A massive, Italian-style villa in Los Angeles just came on the market for $69.95 million. At this sky-high price, the Holmby Hills estate is the week’s most expensive new listing. Modeled after a Palladian villa, the 31,000-square-foot residence on 1.18 acres might look vaguely familiar. It was reportedly the setting for more than 50 photo, TV, and film shoots. It’s easy to imagine enjoying a Hollywood close-up in this dramatic space. Built in 1993, the upscale interiors have been reimagined by interior designer Stephen Stone. Notable touches include 27-foot-high ceilings, terrazzo flooring, and a two-story chandelier. In addition to six bedrooms and 9.5 bathrooms, the home has a two-story, wood-paneled library, double living rooms, a billiard room, and spacious formal dining room. Then, there’s the Bulthaup kitchen adjoining a family room. And an enormous 2,900-square-foot master suite with dual baths. The lower level is a world apart, with a home theater, 3,400-bottle wine cellar, full bar, lounge, spa, and indoor pool. The property last changed hands in 2014 for $19.5 million, according to real estate records. It appeared on the market a year ago for an eye-watering $88 million. With no takers, the asking price was slashed by about 20% and bounced back onto the market this week. Drew Fenton with Hilton & Hyland holds the listing. Not surprisingly, the home is located on an elite street. The avenue is also the place where you’ll find the former Spelling manor, the 56,000-square-foot spread that was sold to Formula One heiress Petra Ecclestone. That compound is on the market for $160 million. And practically next door is another similarly sized space. That place on Mapleton was being offered complete with a medical suite and landed on the market a year ago for $69.9 million, topping our most expensive home list at the time. It’s now off the market. The post $70M Italian-Style Villa With Indoor Pool Is Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/italian-style-villa-indoor-pool-most-expensive-new-listing/
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John Lautner‘s circular home in L.A.’s Sherman Oaks neighborhood has hit the market for the first time since it was designed by the famed architect in 1950. Listed for $1.6 million, the architectural masterpiece is situated on a 5,556-square-foot lot in the hills of Sherman Oaks. The unconventional residence was built for Louise Foster, a schoolteacher, according to Curbed. It’s a bit of a landmark with its conspicuously curved wooden walls and spaceship design. “Not only is this iconic John Lautner home completely unique in its shape and design, it’s the first time it has been on the market, making it a rare opportunity that will captivate those looking for something truly original,” says listing agent Aaron Kirman of Aaron Kirman Group at Compass. Measuring a petite 1,200 square feet and offering two bedrooms and two baths, it’s not a massive home, but every square inch is thoughtfully designed to allow an abundance of light to permeate the interior. Upstairs in the circular part of the home there’s a living room with curved walls and beamed ceilings. Sliding doors open to a unique curved terrace, with views of the San Fernando Valley below. A distinctive central concrete post supports the structure. Upstairs in the angled extension is a kitchen with stainless-steel appliances, and a large bedroom with a built-in desk, cabinetry, closets, and generous bathroom with a skylight. Downstairs there’s a carport, plus a bedroom and full bath. The space could easily double as a home office, recording studio, or cozy den. The Foster family has owned and maintained the distinctive home since it was built. For the past two decades, it’s been rented out to actor Rex Linn, who is probably best known for his 10-year stint as Detective Frank Tripp in “CSI: Miami.” The post Designed by John Lautner, Circular House Rolls Onto Market for the First Time appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/circular-lautner-house-sherman-oaks/ Former Miami Dolphins defensive end Andre Branch might be looking for a climate a little drier than Miami can offer. The free agent pass rusher was reportedly visiting with the Arizona Cardinals, but no deal is done yet. One thing is certain though: Branch is leaving Miami. He recently listed his 4,000-square-foot bachelor pad in Fort Lauderdale for $2.3 million, so a move—to the desert or elsewhere—is in his near future. The place he’s leaving behind isn’t just a standard bachelor pad. The sleek two-story residence is equipped with smart technology throughout, which is one of Branch’s favorite features. “Having the ability to control every feature in my home from my phone is one of the best things about this house,” he says. After purchasing the place for $1,845,000 in June 2017, Branch plowed $250,000 into upgrades. He added the aforementioned technology features and top-of-the-line appliances, and created an open-concept feel to give the home a true modern style, says listing agent Daniela Fernandez. And on this South Florida property, modern meets ancient. The home has been dubbed “the treehouse,” because the courtyard out back was built around a centuries-old oak tree, which is an especially rare feature, especially for a home that’s only 2 years old. Branch says the courtyard is what he’ll miss the most. “It’s perfect for hosting guests, and having the home built around the 200-year-old tree makes it one of a kind.” The football player is all about hosting friends, teammates, and family, which is evident in the design of the home and backyard. On the main floor, the kitchen opens seamlessly into the living room, which is centered between the pool and courtyard—an intentional design choice made by Branch. “It creates a more open space to entertain and socialize,” he explains. One of the home’s four bedrooms was converted into the ultimate closet. This was done to house Branch’s massive wardrobe and shoe collection (peep the 200-plus pairs in this video). So a buyer will acquire a closet set up to be a sneakerhead’s dream. The house is nestled within the trees just off the Intracoastal Waterway, far enough but still in close proximity to downtown Fort Lauderdale and just a short drive to Miami. Though he’ll definitely miss this home, Branch knows the right owner will come along. “It’s perfect for the next South Florida resident,” he says. Branch, 29, has played seven seasons in the NFL with the Jacksonville Jaguars and Miami Dolphins. He’s racked up over 25 sacks and forced eight fumbles. The post Ex-Dolphin Andre Branch Selling $2.3M South Florida Bachelor Pad appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/andre-branch-selling-fort-lauderdale-home/ After being kidnapped seven years ago, Juerg Degenmann decided to move his family from Venezuela to Miami for increased security. Long a playground for Venezuelan elites, the Florida city seemed like a natural choice, especially since Mr. Degenmann already owned a vacation home there, and he had bought and sold several investment properties in the area. He and his wife paid $1.85 million in 2013 for a waterfront townhome in Sunny Isles Beach with its own boat dock. He’d always done well with Miami investment properties, so he was unpleasantly surprised when he put the unit on the market for $1.9 million a year ago, and got no offers. Now he’s reduced the price to $1.495 million; it still hasn’t sold. “I will never get the money I paid for it,” he said. “The situation in Miami is tough.” Miami’s high-end real-estate market has drastically slowed in the past several years, as the Latin American buyers who led a frenzy of postrecession purchases have all but disappeared. South American economies that were roaring in the early years of the decade, including Brazil, Argentina and Venezuela, are now facing severe economic distress, which has devalued their currencies and left purchasers from those countries with far less buying power in the U.S. At the same time, new condos launched just as the owners of older units looked to cash out. There were 691 condo sales in Miami Beach in the first quarter of 2019, down 24 percent from 909 in the first quarter of 2015. During the same period, single family homes sales dropped to 81 from 117. The threat of climate change has had some impact on Miami home buyers’ decisions. A 2018 study showed that the value of single-family homes near sea level in Miami-Dade County rose more slowly than that of homes at higher elevations. But agents said a greater threat to the high-end market is inventory buildup. “There’s just an abundance of inventory,” said Alexandra Peters, Mr. Degenmann’s agent. “There’s so much frustration. It’s hard to move properties.” Sellers are hoping wealthy buyers from high-tax states like New York and California, will fill the void. But so far, domestic buyers haven’t offset the loss of international capital, say agents. “There’s been a lot written about New Yorkers flocking to Miami,” said real-estate agent Mark Zilbert. “They’re flocking here and looking, but not necessarily buying anything.” Miami’s high-end real-estate market, more so than that of other major U.S. cities, is dependent on out-of-town buyers, especially foreign nationals. The Miami metropolitan area, home to about 6.1 million people, has been a magnet for Latin Americans, starting with Cuban refugees in the late 1950s. “For Latin American people, Miami is like a hub,” said Giannina Gonnet, 44, who moved to Miami 10 years ago from her native Uruguay. In the early 2000s, as the city shifted from a low-rise beach town into a hotbed of condo development, buyers from Latin America bought up condos in cash, viewing Miami real estate as a safe haven for their savings. The market imploded after the 2008 real-estate crash, but Latin American buyers returned as the market recovered, joined by European and American buyers. “In 2011 to 2013, everybody in Europe and Latin America was looking in Miami to buy a second home,” said Ms. Gonnet, who bought several investment condos during that time period. But since 2015, the number of international buyers has shrunk. Miami real-estate agent Brett Harris said five years ago, 80% of his clients were international buyers; today only 20% are. The decrease in demand collided with a wave of new-development condos coming on to the market, especially in markets like Brickell and Sunny Isles Beach. Roughly 20,000 new construction units have been built or planned in the Miami area since the last downturn, according to the ISG World 2019 Miami report. Meanwhile, a strong dollar incentivizes international buyers to sell the units they already own, even at below-market prices. The result is a glut of condos for sale, both new and resale. In December 2018, there were 3,663 condo listings for sale in the greater downtown Miami area—more than double the 1,591 for sale in December of 2013, according to an Integra Realty Resources report. Sunny Isles, where new buildings include the 53-story Jade Signature, the Porsche Design Tower and the Turnberry Ocean Club, is estimated to have about 17 years of inventory of condos priced at $5 million and up. Gustavo Mendonça, 40, is from Brazil and moved to Miami in 2011. He bought six condos in Miami as investments, but now has only two, one of which he’s struggling to sell: a Sunny Isles Beach condo he bought in 2015 for $690,000. It’s listed for $639,000. With so many options, buyers feel no urgency, said Mr. Zilbert. “The compelling drive to buy buy buy has disappeared,” he said. “It used to be I could list anything and I’d have five to 10 showings a week. In some cases, I’m getting one showing a month.” Buyers have their choice of units and can negotiate discounts. Wanda Bell, a Toronto-area native, closed a few months ago on a three-bedroom condo at Merrick Manor, a new construction building in Coral Gables. She was able to negotiate “a very good deal,” paying $819,990 for roughly 1,200 square feet with a terrace. It had been priced at $839,990. The building has sold about 65% of its 227 units since presales started in 2013. Ms. Gonnet said she searched for three years before settling on Brickell Flatiron, where she is in contract to buy two units. “I had a lot of options to evaluate,” she said. Faced with the slowdown, a number of condo projects have been canceled or put on hold. “The worst thing we can do is put additional pressure on the market,” said developer Edgardo Defortuna of Fortune International Group. He’s postponing construction on some company projects, including one in Sunny Isles Beach where condo sales were due to start last year. Other developers are working to lure more domestic buyers. The sales team at Paramount Miami Worldcenter is planning two to three sales trips a month to the northeast, Paramount developer Daniel Kodsi said; two years ago, those trips were to Latin America and other countries. Northeasterners and others buying today in Miami tend to be the ultrawealthy, according to real-estate appraiser Jonathan Miller. Many are eschewing condos for large houses, which they believe offer better value in Miami than they would up north. As a result, high-end single-family homes are a bright spot in the Miami market. The median price of a single-family home in the Miami Beach area was $1.65 million in the first quarter of 2019, up nearly 18% from $1.4 million in first quarter 2018. The inventory dropped to 783 from 805 in 2018. There were 497 single-family homes on the market in the first quarter of 2015. High-end houses that had been on the market for years are being sold, albeit at reduced prices. In March, Steven Lempera, former president of Illinois-based Future Environmental, paid $25.5 million at auction for a Coral Gables estate that had been listed for $68 million. In June, former Formula One driver and developer Eddie Irvine sold a Hibiscus Island mansion in Miami Beach for $27.75 million that had been listed for $30 million in 2016. Earlier this year, a new Miami record was set when a mansion on Indian Creek Island sold for just under $50 million to an undisclosed buyer. The post In Miami, There Are Too Many Condos and Not Enough Foreign Buyers appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/in-miami-there-are-too-many-condos-and-not-enough-foreign-buyers/ NBA star Kevin Durant is making a move—at least on the real estate front. The free agent forward has let go of his Malibu, CA, home for $12.15 million, the Los Angeles Times reported. Durant has reportedly turned down his $31.5 million contract option with the Golden State Warriors, so he’s set to become an unrestricted free agent. That means that, along with leaving his property, he’s free to leave the West Coast for any team willing to pony up a multiyear, multimillion-dollar deal. The future Hall of Famer, who is 30, suffered an Achilles tendon injury during the NBA playoffs and is likely to be off the court for the entirety of the 2019-20 season. However, he is still active in the real estate game. Durant used a limited liability company to pick up the beach house in April of last year for a little over $12 million. Although the high-scoring forward placed the vacation spot on the market for $13.5 million, it appears he’s content to break even on the transaction. Located just off Broad Beach, the remodeled home offers ocean views on a private, gated street. Inside, the home, built in 1976, offers four bedrooms and six bathrooms in 5,136 square feet of living space. The layout features vaulted ceilings and an open floor plan with disappearing glass walls opening to water views. Along with French oak flooring, the great room comes with a fireplace, ocean-view dining table, and kitchen with Calacatta marble. Other perks include a massage and exercise loft, library, media room, and wine wall. Before joining the Golden State Warriors in 2016, Durant starred for years with the Oklahoma City Thunder. In 2016, while summering in the Hamptons, the baller hosted Warrior greats Steph Curry, Klay Thompson, Draymond Green, and Andre Iguodala, who persuaded him to come to the San Francisco Bay Area. After agreeing to join forces with the Warriors, Durant and the squad became known as the “Hamptons 5” and went on to win two NBA championships. Durant is now recovering from surgery in New York, and rumors continue to fly that he’ll be headed to New York—to sign with the Knicks or Brooklyn Nets. Perhaps he should spend the summer in the Hamptons to consider his options. It certainly worked out the last time. The post Kevin Durant Sells His Malibu Beach House for $12.15M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/kevin-durant-sells-malibu-beach-house/ A magnificent lakefront mansion in Illinois that’s served as the home of music mogul Lucious Lyon in the show “Empire” is this week’s most popular home. Despite its notoriety, the huge home has bounced on and off the market for nearly six years. While it was no secret that the place served as a backdrop for the prime-time soap, the home’s owner didn’t originally want the show mentioned in any of the marketing for the sale. However, the owner has had a change of heart, and is allowing the home’s current listing agents to play up the “Empire” connection. The renewed marketing push (plus a hefty $3 million price cut) helped propel the home to the top of the charts. Besides Lucious Lyon’s den, this week’s most clicked homes include an Italianate estate in Kentucky, a seriously cool round house in West Virginia with views of three states, and a Florida waterfront home that was once the winter home of the baseball legend Babe Ruth. While we can’t say that every home is a home run, we do invite you to take a swing through all of this week’s most popular properties… 10. 151 Duncan Ave, Paris, KYPrice: $248,000 Why it’s here: This historic Italianate estate was built in 1870, and it’s the first time since 1877 that the half-acre property has been on the market. Surrounded by mature trees and gorgeous landscaping, the five-bedroom home is filled with ornate, hard-carved woodwork and built-ins. It’s showing a few signs of age, so it’s being sold as is. ——-- 9. 1251 N. 86th St, Wauwatosa, WIPrice: $645,000 Why it’s here: With style to spare, this classic Art Deco home from the 1930s radiates timeless cool. Highlights of the two-bedroom residence include the living-room bar, upgraded bathrooms, custom display shelves, and a lush backyard with a pond and views of a nature reserve. ——-- 8. 2 Moses Little Dr, Windham, MEPrice: $489,000 Why it’s here: From the exterior, this happy yellow Victorian gives off plenty of vintage vibes. However, the home known as “Moses Little Farm” was custom-built in 1996. The four-bedroom residence features a sun-filled kitchen and sun room, finished basement with bathroom, a large kitchen, and a master suite with fireplace. Outdoors, the acre-plus lot includes a pool, mature trees, and rolling lawns. ——-- 7. 10084 Gavers Rd, Hanoverton, OHPrice: $247,000 Why it’s here: Built in 1973 and updated throughout with custom touches, this rustic-chic family home is perfect for a buyer looking for a twist on rough-hewn style. The 3-acre property includes a 40-foot by 50-foot workshop building, custom gardens, a brick patio, fire pit, and covered entertainment area. Indoors, the rustic aesthetic is reinforced with oak hardwood floors, custom wood paneling, and custom wood cabinets. ——-- 6. 211 Sunset Dr N, St. Petersburg, FLPrice: $2,199,000 Why it’s here: Once the winter retreat of the baseball great Babe Ruth, this five-bedroom waterfront Italian villa was built in 1928. It has undergone an extensive, $2 million, three-year restoration, which maintains its original charm while bringing it up to date. We love the wine cellar and the covered dock, now retrofitted with dual jet-ski lifts. ——-- 5. 337 E 16th St, Crawford, TXPrice: $400,000 Why it’s here: The “Little Shack on the Prairie” was renovated in 2017 by Chip and Joanna Gaines on season four of “Fixer Upper.” It was originally a falling-down cabin, but the Magnolia mavens fixed the place up for “Fixer Upper” executive producer Michael Matsumoto and his wife, Jessie. The result is a masterpiece, a four-bedroom industrial farmhouse tailor-made for relaxed family living. ——-- 4. 40 S. Lafayette St, Mayesville, SCPrice: $599,500 Why it’s here: Built in 1895, this Beaux-Arts style home features ornate columns, hand-carved moldings, and frosted glass. Everything within the 5,700-square-foot residence has been lovingly restored. The main house is ringed by balconies and porches and basks in lush grounds featuring magnolia trees, flowering crepe myrtles, a pool, and an antebellum cabin restored as a guest cottage. ——-- 3. 13541 Mardi Gras Ln, Frisco, TXPrice: $739,999 Why it’s here: Built in 2014, this five-bedroom home is being sold by the original owner. Standout features include high ceilings, a gourmet kitchen, a Juliet balcony, hardwood floors, a media room, and a second bedroom suite ideal for long-term guests. The home also includes a three-car garage and custom landscaping. ——-- 2. 1426 Springbook Dr, Kenova, WVPrice: $599,900 Why it’s here: A little weird in West Virginia? This one-of-a-kind round house—complete with curved doors and round kitchen—was built in 1964 and has been lovingly maintained. The 6,000-square-foot home includes a custom-designed rain shower, two fireplaces, inlaid wood and tile floors, and a patio above the garage for stargazing. The 15-acre lot offers plenty of privacy, as well as views of Ohio, West Virginia, and Kentucky. ——-- 1. 45 Lakeview Ln, Barrington Hills, ILPrice: $9,500,000 Why it’s here: After lingering on the market for nearly six years, this megamansion received a recent round of attention after the owner agreed to disclose that it’s the house used in the hit show “Empire.” Now that the listing agents are free to market it as the home of the series’ protagonist, Lucious Lyon (played by Terrence Howard), they want to leverage the fact that the show is ending, as a way to spur buyer interest. In 2013, the asking price for the mansion was $15.9 million, a figure that’s fluctuated a number of times over the years. It was last on the market in early 2018 for $12.5 million. The 17,500-square-foot mansion sits on 8.5 private acres and it’s exactly the kind of place a mogul like Lyon would own. The estate offers a new home theater, billiard-room, full bar kitchen, pool, and easy lake access. The post Illinois ‘Empire’ of Lucious Lyon Is This Week’s Most Popular Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/illinois-mansion-featured-on-empire-most-popular/ Steve Martin has placed a lovely Beverly Hills, CA, home on the market, according to the Los Angeles Times. Listed for $2.15 million, the home adjoins Martin’s main home. If you’ve ever wanted to be neighbors with an actor and comedy legend, now’s your chance. Sitting on a 1.1-acre lot in a cul-de-sac, the light-filled contemporary home features an open floor plan, including a great room, living room, and dining area with sliding glass doors. A modern kitchen with a curved bar opens out to a breakfast area and patio. There are four en suite bedrooms, include the master suite with a spacious bath and private balcony. Outside you’ll find lush landscaping, brick patios, and balconies with canyon views. A two-car garage completes the property. The “wild and crazy” homeowner has made real estate headlines before. In 2015, the funnyman listed his 1970s concrete compound in Santa Barbara for $11 million. The 6-acre spread offered ocean views, a guesthouse, and a pool. That same year, he sold a vacation retreat in St. Barts that had been listed for $7.78 million. The four-bedroom hilltop villa featured a two-tiered swimming pool, ocean views, and a covered outdoor entertaining area. Now 73, the banjo-playing, stand-up comedian is also known for acting in movies such as “Dirty Rotten Scoundrels,” “Three Amigos,” and “The Jerk.” Martin—also a novelist, playwright, and filmmaker—has hosted “Saturday Night Live” some 15 times. The post Steve Martin Selling Beverly Hills Home for $2.15M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/steve-martin-selling-beverly-hills-home-for-2-15m/ It’s no surprise that renters believe leasing a home is more affordable than buying one outright. But increasingly, more homeowners are coming to the same conclusion. More than 82% of tenants think renting is cheaper than purchasing a home, according to a recent Freddie Mac report. That’s the highest it’s been since the government-sponsored enterprise, which backs mortgages, created the survey in 2016. Meanwhile, 17% of homeowners now feel the same way. That may be a much smaller portion, but it’s a significant jump compared with about 10% nearly a year earlier. Freddie Mac teamed up with Harris Insights & Analytics to survey more than 4,000 adults in April to come up with its findings. “This change is surprising given that the costs of financing a home have actually declined in many parts of the country in the last year,” says Danielle Hale, chief economist of realtor.com®. According to the company’s data, 74 of the 100 largest U.S. metros saw lower costs in May. She acknowledged, though, that for most people, it’s not the monthly mortgage payments that are an issue, but the upfront cash required to buy a home. And it’s not just those struggling to make ends meet who have difficulty with that. About 72% of middle-income renters said coming up with a down payment and closing costs was an obstacle they faced in buying a home; in fact, 39% of them said it was a major hurdle. “Affordability remains the essential factor when it comes to determining whether to rent or purchase a home,” David Brickman, president and incoming CEO of Freddie Mac, said in a statement. “The cost of housing is having a significant impact on households of every age, size, and location.” The challenge of coming up with cashSo just how much are people trying to pony up for a down payment and closing costs? Nationally, the median list price of a home is $310,000, up a steep 7% from the previous year. A 20% down payment—which ensures that buyers don’t have to pay costly private mortgage insurance—is a whopping $62,000 on that amount. Then tack on closing costs, which run 2% to 7% of the purchase price of a home, and you’re looking at an additional $6,200 to $21,700. Millennials and younger Generation Xers are often having the hardest time coming up with that cash. Many are also juggling high child care costs and paying off their student loans in addition to saving. And these days, the rent isn’t cheap, either. Nationally, the median rent was $1,185 for a two-bedroom apartment as of June 1, according to Apartment List. That’s up 1.5% from last year. As a result, more than half of renters and homeowners are making changes to control their costs, even moving to less expensive housing. “While we tend to focus primarily on wages not keeping up with house prices and misperceptions of down payments, we should also recognize that for many millennials and Gen Xers, the basic cost of living has gone up,” Brickman said. “Given these challenges, it’s not surprising that more than one-third of survey respondents believe ownership is becoming less accessible.” The post Why Tenants and Owners Believe Renting Is More Affordable Than Buying a Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/why-tenants-owners-believe-renting-is-more-affordable-than-buying-a-home/ A striking minimalist structure located in Ancram, NY, is the only Ai Weiwei–designed home in the United States. It’s now available for $5.25 million. Ai, a contemporary Chinese artist and activist, agreed to the project requested by a couple who collected his art. “They loved his art and loved him so much, they commissioned him to design this house,” says listing agent Graham Klemm. In conjunction with the Swiss architectural firm HHF, the artist and architect created the main house in 2006, and the Y-shaped guesthouse a few years later. Although Ai is known primarily for his art, this wasn’t his first foray into architecture. His bird’s nest design—in collaboration with Swiss architectural firm Herzog & de Meuron—won the bid for Beijing’s National Stadium for the 2008 Olympics. This vacation home, which comes with 37.5 acres, comprises four interconnected, cubelike buildings of corrugated galvanized iron. It features walls of glass, along with massive gallery space to showcase an art collection. The 3,700-square-foot main house has three bedrooms and three bathrooms. The guesthouse has two bedrooms and two baths. There’s a large dining and living area with a floor-to-ceiling fireplace and access to the porch. The sleek Boffi kitchen is equipped with Gaggenau appliances, which are tucked away, and floor-to-ceiling windows. Outside, the verdant grounds feature a rectangular pool and covered decks. The master suite includes a double-sided fireplace. Wood floors run throughout the space. “This is livable art,” Klemm says. “But it’s still very livable and practical and everything a luxury home owner would want.” The rural retreat changed hands in 2013, after the original owners found they weren’t visiting the one-of-a-kind country home as often as they desired. It was quickly snapped up by its current owners who are now moving to Europe. The location is two hours outside of Manhattan, near Hudson (for shopping and dining), and just 15 minutes to the train. The spot is “seemingly removed, but actually connected,” Klemm says. “It’s truly one of a kind, done by one of the most sought-after contemporary artists of our time. It couldn’t get more unique than that.” The post The Only Home in America Designed by Ai Weiwei Is Listed for $5.25M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/ai-weiwei-designed-home-on-the-market-in-new-york/ The numbers: Pending home sales jumped by a seasonally adjusted 1.1% in May but were 0.7% lower than a year ago, the National Association of Realtors said Thursday. The May increase beat the consensus forecast for a 0.6% rise. What happened: NAR’s index, which tracks home-contract signings, has seesawed up and down every month this year, but through the noise, it’s clear that the housing market is shuffling. May marked the 17th straight month of annual declines. Contract signings precede closings by about 45-60 days, so the index is a leading indicator for upcoming existing-home sales reports. In May, pending sales in the Northeast were 3.5% higher, and in the Midwest, they were 3.6% higher. In the West, they dropped 1.8%. In the South, they edged up 0.1%, but were slightly higher than year-ago levels, the only region in which that was the case in May. Big picture: Housing peaked for this cycle in late 2017. Combined sales of newly-built and previously-owned homes have stagnated since then, with occasional small bright spots. It’s possible that housing activity could perk up from here, but if the rest of the economy is slowing sharply, that’s not likely. What they’re saying: The Realtors cited “extremely attractive conditions for consumers” in the housing market, led by lower mortgage rates. Still, headwinds remain. There’s still not enough inventory, particularly at lower price points. Market reaction: Home-builder Lennar has seen a decline of more than 7% in its share price over two days after revealing in a quarterly report out Tuesday that margins have suffered, in large part because of pricing incentives. “Home builders have not ramped up construction to the extent that is needed,” NAR Chief Economist Lawrence Yun said in a statement.
The post Pending Home Sales Roar Higher, but Are Stuck Below Year-Ago Levels appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/pending-home-sales-roar-higher-but-are-stuck-below-year-ago-levels/ |
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