice way to go, and water-conserving plants are popular now. There are other ways of creating space between your home and the street. 4. Wall-to-wall carpets? No so groovyIn the 1970s, plush wall-to-wall carpet was the rage. It made the house feel warm and cozy. And isn’t it nice to step out of the shower onto a nice, thick carpet? Fast-forward to 2018, where most of us think of the billions of bacteria breeding beneath our feet, not to mention needing to get the carpet replaced every couple of years. Use flooring that is durable, attractive, and easy to maintain and clean. There’s no need to avoid carpet altogether—having it in the bedrooms is still a great way to make it into a more intimate space. But in most of my flips, I now use area rugs along with hardwood or laminate flooring throughout the house. 5. Luxury upgrades that make it ‘that house’ on the blockWe all love being the best-looking person and standing out in a social setting. When it’s your home, however, try to fit in with the aesthetics of the neighborhood—don’t be the odd one out. I recently worked on a house in Newport Beach. It was a nice, gated community with tract homes from the 1980s. I knew I had to make it perfect if I was to get a $2 million price tag. Once I got going, I never stopped, and ended up redoing the entire interior and exterior. I spent a fortune on high-end finishes, some of which may not have been necessary. At the end of the day, I listed the home much higher than comparable recent sales and I actually ended selling at list price! The caveat? It didn’t appraise for that much. I learned that I could have spent less and sold for less, with likely the same results. Do not overbuild for your neighborhood. It may give you bragging rights, but it’ll also make you the butt of every joke, and it will definitely not pay off in the long run. 6. Improvements that only you know aboutIt’s hard to fathom spending a lot of money on home improvements and upgrades that will have no impact on your home’s value when you actually end up selling. But the most wasteful are improvements that only you know about. Sure, a new AC may make your home a better place to live—but even if a new AC may be necessary, you shouldn’t expect to recover the costs down the line. Buyers expect that the water heater or the garage door opener will be in good working condition, but they will not pay more just because it’s a new unit. Take it from someone who makes his living from flipping homes: Keep it simple, keep it neutral, keep it easy. Follow Tarek on social media @THEREALTAREKELMOUSSA, and if you’re thinking of selling your home, buying a new one, or in need of some renovation, take a look at Tarek and Associates for more information. The post Exclusive: Tarek El Moussa From ‘Flip or Flop’ Reveals 6 ‘Upgrades’ That Could Come Back and Bite You appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/tarek-el-moussa-renovations-that-could-hurt/ Hurricane Season Bears Down With 7 Million Homes at Risk and a Flood Insurance Program Set to Expire5/31/2018 If the start of summer has you trying to reason with hurricane season, you’re not alone. Millions of homes across the U.S. sit in harm’s way, and the resulting damage could be in the trillions of dollars, according to a report out Thursday. Those estimates come from real-estate data provider CoreLogic, and are based on forecasts from the National Oceanic and Atmospheric Administration that expect the 2018 Atlantic hurricane season to be “near- or above-normal.” This year, nearly 7 million homes are at risk of hurricane storm surge, CoreLogic said. That’s the same number as last year, when NOAA predicted an “above-normal” season. But total reconstruction costs are forecast to be more than $1.6 trillion this year, a jump of 6.6% compared to the $1.5 trillion estimated in 2017. The driver? Higher costs for construction, equipment and labor. Here’s a breakdown of the top 10 metro areas most at risk. (CoreLogic has the top 15 metro areas, as well as breakdowns by state and other categories, on their website.)
The final tally for hurricane season last year remains incomplete. The two largest storms, Harvey and Irma, are estimated to have cost between $40 billion-$59 billion and $29 billion-$46 billion, respectively, but there’s no accounting yet for the other storms, Dr. Tom Jeffery, senior hazard scientist at CoreLogic, told MarketWatch. One thing is consistent between 2017 and this summer: Once again, the National Flood Insurance Program is set to expire in the middle of hurricane season if Congress doesn’t take action. The federal program is the only option for many homeowners in areas where such insurance is required. Many politicians and housing industry participants agree that it would be better to have more private-sector options, but true reform of the program has proved challenging. The National Association of Realtors is again lobbying Congress for reauthorization before the July 31 expiration to avoid disrupting the housing market. The lobby group said each time the program lapses, it costs 40,000 property sales per month. What’s more, because each insurance policy is written for one year at a time, a lapse in a policy attached to a mortgage may constitute a default. The post Hurricane Season Bears Down — With 7 Million Homes at Risk and a Flood Insurance Program Set to Expire appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/hurricane-season-bears-7-million-homes-risk-flood-insurance-program-set-expire/
Not all four-bedrooms are created equal.
via https://www.huffingtonpost.com/entry/this-is-the-most-expensive-housing-market-in-every_us_5b0d9e46e4b0297756b31097 After listing his crazy-cool Calabasas, CA, castle for $6 million in 2016 and finding no buyers, rock legend Tommy Lee has put the property back on the market for $4.65 million. He had bought the crib for $5.85 million over a decade ago. The over-the-top mansion is currently decked out like a Zen-inspired retreat with a hard-rock edge. It comes with a two-story jungle atrium with waterfalls and retractable roof. The 10,000-square-foot mansion was built in 1987 and has six bedrooms and eight bathroom. It’s located in the gated Vista Point neighborhood. The Zen theme continues throughout the home—there’s a koi pond in the living room and a gorgeous stone pool and spa out back. (The saltwater pool was custom-designed in the shape of a guitar.) The 13-car garage has been converted into a recording studio with subterranean, soundproof rooms. The bargain price might be motivated by the former Motley Crue drummer moving into a new chapter in his life. He’s engaged to Vine star Brittany Furlan and perhaps ready to make new memories with her in a new home. The couple sent tabloid tongues wagging a few days ago when they posted what appeared to be wedding photos on Instagram. They later said it was “just a joke” and that they have a wedding date planned for Valentine’s Day.
Considering the ultraspecific design and decor of the home, it’s easy to see why it’s been tricky to sell. We hope the new price will inspire a new generation of rockers to take up residence in the home and live life on the wild side. Drum kit not included. The post Rocker Tommy Lee Prepared to Take a Million-Dollar Loss on Calabasas Crib appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/tommy-lee-ready-take-loss-calabasas-crib/ Maryland’s most expensive home, also known as Ishpiming, was built in 1894 by slick Nevada politician Francis Newlands. Now listed for $25.9 million and extensively renovated over the century since its construction, the mansion was to be the centerpiece of a new development north of Washington, DC, called Chevy Chase. Newlands and a business partner bought up 1,700 acres of what would become the tony suburb, and even persuaded Congress to greenlight a trolley line from downtown. This house, which rests on a hill (Ishpiming apparently means “high ground” in the Chippewa language), “was prominently positioned to be seen from the trolley,” explains listing agent Ted Duncan. “It was a conspicuous example of what Newlands envisioned as the typical Chevy Chase home: opulent and ample,” writes Mark Walston in Bethesda Magazine. The home’s second owner, William S. Corby, invented a machine that shapes bread and made a fortune. His company was eventually sold to the makers of Wonder Bread. Corby and his family renovated the house into an English-inspired manor. Its 12,885 square feet include seven bedrooms, a 1,500-square-foot ballroom, opulent entertaining spaces, period fireplaces, handcarved ceilings, dramatic chandeliers, interior columns, stained-glass windows, arches, and other ornate features. The second floor has three master bedrooms, each with its own fireplace, and the third floor has four guest bedrooms. There are huge dining spaces, multiple sitting rooms, an art studio, dance rehearsal space, butler’s pantry, clubroom, piano room, spiral staircase, library, drawing room, massive porch, and gilded details around every corner. The 2-acre property includes manicured grounds, a huge garden, and a reflecting pool fountain. The home has hosted former presidents (George H.W. Bush and George W. Bush), dignitaries, politicians, and power brokers. As the original piece of property developed by the Chevy Chase Land Co., 9 Chevy Chase Circle is an incredibly well-preserved piece of DC history. “It’s geared toward someone who wants to entertain,” says Duncan. Whether that’s a politician, socialite, power broker, philanthropist, or just someone who appreciates historic homes, Ishpiming is ready for its next owner. The post This $25.9M Mansion Has Hosted Presidents and Is Maryland’s Most Expensive Listing appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/chevy-chase-mansion-maryland-most-expensive/ We have a soft spot for unusual homes and homes owned by celebrities—and it’s not often that both interests intersect. Today just happens to be one of those days. Former “Real Housewives of Beverly Hills” star Carlton Gebbia is selling her one-of-a-kind, Gothic mansion in Beverly Hills, CA, for $22 million. Gebbia appeared on Season 4 of “RHOBH,” where she clashed with long-running series star Kyle Richards. In one episode, Richards suggested Gebbia, who is Wiccan, had put a hex on her, after her computer started acting strangely. Gebbia’s on-screen tenure was brief but impactful, mostly for the episodes shot inside her four-bedroom, seven-bath house. Built in 2009, Gebbia’s 15,200-square-foot mansion sits on 1.7-acre lot that backs up to the 605-acre Franklin Canyon Park, and its five miles of hiking trails. In a 2013 video walk-through with Bravo TV, Gebbia showed off the home’s entrance hall with 36-foot-tall ceiling, and the floor-to-ceiling windows looking out to the backyard. Another room had a full-size bar and entertainment area with red walls, dark wood wainscoting, and a confessional. Crosses, dragons, black chandeliers, and dark, heavy drapes were seen in virtually every room. In short, Gebbia and her husband at the time, David, had built a mansion tailor-made to their specific tastes. Now, they’re hoping they’ll find a buyer who can appreciate the macabre. It’s clear the couple dialed back on the home’s Gothic inspiration when listing the home. The photos show they repainted the darker rooms white, and took down the home’s many crosses, including crosses carved into the risers on the princess staircase. Still, permanent, structural elements such as the cathedral doorways and windows remain, as does the intricate stonework around the entrance and fireplaces. Elsewhere, the home includes a burlesque room (which was a major storyline in Gebbia’s single season on the show), T-shaped pool and spa, home theater, and six-car underground garage. “Ten years of designing [and] building houses [with] my wonderful brother in law … this was, at the time, my last, my love, my everything,” Gebbia tweeted after listing the house. “Time to get back in the game again. New beginnings, but this house will always [be] mine.” The post Ex-‘Real Housewives of Beverly Hills’ Star Carlton Gebbia Lists Gothic Mansion for $22M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/carlton-gebbia-selling-gothic-mansion/ |
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