An idyllic setting on a small island 5 miles from the mainland of Maine is now available for $1,975,000. “I forget how beautiful it is out there, especially on a blue sky day. It’s one of the most beautiful properties I’ve ever seen in my life,” says the listing agent, Jamie O’Keefe. “What’s cooler than living in a lightkeeper’s house on the ocean in Maine?” Built in 1907, the quaint Victorian house on Lighthouse Road on Isle Au Haut, ME, was for the island’s lighthouse keeper. It has four bedrooms and two bathrooms—all with views of the sparkling blue water. “They all have the views of the water, which is really pretty amazing. Some of them have views of the ocean and the lighthouse,” O’Keefe says, adding that the bedrooms are a good size, even though the home is over a century old. The bathrooms are basic, but provide all the necessities—and more. “The views from the bathroom have to be seen to be believed,” says O’Keefe. “You’re looking at crashing surf and offshore islands. It’s pretty spectacular.” The lighthouse was also erected in 1907. It’s known as Robinson Point Light, because it was built on land once owned by Charles E. Robinson. The 40-foot tall lighthouse stands sentry on a rocky outcropping. It’s owned and maintained by the town of Isle au Haut—so it is not part of the sale. “You get to enjoy this beautiful view of the lighthouse in your front yard—without having to pay for the upkeep,” O’Keefe notes. On this small, remote island in the Gulf of Maine, the property and the lighthouse remain relatively private. “It’s not like a lighthouse on the Jersey Shore or Cape Cod, where you’re going to have thousands of tourists coming every day,” O’Keefe says. “Here, you may have a visitor a day during the high season come and take a selfie in front of the lighthouse.” The house has been used as an inn and a vacation rental. It is used solely as a summer home at present. “It does have some heat, but you couldn’t stay there year-round,” O’Keefe explains. What the home currently lacks in warmth, it will make up in the ease of moving in, when the winter weather melts away. The house comes fully furnished, with everything you’d need. “It’s very rustic, but in a really nice condition. It really is a throwback in time,” says the agent. Speaking of throwbacks, there’s also an outhouse, which still works and was originally built for the main house. The island has a small year-round population that increases in the summer. It’s only accessible by private boat or a daily ferry. For ease of getting back and forth to the mainland, the property comes with a boathouse and its own deepwater dock. For those inclined to outdoor pursuits, the location is hard to beat. About half of the island is part of Acadia National Park, with hiking trails, O’Keefe points out, so the rustic atmosphere is in no danger of being disturbed. The list price includes an SUV and an ATV that will help you get around the tiny island. The house is off the grid, with solar and generator power. A reverse-osmosis system provides the home with water originally from the ocean. A buyer who wants to house multiple guests has several options. On the edge of the property is a secluded two-bedroom guesthouse with a kitchen and living space, as well as two separate sleeping cabins, one of which is known as the Oil House. “It was originally there to store the oil for the lighthouse, back in the day,” O’Keefe explains. “It is a little whitewashed cabin with a heat stove and a little porch, overlooking the water.” The main, 2,500-square-foot house is listed on the National Register of Historic Places and was operating as an inn known as the Keeper’s House from the late 1980s until 2007. The current owner bought the property in 2012 and rented the house to vacationers. It’s now ready for someone new to enjoy. “It’s probably one of the most beautiful places I’ve ever seen in my life. You either walk up or drive up that road, and you see the house with the ocean beyond the lighthouse and every stress just melts. It’s magic,” O’Keefe says. The post What’s Cooler Than Living in a Lightkeeper’s House on the Ocean in Maine? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/lighthouse-keeper-house-maine/
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A place where people used to dance the polka all night long is available for purchase. Accordion not included. The property on 13th Street in Omaha, NE, is on the market for $999,900, and offers an array of opportunities for an enterprising buyer. “Originally, it was a Czechoslovakian dance hall, and then it was converted into a bar,” explains the listing agent, Drew Halvorson. Built in 1895, the main hall was also a popular restaurant, before an artist and home renovator team purchased the property in 1993 and worked their magic. There are now three separate living spaces on the property. The former dance hall became their home, and the parking lot was transformed into a 5,000-square-foot garden. Vines, fountains, and plenty of other interesting touches decorate the space. “When you first come in the gate, you walk into this very serene and beautiful garden,” Halvorson notes. “Once you get to the center of it, it opens up, and you have a big deck space and little seating areas throughout the entire courtyard.” The main house measures 3,324 square feet, with two bedrooms and 2.5 bathrooms. Overhead, the ceilings soar to a height of 20 feet. “An open floor plan and tons of natural light throughout the whole home from skylights,” Halvorson says, “It’s an entertainer’s dream.” The kitchen and dining areas sit just off the main living space. Halvorson touts the kitchen as a great space for gathering. It has a large island, high-end appliances, a custom range hood, and a pantry with plenty of storage. The two large bedrooms are upstairs, at opposite ends of the house, each accessed by a huge staircase. Halvorson explains that the master bedroom has a fireplace, two walk-in closets on either side, and a huge, wraparound bathroom. A ladder goes up into an additional space that the current owners use as a place for yoga and meditation. A door leads out to a rooftop deck with views of the city skyline. The guesthouse on the property has two apartments. One has three bedrooms and 1.5 bathrooms, and the other is a basement unit with one bedroom and one bathroom. Built in 1890, the building was originally called the Settlement House. It was used as a boarding house where immigrants could live until they learned English, found a job, and saved enough money to move out. Both units could provide a buyer with steady revenue to offset the monthly mortgage payment. “The property itself could provide some very good income,” says the agent. Halvorson says the larger, two-story unit rents for $1,750 a month, and the smaller one nets about $750. He’s targeting investors and adds that the units could serve either as long-term rentals or be offered as a nightly vacation rental. The Omaha downtown area, zoo, and other attractions are nearby, making the spot attractive for vacation rentals. There are also three detached garage spaces, a rarity in the neighborhood known as Little Bohemia. “A one-car garage is a win in this old historic area of Omaha,” Halvorson says. “When it was originally built, there just were not a lot of garages or carriage houses whatsoever.” Since the property was once zoned commercial, the new owners could keep the space as residential or convert it back into a bar or other commercial venture. “The perfect buyer is probably somebody who has the vision for mixed use. Somebody who maybe wants to live in the main house and have some income on the side with the rental property. I think that would be perfect scenario No. 1,” Halvorson notes. Scenario No. 2, he adds, might be somebody who decided to live in the main house and to turn the second house into a bar and use the courtyard as a beer garden. The post Waltz Away With a Cool Buy! Czech Dance Hall in Omaha Transformed Into a Residence appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/dance-hall-omaha-turned-into-residence/ Maryland’s most expensive home is a historic riverfront compound on the market for $40 million. For wealthy buyers in search of the ultimate getaway, this sumptuous spread near Chesapeake Bay has its own private nine-hole golf course. Known as Fairview Estate, the compound in Easton, MD, includes two main homes, several smaller guesthouses, and a number of other outbuildings. The estate spans 76 acres on the Miles River and includes a zoning variance. It’s truly a one-of-a-kind assemblage of luxurious and historic residences. “This area is very strict when it comes to zoning issues. Typically, you can have a property with one main house and one guesthouse, but you can never have multiple buildings, because they don’t want people to cut up every piece of property and build too much,” explains the co-listing agent, Cornelia Heckenbach. What’s unique here is that there are two extremely large main houses. “The property is actually like a little village,” Heckenbach says. The current owners have owned the estate for 32 years. Over the decades, they’ve added amenities and restored many of the historic structures on the grounds. The buyer will be only the fourth owner. The manor houseThe historic manor house is painted in a deep yellow, with 6,150 square feet of living space. Parts of it were built around 1670, in the Federal style. In the mid-nineteenth century, it was expanded, in Greek Revival style, and a portico and a number of other features were added. The manor home offers six bedrooms, a grand central hall, and many living areas. The kitchen has modern conveniences including high-end appliances, a beer kegerator, and a wine cooler. If that isn’t enough wine storage, there’s also a 350-bottle wine cellar. The master bedroom, on the second floor, has a fireplace and a large bathroom. Another bedroom suite is on that floor, with the rest of the bedrooms on the floor above. Outside, the owners have restored and maintained the 19th-century box gardens. The main houseThe newer, neoclassical house on the waterfront was built in 1991. Measuring 14,300 square feet, it’s more than double the size of the manor house. A massive white marble staircase is the first thing you see when you enter the home. “It’s magnificent. Very special white marble that you don’t find anymore. They had Italian craftsmen come and lay it,” Heckenbach says. The intent, she says, was to convey the impression of a much more venerable house. The house’s formal dining room can seat up to 28 people, and the kitchen is filled with commercial-grade appliances. There’s also a wine cellar with room for 3,000 bottles. This house has four bedrooms, including a master suite with a terrace and a fireplace. Other luxe features include a library, office, theater, spa, and panic room. For the backyard, there’s the Miles River. “It’s just wide open water. It’s such a dramatic view. It feels like you’re on the ocean, but you’re not,” Heckenbach says. “Everywhere you look, something just catches your eye.” An entertaining barn and multiple guest homesAn old barn from the 1880s was transformed into a large space for parties or events. “On the first floor, there’s a full kitchen, a bar, and a huge fireplace, and pool table,” Heckenbach says. The second floor is a gallery where guests can mingle and peek down on the folks below. The patio has a seating area, as well as an outdoor kitchen with a pizza oven. There are two more structures with living space on the property. The oldest, “The Mousetrap,” is a two-bedroom cabin from the nineteenth century with a wood-burning fireplace. Another 2,400-square-foot Victorian house has even more living space. “Downstairs is an apartment with one bedroom, a living room, and a little kitchenette and bathroom where staff can live. Or you can use it as a guesthouse,” says Heckenbach. On the second floor is a two-bedroom apartment with a kitchenette and bathroom. The compound also has four more garage buildings and a greenhouse. In addition to the many structures, the property has plenty of resort-style amenities, including a pool and a tennis court, as well as a nine-hole professional golf course. The compound is secluded but close to the town of Easton and its airport. The owners were looking for a self-contained retreat where could close the gate, Heckenbach says. The lane that runs past the golf course is decorated with street lights from the German town of Baden-Baden, she says. “The whole property is very parklike, with a lot of old trees,” she adds. Heckenbach praises the unpretentious, understated vibe of the community. “Some people say this area is the Hamptons of the Chesapeake. It’s not,” she says. “It’s very exclusive, you have a lot of wealth here, but it’s kind of like where the wealth lives quietly. Everybody just wants their privacy, and they just want to enjoy the area here.” The estate is co-listed with Kornelia Stuphan. The post Maryland’s Most Expensive Home Is a Massive $40M Riverfront Compound appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/maryland-most-expensive-home-massive-riverfront-compound/ Former NBA guard Jarrett Jack is dribbling away from his Sandy Springs, GA, mansion. The grand home is back on the market for $2.85 million. Following a 13-year stint in the league, Jack, 37, is ready to vacate his Atlanta-area home. He first placed the home on the market in November 2019, asking $3 million, but has sliced the price steadily over the past year. The Maryland native purchased the property in 2009 for $2.15 million. Built in 2009, the luxury build on 1.3 acres is entered via a circular drive that features tropical, landscaped grounds. With six bedrooms and 6.5 bathrooms, the interior offers a whopping 11,000 square feet of living space. Standout features include an oversized foyer with a spiraling double staircase, high ceilings, as well as floor-to-ceiling windows throughout the home. The chef’s kitchen offers top-of-the-line appliances including a gas range, double ovens, high-end cabinetry, a center island with seating, and an eat-in nook. The now essential home office offers eye-catching coffered ceilings, built-ins, and large windows that provide great views and natural light. For a buyer in need of options, the residence offers two master suites to choose from. The main level master suite offers a fireplace with a sitting area, spa tub, a huge walk-in shower, and a spacious custom walk-in closet. The second master suite can be found on the upper level and offers several upgrades and an abundance of windows. French doors open to a large balcony overlooking the private and secluded backyard. Guest bedrooms also include private bathrooms and walk-in closets. The home also offers a perk-packed terrace level, with an entertainment bar and hangout area, a fitness center, and a home theater. Step outside, and you’ll feel the resort style vibe from the pool and spa, to the covered cabana with seating area, and a television to keep up on hoops action in the outdoor, built-in kitchen. The listing details note that the home is conveniently situated near Chastain Park, as well as shops and restaurants. Downtown Atlanta is a just a 16-mile commute. In 2005, Jack broke into the NBA with the Portland Trail Blazers. After three seasons in Rip City, Jack made his way all over the league, playing with eight other squads as a dependable guard. Jessica Cooke Scarborough with Beacham & Company Realtors holds the listing. The post Former NBA Guard Jarrett Jack Selling $2.8M Georgia Mansion appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/jarrett-jack-selling-georgia-mansion/ Getting chestnuts roasted isn’t a problem within the walls of any of these 11 toasty houses. We put a log on the fire and poked through listings nationwide to find homes with a minimum of seven fireplaces. The homes we’ve found do more than provide heat—they also offer a veritable smorgasbord of choice chimneys for Santa to slide down, as well as oodles of acres of mantels for hanging stuffed stockings. The home we spotted with the most fireplaces is in the unlikely location of Southern California—an area where icicles and frost are not an issue. This Spanish-style home in San Diego County boasts a whopping 18 fireplaces, including outdoor fire bowls flanking the pool. Quite apart from that outlier, we also found a number of antique Colonials and Victorians with double-digit hearths. Which makes sense, since these residences relied on fireplaces to keep their cavernous rooms livable in the winter. So whether you’re huddled up around a Duraflame, an outdoor fire pit, or the televised Yule Log, we know you’ll want to unwrap these addresses with fireplaces galore and holiday spirit to spare. Happy holidays! 4750 Warner Hall Rd, Gloucester, VAPrice: $4,500,000 The property also offers a carriage house and river cottage, as well as gardens and patios. According to the listing details, the home would make a magnificent family estate or bed-and-breakfast. ——-- 211 W. Gwinnett St, Savannah, GAPrice: $1,100,000 Most importantly, it has nine fireplaces, including one in the bathroom. The property also includes the original carriage house with sleeping loft and spiral staircase, for a one-of-a-kind cozy property. ——-- 615 Bull Moose Ridge Rd, Stowe, VTPrice: $995,000 ——-- 176 Farragut Cir, New Rochelle, NYPrice: $1,698,000 Built in 1907, this seven-bedroom home has been fully renovated across its roomy 6,196 square feet. Outside, there are two ponds, a waterfall, two fountains, porches, and balconies. ——-- 102 Jones Rd, Hillsborough, NHPrice: $875,000 ——-- 5 Alexander St, Charleston, SCPrice: $1,875,000 Carefully updated, both homes open to a private, brick-walled garden with walkways, fountain, and a pond. Best of all? The kitchen house still has its original brick fireplace oven. ——-- 5566 New London Rd, Forest, VAPrice: $979,900 The five-bedroom residence has undergone a total renovation, to marry modern conveniences with historic charm. It has an impressive 10 fireplaces—both wood and gas. Outdoors, the home has more than 1,000 square feet of porches, plus a spring-fed pond with dock. ——-- 1841 Kehrs Mill Rd, Wildwood, MOPrice: $2,195,000 Built in 1991, the grand residence also has tall ceilings, a hearth room off the kitchen, a formal study, and a two-story guest apartment. Outside, there’s a magical secret garden, a six-car garage, and porte-cochère. ——-- 382 Boston Post Rd, Amherst, NHPrice: $999,900 Today, it’s a cozy, updated five-bedroom residence with a number of amenities, including a whopping 11 fireplaces, including four with wood stoves. The third floor is finished as a guest floor, including a work and study area. ——-- 159 Benson St, Hartwell, GAPrice: $425,000 The six-bedroom home has been meticulously updated and features an impressive 11 fireplaces with unique mantels—one in almost every room. The second-floor living room has a separate side balcony and oversized windows that let in plenty of natural light. ——-- 6977 Las Colinas, Rancho Santa Fe, CAPrice: $6,795,000 Should you ever need it in this temperate part of the country, the home is kept nice and toasty, with a blockbuster 18 fireplaces. Even the courtyard pool features fire bowls illuminating the poolside bar. The post Where the Yule Log Burns Bright: 11 Homes With 7 Fireplaces or More appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/yule-log-always-burning-11-homes-with-7-fireplaces-or-more/ The “High School Musical” star Zac Efron is graduating from his Los Angeles home. The actor is letting go of his Los Feliz residence, Variety reported. It’s available for $5.9 million. The California native purchased the midcentury modern property in 2013 for $4 million, and hopes to clear a little cash on his investment. Efron has spent the last few months living in South Australia, filming the movie “Gold.” Perhaps he’ll extend his stay if he has one less home to worry about back in United States. The stylish residence has panoramic views of the city and exudes Hollywood glamour. The contemporary compound is entered from a long, gated driveway that opens onto views of downtown to the ocean, visible from every room in the house. Inside, the open floor plan features warm wood, walls of glass, and an indoor-outdoor flow, with decks that run the length of the property. Leaning into its status as an A-list friendly hangout, the listing description notes that the “newly redone” property offers up “a perfect celebrity haven.” Color us impressed. With five bedrooms and five bathrooms, the 5,455-square-foot layout features a living area, dining room, and a chef’s kitchen that adjoins a family room. In addition, the home offers a master suite and spalike bathroom on the main level, plus three additional bedrooms with bathrooms downstairs, along with a separate one-bedroom, one-bath guesthouse. Amenities include a gym, media room, game room, wine room, and security cameras. In the contemporary interior, skateboards, artwork, and sports memorabilia hang from the vast gallery walls. The outdoor space features view decks with room for outdoor dining and lounging. The newly redone pool and spa with a waterfall take advantage of the privacy and the views. Now 33, the hunky actor and singer rose to prominence with the trilogy of “High School Musical” movies. He has also starred in the “Neighbors” movies, “New Year’s Eve,” “17 Again,” and “The Greatest Showman.” His Netflix travelogue series “Down to Earth With Zac Efron” was a streaming sensation this summer. Kathrin Nicholson with The Agency holds the listing. The post Zac Efron Lists Stylish Home in Los Feliz for $5.9M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/zac-efron-selling-stylish-home-in-los-feliz/ Tiffany Lequerique-Considine, 37, and her partner, Steve, 48, were trying to figure out a more supportive living arrangement for his 88-year-old mother at the beginning of this year. The couple knew that the 10,500-foot elevation of their hometown of Breckenridge, CO, would not be ideal for her health. The family talked about a nursing home, but they weren’t thrilled about the cost and had other concerns—and then COVID-19 struck, highlighting the risks to the vulnerable residents of such facilities. So the family decided to buy a home on lower ground, in Lequerique-Considine’s home state of Florida. They purchased a duplex in Naples whose two units each had two bedrooms and two baths, plus 3 acres for their horses, for $375,000. A comparable property in Colorado would have cost close to a million dollars. Steve’s mother packed up her Denver home and moved in July as the couple listed their ranch on the market and Lequerique-Considine sold her business, a hot tub sales and service company, to make the cross-country move in September. “We knew we were going to have to do something at some point,” says Lequerique Considine. “COVID just pushed it forward.” Lequerique-Considine and her partner are part of a growing group of American households that count multiple generations under one roof. This trend actually started becoming noticeable several years ago, but the social and economic upheaval of the pandemic has kicked it into a higher gear, as people have lost their jobs and need to conserve money, or want to stay close to elderly relatives without risking visits from the outside. And because of the demographic factors that got this trend going in the first place, this shift in attitude toward home and family is likely here to stay. After the stay-at-home orders went into effect in many parts of the country in March, there was a 4 percentage point increase in the number of buyers who purchased a multigenerational home, compared with before the pandemic hit, according to a recent report by the National Association of Realtors®. About 15% of buyers opted for a multigenerational home, compared with 11% in the previous year. “One in six home buyers who purchased during the pandemic purchased a multigenerational home,” says Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “That’s an increase from 1 in 10.” What does multigenerational housing look like?These intergenerational homes vary in size and setup. They might be two (or more) attached, fully functional units in a duplex model or one home that offers private kitchens and separate entrances, like a rental unit in a single-family house. They might also be a detached accessory dwelling unit, typically a smaller home, in the backyard of a larger house. “In our research, we found two key things to make multigenerational housing work better,” says John Graham, co-author of “All in the Family: A Practical Guide to Successful Multigenerational Living” and professor emeritus at the Paul Merage School of Business at the University of California, Irvine. “The hardware requirements were to have separate entrances and separate kitchen facilities,” he adds. Some of the big homebuilders have taken note. Lennar Corp., CalAtlantic Group, and Toll Brothers have been building and selling large homes with two separate entries, kitchens, living spaces, and, in some cases, more than one garage for more than five years now. As you might expect, homes intended for more than one family tend to be a little larger, by nearly 22%, according to NAR data. The typical existing home is 1,880 square feet and costs about $270,000. Yet a multigenerational abode is roughly 2,290 square feet and costs about 10.7% more, with a $299,000 price tag. This year, the No. 1 reason for the uptick in purchasing a multigenerational home was to make space to care for and spend more time with older parents, followed by the cost savings of pooling several incomes, according to NAR’s research. The figures released by NAR account only for recent purchases. The actual number of intergenerational households that have formed since the start of the pandemic has actually increased by a staggering 61%. Pew Research Center found that around 6 in 10 adults who have moved since March say they have relocated to a family member’s home. Of those, 41% moved in with their parents or in-laws, 4% moved in with an adult child or in-law, and 16% moved in with another family member. Younger adults are moving back home—even temporarilySome of these newly formed households may be temporary. Once vaccines become widely available, older Americans may go back to assisted-living facilities and younger adults may return to college campuses or their cramped city apartments. On the other hand, many could opt to make these living arrangements more permanent after realizing the benefits. “Census data released this summer showed the highest share of young adults 19 to 29 years old are living at home since the Great Depression,” says Lautz. Though record-high unemployment certainly has something to do with it—18% of the U.S. adults who said they’d moved because of the pandemic say their reason for moving was financial—the reasons for doing so vary from college campuses closing and the ability to work remotely to wanting to spend more time with family during the crisis or reducing their risk of contracting the virus. Often, it’s a combination of factors. Jacqueline Gamache, 36, her husband, Kevin, and their 2-year-old son ditched their cramped Chicago apartment in early April in favor of Gamache’s parents’ three-story house across the lake in Holland, MI. The plan was to wait out the stay-at-home order for a couple of weeks. The couple ended up staying for two months. “It wasn’t out of an unfortunate financial event,” says Gamache. “It was for us to manage the needs of a toddler and still be able to go outside.” While the trend of bringing more than one nuclear family under one roof has soared in 2020, it started long before COVID-19 got everyone thinking about pandemic pods. The real roots of the rise of multigenerational livingIn 2016, a Pew Research Center analysis of U.S. Census data found that a record 64 million people—20% of the U.S. population—lived with multiple generations of adults in a single-family home. “Multigenerational living has been rising since last recession,” says Graham. The share of Americans cohabiting with family has not been this high since 1950, when 21% of the population shared an address with different generations of their family. That percentage dropped to a low of 12% in 1980 but has seen a dramatic surge since 2008. At that point, it was fueled not by recession but by demographic shifts. Census data show that Asian, Black, and Hispanic families are more likely to live in multigenerational households than non-Hispanic whites. (Blacks and Hispanics also are more likely than whites to have suffered economically during the pandemic.) In addition, the nation’s population is aging. By 2040, around 1 in 5 Americans will be over the age of 65, up from 1 in 8 in 2000. Combining households with younger family members is a solution for taking care of the upside-down population pyramid created by the baby boomers, says Graham. Even before the advent of COVID-19, the age of individuals experiencing homelessness was projected to trend upward until 2030. Much of that is related to the high cost of housing, as more than 10.9 million households spend more than 50% of their income on shelter. Even with record-low interest rates, the cost of buying a home remains stubbornly out of reach amid historically low inventory levels, which push up prices. In November, the national median listing price was down slightly from the staggering $350,000 in August of this year, to $348,000. That’s still up 12.7% compared with last year, and large metros saw an average price gain of 8.8% compared with the same time period in 2019. “We need to do things to actually encourage families getting back together,” says Graham. “One of the positive aspects of COVID is its supercharging this return to multigenerational living.” The post All in the Family: How the Pandemic Accelerated the Rise in Multigenerational Living appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/all-in-the-family-how-pandemic-spurred-rise-in-multigenerational-living/ The numbers: Sales of newly built homes occurred at a seasonally-adjusted annual rate of 841,000 in November, the Census Bureau reported Wednesday. That was 11% below the downwardly-revised pace of 945,000 in October. Analysts polled by MarketWatch had projected new-home sales to occur at a seasonally-adjusted annual rate of 875,000. Compared to last year though, November’s numbers remained elevated, up nearly 21% year-over-year. What happened: New-home sales fell across all parts of the country, led by a 43% decline in the Midwest. Inventory rose markedly by month’s end, up some 14% to a 4.1-month supply. A six-month supply of homes is generally considered indicative of a balanced market. The median price of new homes for sale was $335,300, down from October but up 5% from a year ago. The big picture: The dip in sales in November is a sign that buyers are cooling on the market, in tandem with the cooler weather. “While buyers continue to favor larger homes with bigger backyards and better quality of life, steeply-rising prices are driving a wedge between their preferences and their wallets,” said George Ratiu, senior economist at Realtor.com. Indeed, the rising cost of new homes points to the challenges buyers will face as we head into the new year. The increase in sales prices for newly constructed homes is a reflection mainly of higher building costs. Nevertheless, with the supply of existing homes so constrained, buyers will face tough competition for most properties, driving the prices higher. Builders will face a challenge in 2021: There’s high demand for more affordable homes, but those homes offer less of a return for construction firms. “New home builders must navigate rising construction costs and shifting consumer preferences to boost the availability of affordable new homes,” Ratiu said. What they’re saying: “Inventories are tight — down 14.2% year-over-year in October — and could be a constraint for home sales going forward,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics, in a research note. Market reaction: Market reaction: The Dow Jones Industrial Average and S&P were up Wednesday, despite confusion as to the fate of the latest stimulus package.. Meanwhile, shares of home-building firms PulteGroup, LGI Homes, and Lennar Corp. were all down upwards of 2% following the release of the new-home sales report. The post New-Home Sales Fall as Buyers Begin to Get Cold Feet in an Expensive Market appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/new-home-sales-fall-as-buyers-begin-to-get-cold-feet-in-an-expensive-market/ The rapper and songwriter French Montana has plunked down $8,425,000 for a giant Hidden Hills home, Variety reported. The seller was the Los Angeles Clippers star Paul George, who had listed the place back in June for $9,495,000. It remained at that price point until the All-Star apparently agreed to let it go this month. Marc Shevin with Berkshire Hathaway HomeServices repped the seller. Although he sold at a discount, don’t shed any tears for George. He purchased the home for $7.4 million in 2016. With almost 16,000 square feet, the spread features a massive, 4,000-square-foot great room featuring high-volume ceilings, motorized skylights, and sliding walls of glass that open to the rear grounds. In addition, the layout includes a formal dining room with beamed ceilings, and a remodeled chef’s kitchen with an adjoining breakfast room and fireplace. Highlights include a game room, home theater, custom study, gym with steam shower, bonus room, and walk-in wine cellar. A master suite features a two-sided fireplace, a bathroom with built-in sofa, private sunning patio, and two custom closets. Set on 1.44 acres, the private grounds include a pool and spa, stone decking, full-size basketball court, and a patio with a fireplace. It’s easy to host outdoor feasts, thanks to a custom barbecue center with seating and a fire pit. Other outdoor features include fountains, a viewing deck, covered patios, lawns, as well as fruit and shade trees. A circular driveway and garage for five cars completes the property. The rapper—whose given name is Karim Kharbouch—has sampled some sweet mansions in the past. Hidden HillsMontana’s most recent land grab is about twice the size of his previous residence, which is located just down the road. Purchased in 2016, the Mediterranean-style residence that belonged to Selena Gomez sold to the rapper for $3.3 million. The 3-acre compound includes a 7,700-square-foot main house with six bedrooms, a gym, home theater, guesthouse, and recording studio. The feature-filled backyard includes a pool and spa, cabana, Viking outdoor kitchen, and brick pizza oven. The Moroccan-born musician sought a large return on his four-year investment. He placed the pad on the market last January for $6,599,000, and then dropped the price to just under $6 million in February. The home is currently off market. New JerseyMontana also left some real estate on the East Coast. He had listed his Colonial-style residence in Pequannock Township, NJ, for $1.4 million in 2018. The 6,100-square-foot abode dates to 1790 and offers 18 rooms, including a recording studio, and has been completely remodeled. The home is currently off market. The hip-hop artist from the South Bronx boasts a total of 13 billion combined streams of his music throughout his career. Initially known for mixtapes, he made his debut studio album, “Excuse My French,” in 2013. He released “Jungle Rules” in 2017, which reached No. 3 on the Billboard 200. The post Rapper French Montana Snags Another Home in Hidden Hills appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/rapper-french-montana-snags-another-home-in-hidden-hills/ A new listing in San Francisco’s Cow Hollow neighborhood has turned heads for its unique design, both inside and out. The 4,185-square-foot home with four bedrooms and 4.5 bathrooms was built in 2016, is on the market for $18 million. It has an top-notch design pedigree that includes Aidlin Darling Design (architecture) and Andrea Cochran Landscape Architecture (landscape), who were honored with National Design Awards for the project. Neal Ward and Rick Teed of Compass are handling the listing. Built in 2016 for the current seller, it’s available for the first time. “The architecture of this property is so striking, and the detail, from top to bottom, is perfection in every way,” says Ward. Cello & Maudru Construction built the home, and Allyn Davis’ interior design is showcased in the home’s staging. While natural light is prominent in the interiors, so is privacy, thanks to exterior walls designed with wood slats. In addition, a walnut and stainless-steel kitchen can be easily separated by five frosted-glass panel walls that are designed to retract if the cook prefers privacy. The home also has a green roof. Inside, 20-foot ceilings in the living room and a 13-foot-tall light sculpture above the dining room table add elegance. Pivot-hinge doors on the north end of the living room lead to a cantilevered deck offering views of the Palace of Fine Arts, Angel Island, Alcatraz Island, and San Francisco Bay. Ward calls out the deck’s “bird’s-eye view of the Golden Gate Bridge” as another huge highlight. The home is at the north end of a tree-lined block of single-family homes on Filbert Street, which means that it has some of the neighborhood’s best views. It also has a green roof. This home is built for entertaining. On the lower level—excavated into the home and beneath a rock—are a media room and DJ booth, as well as a wet bar. That area connects directly with the outdoors, where you’ll find a dining and grilling area, as well as a lanai, bamboo leaves, an outdoor TV, in-ground fire pit, and spa. “The person that owns the house is into music, technology, and high-tech, and was able to have all of this done custom,” says Ward. Another selling point is the location. “The Cow Hollow neighborhood is highly sought after because of its proximity to the Presidio and all the wonderful shops on Union Street, and Chestnut Street in the Marina,” says Ward. And while San Francisco is often linked with fog and cool temps, this neighborhood does get its fair share of sunlight. “It’s nice and sunny,” says Ward. “Cow Hollow is known for its good weather.” Ward believes that a young couple or single person—particularly a tech employee drawn to the custom features who is looking in this price range—will snap up the property. “It’s not a typical young family with younger children that can’t have the separation from their parents,” he says, alluding to the master bedroom’s location on the top floor, with other bedrooms below. “I’ve also shown it to people looking for a pied-à-terre, couples from New York City,” he says. The post ‘Perfection in Every Way’: $18M Modern Mansion in San Francisco appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/perfection-modern-mansion-san-francisco/ |
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April 2021
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