Authentic midcentury modern time capsules like this beauty in Rancho Mirage, CA, don’t land on the market often. And when they do, they wind up selling in a flash. Such is the case with this snazzy ranch house built in 1958 and listed on Christmas Eve at $1,299,000. The Atomic Age beauty went under contract within three days. But if you truly dig the vibe, there may be a slim chance—the sellers are accepting backup offers. Last sold in 2013 for $635,000, the four-bedroom, four-bathroom house is located in Thunderbird North, one of the Palm Springs area’s earliest resort communities. Over the past half-decade, the property has been meticulously restored, and festooned with authentic furniture and accessories. Check out the terrazzo tile! Or those Sputnik lights! The geometric cutout screens! The shag carpeting! For fans of midcentury modern style, the listing photos are a feast for the eyes. Period living room The residence was originally designed by the renowned midcentury architect William F. Cody, and some of the original cabinets and bathrooms remain. It was remodeled in the 1980s, but has since been restored to replicate the original decor. Even the orange, brown, and aqua color scheme was reinstated. The gorgeous restoration work earned the home a spot on the 2019 Signature Palm Springs Modernism Home Tour. The home also received a residential restoration preservation award in 2014 from the Palm Springs Modern Committee. The original sunken cocktail bar, described by the original owner, Sharon Simons, as “the cat’s pajamas,” is a true treat. And the chartreuse-upholstered bar stools flanking the space are scene stealers. The kitchen now boasts a more modern island with a sink, but the feature was designed to blend perfectly with the rest of the house. Other kitchen highlights include yellow and aqua tiles and Danish Modern-style cabinets—even the refrigerator looks straight out of a 1950s home. The lush lawn in the backyard resembles something you’d see in a David Hockney painting, with its saline pool and spa. The lot is just over a half-acre, one of only 10 in the entire development, and includes mature foliage with signature palm trees, as well as well-established, drought-resistant succulents. The fab furnishings and decor that make this home a true standout don’t come cheap and are not included in the list price. A buyer will have to negotiate separately for just about everything that’s not nailed down. But true aficionados will find the extra expense hard to resist. The home is listed with Richard Chamberlin of Coldwell Banker. The post Award-Winning Midcentury Modern Restoration in Rancho Mirage, CA, Is Listed for $1.3M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/award-winning-midcentury-modern-restoration-in-rancho-mirage/
0 Comments
The free agent outfielder Kevin Pillar has quickly tracked down a buyer for his Scottsdale, AZ, home. Listed for $2,525,000, the big leaguer’s gorgeous abode snagged an offer after just a week on the market. It’s currently in contingent sale status. In 2018, the California native and his wife, Amanda Gulyas, purchased the home, which was built in 2015, for $2.05 million. With views of Camelback Mountain, the 3,813-square-foot property comes with four bedrooms and 4.5 bathrooms. Located in the heart of the Arcadia district, which offers local shopping and dining, the contemporary structure features 9-foot tall ceilings, multiple access points to the yard, and a mix of wood and tile flooring. The living and dining area has vaulted ceilings and custom cabinetry, with a gas-burning fireplace and open-plan layout. Completely redone in 2019, the adjacent kitchen includes a large island with quartzite counters, Wolf range, Sub-Zero fridge, wet bar, and a breakfast nook that leads out to the covered patio. A formal dining room is right next to the front entry. The owner’s suite has a bathroom with dual sinks and a separate tub and shower, as well as a huge walk-in closet. It also offers a private patio overlooking the pool and Camelback Mountain. Each guest room is en suite with spacious walk-in closets. Additional rooms allow for flexible living space. Depending on the next owner’s needs, the bonus rooms could be configured as a playroom, home office, or gym. Pillar currently has one of the spaces set up as a fitness area featuring a collection of sports memorabilia. The large lot includes a covered patio with a built-in barbecue for outdoor meals, as well as a wood-burning fireplace to warm up on a cool night while lounging outside. Along with a heated pool and spa, the grounds include a new yard of artificial turf and a sport court. A two-car garage completes the property. The area is also close to the Camelback Mountain summit and the Arizona Canal Trail, which is popular for hiking, jogging, and cycling. Now 31, Pillar reached the big leagues with the Toronto Blue Jays in 2013. After spending six seasons with the Jays, he’s played with the Boston Red Sox, San Francisco Giants, and Colorado Rockies in the past couple of seasons. He has yet to sign a deal for the 2021 season. Connor Sabanosh with Silverleaf Realty holds the listing. The post Outfielder Kevin Pillar Likely To Snag a Quick Sale of His $2.5M Arizona Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/kevin-pillar-selling-arizona-home/ 2020 was a tough year, but there was a silver lining: With so much time spent inside, people had a chance to really focus on their homes and make them as functional, comfortable, and beautiful as can be. So itâs a good thing we have so many great real estate reality shows on HGTV, Netflix, Bravo, and beyond to keep us not only entertained, but also inspired with tips to take our living spaces to the next level. Whether youâre a fan of âProperty Brothers,â âFlip or Flop,â or some other favorite from the past, rest assured that many of these hits are returning next year. But 2021 also brings a slew of brand-spanking-new showsâwith fresh faces and ideasâthat you might want to add to your binge-watching repertoire. Curious about what new shows you can enjoy in the new year? Check out these noteworthy picks (air dates listed if available), and learn which one (or few) is perfect for you. 1. âTy BreakerâCarpenter Ty Pennington rose to fame as the host of âTrading Spacesâ and âExtreme Makeover: Home Edition,â and now heâs heading back to TV with his new HGTV show, âTy Breaker,â which will premiere on Jan. 11. In this series, Pennington is joined by HGTV stars Alison Victoria (âWindy City Rehabâ), Grace Mitchell (âOne of a Kindâ), and Sabrina Soto (âThe High Low Projectâ), who rotate as the showâs guest designers as Pennington helps conflicted homeowners decide whether to fix up their current home or start over with a new place. This show is perfect for people torn between embarking on a big renovation or a big move, exploring the challenges and rewards of both paths. 2. âHome Town: Benâs WorkshopâBen Napier is known for his HGTV show âHome Town,â where he and his wife, Erin Napier, rehab old homes in Mississippi. In the show, Ben is always building custom furnishings to make the houses feel more like homeâand now heâs getting his own show where heâll get to focus on those crafty creations. In this new Discovery+ series out on Jan. 4, Ben will be joined by celebrity guests as he shares his expertise in carpentry and craftsmanship. This show is sure to be a win for âHome Townâ fans and carpentry buffs alike. 3. âHome Town TakeoverâIt looks like the Napiers will have a busy 2021. In addition to Benâs new solo show, the couple will premiere a new HGTV series, âHome Town Takeover,â where they renovate an entire town. The town they chose for this season is the community of Wetumpka, AL, which has a population of just 8,278. That may be small, but transforming the whole neighborhood is nonetheless a massive undertaking. Take a look if youâre curious about what goes into transforming the community outside your own front door. 4. âFrozen in Timeâ
âFrozen in Timeâ follows designer Dan Vickery and Maureen McCormick (who played Marcia in âThe Brady Bunchâ) as they team up to fix old Southern California homes that are stuck in the past. Theyâll take homes that were built in the â50s, â60s, and â70s and modernize themâwhile still preserving their vintage charm. Fans of stuck-in-a-time-warp old homes will love seeing them morph into modern marvels on Discovery+ on Jan. 4. 5. âRestoration RoadâChip and Joanna Gaines are premiering many great new series on their Magnolia Network, but oneââRestoration Roadââstands out since it stars an old âFixer Upperâ friend. The show follows Clint Harp, whoâs best known for his furniture creations on âFixer Upper,â as he travels the country in search of the most exciting restoration and renovation projects, like run-down barns and historic inns. Itâs a canât-miss for those interested in extreme fixer-uppers and beautiful destinations across the country. 6. âBespoke KitchensâAnother one of Chip and Joâs new Magnolia shows, âBespoke Kitchens,â follows Paul OâLeary, a furniture designer, and Helen Parker, an interior designer, as they whip up the most beautiful kitchen spaces. This show is a perfect choice for any homeowner who cooks up a storm, and wants to make their kitchen even more functional and fabulous than ever. 7. âHome WorkâWhile Chip and Joanna have so many exciting shows coming to Magnolia, âHome Workâ speaks specifically to families who are outgrowing their homes. In this show, parents of seven Candis and Andy Meredith take an old schoolhouse and make it their dream home via some genius renovations. Itâs sure to inspire all who need to find clever ways to carve out more space at home for a nursery, home office, or otherwise. 8. âHome Again With the FordsâYou may know Steve and Leanne Ford from HGTVâs âRestored By the Fords,â but in 2021, this brother and sister team is expanding its empire with another HGTV show. âHome Again With the Fordsâ will follow the Fords as they help clients renovate their childhood homes. Anyone whoâs ever dreamed of making over their childhood home will love how the Fords update these spaces while preserving treasured family memories. 9. âEverything But the HouseâNeed some organization motivation for the new year? Lara Spencer, host of HGTVâs âFlea Market Flip,â will star in âEverything But the House,â where she helps homeowners declutter and arrange their belongings, and even auction off some surprisingly valuable items hiding in attics and basements. Whether youâre curious if your antiques are worth something or just eager to let them go, hereâs that kick in the pants you need. 10. âCabin CrewâHave you ever dreamed of living in a cozy cabin? Then youâll dig HGTVâs âCabin Crew,â where husband and wife Ben and Loana Sargent transform old Vermont cabins and cottages into fabulous dream homes. Itâs a must-see for anyone who wants a little house in the woods thatâs decked out with all the luxuries of modern life. 11. âFresh StarterâNot all homeowners have big budgets, which is why HGTVâs âFresh Starterâ stars couple Austin Coleman and Raisa Kuddus as they help young clients create custom starter homes on small budgets. If you want to renovate on a shoestring, this show will give you plenty of ideas. 12. âSelf-Made MansionsâWhile âFresh Starterâ focuses on starter homes, âSelf-Made Mansionsâ is all about luxury living. This new HGTV series stars Clinton Kelly (from âWhat Not To Wearâ), who helps self-made millionaires find the perfect home. Itâs a must-watch for those looking for high-end real estate, but itâs also perfect for those who just like to dream. 13. âMy Lottery Dream Home InternationalâIf you won millions in the lottery, youâd buy a palatial mansion abroad, right? In HGTVâs âMy Lottery Dream Home International,â British interior designer Laurence Llewelyn-Bowen will help lottery winners find their dream home in Europe. Itâs perfect for those fantasizing about an overseas escape in 2021. 14. âUnfinished BusinessâHave you ever started a home project and failed to finish it? HGTVâs âUnfinished Businessâ is all about those halfway done projects. In the series, contractor Tom Reber will help families finally complete their handy home undertakingsâtimely inspiration for viewers dragging their feet on those quarantine upgrades they swear theyâll do someday. 15. âInside outâIn quarantine, many Americans realized just how important outside space can be. And HGTVâs new show âInside Out,â starring designer Carmine Sabatella and landscaper Mike Pyle, provides plenty of ideas to make the most of your homeâinside and out. From jungle gyms to fire pits to pools and beyond, these renovations are great fuel for anyone with a large backyard and no idea what to do with it. The post 15 New Reality TV Shows Thatâll Inspire Your Real Estate Dreams in 2021 appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/2021-new-reality-tv-shows-to-inspire-your-real-estate-dreams/ Is the 45th president house hunting in Florida? Once his term in the White House ends in January, Donald Trump and wife Melania may be looking to secure a new home base in Palm Beach, FL, according to Page Six. Apparently the Trumps have been shopping for a megamansion in the area, and poking around at private schools for their teen son, Barron. Wait a minute! They already have a crash pad in Palm Beach: the private quarters within Mar-a-Lago, a club Trump purchased in 1985. Why don’t they just move in there? Well, per an agreement Trump made with the the town of Palm Beach, Mar-a-Lago, as a social club, does not allow anyone to live there permanently—even its owners. So while the couple may stay at Mar-a-Lago for a bit, they’ll need to search for permanent digs elsewhere, and they’ll have plenty of family in the area. Ivanka Trump and Jared Kushner have already ventured south to purchase a 2-acre plot on Indian Creek Island, which is known as Billionaires Bunker. Plus, Palm Beach and its environs are popular with many bold-faced names, including star QB Tom Brady and his wife, supermodel Gisele Bündchen, and the billionaire Carl Icahn. But which home in Palm Beach will the Trumps pick? Here are five homes for sale we’ll bet they’ll consider since they tick all the P boxes: posh, palatial, and presidential. 1341 S. Ocean Boulevard, Palm BeachPrice: $110,000,000 The swankiest spot available right now is also the most expensive, at nine figures. But it’s worth every penny to look out over the ocean and then pad down to your own pristine white-sand beach every morning with your coffee. At more than 28,000 square feet, this massive two-story Mediterranean estate features seven bedrooms, nine full baths, and six half-baths, as well as miles of marble in multiple rooms. There’s also a guest cottage, stunning pool, exercise room, elevator, plus a security system and gatehouse for the Secret Service to set up shop. 1330 S. Ocean Boulevard, Palm BeachPrice: $56,500,000 If the Trumps are willing to trade the ocean for lesser waters, they can head right across the street to this listing. For half the price, the famous couple can make do with six bedrooms and seven baths spread over nearly 16,000 square feet of living space. At just 4 years old, this contemporary abode sits on about 2 acres and comes completely furnished. There’s also a private dock, deeded beach access, and gorgeous lanai overlooking the pool. 520 Island Drive, Palm BeachPrice: $52,900,000 This mansion is a bit smaller than the others, but it sports two docks on either side of the house and direct access to the Intracoastal Waterway. The president and his family will enjoy six bedrooms and nine baths, take in the views from the balcony, and paddle around in the heated saltwater pool. But the best part just might be the bonus loot that comes with the asking price. The right bidder for this property, which is called Lago-a-Lago (Lake to Lake), will also be the owner of $2,000,000 worth of furniture and art. 101 Seminole Avenue, Palm BeachPrice: $37,500,000 Perhaps a classic Palm Beach home is more to the Trumps’ taste? This Mediterranean-style manse with a barrel tile roof oozes old-world charm, though it was built in 2007. Mature palms surround the lovely pool and spa, while soaring ceilings highlight huge windows opening to lush lawns. The property sits on just over a half-acre and features six bedrooms, seven baths, a wine room, and deeded ocean access. 120 Jungle Road, Palm BeachPrice: $35,000,000 Lastly, a home with real history. Built nearly 100 years ago, this gated estate with seven bedrooms and seven baths has been completely restored with every modern amenity, including a sound system, wine storage, and chef’s kitchen. Other luxe details include a huge home gym, billiard room, sun-drenched public rooms, and a palatial master suite. The post Donald Trump House Hunts in a Surprising Place—Which Home Will He Pick? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/donald-trump-house-hunts-in-a-surprising-place-which-home-will-he-pick/ The numbers: Contract signings for home sales fell for the third consecutive month in November — another indication of the challenges prospective home buyers are facing. The index of pending home sales dropped 2.6% in November after declines in both October and September, the National Association of Realtors said Wednesday. The index measures real-estate transactions in which a contract is signed, but the sale had not yet closed. Compared to last year, though, pending sales were still up more than 16%, showing the market’s continued resilience in spite of a severe shortage of homes for sale and fast-rising prices. What happened: Pending sales fell across all major regions, unlike the month prior. The largest decrease occurred in the West, where contract signings fell by 4.7%. The Northeast was next, followed by the Midwest and the South. The big picture: The pending home sales index is the latest report to illustrate the difficulties home buyers are encountering in the housing market these days. “The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates,” Lawrence Yun, the chief economist at the National Association of Realtors, said in the report. As has been the case for much of this year, there has been a serious shortage of homes for sale as sellers have remained reluctant to put their properties on the market. But demand is still up — both because of record-low mortgage rates and shifting preferences toward the suburbs. The combination of low supply and high demand has pushed prices higher, which could be making home buying unaffordable for a growing swath of Americans. What they’re saying: “After a tumultuous year that involved a huge drop in sales, followed by a quick rebound to new highs, November’s pending home sales suggest that the housing market is easing, taking a step back from the brisk fall when both spring make-up buying and fundamental interest drove sales higher,” said Danielle Hale, the chief economist at Realtor.com. Market reaction: The Dow Jones Industrial Average and S&P 500 both rose in Wednesday trades. The post Pending Home Sales Fall for a Third Straight Month as Buyers Struggle To Gain Traction appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/pending-home-sales-fall-for-a-third-straight-month/ “Game of Thrones” star Emilia Clarke has been playing the real estate game—and she didn’t come away unscathed. Clarke, 34, just sold her eye-catching pad in Venice, CA, for $4.4 million, realtor.com® can confirm. Juliette Hohnen from Douglas Elliman and Ruby Fay of Pinnacle Estate Properties held the listing. Katie Pardee with Halton Pardee + Partners represented the buyer. The “Mother of Dragons” decided to fly away from the sleek architectural she purchased in 2016 for $4.64 million. In August 2020, she listed the property for just under $5 million. After dropping the price the following month to $4.7 million, she slashed the asking price again in November to $4.5 million, eventually agreeing to the $4.4 million, which left her with a slight loss. The actress may not have been able to spend much time in the home over the four years she owned it, possibly due to her hectic filming schedule, both for the HBO series and for movies such as “Solo: A Star Wars Story.” She put the home up for rent in 2018, at $25,000 a month, and she had listed it for lease in 2017 as well. Built in 2009, the striking residence designed by the architecture studio Abramson Teiger features two bedrooms, three bathrooms, and 2,817 square feet. The living room has 15-foot ceilings, built-in bookshelves that surround the fireplace, and floor-to-ceiling windows. Massive glass doors completely open out to an outdoor patio, seamlessly melding the indoor and outdoor living areas. In the open kitchen, soapstone counters in the kitchen pair with custom wood cabinetry that runs the length of the first floor. On the main level, a den and office also open out to the courtyard. The floating staircase leads to both the en suite bedrooms, including the master retreat with an extensive walk-in closet and spalike master bathroom. The property is gated and designed with privacy in mind, and its outdoor space comes with 80-year-old olive trees and a courtyard with a 30-foot pool and covered veranda. The secluded sanctuary nevertheless has a prime location, around the corner from the shops and restaurants of bustling Abbot Kinney and close to the beach. Acclaimed for her role as Daenerys Targaryen in HBO’s “Game of Thrones,” which ran from 2011 through 2019, Clarke, who is from London, also appeared in the romantic comedy “Last Christmas.” She’s set to star as the poet Elizabeth Barrett in the upcoming movie “Let Me Count the Ways,” as well as to voice the part of Malicia in the animated film “The Amazing Maurice.” Clarke made her West End theater debut in London last March in the role of Nina in Anton Chekhov‘s play “The Seagull,” when the production was shut down due to the pandemic. The post ‘Game of Thrones’ Star Emilia Clarke Sells Venice Home for $4.4M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/emilia-clarke-sells-venice-home/ Across the nation, home prices have shot up to unheard-of heights even during the pandemic—because there are still people hunting for homes (preferably with their own yard and space for an office and home-schooling), but not enough inventory available. Yet there are pockets of the country where the real estate market is still struggling. Oddly enough, these are places where folks can become homeowners for under $100,000— and spend less each month on homeownership than they do on rent. There is just one big problem: Even buyers who can qualify for a mortgage, often can’t get one. That’s because it’s typically not profitable for lenders to do small-dollar mortgages, as loans at $100,000 or less are called. And the onset of the COVID-19 pandemic may have made things worse, as lenders are even more focused on larger, more lucrative mortgages. The upshot is that would-be buyers in many communities of color, which tend to be lower-income, are unable to achieve homeownership and set on a path of building wealth. Instead, investors who don’t live in these communities swoop in and scoop up properties in all-cash deals. The homes are then turned into rentals, with predominantly Black and Hispanic tenants who may pay hundreds of dollars more each month than they would on a mortgage. And the neighborhood suffers as locals aren’t as invested in upkeep and advocating for more resources. “Black and Hispanic people in particular have been left out of this wealth-building opportunity,” says Sheryl Pardo, a spokeswoman for the Urban Institute, a Washington, DC–based think tank. “It’s important [to offer more small-dollar mortgages] in this era where we’re recognizing the severity of the racial wealth gap and finally trying to do something about it.” There are plenty of more affordable homes out there. In November, there were more than 50,100 listings nationwide for single-family homes priced at $100,000 or less on realtor.com®. And they aren’t all foreclosures and teardowns. The listings are often in smaller or midsize cities, particularly ones where the local economy has suffered. (For example, there were nearly 800 single-family homes in the city of Detroit listed for below $100,000 on realtor.com as of Dec. 22.) But these homes are also easy to find in the suburbs as well as in rural areas, where land and real estate are typically cheaper. Despite the prevalence of these homes, just 8.9% of all mortgages made for owner-occupied homes were less than $100,000 in 2019, according to federal data collected through the Home Mortgage Disclosure Act. The rest are mostly cash sales. Last year, nearly 475,000 homes priced below $80,000 were sold, according to U.S. Census Bureau data. Of those sales, about 43%, or around 200,000, were financed with a mortgage. “The lack of lending activity and access to credit for communities of color is a barrier of building wealth and is an example of inequity in the system,” says Gabe del Rio, CEO of the Homeownership Council of America. The national council provides technical assistance for smaller lenders such as credit unions and nonprofit organizations. “People who live in these areas and want to purchase in these ares should be able to [do so].” The pandemic made it harder to receive a small-dollar mortgageThe pandemic, and the ensuing economic pain and high unemployment that it caused, has made it even harder for lower-income borrowers to receive small-dollar loans. Business is booming at most lenders thanks to record-low mortgage interest rates and the rush of buyers entering the market. With a backlog of both buyers and existing homeowners seeking to refinance their mortgages, lenders can be pickier over the business they accept. That means borrowers seeking less profitable loans are more likely to lose out. “It may be more difficult than ever for borrowers to get a [more modest] loan,” says Nadia Evangelou, a senior economist and director of forecasting at the National Association of Realtors®. “There’s such a high demand for high-dollar loans.” The number of purchase loans was up 26.3% annually in the week ending Dec. 18, according to the Mortgage Bankers Association’s weekly survey of lenders. Refinances of existing mortgages, which allow homeowners to lock in a lower rate, were up 124.3% year over year. But the average purchase loan was for $376,800 in the week ending Dec. 18—nearly four times higher than a small-dollar loan. That means those looking for a less expensive, humbler loan are competing for lenders’ attention with wealthier borrowers with stronger credit scores seeking much larger, pricier mortgages. At the same time, lenders have become choosier over whom they approve as the nation grapples with a shaky economy and high unemployment. They don’t want to lend money to borrowers who ultimately can’t repay it and go into foreclosure. So they’re tightening the purse strings. That’s hurting those seeking lower amounts of money. Why it costs more money to lend less moneyMaking small-dollar loans became more expensive for lenders after the housing crash in the late aughts, says Steve O’Connor. He’s the senior vice president for affordable housing initiatives at the Mortgage Bankers Association, a national trade group. New regulations were implemented to prevent another financial crisis—and they cost the lender more. “The cost to originate [these loans] keeps going up,” he says. Some more traditional mortgage firms will make the smaller loans, such as Essex Mortgage, an Orange, CA–based firm that lends in 30 states. Essex President Roland Weedon figures these clients will eventually trade up to larger, more expensive homes and come back to them for the mortgages. The real estate agents of these customers may also be grateful to recommend their services to clients purchasing more expensive properties. But at Essex, loan officers are typically paid by earning 1% of the value of the mortgages they make. That means they’re making just $700 for a $70,000 loan and $7,000 for a $700,000 one—for the same amount of work. However, they may not get that full $700. Fees are supposed to make up only a certain percentage of a loan. If they exceed that threshold, a loan officer’s commission may be cut. So when adding in other fixed costs, such as appraisal, processing, and underwriting fees, lenders may lose money on making the loans, particularly those below $50,000, says Weedon. “There are hard costs involved in processing a loan,” he says. A small-dollar lending program runs into obstaclesHowever, even with the best intentions, the challenges are steep. The Urban Institute, along with the Homeownership Council of America and lender Fahe, launched the MicroMortgage Marketplace. It began offering small-dollar loans over the summer. The pilot program has $2 million in funding to make mortgages in three counties in the Louisville, KY, metropolitan area. “This is giving access to affordable credit,” says Homeownership Council of America’s del Rio. “It’s a game changer.” If the pilot is successful, the group hopes to eventually expand. However, the program has yet to make a loan. Berea, KY–based Fahe, which lends in 15 states, received just four applications for its 30-year fixed-rate mortgages. Three borrowers were denied due to weak credit or high debt, and one applicant found another loan. That’s despite the loans not requiring a down payment or mortgage insurance. Borrowers can also use alternative credit scores, which look at things like paying rent and utility bills on time, to qualify. One of the main challenges is that loans in the program came with high mortgage rates around 4.5% for the 30-year fixed-rate loans—at a time when rates have fallen to record lows. Fahe has since brought rates down to 3.99%. However, that’s still significantly higher than the average rate of 2.67% in the week ending Dec. 17, according to Freddie Mac. Those high rates may be dissuading some buyers from applying. Others may not know about the program, which has been marketed mainly through word of mouth and outreach to local nonprofit groups and real estate agents. Fahe plans to do more formal marketing in the new year. “There is a lot of affordable housing out there,” says the Urban Institute’s Pardo. “But if you don’t have the financing and you can’t get the mortgage and you don’t have the cash on hand, [you can’t] get on the road to homeownership.” The post Lots of Homes Under $100K Are for Sale, but Most Buyers Can’t Get One for This Reason appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/small-dollar-mortgages-help-communities-of-color/ A remodeled midcentury modern home in Berkeley, CA, has quickly sold for $4.37 million. It first came on the market in early October 2020 for $4.35 million, but the sellers trimmed the price to $4,295,000 later in the month. Two months after that, the home wound up selling for over asking price, at $4.37 million. The property was one of the most expensive listings in the college town. The residence stood out in other ways, which inspired a buyer to move in with a higher offer. The sparkling renovation by the sellers updated the 53-year-old home for the needs of the 21st century. The sellers picked up the home in 2015 for $2.45 million. It was designed in 1967 by Gerald McCue, then chairman of the University of California Berkeley’s Architecture School, who went on to become dean of Harvard’s Graduate School of Design. McCue built the residence for himself and his family. Over a half-century later, the home underwent another update to reflect the needs of a new family. While retaining the spirit of the original design, the interiors were done anew. The loftlike living space measures 3,844 square feet and offers four bedrooms and 3.5 bathrooms. The open layout features walls of glass and a living and dining space that extends to a deck outdoors. The eat-in kitchen features clerestory windows, modern appliances, white counters, and contrasting blue cabinets. Highlights include 13-foot ceilings and giant windows in every room, which offer San Francisco Bay views as well as an enviable indoor-outdoor flow. Although the home features an open plan, it also offers a useful separation of space, with two offices and additional living areas that allow for a family or media room, an exercise room, and guest or children’s bedrooms. Outdoors, the grounds in the Berkeley hills, on a flat lot in a woodland setting, feature “serene yet practical landscaping,” a garden, and living and dining space. The “rare find” is also near North Berkeley gourmet shops and restaurants, and not far from the UC Berkeley campus. Ann Arriola Plant and Lynn Signorelli of Red Oak Realty represented the seller. Elizabeth Behrens with the Grubb Co. represented the buyer. The post Newly Renovated, a Midcentury Modern in Berkeley Sells for $4.37M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/newly-renovated-midcentury-modern-in-berkeley/ The numbers: The cost of buying a home surged again in October, a closely followed index showed, and prices rose at the fastest rate in six years in a clear sign the housing market is still booming despite a raging pandemic. A measure of home prices in 20 large cities rose at a 7.9% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 6.6% in the prior month. A broader measure by Case-Shiller that covers the entire country, meanwhile, showed a similarly large 8.4% increase in home prices over the past year. That’s also up sharply from 7% in the prior month. Prices have risen at the fastest clip since 2014 owing to record-low mortgage rates and an influx of people leaving cities to escape the coronavirus and find more space. A short supply of homes for sale has also been a contributing factor. On a monthly basis, the Case-Shiller 20-city index rose 1.3% in October. What happened: Prices rose in at least 19 of the 20 large cities tracked by Case-Shiller. Detroit was excluded once again because not enough information could be collected. A state lockdown to try to slow the spread of the virus has led to delays in record keeping. The biggest yearly increases in home prices took place in Phoenix (12.7%), Seattle (11.7%) and San Diego (11.6%). The smallest increases occurred in New York (6%) and Chicago (6.3%) and Las Vegas (6.4%) — cities that have been hit hard from the virus or whose local economies have suffered the most. Big picture: Home sales aren’t expected to slow much, if at all, even amid a record coronavirus outbreak. Super-low rates and the growing prospects of the economy gradually returning to normal are likely to keep demand high. That’s good news for sellers but bad news for prospective home buyers, who are unlikely to get much of a price break in 2021. What they are saying? “The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices. Market reaction: The Dow Jones Industrial Average and S&P 500 rose in Tuesday trades. Stocks have climbed to a record high on optimism that coronavirus vaccines will soon lead to a stronger economic rebound. The post U.S. Home Prices Surge to 6-Year High as More People Flee Cities, Case-Shiller finds appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/u-s-home-prices-surge-to-6-year-high-as-more-people-flee-cities/ The power forward Tristan Thompson is bouncing from his Bratenahl, OH, home. The waterfront contemporary, built in 2008 on the shores of Lake Erie, is now available for $3.25 million. After spending nine seasons with the Cleveland Cavaliers, Thompson inked a deal with the Boston Celtics in November 2020. Now, he’s ready to leave his Ohio home in his rearview mirror. Purchased in 2015 for $1.9 million, the home is located in an exclusive gated community. With only 25 homes available on the market, Thompson’s residence is easily the most expensive home currently available in Bratenahl, which has a median home price of $425,000. Linda Musarra with Chestnut Hill Realty holds the listing. The “impeccable” home spans 6,424 square feet and offers “every luxury and upgrade imaginable,” the listing description gushes. Inside, walls of glass overlook water views in every room. An open living and dining area adjoin a modern kitchen equipped with top-of-the-line appliances. The space also features a formal dining room and plenty of storage, with cabinetry and a wine fridge. With five bedrooms, five full bathrooms, plus two half-bathrooms, the spacious accommodations include an “owner’s wing” outfitted with a luxe bathroom, a walk-in closet, a sitting area, and a balcony. The second floor also features two more bathrooms, and an in-law suite with a kitchen and private entrance. On the third floor, you’ll find a guest suite and an office that overlooks the water. A walkout lower level includes indoor entertainment galore, with billiards, poker, a home theater, full bar, wine cellar, exercise room, and full bathroom. The half-acre grounds include a patio as well as a three-car garage. Encino estateThe Ohio abode is just the latest of Thompson’s real estate moves. The father of Khloé Kardashian’s daughter, True, also reportedly placed his Encino, CA, home on the market, only a year after buying it. The residence is close to Kardashian’s Calabasas home, which she recently sold in an off-market deal for $15.5 million. The couple, who have had an on-again, off-again relationship, have reportedly been quarantining—and touring potential new residences—together. The NBA star listed the Encino home in July 2020 for $8.5 million, a hefty jump from his purchase price of $6.5 million the previous year. He apparently added some of his own touches to the upscale, marble-filled interiors. The opulent seven-bedroom, 7.5-bathroom modern farmhouse features almost 10,000 feet of living space. The spread features high ceilings, oak floors, and formal living and dining rooms. The high-end kitchen includes Sub-Zero and Wolf appliances, two stone counters, and a breakfast nook, and adjoins a family room with a fireplace. The lavish master suite includes two bathrooms and two closets. Outdoors, the half-acre lot features an outdoor kitchen, bar, pool and spa, and a fire pit with built-in seating, as well as a guesthouse. The spread is still on the market, with the $8.5 million price tag. Tomer Fridman with Compass holds the listing. The 29-year-old Canadian was drafted by the Cavaliers in 2011. In 2016, he was a member of the team led by LeBron James that finally brought a championship win to Cleveland. The post Now a Celtic, Tristan Thompson Shoots for a Sale of His $3.25M Ohio Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/tristan-thompson-selling-ohio-home/ |
About usI am Casey Abby From USA and I am 30 Year Old. I done my study recently in MBA Marketing. Archives
April 2021
Categories |