Bank Owned Home Discounts to Grow Even Bigger?
March 19, 2012 By Leave a Comment
Foreclosures are expected to pick-up as soon as banks begin to clear their backlog of troubled loans. RealtyTrac is projecting a 25 percent increase in foreclosures in 2012.
If an increase does occur, some housing experts wonder how it will impact overall home prices and whether the discounts for REOs will be even larger this time around.
For example, in metro areas like Las Vegas, the average foreclosure sells at 6.1 percent less than a non-foreclosure home. In Miami, the foreclosure discount is 7.1 percent, according to data by LPS Applied Analytics. In some places, it’s even more.
“A spike in sales of bank-owned homes can be bad news for other sellers,” The Wall Street Journal reports. “And foreclosure sales make it hard for prices to rise overall since they boost sales activity at the lower end of the market.”
This time around, however, housing experts don’t expect the discounts in distressed properties to grow.
“More often than not, prices are determined more by demand than supply,” Paul Dales, senior U.S. economist at Capital Economics, told The Wall Street Journal. Areas with a high number of REOs may have greater demand for REOs in good condition and less supply for other properties. Plus, Capital Economics predicts that demand will improve nationwide this year as the housing markets starts to recover.
Source: “Will the ‘Foreclosure Discount’ Grow This Year?” The Wall Street Journal (March 14, 2012)
Beautiful Technology – Turntables
March 19, 2012 By Leave a Comment
With all the talk of iPad this, and iPhone that, the venerable turntable is all but forgotten. While the iPhone and iPad are truly elegant designs, but they are the rare exceptions in the rather drab world of consumer electronics. Most cameras, printers, computers, home theater receivers, and speakers are pretty sedate, but there is one product category that stands out: turntables. I’ve picked a choice selection that represents remarkable achievements in industrial design, and they’re highly functional, exquisitely engineered products
More here at CNET.
7 Hot Home Improvement Trends that Make Your Home Work for You
March 18, 2012 By Leave a Comment
Home improvement trends embrace energy efficiency, low maintenance exteriors, and double-duty space.
Trend #1: Maintenance-free siding
We continue to choose maintenance-free siding that lives as long as we do, but with a lot less upkeep. But more and more we’re opting for fiber-cement siding, one of the fastest-growing segments of the siding market. It’s a combination of cement, sand, and cellulosic fibers that looks like wood but won’t rot, combust, or succumb to termites and other wood-boring insects.
At $5 to $9 per sq. ft., installed, fiber-cement siding is more expensive than paint-grade wood, vinyl, and aluminum siding. It returns 78% of investment, the highest return of any upscale project on Remodeling magazine’s latest Cost vs. Value Report.
Maintenance is limited to a cleaning and some caulking each spring. Repaint every 7 to 15 years. Wood requires repainting every 4 to 7 years.
Trend #2: Convertible spaces
Forget “museum rooms” we use twice a year (dining rooms and living rooms) and embrace convertible spaces that change with our whims.
Foldaway walls turn a private study into an easy-flow party space. Walls can consist of fancy, glass panels ($600 to $1,600 per linear ft., depending on the system); or they can be simple vinyl-covered accordions ($1,230 for 7 ft. by 10 ft.). PortablePartions.com sells walls on wheels ($775 for approximately 7 ft. by 7 ft.).
A Murphy bed pulls down from an armoire-looking wall unit and turns any room into a guest room. Prices, including installation and cabinetry, range from $2,000 (twin with main cabinet) to more than $5,000 (California king with main and side units). Just search online for sellers.
And don’t forget area rugs that easily define, and redefine, open spaces.
Trend #3: A laundry room of your own
Humankind advanced when the laundry room arose from the basement to a louvered closet on the second floor where clothes live. Now, we’re taking another step forward by granting washday a room of its own.
If you’re thinking of remodeling, turn a mudroom or extra bedroom into a dedicated laundry room big enough to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent.
Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.
Trend #4: Souped-up kitchens
Although houses are trending smaller, kitchens are getting bigger, according to the American Institute of Architects’ Home Design Trends Survey.
Kitchen remodels open the space, perhaps incorporating lonely dining rooms, and feature recycling centers, large pantries, and recharging stations.
Oversized and high-priced commercial appliances—did we ever fire up six burners at once?—are yielding to family-sized, mid-range models that recover at least one cabinet for storage.
Since the entire family now helps prepare dinner (in your dreams), double prep sinks have evolved into dual-prep islands with lots of counter space and pull-out drawers.
Trend #5: Energy diets
We’re wrestling with an energy disorder: We’re binging on electronics—cell phones, iPads, Blackberries, laptops–then crash dieting by installing LED fixtures and turning the thermostat to 68 degrees.
Are we ahead of the energy game? Only the energy monitors and meters know for sure.
These new tracking devices can gauge electricity usage of individual electronics ($20 to $30) or monitor whole house energy ($100 to $250). The TED 5000 Energy Monitor ($240) supplies real-time feedback that you can view remotely and graph by the second, minute, hour, day, and month.
Trend #6: Love that storage
As we bow to the new god of de-clutter, storage has become the holy grail.
We’re not talking about more baskets we can trip over in the night; we’re imagining and discovering built-in storage in unlikely spaces–under stairs, over doors, beneath floors.
Under-appreciated nooks that once displayed antique desks are growing into built-ins for books and collections. Slap on some doors, and you can hide office supplies and buckets of Legos.
Giant master suites, with floor space to land a 747, are being divided to conquer clutter with more walk-in closets.
Trend #7: Home offices come out of the closet
Flexible work schedules, mobile communications, and entrepreneurial zeal are relocating us from the office downtown to home.
Laptops and wireless connections let us telecommute from anywhere in the house, but we still want a dedicated space (preferably with a door) for files, supplies, and printers.
Spare bedrooms are becoming home offices and family room niches are morphing into working nooks. After a weekend of de-cluttering, basements and attics are reborn as work centers.
3 Hot Trends for Bathroom Remodeling in 2012
March 17, 2012 By Leave a Comment
From toilets that double as sound systems to water-conserving spa experiences, here’s what’s trendy for bathroom improvements for 2012.
Trend #1: Conservation rules
All around the country, water reserves are stressed. In response, regional governments are implementing conservation measures. As a result, there are likely to be new regulations that’ll affect your construction or remodeling plans. Here’s what to watch for:
Your new toilet will have a lower flush-per-gallon rating than the one that’s in there now. Consider a dual-flush version, or any low-flow toilet coming on the market that meets your style preferences. At the very least, your next commode is likely to feature a 1.28 gallon-per-flush rating — better than even the most-recent 1.6 GPF offerings.You’ll find them at home improvement centers from $100 to luxury showroom models for thousands more.
The WaterSense label, launched in 2006 by the Environmental Protection Agency to promote water conservation by plumbing manufacturers and home owners, will become as well-known as Energy Star. You’ll be shopping for low-flow shower heads and faucets with the WaterSense symbol on the box. Just as with Energy Star appliances, there is no cost premium associated with WaterSense savings — there are faucets in every price range. WaterSense shower heads are newer on the market, with a more limited selection today — mostly at more affordable prices.
You’ll start seeing more shower heads — especially rain shower models — using Venturi principles that deliver strong water pressure by adding air, not water, to the mix. They’re available in every price range, from ultra-affordable standard heads to luxury rain showers.
Trend #2: Technology advances
You may not think of your bathroom as a high-tech space, but that’s about to change. Here are some of the trends that can benefit your home:
You’ll be able to create a custom showering experience more affordably than ever. For $300 for simple controllers to $3,500 or more for a complete luxury installation,programmable showers let you digitally set your preferred water temperature, volume, and even massage settings before you step in. To achieve a personalized showering experience, you’ll need a 120-volt power source, and a thermostatic valve and controller in addition to your standard shower head or heads. Luxury models may include a steam system, a wi-fi source for music, multiple body spray outlets, tankless water heater, and a secondary controller to start the system from another room.
Dock your iPhone or MP3 player directly with your speaker-equipped, high-tech toiletso you can entertain yourself on the commode. While you’re not likely to invest $4,000 to $6,000 for a Kohler Numi toilet using this technology today, start looking for competitive models later in the year with lower prices.
Catch up on news and weather while you brush your teeth. Television screens are being integrated into medicine cabinets and vanity mirrors. Cost? Early entries to the market command a premium $2,200 to $2,400 price tag.
Plug your smart phone or MP3 player into your medicine cabinet so you won’t miss a call or song while getting ready for work or bed. A built-in jack keeps your unit charged (and away from wet countertops) and linked into a built-in speaker system.
Trend #3: Aging demographics emphasize safety
It’s not just high-tech that’s bringing an “experience” to the bathroom. Trends in universal design features add comfort, convenience, and safety. But that doesn’t mean your bathroom has to look institutional. Here are some universal design innovations that can factor helpfully (and stylishly) into your 2012 bath remodeling plans:
Sleek, low-profile linear drains are ideal for creating safe, zero-threshold shower designs. Unlike standard round drain covers that are typically mounted near the front end of a shower, these long, straight drains can be installed in different locations to minimize the slope of the shower floor. One popular location is at the outside edge of the shower, creating a wheelchair-friendly curbless shower. More offerings in more finishes — including nearly invisible tile-in channel models that are largely covered by shower floor tile — are becoming the standard for upscale spaces. You’ll spend $500 to $900 for a quality linear drain.
The rapidly-expanding selection of porcelain, glass, and ceramic tiles makes it easy to find slip-resistant, low-maintenance floors that don’t skimp on style. Expect to see faux wood, linen, and uniquely-textured looks for tiled bathroom floors and walls in 2012. The texture adds both visual impact and better traction for wet feet.
The accessible tub is no longer limited to the high-walled, narrow-door format that dominated the market in the last decade. Newer models, such as Kohler’s Elevance ($5,100), employ rising panels in front that give more of a traditional tub look with easier entry and exit. Others use standard hinged, sealed doors, but are increasing door width by several inches for better accessibility and appearance.
What improvements — big or small — are you planning for your bathroom this year?
By: Jamie Goldberg
3 Hot Trends for Kitchen Remodeling in 2012
March 16, 2012 By Leave a Comment
Mulling a kitchen remodel but want to keep costs low? You’re au courant with today’s trends that emphasize options and high-tech wizardry at affordable prices.
Trend #1: Remodeling scales back
A new focus on moderation and value has entered the remodeling mind-set. Trends that are likely to show up in your kitchen next year include:
You’ll repair your existing appliances instead of replacing them, extending their life with good maintenance and care. If you’re replacing cabinets, you’re likely to build around your current appliances rather than choosing new models.
You’re scaling back your cabinetry purchases, with an increased emphasis on kitchen storage and functionality over elaborate decoration. For example, rather than stacked crown moldings throughout the kitchen, you’ll put your money into practical roll-out trays and drawer organizers.
Small-scale kitchen projects are big news. Changing out cabinet hardware, replacing a faucet, and refacing your cabinets upgrades your kitchen without major expense.
Trend #2: Simpler, warmer styles dominate
Fussiness and excess have faded away in favor of pared-back looks that present a more timeless, value-conscious style.
Cabinet decoration continues to streamline. For example, massive corbels, once fashionable as undercounter supports, will give way to sleeker countertop supports and cantelivered countertop edges. Stacked moldings will pare back or disappear entirely. Elaborately glazed finishes will yield to simpler paints and stains.
Kitchen finishes will continue to get warmer and darker, and feature natural and stained woods. Walnut especially is growing in popularity.
Laminate countertops will continue to surge in popularity, especially in contemporary design. The latest European-inspired laminates offer more textured and naturalistic finishes than ever before. While exotic wood kitchen cabinets are out of reach for most home owners, glossy, look-alike laminate versions can be had for about one-third the price.
Trend #3: Technology expands its kitchen presence
Many of the techno products and trends that relate to your smartphones and tablets have just started making their way into your local showrooms and home centers.
Appliances will be equipped with USB ports and digital screens so you can display your family photographs and kids’ artwork.
Smart, induction built-in cooktops ($500-$3,000) remember your temperature settings as you move your pans across their entire surface.
One light finger touch is all it takes to open the electronically controlled sliding doors of your kitchen cabinets — a boon to people with limited mobility. You’ll pay 40% to 70% more for cabinets with electronically controlled doors than standard models.
You’ll be able to use your smart phones and tablets to control lights and appliance settings from anywhere you have a wi-fi connection, as well as to shop for appliances from major manufacturers.
You’ll be opting for LEDs for your recessed lights, under-cabinet task lighting and color-changing accent lighting. You’ll see more LED-powered pendants and chandeliers from major manufacturers as inefficient incandescent bulbs continue their march toward extinction.
A wide selection of affordable microwave ovens with convection and even steam features gives owners of smaller kitchen spaces more high-end cooking power.
What improvements — big or small — are you planning for your kitchen this year?
By: Jamie Goldberg