Actor Topher Grace, star of TV’s “That ‘70s Show,” has listed his supersized West Village loft for $4.25 million, says Luxury Listings NYC. Grace had bought the unit for $2.2 million in 2004, and rented it out in the past for $12,000 a month. The 1,858-square-foot, two-bedroom condo is a full-floor loft surrounded by sun-drenched windows. A key-locked elevator opens to an entertainment space with exposed brick walls and a tin ceiling. The listing notes that the place has been “renovated to offer modern conveniences while retaining the pre-war charm of the building’s industrial past.” The small kitchen has a window, brick wall, and breakfast bar. The master suite has a wall of windows, built-in shelving, and bathroom with soaking tub and shower. There’s also a walk-in closet with window, which could be converted into a third bedroom. The boutique building has six units and a common roof deck with views of the Empire State Building and the downtown skyline. Grace, 38, is best known for playing Eric Forman on “That ‘70s Show.” He’s also starred in the films “Spider-Man 3,” “In Good Company,” and “Predators.” He married actress Ashley Hinshaw about a year ago. The post Topher Grace Selling His Luxe West Village Loft for $4.25M appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/topher-grace-selling-loft/
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Are you ready for the housing market’s Endless Summer? At least it might feel endless, because there seems to be no end in sight for the national housing shortage now that we’re waist-deep in the busiest season for buying and selling, according to a preliminary analysis of June data by realtor.com®. With limited growth in for-sale homes, prices remained high. Just a few months ago, the nationwide median home price pushed above $250,000 for the first time. We’re predicting it will hit $275,000 when we close out June—an increase of 9% since one year ago. “The housing market has now gone 24 months in a row seeing inventory drop on a yearly basis, the longest streak in over two decades,” said Javier Vivas, manager of economic research at realtor.com, in a statement. The shortage is hitting even more markets, he added—8 out of every 10 have fewer homes for sale now than this time last year. And that shortage is reflected in how fast homes are snapped up. Properties in June spend a median 60 days on the market—the same level as May, but five days faster than in June 2016. It’s not that homes aren’t being listed for sale—in fact, 536,000 new listings entered the market in June. But total inventory is substantially lower than one year ago, at 11%. Plus, those new listings are primarily in the upper tier of the market, leaving middle- and lower-income buyers to fight it out over what’s left. “Most of this fresh inventory isn’t addressing the largest, most desperate group of buyers,” said Vivas. “With no clear hints of new construction providing short-term relief, there appears to be no end to the inventory shortage on the horizon.” Amid all this, Vivas’ team assessed the country’s biggest metropolitan markets to find which were buzzing the most with buyer activity, in terms of listings clicked on our site and homes speeding off the market on their way to new owners. As is the norm in recent years, our top 20 is a list dominated by California, but seven other states made a showing, and a couple of big movers hail from the Midwest. The top two spots are still held by the double threat of Vallejo, CA, and its infinitely swankier neighbor to the south, San Francisco. The San Francisco Bay Area’s economic influence reached eastward to Sacramento, which has absorbed many San Franciscans fleeing that city’s high prices. Sacramento sits at No. 4 on our hot list, after Kennewick, WA. And Columbus, OH, reached the top five for the first time in our ranking. Detroit, which fell just short of joining the club, moved up an impressive 12 spots since last month. The hot list
The post America’s 20 Hottest Real Estate Markets for June 2017 appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/trends/americas-20-hottest-real-estate-markets-june-2017/ Former MLB All-Star Jim Edmonds and his wife, “Real Housewives of Orange County” star Meghan King Edmonds, have finally sold their home in Newport Beach, CA, for $3 million. The house initially went on the market last July for $3.4 million. If the five-bedroom, 5.5-bath home looks familiar, you can thank Bravo’s “Real Housewives” franchise. The 5,534-square-foot home was the backdrop for many compelling conversations between the couple on the popular reality TV show. The main level features a great room with a two-story ceiling and fireplace, a formal dining room, a formal living room with fireplace, and an en suite bedroom with a private entrance. The chef’s kitchen with high-end appliances features a U-shaped island ideal for dining and conversation. The master suite has a fireplace, spa bathtub, and marble shower. According to the listing, the home is “a beautifully balanced blend of soft contemporary, traditional and modern farm-house elements.” Edmonds played for six teams during his 17-year career in Major League Baseball. His glory days were spent with the St. Louis Cardinals, with whom he won the 2006 World Series. He’s a four-time All Star and an eight-time Golden Glove winner. Edmonds married Meghan (his third wife) in 2014. She joined the cast of the Orange County housewives franchise in 2015 in the show’s 10th season. Together they have a seven-month-old daughter, Aspen. Currently, Jim serves as a baseball analyst for Fox Sports Midwest, and Meghan will display her skills at throwing shade in the upcoming season of “Real Housewives.” The post Ex-MLB Star Jim Edmonds and Meghan King Edmonds Sell Their Orange County Home appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/jim-edmonds-meghan-king-edmonds-sell-home/ Julia Roberts and Danny Moder have become real estate mavens in the tony beach community of Malibu, CA. They recently picked up their third place on the ritzy Point Dume, says Variety. The property, which the couple scooped up for $3.9 million, is an extremely modest ranch with wood siding. The 1,620-square-foot house sitting on the property practically shouts, “Tear me down,” and there’s a high likelihood the home will meet its final fate in the coming years. For now, it has three bedrooms and one bath, a wood-beam ceiling in the living room, and a detached, two-car garage. However, it sits on just over an acre of prime land—thus the price—and includes a deeded key to the permit-only Riviera One parking lot. There’s also a footpath to Little Dume, one of Malibu’s most prized private beaches. Among the A-listers who own Point Dume property are Matthew McConaughey, Shaun White, and Bob Dylan. Roberts already owns two Point Dume properties—a 2-acre, bluff-top estate, which she bought for $9.5 million in 2003, and a 1950s ranch-style house across the street, which she bought in 2016 for $6.84 million, according to Variety. In November 2016, the Oscar-winning actress sold a Hawaii beachfront home on Kauai’s North Shore for $16.2 million, almost half of the original asking price of $29.85 million. The post Three’s a Charm: Julia Roberts Picks Up Another Point Dume Place appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/julia-roberts-buys-another-point-dume-place/ Picking a paint color can be seriously overwhelming for a homeowner. With so many options out there (Is there really a difference between Mission Brown and Landmark Brown?), deciding on one shade can seem near impossible. But if you’re sick to death of staring at a wall of swatches, here’s a suggestion to help with your indecision: Why not go with the most popular color in your home state? So let’s forget all about this red state-blue state nonsense, at least for a blissful minute or two. Paint company Behr recently served up a new way of looking at the U.S. map, and it’s jam-packed with shades such as Spiced Potpourri, Brazilian Citrine, and Smoke Bush Rose. The Behr study tracked sales patterns and color preferences across the entire nation, and to our eyes the results are often surprising. For example, it might seem that New York and California are diametrically and geographically opposed U.S. bookends, but when it comes to paint, they have an awful lot in common. Homeowners in both states are reportedly gaga over similar shades of white (Linen White in New York, Swiss Coffee in California). Wouldn’t you expect these art and fashion hubs to be a bit bolder? Not necessarily so, according to color gurus: “White interiors are white-hot, so it’s not surprising they are more popular in those states first,” says Kristie Barnett, a residential color expert based in Nashville, TN. “Both states feature clean and sophisticated design,” adds Christine Harper, owner of Lifestyle Color Consulting and Decorating. Generally, the popular hues seemed to reveal the true colors of some misunderstood states. Texas, among the reddest of the red on the electoral map, betrayed a deep affection for the opposite color on the paint spectrum: a funky Kelly green known as Park Picnic. Several of our color experts noted that Texans are willing to take more design risks than, say, most of their neighbors in the Gulf Coast (who largely prefer murky shades of brown). Audra Slinkey, a certified color guru, says, “Texans pride themselves on their strong sense of design and staying on-trend,” she says. On the other hand, Slinkey was surprised by Georgia’s color, a putrid tan shade. Georgia is “a very on-trend state and Marrakech Brown is an out-of-trend color,” she says, bewildered. “Browns are out in general since they were overused from 2000 to 2010, when the Tuscan/earthy trend was in and it was commonplace for homeowners to choose travertine tile, earthy granite countertops, and tumbled tile backsplashes.” Regionally, some big areas spoke with a single paint voice. Deep South states such as Louisiana, Mississippi, and Alabama all veer toward muted (and dated) browns and drab greens. Barnett believes economic challenges might contribute to these states adopting color trends further down the road than the rest of the country. Meanwhile, in Midwestern states such as Missouri, Illinois, Indiana, and Ohio, optimistic blues dominate. “Gray-blues have been really popular for paint colors for the last five to seven years,” Barnett says. “And because of the trickle-down effect of color trends, these Midwestern states may just be now embracing this ‘new’ shade for their homes.” Color us amazed. Are you surprised by your home state’s top hue? The post Primary Colors: Do You Live in a Moonlit Mauve State or an Art Deco Pink State? appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/trends/most-popular-color-in-each-state/ About two-thirds of the contractors who are struggling with the labor shortages gripping the construction industry say it has become a challenge to finish jobs on time, according to a new survey. More than one-third of contractors said they are being forced to turn work down and 58% said they are putting in higher bids, said the survey sponsored by USG Corp. and the U.S. Chamber of Commerce. Three-quarters of those who said they are having difficulty finding skilled labor said they are simply asking their employees to work harder. “Basically they’re just making people work harder as a way to cope,” said Steve Jones, senior director of Dodge Data & Analytics, which was the research partner of USG and the Chamber on the project. The survey was conducted as part of the development of a new economic indicator launched earlier this month named the USG + U.S. Chamber of Commerce Commercial Construction Index. It was designed to gauge such trends as backlogs, revenue projections, access to financing and labor issues. Two-thirds of the contractors surveyed predicted there would be more workers in the next six months. But 61% of the respondents reported problems finding skilled laborers in such trades as concrete, interior finishes, masonry, electrical and plumbing. “There is reason for concern in the lack of qualified talent,” said Tom Donohue, chief executive of the Chamber in a written statement. Industry officials are warning that labor shortages will become more acute if the Trump administration moves ahead with its plan to spend $1 trillion on infrastructure. “We couldn’t absorb $1 trillion worth of brand new work,” said Mr. Jones. “We’re already strapped just dealing with the work we already have.” Labor shortages are partly due to the increasing number of construction projects moving forward. During the first four months of this year, construction spending amounted to $359.5 billion, 5.8% more than the same period in 2016, according to the U.S. Census Bureau. Also, tens of thousands of workers left the building trades during the economic downturn. Even before it hit, the construction workforce was aging, Mr. Jones said. “You had an aging workforce in an industry that doesn’t lend itself to long careers because it’s hard, physical work and then you lose a whole bunch of people,” he said. The USG and Chamber survey asked four questions on coping strategies to the 61% of respondents who said they’re having difficulty finding skilled labor. The post Labor Shortage Squeezes Real-Estate Developers appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/real-estate-news/labor-shortage-squeezes-real-estate-developers/ It’s oh-so-apropos for a dude who loves to ride sweet waves. In late March, pro surfer Kelly Slater rode into a beautiful beachfront house on the North Shore of Oahu, in the town of Haleiwa. The legendary wave rider paid $7.8 million for a home in a town where everyone knows his name. According to listing agent Anne Hogan Perry of Coldwell Banker’s Honolulu office, Slater grew up in Florida, but his family would rent homes along Papailoa Road, which happens to be part of Slater’s new address. “It’s always had a strong connection to him,” Hogan Perry says. “It’s one of his favorite surf breaks.” Luckily for him, the property offers 100 feet of private oceanfront. Known as the Seven Mile Miracle, this stretch of beach “has remained very stable” and had little ownership turnover, according to Hogan Perry. The 8,000-square-foot home is “built like a fortress … for the elements,” she adds. Slater was concerned about the hardiness of the home, which has a larger lot than its neighbors. Influenced by Asian and Hawaiian design, the compound comprises the main house, a two-bedroom guesthouse, and a one-bedroom cottage. High ceilings, tall windows, open walls were designed to bring the outdoors in. There’s also a pool, a pond with a Buddha statue, and boardwalks with a tropical Asia setting. All three buildings open out to the pool and lush gardens. The desirable home actually received 10 offers, but the seller chose Slater even though his bid was not the highest. The seller “felt that Kelly was the right person to carry on the (home’s) tradition,” says Hogan Perry. The post Pro Surfer Kelly Slater Scores a Beautiful Spot on Oahu’s North Shore appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/kelly-slater-buys-oahu/ This property’s peculiar nickname—the “upside-down house“—made our head spin. We were still baffled when we looked at the listing pictures. The property’s roof isn’t on its foundation, and the windows don’t open in a different direction. So why the topsy-turvy moniker? It’s actually simple. Thanks to the home’s original footprint, the property is built on the side of an embankment. A fair portion of the house is actually located below ground. To take advantage of the light coming into the house from the upper level, the owners, graphic designer Jade-Snow Carroll and her husband, construction executive Ian Rasch, turned the traditional suburban floor plan on its head: living room, dining room, and great room on the upper floor, and bedrooms on the ground floor. “The living space is all open,” says Carroll. “You literally have light from all directions at any time of day, which is really nice. Having the sleeping space downstairs, it’s just kind of cozier. And it seemed a little more darker, so it seemed to make a lot more sense.” Located in Hillsdale, NY, the upside-down house used to be a farmhouse. After Carroll and Rasch acquired the property, they went to work renovating it. They kept the original footprint and focused on the interior. “We wanted to bring new life into an old space,” says Carroll. Their amazing transformation is now on the market for $850,000. The three-bedroom, two-bathroom house offers 2,000 square feet of living space on a 3.1-acre lot. The home features an open floor plan, a 40-foot saltwater pool, outdoor shower, spring-fed pond, steam shower, wood stove, and soaking tub. “The house is also super-insulated,” Carroll says. “So in the winter it’s really, really efficient, and in the summer it’s also efficient.” “When I saw it for sale,” Carroll recalls, “I thought ‘I love the location.’” They knocked down the existing ranch and saved the foundation. “We cut a lot of trees down to make light around the house. And then we went back and we landscaped and planted river birches and redid the driveway. So the property changed drastically,” she says. “We are very happy with how it all came together,” she says. We’re positive a buyer will see things the same way, even if it doesn’t mean having to live on the roof. The post New York’s Upside-Down House Is Turning Heads appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/unique-homes/upside-down-house-new-york/ With the opportunity to start fresh with a new team in a new city, a former NFL top 10 pick is vanquishing the vestiges of his ill-fated stint in Cleveland. Barkevious Mingo was drafted sixth overall by the Cleveland Browns in 2013, but washed out with the team after only three seasons. He’s now selling his home in Strongville, OH, for $470,000. The linebacker bought the four-bedroom, five-bathroom home shortly before the start of his rookie campaign for $444,000. The 4,300-square-foot house is a perfect entry-level home for an NFL rookie. It’s not too big, because the baller palaces usually follow the all-important (and big-money) second NFL contract. But this is a nice place by all indications. The brick front is newly painted, and there’s carpeting throughout the first floor. The foyer features ceramic tile and a staircase. On the second floor, the master suite has a vaulted ceiling, fireplace, two walk-in closets, and a luxe bath. The dining room, which has a chair rail and crown molding, opens to a grand living room with a wet bar. According to the listing agent, the basement is an entertainer’s paradise. It features living and playing areas plus a full bar and a full bath. Cleveland got its just deserts, though, when Mingo snagged a Super Bowl ring with the New England Patriots. Before the 2016 season, he was traded to the Pats for a fifth-round pick in the 2017 draft, an ignominious return on investment for the beleaguered Browns. After Mingo’s one-season run in New England, the Indianapolis Colts reportedly signed him to a one-year deal for $2.5 million. In four NFL seasons, Mingo is credited with 117 tackles, seven sacks, 12 pass deflections, and an interception. The post Now a Colt, Super Bowl Champ Barkevious Mingo Selling Ohio Home appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/barkevious-mingo-selling-ohio-home/ How much of a markup can you charge for a house made famous on “Fixer Upper”? We’re about to find out: A Waco, TX, shotgun house that Chip and Joanna Gaines renovated in Season 3 has hit the market. Homeowners Cameron and Jessica Bell paid merely $28,000 for the 1,050-square-foot, one-bedroom property; however, they’re asking for much, much more than that: $950,000, to be exact. Whoa. Talk about shooting for the stars! Or, by aiming so high, are these sellers shooting themselves in the foot? Even with the considerable Gaines cachet, this price seems to be a stretch, considering that homes in Waco, TX, typically sell for $99 per square foot. This place, however, comes in at an astronomical $905 per square foot. Yet some say the sellers might actually fetch this price, or something close to it. Could it be permanently transformed into a short-term rental, pitched directly to the hordes of “Fixer Upper” fans? Tapping into the ‘Fixer Upper’ experienceIndeed, the property’s location—which is within walking distance to the Magnolia Market shopping and entertainment complex—might make this the ultimate crash pad for the show’s devotees craving a full “Fixer Upper” experience. “The home is priced with the thinking that this will be used as an investment property,” the listing agent, Jennifer Roberts with Briggs Freeman Sotheby’s International Realty, told realtor.com®. “It can be a great opportunity for the right buyer.” In fact, the Bells have been using the place exclusively as a rental property since their episode aired, charging $325 a night through Airbnb. “The property stays rented at over a 90% occupancy rate,” Robert adds. The truth is, the Gaines prefer that their clients live in the homes they renovate, rather than turning them into cash cows. “That’s the true intent of our show, and we want to ensure that does not get lost in this new vacation rental trend,” Brock Murphy, a spokesman for Magnolia, the Gaines’ company, said in a statement. So how much is a ‘Fixer Upper’ rental worth?Even if this shotgun house is an investment property, is it truly worth that much? Let’s crunch some numbers, starting with the Airbnb rental rate. “At $325 per night with a 90% occupancy rate, that equals an annual gross income of $106,763,” says Gregor Watson, co-founder and chairman of Roofstock. This sounds pretty sweet, but you need to factor in some reality: Rental properties cost money to maintain, and those expenses are particularly high with short-term rentals. You need to shell out for frequent housecleaning and heavier wear and tear. As a result, Watson estimates that 50% of those returns would get eaten up, resulting in net profits hovering around $53,381. Then, of course, you have to pay the mortgage on top of that—which, if this house goes for full asking at $950,000, totals $3,628 a month, presuming a 20% down payment and a modest 4% interest rate (taxes and insurance not included). “The resulting return on investment for this property is only about 2.5%,” Watson says. This is measly, “about a third of what you’d normally get on a single-family rental property.” In other words, this place is a hardly a guaranteed profit generator. “There are over 16 million rental homes in the U.S. with significantly higher return rates,” contends Watson. So what price would make sense for this as an investment property? “If the home is purchased for $500,000, it would have a resulting return of 5%, which is in line and could make for an interesting investment,” says Watson. Will it be discounted that much? Well, here’s one thing for sure: The place has already netted tons of free marketing. “The sellers and their agent are brilliant,” Texas Realtor® Wendy Flynn says with a laugh, “because now they have everyone talking about this house!” The appraisal problemEven if buyers buy into the hype, most lenders won’t be so easily star-struck. “If your bank orders an appraisal, and they usually do, there’s likely no amount of TV time that will justify that valuation,” says Cedric Stewart, a residential and commercial sales consultant at Keller Williams, in Washington, DC. “Even with its novelty, there is no reason this home in this area should sell for a penny above $500,000, and that’s generous for a one-bedroom, one-bath home. “I expect to see many price reductions here, a move to sell at auction, or even a withdrawal from the market altogether.” Stay tuned, “Fixer Upper” aficionados! The post This ‘Fixer Upper’ Home’s Price Tag Will Make You Question All Reality appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/trends/fixer-upper-shotgun-house-for-sale-for-sky-high-price/ |
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