10 Hill St, Caldwell, NJ, Caldwell, NJ
Investor opportunity! This property is being offered at Public Auction on 04-11-2017. Visit Auction.com now to see the Estimated Opening Bid...
10 Hill St, Caldwell, NJ, Caldwell, NJInvestor opportunity! This property is being offered at Public Auction on 04-11-2017. Visit Auction.com now to see the Estimated Opening Bid... 101-105 Roseland Ave #201, Caldwell, NJ, Caldwell, NJSpotless! Beautiful Wood Laminate "Pecan" Flooring. Wonderful Open Floor Plan.Entry Foyer W/2 Large Closets. Updated E-I-K W/Granite Counters and... 5 Linwood Ter, Caldwell, NJ, Caldwell, NJBeautifully updated cape move-in ready. The eat in kitchen is equipped with stainless steal appliances, granite counter tops, subway tile backsplash... 10 Central Ave #B, Caldwell, NJ, Caldwell, NJLuxury comes to Caldwell with The Brownstones, a 10 unit townhouse development in the heart of Caldwell on Central Ave, one block off Bloomfield Ave... 28 Beekman Hill Rd #C0028, Caldwell, NJ, Caldwell, NJWonderful multi-floor unit in Fells Manor. This property is now under auction terms. Auction dates are 4/11/2017- 4/13/2017. via http://www.theochomesearch.com/houses-for-sale-in-caldwell-nj
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An innovative, modern retreat in Saint Helena, CA, is on the market for $5.2 million. The warehouse space was converted from a cooperage (a place where barrels are made) into a family compound. The award-winning design by was created by San Francisco–based firm Kuth Ranieri Architects about 15 years ago, and dubbed the “Lodi Bunkhouse.” The current owners purchased the getaway in 2011 for $1.45 million, according to property records. They completely renovated the home in 2014, opening up and modernizing the space, which now includes resort-style grounds. The original design of the exterior windows was also updated. Many had been clad in semitransparent fiberglass, which has since been removed to let the sunlight in. The 4,799-square-foot home on 1.16 acres retains many original details, including the exposed wood beams throughout. “The home is perfect for anyone who wants to escape city life and immerse themselves in wine country culture,” says listing agent David Grega. The glass-enclosed space is nestled among orchards, and sits alongside the vineyards and pond of a neighboring property. It’s also perfect for a buyer who appreciates an industrial-chic space. The open concept features 20-foot-high ceilings, and incorporates glass, concrete, metal, tresses, and wood crossbeams. There are four en suite bedrooms: Three are in a row (bunkhouse style) on the main floor, and the second-floor master suite comes with a private balcony, sitting area, dual-vanity bath, and an office. Entertaining areas include a chef’s kitchen, family room with a concrete and steel fireplace, and great room. There’s also a media room, dining and living room, and a glass loft with balcony. The wine cellar is on the lower level. The large white space and lighting are designed to showcase artwork, as you can see in the listing photos of the owner’s collection. The newly landscaped grounds include a one-bedroom, one-bath guesthouse, as well as a pool and spa, patio, outdoor kitchen, and orchard. The post Love the ‘Lodi Bunkhouse’: Modern and Innovative Napa Valley Retreat for $5.2M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/saint-helena-retreat-lodi-bunkhouse/ A lucky buyer will be living her best fairy-tale life in this enchanted Swiss chalet–style mansion in Cincinnati. Listed for $549,000, the 4,407-square-foot, three-bedroom home was sold in a matter of days—and it’s easy to see why. The exterior is jaw-dropping: decorative pink, yellow, and green banding and the white-outlined brackets stand stark against a dark background. But it’s the interior that truly feels fantastical. “It’s probably the most unique home in the city,” says listing agent Connie Greene. The spacious foyer with its swooping staircase is deserving of Rapunzel. A curvaceous balcony rings the foyer’s second floor, and the box-beam ceiling makes the expansive space cozy. Even in summer, you’d be forgiven for thinking you’re at the top of a snowcapped Swiss mountain. Snow White would also feel right at home here, on the roomy wooden balcony with a unique black lattice railing. One bedroom features a purple baseboard and matching fireplace mantel—all it needs now is a four-poster bed and a killer chandelier for a fairy-tale ambiance. But despite the home’s many excellent features, the space desperately needs an update. The interior decor appears dated. Red tile floors, wooden walls, and blue-laminate countertops make the kitchen feel dowdy. The bathrooms look like they haven’t been updated since the ’80s. Small, cosmetic details like scratched wood floors and dirty fireplaces are hard to ignore. The backyard pool is currently in shambles—peeling liner, fallen leaves, and all—but a makeover would transform the yard into a gorgeous entertaining space. A grove of trees offers privacy, and the sizable stone patio could easily accommodate lounge areas. Cincinnati architect Lucian Plympton, who was instrumental in bringing the Swiss chalet style to the city, designed the home for a love-struck couple. “They went to Switzerland on their honeymoon, came back, and then commissioned [Plympton] to build this home as a reminder of their trip,” says Greene. Instead of traditional nail-and-wood construction, the upper stories are built of thick timbers and joined by 3,000 pegs—all of which were handmade. “The woodworking is like none other,” Greene says. The distinctive home was featured twice in Inland Architect and multiple times in the Cincinnati Enquirer. With some tweaks, this Ohio masterpiece could be a modern Swiss chalet worthy of being in today’s best architectural mags. After a few updates, all a new owner will need to feel entirely European is snow, a steaming cup of hot chocolate, and the collected works of the Brothers Grimm. The post Escape to Switzerland in This Fairy Tale-Inspired Cincinnati Chalet appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/cincinnati-swiss-chalet/ Let’s get real: Even if you love a house, you’ll hate living there if it sits next to annoying neighbors—and it turns out that these irritating inhabitants are flourishing in certain cities more than others. To pinpoint where neighborly tensions are at their worst, renovation site ImproveNet polled residents in 24 cities across the U.S. about whether their neighbors annoy them, and one particular place topped the list: Dallas. Honorable mentions went to Miami and Austin, TX, while the city with the least annoying neighbors was Minneapolis, followed by Portland, OR, and Atlanta. What were the things that grated most on respondents’ nerves? Topping the list were loud music, voices, and parties. But it turns out, there’s plenty of irritation to go around. Complaints also ranged from smelly pets to suspected newspaper theft, parking disputes to unannounced visits. Even over-the-top holiday decorations and “general grumpiness” made the list. So how did Dallas win the dubious honor of Most Annoying Neighbor Capitol of them all? Why annoying neighbors abound in DallasExperts at ImproveNet theorize that the climate in the Big D may play a role in the number of annoying neighbors, since most irritating cities are in warm regions, where outdoor parties and barbecues prevail. But local culture and customs may be to blame, too. “Dallas is a city where we do everything big! I can’t deny that,” admits Dallas real estate agent Sheryl English at EXP Realty. “That noise comes from parties and festivals, but some other things are also a little over the top—pesky HOAs, road construction, even lawn mowers running at 7 a.m. You name it, we do it.” “I guess Texas is just ‘loud and proud’ in general,” says Paige Elliott, a real estate agent at Elliott & Elliott Group, Dave Perry–Miller Real Estate. Plus, “outdoor living is still a must-have for homeowners and buyers in Dallas.” Culture and climate aside, the actual housing stock may drive tensions, too. “It could be that in hotter climates, neighbors are outside more and causing noise; but it seems more likely that larger cities where neighbors live close—in attached townhouses, condos, apartments—have more neighborhood issues,” says Ruth Rye, a real estate agent in Alabama. However, “I also noticed that the true Southern cities where most of the citizens were raised in the South—Savannah, Charleston, Mobile, Memphis—are not on the list. These are places where polite behavior is expected.” How to avoid annoying neighbors when buying a homeSo if you’re trying to buy in Dallas—or anywhere, really—what can you do to steer clear of these irritating inhabitants? “I tell buyers interested in a particular neighborhood or community to drive the neighborhood at various times of the day and night to see what really goes on,” says English. Even better, “talk to the neighbors. I usually talk to the neighbors when doing an open house or showing. This has been helpful and beneficial to buyers in the purchase process to avoid unwanted surprises.” “If you are about to spend a lot of money to buy a house, take five minutes to see who is next door,” says Tyler Weinrich, a landlord and agent in Oklahoma. “Ask them about the area, and they will usually talk forever about it.” Talking to your potential neighbors may not only help you suss out just how miserable you’ll be living next to them, it may even offer up some insider info about the home you’re hoping to buy. “My wife and I were looking for a home recently and found this awesome remodel in an area where we had always wanted to live,” recalls Weinrich. “She was a little worried about the neighbor, though—his house was in disrepair and he was sitting on the porch with no shirt on, looking disheveled. So after our viewing, I went up and talked to him. Turns out he is really nice and has lived in that home for 40 years. He knew about the history of the house we were looking at, told us about past foundation issues, and the work the sellers had done—or hadn’t.” After inquiring with the sellers further about these foundation flaws, Weinrich decided to not buy the house. “Speaking with the neighbors is always a good idea,” he says. The post You’ll Never Guess Which U.S. City Has the Most Annoying Neighbors appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/city-with-most-annoying-neighbors/ Heather and Phillip Steyn’s 35-acre mountain ranch, deep within Colorado’s Roosevelt National Forest, is 5 miles from the nearest electric utility pole. Yet their gourmet kitchen is loaded with built-in appliances, there’s a hot tub on the deck and the hand-distressed Brazilian oak floors are warmed by a radiant heating system—all powered by solar and wind energy. The Steyns, veterinarians who raise sheep and keep horses on their ranch, never planned to live off-grid. “We fell in love with the property and where it was located—we didn’t do it to be green, we did it out of necessity,” Dr. Steyn, 47, said of her home. “It was cost-prohibitive to put the house on the grid.” Whether they want to live in rugged locations, create a hedge against power failures, or to reduce their utility costs while shrinking their carbon footprint, homeowners are investing in a range of renewable-energy technologies. Solar panels, which have become more efficient and affordable, are already the norm in some neighborhoods. But a range of new off-grid innovations—from sensor-activated solar systems that power homes through blackouts, to ultraviolet filters that sterilize rainwater for drinking and bathing—are finding their way to the residential market. Nearly 2 million U.S. homes will have some form of solar power by the end of this year—compared with just over 138,000 homes in 2010—according to a study by the Solar Energy Industries Association, a trade group, and Wood Mackenzie, an energy-research and consultancy firm. And the price of residential solar systems has fallen by about 70% since 2008, said analyst Ben Gallagher. The Steyns’s Colorado ranch runs off a computer-automated system that harnesses power from a variety of sources. A 5.7-kilowatt array of photovoltaic panels in a pasture, supplemented by a hillside wind turbine, charge a large battery bank that provides electricity for the 3,240-square-foot main home, a ranch manager’s apartment and a bunkhouse. Rooftop solar panels heat water for the radiant-heating system in the floors, the showers, dishwasher and hot tub. The batteries can provide enough electricity to last three or four cloudy days. Fail ing that, the Steyns have a 1,000-gallon propane tank that can fuel two backup generators. The entire system cost about $250,000, Dr. Steyn said. The couple spent about $1 million on the ranch, completed in 2005. They are now building a new solar home in Cotacachi, Ecuador, where they founded a nonprofit veterinary clinic and have listed the Colorado property for $1.7 million. Austin and Randall Slimp, who live in Santa Fe, N.M., bought a two-bedroom solar home on in Taos, N.M., for $295,000 last November. Partially wrapped in corrugated metal, the 1,250-square-foot house has passive solar features, such as doubled-paned glass walls that face south and dark, acid-stained concrete floors that work in tandem to absorb warmth from the sun during the winter. The home’s butterfly-shaped roof collects rainwater for home use, and there’s an array of 6 photovoltaic panels by the driveway, feeding power back into the main grid. “As soon as it popped up on my phone I called our Realtor,” said Ms. Slimp, a 27-year-old web designer who bought the house—designed by Solstainable Builders—sight unseen, vying with two other bidders. The home’s spiffy off-grid features are also practical. The cost of drilling a well in areas of Taos can run between $80,000 and $100,000, according to David Fries, a real-estate agent with Sotheby’s International Realty who represented the Slimps in the sale. The Slimps use the home as a weekend retreat—but also tout it as an “off-the-grid luxury rental” for $250 to $300 a night. “We are tapping into that market for eco-tourism,” said Mr. Slimp, a 28-year-old entrepreneur and investor. The home’s two bathrooms, washing machine, dishwasher, kitchen sinks and ice-maker all run on harvested rainwater, which is funneled from the roof into cisterns and purified by multiple filtration systems. Like many homeowners with solar-powered homes, the Slimps earn utility credits for the unused power their panels generate. Other homeowners are installing hybrid solar systems that can also be used as a backup in the event of grid failure. In March, John and Sandra Hedlund, both 74, invested $80,000 in a hybrid system for their home in Virginia’s Tidewater region, with 84 rooftop solar panels linked to a LG lithium ion battery. The system has two inverters, which convert the direct current (DC) output from the photovoltaic panels into appliance-friendly alternating current (AC) power. One inverter is tied to the grid and earns credit from the electric company. The other can power a cottage on their property if there’s a blackout. Mr. Hedlund, a retired database engineer, said his solar-powered backup system gave him greater peace of mind. “We are not going to run out of power from the sun.” It’s a different story in Vermont, where Ashley and Jack Adamant own a solar-powered 1,400-square-foot home with 12 rooftop panels on a 30-acre property outside Montpelier. The solar panels power all the appliances, the radiant heat and the air conditioning—as long as the sun is shining. The Adamants’ 24-volt battery system doesn’t have enough capacity to power them through extended periods of cloudy weather. “For nine months of the year, we produce way more electricity than we can use,” said Ms. Adamant, 32, a writer with two children who dispenses tips on off-grid living on her Practical Self-Reliance blog. “But from Thanksgiving to the end of January, days are so short and the sun is so low, not much is being generated. There are ice storms—if even a small part of the panel gets covered, the rest is much less efficient.” The Adamants—who had moved off-grid so they could ditch corporate jobs for an active outdoor lifestyle—found themselves running inside to shower and do laundry in rare moments of winter sunshine. “It was a constant thought—‘Can I do dishes now?’ ” Ms. Adamant said. In 2016, they spent about $20,000 to connect to the grid, bringing power lines up from the main road and installing new equipment that allows them to tap in by flipping a switch. “Now, if my 3-year-old dumps a jar of jam on herself and paints her body with it, she can have a shower on a cloudy day,” Ms. Adamant said. Currently, there are approximately 4,800 homes for sale in the U.S. that include “solar panels” in the property description—or 0.3% of all listings nationwide, according to an analysis of August data by Realtor.com. The most listings were in California—one of the states that credits homeowners for the excess energy they put back in the grid. However, in the top 10% of the market in metro areas where listings with solar power were most prevalent, luxury homes with solar tended to list for 6% less than homes without—a finding that suggests that photovoltaic panels have yet to attain the cachet of marble countertops for wealthy home buyers. (News Corp, owner of The Wall Street Journal, also operates (Realtor.com under license from the National Association of Realtors.) “Solar doesn’t necessarily add value to the sale price of a house,” said Kristine Wood, an associate broker with Berkshire Hathaway Home Services in Taos, N.M., who is listing a 5,000-square-foot solar home set on 30 acres for $1.8 million. “The sellers realize it is a specific type of house and that we need to find a specific buyer for it,” she said. Technology for remote livingNew technologies and home design elements bring all the modern conveniences to off-the-grid living.
The post The Homes Where Families Go Off the Grid appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/homes-families-go-off-grid/ Former quarterback Michael Vick has sold his South Florida home for full asking price. The Davie, FL, property had gone on the market in June for $1.4 million. Vick passed the spacious spread in a guard-gated community to New England Patriots defensive end Lawrence Guy. While linemen aren’t usually noted for their hands, Guy caught an ultraluxe pad for relaxation in the offseason. “The gorgeous property went under contract after just a few weeks on the market. We’re thrilled to have accepted a full-ask offer on the home, allowing the Vicks to focus on the future and their growing family,” said listing agent Giselle Bonetti of Coldwell Banker Residential Real Estate. She represented Vick in the transaction. Vick and his wife, Kijafa, purchased the home in 2013 for $1.32 million, according to property records. “We’ve loved living in this home and raising our family here, but after welcoming our third baby, it’s time for us to expand,” Vick said when he put the home on the market. Not that this place is exactly cramped. The 6,295-square-foot home on a half-acre lot offers a chance to “live like a baller,” the listing notes. There are six bedrooms, seven bathrooms, and a home theater. Marble flooring runs throughout the main living areas, the living room features floor-to-ceiling windows, and the formal dining room boasts a decorative ceiling. The chef’s kitchen is adjacent to the family room. The master suite comes with an elegant bath, sitting area, coffee bar, walk-in closets, and a dressing room. The outdoor living area contains a pool, spa, lounge space, and water views. Guy has bounced around the NFL since being drafted in the seventh round in 2011 by the Green Bay Packers. The 28-year-old has played for five squads, joining the Patriots in 2017 on a four-year, $20 million contract Vick, who retired from the NFL in 2017, starred for the Atlanta Falcons and Philadelphia Eagles. His career came to a stop in 2007 over his involvement in a dog-fighting ring, for which he served 21 months. After his release, he resumed playing football, signing with the Eagles in 2009. Vick was recently hired by Fox Sports as an analyst on “Fox NFL Kickoff.” The post Michael Vick Passes South Florida Home to New England Patriot Lawrence Guy appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/michael-vick-south-florida-home-lawrence-guy/ Bend the knee: A Florida fortress known as “The Castle” is this week’s most popular property on realtor.com®. Once the product of a visionary builder, it changed hands over the years and most recently served as … a halfway house. Not quite what you’d expect from a regal residence, but the irony may have helped propel the place into our top spot. Due to budget cuts, the castle is now on the auction block, with a $150,000 starting bid. If the buyers are lucky enough to snag the place at that price, they’ll only be paying $35 per square foot. This week’s runner-up is a tropical retreat far, far away from Florida. A glass-and-wood contemporary on Maui features coastal and ocean views, indoor-outdoor space, and an equestrian center. Aloha! Other homes making their mark this week include an updated Eichler in the Bay Area, the mansion of troubled former NFL star Aldon Smith, and a futuristic Malibu abode seen on “Star Trek: The Next Generation.” Boldly go along with us as we count down all of this week’s most popular properties… 10. 4020 Higuera Highland Ln, San Jose, CAPrice: $2,998,000 ——-- 9. 711 NW 17th St, Oklahoma City, OKPrice: $540,000 ——-- 8. 936 Olympus Ct, Sunnyvale, CAPrice: $2,748,000 ——-- 7. 6351 W Dry Creek Rd, Healdsburg, CAPrice: $14,995,000 ——-- 6. 790 E Northcliffe Dr N, Salt Lake City, UTPrice: $1,060,000 ——-- 5. 27553 Pacific Coast Hwy, Malibu, CAPrice: $5,695,000 ——-- 4. 640 Oaklawn Dr, Metairie, LAPrice: $234,000 ——-- 3. 66 Meadowhawk Ln, Las Vegas, NVPrice: $4,880,000 ——-- 2. 140 Kulanani Pl, Kula, HIPrice: $2,688,000 ——-- 1. 35429 Marguerite Ave, Fruitland Park, FLPrice: $150,000 (starting bid) The six-bedroom stone fortress was hand-built by Jack Gould and his wife, Barbara. According to a news story in 1991, Gould had a vision of a castle from the age of 7. As an adult he bought the land, and over nine years built the dream house largely himself. Visitors are greeted with a carriage port and enter the home through a solid oak door that weighs 1,000 pounds. Once construction was complete, the couple became interested in other projects (apparently to build a high-speed helicopter) and put the property on the market. In 1995, it was purchased by the current owners, a ministry, which used the space not for royalty, but for “pastors who needed a respite,” says listing agent Mark Dyer. But for the last three years, the space has served as a halfway house for people released from prison. Budget cuts have led to the end of the program, and the ministry is now ready to sell. Despite some neglect, details include wood accents, door-and-window moldings, a wood-paneled library, a huge living room, a large kitchen, and two fireplaces. There’s also a huge wood deck and recently added roof, plus a loft and offices. Dyer received interest in the unique space before it was even listed, and landed on the idea of an auction. The plan has had the desired effect. “It’s the first time I ever did it on a property. I believe it creates a frenzy. We had 40 calls on it the first day,” he says. The post Florida Castle Creates a ‘Frenzy’ and Lands on Top of Most Popular Homes appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/castle-florida-auction-most-popular/ A brand-new duplex penthouse in the Jean Nouvel–designed tower in midtown Manhattan has just come on the market for $64 million, making it this week’s most expensive new listing on realtor.com®. In the making for over a decade, the building is apparently near completion. According to real estate firm Corcoran, occupancy is scheduled for late 2018—so the sales effort has begun in earnest. At 1,050 feet tall, the residential skyscraper is the height of the Chrysler Building and contains 145 units, including the magnificent penthouse. Taking up the 76th and 77th floors of the 82-floor tower, the pricey penthouse is perched above the Museum of Modern Art, or MoMA. The sky-high abode also boasts awe-inspiring views of Central Park, the Hudson River, the East River, and the downtown skyline. The 7,973-square-foot layout features interiors by Thierry Despont and has four bedrooms and four bathrooms. Nouvel’s innovative structural system, called the “diagrid,” is showcased. Structural beams run diagonally throughout the residence and are “expressed like a graceful, abstract piece of sculpture.” Other high-end details of the luxury condo include a gas-burning fireplace, private elevator, corner dining room facing Central Park, and eat-in kitchen with marble countertops and designer appliances. The floor-through master suite on the north and south corners of the second floor includes a walk-in closet and master bath, which features Noir St. Laurent marble, golden travertine, and Verona limestone, according to the listing. And of course, the floors are heated. The building will offer an array of amenities, including a 65-foot lap pool, gym, private theater, private wine vaults, concierge service, and 24/7 door attendants. Services such as housekeeping, pet walking, and pantry stocking can be provided for additional fees. The development will eventually include a MoMA expansion on the ground floor, as well as a restaurant. Art lovers will appreciate the easy access to the adjoining museum, as well as free museum membership provided by condo ownership. The post Most Expensive New Listing: $64M NYC Penthouse Perched Over MoMA appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/most-expensive-nyc-penthouse-moma/ A home constructed of shipping containers is unlike anything the Phoenix housing market has seen. The structure, consisting of four shipping containers, is a fascinating riff on the region’s shipping container craze, which includes The Churchill, a small-business incubator downtown built from containers. The homeowner, who’s also an engineer, built this three-bedroom, four-bath passion project at the urging of his two children and lived in it briefly. It’s now listed with Shara Terry of Berkshire Hathaway for $610,000. “He wants to take this concept and see where it can go, perhaps build more,” says Terry. For those leery about waking up in what might feel like a steel cage, listen up: “When you’re inside the home, it’s seamless, especially upstairs,” Terry says. “It’s a hybrid. You’ve got two shipping containers on the east and two on the west, with traditional framing in the center.” Taking a year to build, the 3,000-square-foot property has a dazzling interior that bears little resemblance to the cold metal of a container. Catering to eco-minded buyers, the four-car garage features a car charger and is wired for a workshop. Aluminum radiant barrier material aims to combat Arizona’s harsh sun from heating up the home’s interior. South Mountain, where the home is located, is a booming area of Phoenix and named for the nearby mountain. “Every window you look out of captures [a view],” says Terry. “If you’re washing the dishes, for example, you can see the East Valley.” And the neighborhood is on the rise, and appealing to a savvy investor looking for a different type of dwelling. “South Mountain has rewoken up,” says Terry. “It was quite the craze back in the day, until everything kind of halted when the market crashed.” In 2020, the Loop 202 (South Mountain Freeway)—a 22-mile extension of the 202 freeway—will be complete, connecting with Interstate 10 and the West Valley. And the new Valley Metro Baseline light-rail line is a mile north. Because this area is close to Phoenix Sky Harbor International Airport, Terry thinks a new owner might use it as a “crash pad” for airline pilots and flight attendants. It could also be used for a corporation’s social events, given its eye-catching design. Whatever the use, we’re sure it’s a place that will always remain cool in the desert. The post Desert Dazzler! Phoenix Shipping Container Home Is Hot, Hot, Hot appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/shipping-container-phoenix/ With home prices reaching previously unthinkable heights in many parts of the country, many folks are wondering whether we’re in a housing bubble. Real estate experts will emphatically say we’re not. But that doesn’t mean that a few of the priciest cities, particularly on the West Coast, aren’t heading in that direction. San Francisco was named the nation’s most overvalued city, according to a recent study by the multinational investment bank UBS. That’s due to real prices, which are adjusted for inflation, now topping their 2006 peak by 20%! That pushed the city to the brink of bubble territory. The UBS Global Real Estate Bubble Index, which is aimed at international investors, looked at the valuations of some of the biggest developed-market financial centers in the world, the valuations of cities compared with their countries, and various economic changes such as lending and building booms. Internationally, Hong Kong, Munich, Toronto, London, Amsterdam, and Vancouver in British Columbia were ranked as in bubble territory. “The risk level for the major U.S. cities is lower than other global cities in this study,” says Jonathan Woloshin, Americas real estate analyst at UBS. He points out that the higher-end real estate markets in many pricey cities are starting to slow down, not collapse like they did after the housing bubble burst a decade ago. But, he adds, “there’s always risk.” San Francisco–based real estate agent Herman Chan isn’t worried that his city could be nearing a housing bubble. “There’s a very strong job market here, and there’s great weather and lots of top-notch universities, and we’re the gateway to Asia,” says Chan, of Golden Gate Sotheby’s International Realty. “So we’re going to be fine.” But the market is definitely starting to cool off just a little. As prices and mortgage rates have risen, more buyers are suffering from burnout, Chan says. They’re counting their pennies and becoming pickier about the sort of home they’d like to purchase. And they’re not in a rush. So sellers are having to accept that unless their home is a perfect 10, in the best part of a desirable neighborhood, they may need to reduce their price—and their expectations that the residence will sell quickly, Chan says. “We’re at this inflection point,” says Chan. “It’s going back to the new normal.'” The Bay Area hot spot was followed by Los Angeles and New York City, which were also deemed overheated by the study. But New York was rated only slightly overheated; its risk also fell, as prices haven’t grown as fast as they used to. The reasons for this are rising mortgage rates and changes to the tax code that are making buying a home more costly. And while the population of the City That Never Sleeps is still growing, that growth is slowing down, possibly due to its skyscraper-high cost of living. Plus, a slew of pricey new developments have come up for sale in the past few years, giving buyers more choices. Meanwhile, Boston was considered fairly valued and Chicago was deemed undervalued, with rental prices rising faster than home prices, according to Woloshin. Tell that to bargain-hunting buyers in the Windy City! That’s due to “inflation-adjusted prices still almost 30% below their 2006 peak,” according to the press release accompanying the report. The post Overblown? These Hot U.S. Cities Are Nearing Housing Bubble Territory appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/hot-us-cities-approaching-housing-bubble-territory/ |
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