“House Party” is realtor.com®’s official podcast about the overlapping worlds of real estate and pop culture, hosted by Natalie Way, Erik Gunther, and Rachel Stults. Click the player above to hear our takes on this week’s hot topics. Considering we practically eat, sleep, and breathe real estate, we thought it was high time we watched “Selling Sunset,” a Netflix reality show that’s billed as a mix between “Million Dollar Listing” and “The Real Housewives” franchises. After sitting through all 32 minutes of the pilot episode, it’s clear that the soapy reality series leans more toward the latter. Real estate and home design take a back seat to catfights and drama. Were we into it, or did the lack of authenticity make watching it a painful experience? We give our honest thoughts on this week’s episode. Other topics we discuss:
Ready to listen? Subscribe on Apple Podcasts, Google Play Music, Spotify, or wherever you get your podcasts. And please: Throw us a five-star rating if you like what you hear. The more good ratings and reviews we have, the easier it is for people to find us. Want to chime in? Have your own crazy home-related story you’re dying to share? We’re all ears, eagerly waiting to discuss all of your burning real estate questions on “The Mailbox” segment. Email us at [email protected], follow us on Facebook, or tweet us @housepartypod on Twitter. The post ‘House Party’ Podcast: Can Your Swimming Pool Kill Coronavirus? Plus, How We Really Feel About Netflix’s ‘Selling Sunset’ appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/podcast/episode-64-house-party-podcast/
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It’s been on the market for nearly a year, but this mansion in Potomac, MD, took over Twitter this week. Over the past few days, the listing has scorched social media. A viral tweet about a fancy house with a basement decked out to look like a fake town sparked the curiosity of real estate gawkers. Its wild listing photos have brought some much-needed levity to a captive audience of stay-at-home scrollers intrigued by the $4.5 million mansion. Built in 1987, the home was remodeled to include a unique amenity. Down in the basement, you’ll see the faux main street of a small town, complete with store facades, a post office, movie theater, and cobblestone streets. The old-timey theme is reinforced by the owner’s antique cars. Once Twitter got a gander at the photos, thanks to this eagle-eyed property browser, page views on the listing soared.
The tweet has since racked up more than 350,000 likes and more than 44,000 retweets. The burning question for many of the people exposed to these amazing photos has been simple: Why? Why would someone build a fake antique town in their basement? Turns out the answer isn’t particularly exotic. The home’s owners--Tom and Alice Blair—simply wanted a space for fun with family and friends. Lori Leasure, the home’s listing agent, notes that Tom is a guy with a great sense of humor. “He had three teenage kids in the house and used it to host parties,” she says. “There’s a TV room, and the side opens up to the garage, so the cars can get in and out.” Another of Tom and Alice’s properties, known as Hickory Ridge, in nearby Howard County, MD, has been transformed into a paradise for their grandkids. It’s part farm, part airport for Tom’s World War II planes, and even has its own private church. Let’s just say the Blairs aren’t afraid to spend money to create a mansion full of family magic. Besides the one-of-a-kind basement, the rest of the home the Blairs are leaving behind is formal and traditional. It has seven bedrooms, nine bathrooms, and over 12,000 square feet of living space. The mansion sits on a gated, 4-acre lot, and the property also has a tennis court, heated pool, and guesthouse with private entrance. Leasure told us she’s hopeful the home will sell soon, despite the fact that it’s been on the market since July 2019. She says her hopes aren’t up simply because the listing photos have gone viral—she’s seen a strong rebound in the high-end home market with the ongoing pandemic. “People want more space and more land and to get out of the city,” Leasure says. “And this has 4 acres. The luxury market has really taken off since the virus.” While the recent attention might not help sell the high-end property with the boffo basement, it has brought joy to plenty of people over the last week. Which was Blair’s point in constructing the charming little town in the first place. He wanted to transport folks someplace else and take them out of the everyday, even for just a while. We’d say it worked like a charm. The post Listing Photos of Elaborate Fake Town in Basement of Potomac Mansion Are a Must-See appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/listing-photos-of-elaborate-fake-town-in-basement-of-potomac-mansion-must-see/ A whimsical oceanfront compound with its own distinctive lighthouse is on the market in Key Largo, FL. Known as the Key Largo Lighthouse, the 1.65 acre-property on Oleander Circle can sleep about 20 people and entertain many more. It’s listed for $7.9 million, and what you see is exactly what you’ll get. “It’s sold the way you see it in the pictures,” says the listing agent, Pierre-Marc Bellion, noting that the sellers are leaving everything, including the two boats at the dock. “It’s obviously not for every taste or for every buyer, but it’s very well done. It comes with all the décor, all the features, all the furniture, all the toys, everything.” The current owners purchased the property in 2014 and extensively remodeled and added to it. “They went a little overboard on everything,” says Bellion. As one prime example, the outdoor pool is an over-the-top ode to splashy fun. The owner wanted a pool, says the listing agent. “He wanted the pool to be spectacular, so he brought in a company from Las Vegas and spent something like $1.2 million.” The luxe aquatic area now features a hanging bridge leading to a slide, multiple waterfalls, and a zero entry into the water that looks like a beach. Multiple tiki huts sit close to the pool and the ocean, and they’re all wired for sound. Each hut also has a grill or outdoor kitchen nearby. One of those outdoor kitchens boasts a pizza oven imported from Italy. Near the ocean, there’s a paved area with another outdoor kitchen that can be completely closed in with canvas. If swimming doesn’t sound appealing to you, check out the areas for volleyball and shuffleboard. Meanwhile, the designer of the professional tennis court also drew up courts for Venus and Serena Williams. In addition to places to play, there are plenty of places to sleep and lounge around. The main house on the property has just a single bedroom, but it’s a roomy place to rest your head. The master bathroom has an indoor/outdoor shower, plenty of living space, and a huge kitchen with a massive island and an equally massive sink. A special metal and concrete structure had to be built to hold the sink, Bellion says, because it weighs in the range of 2,000 pounds. There’s a completely separate second home under the same roof, with two bedrooms, bathrooms, living space, and a kitchen. For your guest, four more bedrooms can be found in the property’s lighthouse. “In the lighthouse, you can go up and up and up,” the agent says. “The higher levels have little futons, and kids can sleep in bunk beds.” Overall, the property has seven bedrooms and seven bathrooms, perfect for an extended family with their children and grandchildren. At one time, a company held weddings on the property, but the current owner used the area as a private residence. Boaters will appreciate its more than 700 feet of water frontage, with multiple boat slips and lifts. Because of the compound’s unique appearance, the dock attracts a fair share of gawkers. “Every now and then, they have people coming to the dock and stepping on the property and asking when they open for lunch,” the agent says. “It happens pretty often.” The owners recently purchased a ranch in Wyoming and plan to raise grass-fed beef cattle there. With the Great Plains calling, they are apparently ready to part with this playful retreat. All the homes surrounding this standout in the city’s Port Largo neighborhood are on lots of a normal size, Bellion explains. The compound is located at the end of the community, up against the Atlantic Ocean. He says this property would be a perfect retreat for a large family or for a corporation. “It’s a resort—it’s really like a private resort, where everything is done commercial-grade. It’s really made for entertaining.” Simply look for the lighthouse, and sail on in. The post Whimsical Resort in Key Largo Comes With a Lighthouse and Million-Dollar Pool appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/whimsical-resort-key-largo-lighthouse/ The coronavirus pandemic has many Americans rethinking the kind of lifestyle they want. Apartment living in central, densely populated urban areas is losing its appeal as residents are subject to building restrictions and risk coming into contact with people infected by the virus. Polling data suggests that nearly one-third of Americans are considering a move to less populous areas, and in some regions, they are already relocating. Between March 15 and April 28, moves from New York City to Connecticut, for instance, jumped 74% compared to the previous year, and the Hamptons have already been flooded with New Yorkers fleeing the city. The desire for space and privacy—and for control over who comes and goes from one’s home—is stronger than ever, making single-family homes an especially smart investment now. “Single-family homes in the post-Covid era are a more flexible kind of living arrangement,” said Janet Feinberg Schindler, a broker with Sotheby’s International Realty in San Francisco. “There are no board members imposing rules on how you live. Outdoor space can be enjoyed freely with your family, and no one is there to enforce social distancing. If you want to sell it, or rent it, you only need to make that decision yourself without consulting anyone.” Single-family homes in suburbs just outside major cities offer particularly good opportunities to make a strong return on investment. “The number of single-family homes being rented is off the charts,” especially at the high end, said Candace Adams, CEO & President of Berkshire Hathaway HomeServices New York, New England and Westchester Properties. “In Connecticut, rentals for over $5,000 a month have increased by 33% year over year, and by 59% for rentals over $8,000 a month.” On the West Coast, too, there has been a surge in interest in single-family rentals, as wealthy Americans test-drive a more suburban lifestyle amid the Covid-19 crisis. “I just sold two homes to investors that will lease for $15,000 to $16,000 a month,” said James Harris, a broker with The Agency in Los Angeles. “It’s so cheap to borrow that you’re making 10% on your money a year. It’s a very good return on investment, and I think over the next five to seven years, you’re going to see capital appreciation.” However, he adds, apartment living isn’t losing its luster entirely. High-end, full-service condos that go the extra mile to protect residents will still appeal to buyers. “People love full-service living, and there will be new measures put into place by these developments for those people, I’m sure,” Mr. Harris said. The appeal of single-family properties post-CovidBefore the outbreak of coronavirus, demand for single-family homes was already high, and some real estate experts expect that the current pause on much of the buying and selling in the U.S. will lead to pent-up demand post-Covid. Investing in single-family homes not just on the outskirts of cities but within them could lead to strong returns. “From an investment standpoint, I have always been a firm believer in the value and desirability of a single-family home, particularly in a city as dense as San Francisco, where the amount of land is limited, and new homes cannot be built,” Ms. Feinberg Schindler said. Given that many boards and homeowners’ associations in apartment buildings are restricting visitors and services, and curtailing buyers’ ability to see units for sale, the greater autonomy provided by single-family home living will become more of a draw. In the wake of the pandemic, urban-dwelling millennials are expected to start looking for more square footage in the suburbs but are more likely to rent than to buy, presenting opportunities for investors to earn rental income. “Millennials want to have more space, but they don’t want the responsibility of owning,” Ms. Adams said. “Uncertainty makes people more apt to rent, not knowing where the job market might land them. So it’s a fabulous time to move money into real estate as an investment, as opposed to financial markets.” South Florida could be a promising market for investors, as people from the Northeast head south seeking more space and waterfront living. Florida’s lack of income tax and lower property taxes are also a major draw for buyers from high tax states like New York, New Jersey, and Connecticut. “In the upcoming season, we’re expecting that independent homes with pools will get more attention,” said Daniela Bonetti, a broker with ONE Sotheby’s International Realty in Miami Beach. “Earlier this year, the price of single-family home rentals increased by a lot, especially waterfront homes. Even if it’s expensive as an investment, it’s worthwhile, because [owners] do get a lot of rental money per month, and we don’t think prices will go down.” In Palm Beach, too, demand is higher for houses than for condos, particularly from buyers with young families seeking private beaches and more space for their children. “There are a number of New Yorkers who are working away from the city now, and Covid is causing a resurgence of activity here,” said Ashley Copeland, a broker with Brown Harris Stevens in Palm Beach. “Supply and demand always makes this island a safe investment because our inventory is on the low side, and now we’re having unusual demand here.” What features to look for in single-family homesInvestors should consider which property features will be especially in demand, given the way the coronavirus pandemic has altered Americans’ ways of living and working. Outdoor space, for instance, will be a more appealing feature than ever, and having a dedicated office for working from home will be a top priority. “Having private outdoor space is going to be perceived as a greater luxury, whether it be in the form of a deck off an apartment or a garden associated with a house,” Ms. Feinberg Schindler said. “Personal outdoor space enables one the peace of mind to know someone else won’t be violating social distancing, as well as the comfort of knowing that whatever you may touch is your own and won’t be contaminated by the outside world.” Investors should also look closely at properties in gated communities, where the sense of greater security will be a draw to buyers. “When we start talking about the high end, buyers are really going to start looking for gated communities,” Mr. Harris said. “People are also very focused on land, and they want privacy and swimming pools. They’re going to change their lifestyles, with a lot more working from home, and if this [pandemic] were to come back, people want to feel as though they are prepared and their home can be their sanctuary.” The post Amid the Covid-19 Crisis, Single-Family Homes May Be the Smart Investment appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/amid-the-covid-19-crisis-single-family-homes-may-be-the-smart-investment/ It looks as if Khloé Kardashian is ready to part ways with her Calabasas, CA, estate. According to TMZ, the âKeeping Up With the Kardashiansâ star is on the hunt for a buyer with $19 million to spend on her Mediterranean manse. The 11,000-square-foot home isnât officially listedâyetâbut the web is already buzzing over her possible real estate move. Khloéâs ultra-private and renovated villa sits in the exclusive enclave known as The Oaks. Itâs just a few doors down from her sister Kourtney Kardashian, who purchased a home from the retired football player Keyshawn Johnson in 2014. As the years pass and the transactions pile up, weâve tried our darnedest to keep up with Khloéâs real estate portfolio. Hereâs where the youngest Kardashian sister has called home. From Justin to KhloéThe mansion sheâs supposedly parting with has a history of its own. Khloé bought the six-bedroom, seven-bathroom, 9,214-square-foot spread from the pop star Justin Bieber for $7.2 million in 2014. Bieber had purchased the place for $6.5 million from Nicole Murphy, the ex-wife of the comedian Eddie Murphy, in April 2012. He proceeded to alienate his neighbors with an array of high jinks, which culminated in an egg-tossing incident that cost him $80,000. The singer also reportedly left behind a skateboard ramp in the backyard, which Kardashian promptly removed. Once Bieber left Calabasas, Khloé spent a pretty penny tailoring the home to her tastes. But even if the costs of the renovation ran into a couple of million dollars, sheâd still be strolling away with a sweet profit if a buyer comes up with the $19 million ask. The double-gated Oaks community offers the social media star privacy from prying eyes, and proximity to her sister Kourtney. The sisters even shared a decorator, Martyn Lawrence Bullard, and coverage of their differing aesthetic preferences in Architectural Digest. When Khloé purchased the home from the pop star, it was âa giant play palace built for a boisterous young man,â Bullard told AD. âWe decided to give it some romance, bringing it back to its Mediterranean roots.â The finished product can be spotted on Kardashianâs Instagram account, as well as in scenes from âKeeping Up With the Kardashians.â In 2019, the reality TV star had yet another set of renovations performed on the house. After living in a rental home for a bit while work was underway, she moved back into the home last June, according to People magazine. The magazine also reports sheâs been sheltering in place at the refreshed space with her daughter, True, The newly updated abode is one of just 16 properties in the gated community, and covers 1.28 acres, with views of Malibu Canyon. It has a pool and spa, multiple outdoor spaces, a home theater, and a guesthouse, according to TMZ. Living the Tarzana lifeBefore following her family to Calabasas, Kardashian lived in a Mediterranean-style mansion in Tarzana, CA, with her husband at the time, the basketball player Lamar Odom. They purchased the 8,000-square-foot residence for $3.95 million in 2009. The swanky spot featured six en suite bedrooms, a home gym, library, office, and theater room. The grounds include a swimming pool with water features, a large lounge area, and an outdoor kitchen. After the couple split, they placed the home on the market in 2014 for $5.5 million. It eventually sold to actress Kaley Cuoco for that exact sum. However, Cuoco took a huge hit when she put the home back on the market in 2019. She listed it for $6.9 million, and had it on the market for over a year, before finally selling it this spring for just $3.95 million. Detour to DallasIn 2012, Kardashian and Odom also shared a posh apartment in the W Dallas Victory Hotel & Residences, when the baller left the Los Angeles Lakers to join the Dallas Mavericks. The two reportedly paid $7,500 a month for the two-bedroom, two-bath condo owned by Mack Hicks, son of Dallas businessman Tom Hicks, who owns the Texas Rangers. The post Keep Up! Khloe Kardashian Reportedly Ready To Sell Calabasas Home for $19M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/khloe-kardashian-reportedly-wants-to-sell-calabasas-home/ If psychedelic colors, copious amounts of wood paneling, and wrought-iron railings are your bag, you will love this week’s most popular home on realtor.com®. It’s a time capsule that has remained relatively untouched for over five decades. Built in 1967, the Missouri home is still in pristine condition—from its hot-pink carpets and hand-carved wood paneling to a selection of bold wallpapers plucked straight from Carol Brady’s vision board. Originally designed to look like an English manor, the home covers 34 acres and is crammed with architectural gems, for example, hand-carved fireplace mantles and a standout spiral staircase. Out front, there’s an amazing curved porte-cochère that welcomes guests to the estate. Surrounding the ’60s throwback house are more than 34 acres of pastoral land dotted with barns and guesthouses, for a private retreat unlike any other. The Missouri throwback wasn’t the only oversized property to make our list. Michael Jordan‘s enormous mansion near Chicago continued to rack up clicks, even though it’s been on the market for nearly a decade. The mansion’s new wave of popularity comes thanks to ESPN’s blockbuster documentary “The Last Dance.” Even though the price on MJ’s home has been cut a number of times, no buyer has seen fit to roll through the front gates emblazoned with the number “23” and make an offer. Other homes you clicked on this week included a lavish Tennessee estate with an epic pool party setup, a must-see modern home in Washington, and a waterfront castle—in Kansas City. For a full look at this week’s most popular properties, simply scroll on down… 10. 104 Oak St, Dyersburg, TNPrice: $299,000 The former sanctuary now serves as an oversized living room and kitchen, and the original bell tower is still intact. Best of all? Most of the work is done. The converted church boasts new plumbing, fixtures, ceiling fans, and appliances. ——-- 9. 1069 Meadow Hills Dr, Richland, WAPrice: $975,000 Outside, the home has a heated saltwater gunite pool with fountains and a guest casita. The home’s stylish appeal resonated with buyers—it’s pending sale after less than a week on the market. ——-- 8. 1768 Tudor Rd, Juno Beach, FLPrice: $100,000 Built in 1963 and totally redone in 2017, it’s built to last, thanks to custom steel reinforcements and a safe room for security. It’s on a large lot close to beaches, shopping, and dining. ——-- 7. 886 Burks Hill Rd, Bedford, VAPrice: $169,900 The three-bedroom home has been updated throughout and had a new roof installed last year. It’s move-in ready and even comes with a front porch swing. ——-- 6. 2700 Point Ln, Highland Park, ILPrice: $14,855,000 Featuring luxe amenities and customizations that were tailored for Jordan’s passions, the 56,000-square-foot mansion was built in 1995 and has been up for sale since 2012. If buyers ever decide to take a shot, they’ll acquire an estate with a regulation basketball court, gym, circular infinity pool, putting green, tennis court, and cigar room. ——-- 5. 12540 E. State Route 56, Circleville, OHPrice: $850,000 The warm, cozy interiors of the four-bedroom home feature original wood-plank floors, two staircases, five fireplaces, and a music room. It’s surrounded by 35 pastoral acres, with a staggering 16 additional structures on the property, including a guesthouse, summer kitchen, horse barn, shop, and multiuse barn. ——-- 4. 335 S. Lakeview Dr, Terre Haute, INPrice: $2,395,000 Frescoes, floor-to-ceiling windows, walnut floors, and beamed ceilings are just a few of the property’s interior highlights. Outside, the gorgeous grounds offer a tranquil respite from everyday life. ——-- 3. 10000 N.W. 75th St, Kansas City, MOPrice: $4,995,500 Three lots were combined to create this 1-acre property, with its amazing 350 feet of shoreline on Weatherby Lake. ——-- 2. 502 Browns Ferry Rd, Chattanooga, TNPrice: $8,000,000 We love the terraced outdoor entertaining area and pool. The outdoor living area is to die for. For additional outdoor time, there’s a sundeck, pergola, fire pit, and plenty of patio seating. Inside, the six-bedroom home is loaded with luxe amenities, such as hickory floors, a huge kitchen, and a Creston Smart Home system. ——-- 1. 8341 U.S. Highway 63, Freeburg, MOPrice: $475,000 Peep the deep red carpet in the formal living area, the dark wood cabinetry in the kitchen, and the variety of loud colors and patterned wallpapers throughout the home’s bedrooms. You won’t regret it—trust us. The post Totally Groovy Missouri Time Capsule From 1967 Is the Week’s Most Popular Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/missouri-time-capsule-most-popular/ Mark Bezos, younger brother of world’s richest man Jeff Bezos, is selling his swanky 4-acre estate in Scarsdale, NY, for $11 million. Built in 1905, the property last changed hands in 2008 for $4 million. The younger Bezos soon embarked on a major renovation to the home. It now features modern amenities and “timeless finishes,” according to the listing, which describes it as “one of the most beautiful homes in Scarsdale.” The property includes a main house with six bedrooms, four bathrooms, and five powder rooms, and a four-bedroom, four-bathroom guesthouse. The approximately 10,000-square-foot main house features a 22-foot entry foyer, which leads to a living room with custom bar, kitchen with casual dining area, and formal dining room. Other rooms worth noting include a home office, home theater, game room equipped with a golf simulator, gym, wine cellar, and second-floor atrium. The 3,500-square-foot guesthouse includes a great room, kitchen, and changing rooms. Outside, there are dining and lounging spaces, a heated pool with waterslide, spa, and stone fire pit. Located just a half-hour train ride from midtown Manhattan, the upscale Westchester County community boasts “stellar public schools and luxurious parks and pools,” according to the New York Times. Bezos’ purchase and subsequent renovations resulted in “inflated prices and taxes for his neighbors.” The posh neighborhood is right in the middle of Scarsdale, close to Heathcote Five Corners, Scarsdale Village, and the Golden Horseshoe shopping center. Bezos has put roots down in the community. He’s served as a volunteer firefighter for the Scarsdale Fire Department, and even gave a popular Ted Talk about his experience. Bezos has also served as senior vice president of communications, marketing, and events for the Robin Hood Foundation, an anti-poverty organization. Previously, he owned an advertising agency, which he sold in 2006. He is also a founding partner of Venly. Andrea K. Weiss with Julia B. Fee Sotheby’s International Realty holds the listing. The post Mark Bezos, Brother of the World’s Richest Man, Selling $11M Home in Scarsdale appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/jeff-bezos-brother-mark-bezos-selling-scarsdale-home/ A stylish $30 million estate on 14 acres in Armonk, NY, is this week’s most expensive new listing on realtor.com®. Built in 1994, the manor was reportedly purchased by Richard Baker, the governor and executive chairman of Hudson’s Bay Co. The Westchester County residence has since been completely redone. “The owner just saw the opportunity to buy the project,” says listing agent Leslie McElwreath. The noted interior designer Steven Gambrel was brought in and, McElwreath adds, “completely transformed it, top to bottom.” Gone are old-fashioned chintz, Persian rugs, and marble floors. The enormous 31,000-square-foot space now includes a warmer wood flooring underfoot, modern window coverings, and splashes of bright colors to update the look. The interior spans four floors, with eight bedrooms, eight full bathrooms, and three half-bathrooms. Highlights of the luxe estate include two elevators, six fireplaces, two pools, and a seven-car-garage. In addition, the stylish residence comes completely furnished with custom furniture, carpeting, and lighting that Gambrel designed. It’s a turnkey purchase for a deep-pocketed buyer. “Someone could literally bring their suitcase,” McElwreath says. The dwelling is already outfitted with sheets, towels, pots, pans, along with furniture and decor. The only element in the listing photos that isn’t included in the price is the artwork. The European-style manor offers plenty of options for recreation and relaxation, or perhaps an idyllic telework environment. The floor plan includes a reception hall, formal living room and dining room, a red-lacquered library (formerly paneled in wood), and a remodeled gourmet kitchen with bar seating. An adjacent room for casual family dining comes with a built-in banquette. In addition, the activity spaces include an office, gym, billiard-room, wine cellar, and screening room. A secondary catering kitchen on the lower level allows for large-scale entertaining. On the second floor, the deluxe owner’s suite includes a bedroom, sitting room, private deck, bath, and two dressing rooms. In addition, the property boasts both an indoor pool, and a pool outside that is surrounded by a poolhouse and patios. The grounds, designed by Simon Johnson, feature formal gardens, manicured foliage, and a series of tiled reflecting pools. “You’ll never see a garden like this at a private residence, McElwreath says, describing it as on the level of a formal botanical garden. The gated estate, perched at the highest point of a gated community, surrounded by treetops, may appeal to those seeking a refuge from urban life, whether full-time or as a vacation retreat. However, Manhattan and Greenwich are easy commutes. “It provides a great opportunity for someone who would like to have family and friends close by with all amenities on site,” the agent adds. A perfect perk in the age of the coronavirus, for a well-heeled buyer who isn’t inclined to travel too far from home this summer. The post ‘Transformed’ $30M Country Manor in Armonk, NY, Is Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/transformed-country-manor-in-armonk-most-expensive/ A perfectly preserved home in Palm Springs, CA, once owned by the celebrated interior designer Arthur Elrod has come on the market for $2.5 million. Elrod is also associated with an iconic circular home, designed for him in Palm Springs in the late 1960s by the architect John Lautner. But before he lived there, this was Elrod’s home, a showcase of his own work where almost nothing has changed since he left the premises in the early 1960s. “The man who bought it, he didn’t want to move an ashtray,” says listing agent Nelda Linsk, also a friend of Elrod, who died in 1974. “And he owned it for 60 years.” The owner has since passed away, and the home is being sold by the owner’s family. It’s offered exactly as Elrod created it (and the late owner maintained it), with the furniture and artwork included. From the first steps inside, the home is a journey back to the 1960s, with a Jetsons meets jet-set style. Built in 1962, the mod time capsule features four bedrooms, 4.5 bathrooms, and spans 4,780 jaw-dropping square feet. Enter into an inner court with a reflecting pool, which leads to the “wow” room, as Linsk calls it. Its more common name would be a living room, but we understand Linsk’s sentiment. With 14-foot high ceilings, the space features a custom couch and rug, with pops of canary-yellow and tangerine, and a wall of windows. The master bedroom, in turquoise, reflects the shade of the pool just outside the sliding glass door. Meanwhile, the master bathroom has a dazzling dressing area with a textured decor of gold and blue. The original kitchen features tiled counters and high retro appliances. The residence is set on a large lot, and Linsk notes that it is an entertainer’s dream, with indoor and outdoor flow, a pool, patio, and shaded areas, along with mountain views. The sunny yellow pool furniture carries the color theme outdoors. “All the finishes are unique,” Linsk says, noting that Elrod had a genius for coming up with utterly unique color schemes. “He used the house as a testing board. Everything he did worked.” The home’s unique touches include a floating cabinet in the living room, with a built-in turntable. The ingenious lucite drawers in the master suite allow you to easily find what you need. After six decades, the interior is still totally fabulous. While the family did have to make some updates over the years, they respected Elrod’s style and spirit, Linsk says. She’d love for the next owner to be as just enthusiastic about the designer’s amazing vision. “I’m hoping whoever buys it keeps it as it is,” she says. The post Terrific Time Capsule! Designer Arthur Elrod’s ’60s Vision Still Pristine in Palm Springs appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/designer-arthur-elrod-palm-springs-home-with-original-furnishings/ The numbers: The index of pending home sales dropped 21.8% in April compared to March as the coronavirus pandemic kept prospective home-buyers out of the market, the National Association of Realtors reported Thursday. Compared with a year ago, pending home sales were down 33.8%. Overall, it was the largest decline since the National Association of Realtors began tracking this data in 2001. The index measures real-estate transactions where a contract was signed but the sale had not yet closed, benchmarked to contract-signing activity in 2001. It is an indicator of existing-home sales reports in the coming months. What happened: The Northeast saw the biggest decline in contract signings, with a 48.2% plunge month over month — likely a reflection of the emergence of New York as one of the hot spots for the global coronavirus pandemic. The South saw the next largest decrease, followed by the West and the Midwest. The rates of declines in April were lower in the Midwest, South and West compared to the declines in March. Big picture: Stay-at-home orders to prevent the spread of coronavirus put a major dent in the number of contracts that were signed in April, which could preview a significant drop in home sales figures in months to come. The good news for the market, though, is that sales activity has shown signs of a rebound. “In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures,” said Lawrence Yun, chief economist at the National Association of Realtors. Mortgage applications for loans used to purchase homes have increased on a weekly basis for six consecutive weeks now, according to the Mortgage Bankers Association. That’s a sign that buyers are lining up financing in order to march into the housing market. The remaining question is whether sellers will follow. “Home sales could bounce back if sellers also enter the market with similar enthusiasm to buyers,” said Danielle Hale, chief economist at Realtor.com. “Our latest weekly data shows an improvement in new listings declines, but inventory levels still remain well below levels seen this time last year.” If the number of homes on the market remains constrained, so too will the number of sales, regardless of buyers’ demand. What they’re saying: “Mortgage applications for purchases have fully unwound their previous plunge, suggesting sales are rebounding in May,” Sal Guatieri, senior economist at BMO Capital Markets, wrote in a research note. “The housing sector seems to be weathering the crisis about as well as could be expected, even if it will take a long time before sales return to pre-virus levels given the massive job losses.” Market reaction: The Dow Jones Industrial Average and the S&P 500 were both up slightly in Thursday morning trading despite the downturn in pending home sales. The yield on the 10-year Treasury note was flat. The post Pending Home Sales Saw Biggest Decline on Record in April Because of Coronavirus Pandemic appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/pending-home-sales-saw-biggest-decline-on-record-in-april-because-of-coronavirus-pandemic/ |
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April 2021
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