Real Estate — Page 21

HOME BUYING: You VS. Your Parents

April 16, 2013 By EmmanuelFonte Leave a Comment

I often hear from young adults today that they are finding it difficult to establish themselves in the housing market. Owning your own home is a central part of the American dream, and a pretty important milestone in any person’s life, so it’s bad news if young people today are having a tougher go at it than we did. But are they really?

I decided to dig up the statistics all the way back to 1979 to find out how affordable a home has been for the average American over that time period, based on median home price, median family income, interest rates, debt levels, and more. The results were both surprising and complicated, so I decided to present them in infographic form to make it easier for my readers to make sense of all the data I looked at.

Whether you’re a young professional eager to buy your first home, a parent who’s about to send their first child off to a college, or a real estate professional trying to make sense of current trends, pay close attention because it’s time to take an honest look at how the average family has fared over the past three decades.

source: www.alohatony.com

Filed Under: Blog, Economy, Real Estate, real estate financing, Real Estate Investment

The Rise of Small House Plans

April 6, 2013 By EmmanuelFonte Leave a Comment

For decades, new home sizes have been trending upward. But a changing economic climate, coupled with increasing concern for the environment, has launched a new trend: the small house movement.

Filed Under: Architecture, Blog, Real Estate

Check me (my website) out! I’m Responsive!

April 3, 2013 By EmmanuelFonte 1 Comment

A few weeks ago, my friend Jason Fox, redesigned my website to a “responsive” website. My site is now much easier to navigate, no matter what device visitors use.

Responsive web design (often abbreviated to RWD) is a web design approach aimed at crafting sites to provide an optimal viewing experience—easy reading and navigation with a minimum of resizing, panning, and scrolling—across a wide range of devices (from desktop computer monitors to mobile phones) (Wikipedia.com)

Here’s Jason’s explanation: Responsive WordPress Design uses CSS media queries to trigger different layout sets at various screen sizes. No longer will you need to zoom and scroll around when browsing on your mobile phone. No longer will you need to use the WPTouch plugin to make a “Mobile Version” of your website.

In case you’re a visual learner (aren’t we all?), here’s an infographic for you.

Filed Under: Blog, New Media, Real Estate, Technology

17 Bizarre Real Estate Listing Photos

March 26, 2013 By EmmanuelFonte Leave a Comment

The search for a home can be quite an adventure. On the hunt for a house or condo with the proper amenities, you never know what you may come across. By digging through thousands of real estate listings each week it’s amazing some of the things we stumble upon. Here are 17 photographs from real listings on Estately that instantly surprised us.

1. Atlanta, Georgia — $525,000. View photos of the rest of the home here.

There are better ways to cover up a carpet stain than this.

2. Atlanta, Georgia — $3,400,000. View photos of the rest of the home here.

Some say the zebra was pushed.

3. Chatsworth, California — $869,000. View photos of the rest of the home here.

If you’re a rock thrower who longs to live in a glass house so you can see the sky, consider painting the ceiling to resemble clouds at sunset instead.

4. Austin, Texas –$1,695,000. View the rest of this home here.

Do you dare to enter The Fortress of Slumber?

5. The Plains, Virginia–$5,999,000. View photos of this equestrian estate here.

First they show up in fast food and IKEA meatballs, then they appear in real estate listing photos. Horses just seem to be popping up everywhere.

6. Chino Hills, California — Sold for $4,500,000. View what remains of the listing here.

Listed for $4.9 million, this Chino Hills home wasn’t yet completed, but an awesome replica was created for the listing photos. For children skilled in building LEGO mansions, there could a be a future career in constructing miniature home replicas.

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7. Vancouver, Washington — Sold for $230,000. View the old listing here.

The listing for this home was literally crawling with babies. From inside the sink to the hallways, this Vancouver, Washington house featured the same crawling baby in at least eight of its photos. The photogenic tyke caught the attention of sites like Hooked on Houses — and eventually a new owner — because the home sold within months.

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8. Little Neck, New York –$799,000.View photos of the rest of the home here.

No need to wake up. Just pull the sleeping bag over your head so we can snap a quick photo. Perfect.

9. Studio City, California–$1,325,000. View photos of the rest of the home here.

Previously owned by comedian Dennis Miller, this combination sauna/bathroom features a toilet that can be easily hidden by the drop-down sauna seat. This combo raises also sorts of questions and concerns.

10. Fort Lauderdale, Florida — $3,150,000. View photos of the rest of the home here.

Human evolution eventually lead to indoor plumbing, but some still long for the simpler times when business was taken care of in the forest.

11. Vernon, Vermont — $250,000. View photos of this carpet store in a home here.

This lovely home comes with a large master bedroom, two baths, and a carpet store inside. So even think you’re going to put hardwood floors in because that would be silly.

12. San Pedro, California — $410,000. View photos of the rest of the home here.

The reaction was mixed for this Louis Vuitton-themed paint job, but the condo sold quickly and the listing was featured in everything from Curbed Los Angeles to StyleBistro.

13. Philadelphia, Pennsylvania — $1,850,000. View photos of the rest of the home here.

Dogs routinely appear in listing photos (more proof), but they’re not usually captured during such private moments.

14. Mars, As In The Red Planet–$30,000. View photos of the rest of the home here.

Ok, we made this one up as a marketing ploy.

15. North Hills, California–$2,600,000. View photos of the rest of the home here.

Some have speculated this was taken by the backup camera from a Toyota Prius. If successful, this could prove to be an incredible time saver for real estate photographers.

16. Chicago, Illinois — $289,000. View photos of the rest of the home here.

A lack of ceiling or walls is still no excuse not to stage a room for a listing photo.

17. McLean, Virginia–$2,899,000. View the rest of the home here.

Jules Verne crash lands in Camelot?

Filed Under: Blog, marketing, Random Thoughts, Real Estate

3 Financial Reasons to Buy a Home NOW! (Part II)

March 26, 2013 By EmmanuelFonte Leave a Comment

This week, we are going to look at the three financial reasons to buy a home now instead of waiting: prices are rising at an accelerated rate, interest rates are increasing and rents are skyrocketing. – The KCM Crew

Part II – Interest Rates Are Increasing

rates dice A big component in the cost of a home is the mortgage interest rate a purchaser pays. Understanding where rates are headed will help in making a decision whether to buy now or wait.

So, Where Are Rates Headed?

No one can know for sure. The Fed has been artificially holding rates down to stimulate the economy. However, as the economy improves, many experts expect rates to creep up. As an example, HSH Associates, the nation’s largest publisher of mortgage and consumer loan information, recently explained:

“The stronger the economy becomes, the higher rates may grind; the Federal Reserve is keeping them low to goose the economy, but an economy responding to the Fed’s medicine will soon see less of a need for it in order to function. If not otherwise manipulated, higher rates are the natural result of a growing economy, as rising demand for available credit supply and concerns about inflation allow costs to rise.”

The Mortgage Bankers Association (MBA) agrees. They were quoted in HousingWire late last year regarding their thoughts on where rates would be headed in 2013.

“After reaching record lows in 2012, mortgage rates are expected to creep up slowly in 2013, the Mortgage Bankers Association predicted.”

In the MBA’s latest Mortgage Finance Forecast they forecast that the 30 year interest rate will be 4.3% by the end of the year. This represents an increase of almost a full percentage point from the 3.4% rate available at the end of 2012.

For example, we show the impact a one percent increase in rate will have on the monthly principal and interest payment on a $200,000 mortgage.

Freddie Mac’s Weekly Primary Mortgage Market Survey reveals that rates have increased by 2/10ths of a percentage point already this year.

As we mentioned, no one knows for sure where rates will be a year from now. But, many experts think they may be as much as a point higher. With rising residential real estate prices and the possibility of higher mortgage rates, waiting to buy a home makes no sense in our opinion.

Tomorrow, we will look at skyrocketing rents.

by THE KCM CREW

Filed Under: Blog, Economy, Housing Market, Real Estate, real estate financing, Real Estate Investment

Future House Values? Simple as Supply and Demand

March 4, 2013 By EmmanuelFonte Leave a Comment

For some time now, we have attempted to shed light on the fact that pricing in today’s real estate market, as it is in the markets for every other saleable item, will be determined by the concept of ‘supply and demand’.

According to dictionary.com:

“The relationship between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market.”

In real estate, supply and demand is represented as the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month).

While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline:

1-4 months supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.
5-6 months supply creates a balanced market. Historically home values appreciate at a rate a little greater than inflation.
7-8 months supply creates a buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows.

What is happening across the country right now?

In most parts of the country, home values are rising. This is for two reasons:

According to NAR’s latest Existing Homes Sales Report, raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.
According to this month’s Pending Sales Report from NAR, houses going into contract reached levels last seen in April 2010 which was the month the Home Buyers’ Tax Credit expired.

This has resulted in a 4.2-month supply at the current sales pace which is the lowest housing supply since April 2005 when it was also 4.2 months.

Presently in King County, we are at 1.6 months of supply based on Pending sales.

Based on the table above, we can see that the supply/demand ratio is leaning toward a sellers’ market where prices will appreciate. That has created positive movement in housing values in most parts of the country.

by THE KCM CREW

Filed Under: Blog, Economy, Housing Market, Real Estate, Real Estate Updates

If a Home Gets Hit by a Meteor, Who Pays?

February 18, 2013 By EmmanuelFonte Leave a Comment

After a meteor struck western Siberia and more meteors threatened the entire globe on Friday, CNNMoney asked the question: Who pays for damage to ahome if hit by a space object?

Rest easy, “your insurance covers falling objects,” says Robert Hartwig, president of the Insurance Information Institute. In the rare events when meteors have crashed through home owners’ roofs over the years, insurers have paid the damage for those insured, Hartwig says.

“Blue ice” — the frozen sewage that sometimes falls from airplanes — is more common and is also covered if it falls from the sky onto your home, Hartwig told CNNMoney.

A remnant of a meteor struck in the Urals region of western Siberia Friday injuring more than 700 people and damaging nearly 300 buildings. It was referred to as a “once-in-a-century” event.

“The earth is pelted with 40 tons of space debris a year,” says Laurie Leshin, a former NASA scientist. “Most of that is in teeny dust particles” and rarely does itinjure people or damage property.

Source: “Who Pays for Damage From a Meteor?” CNNMoney

Filed Under: Blog, Real Estate, real estate financing Tagged With: home insurance

Top 10 Most Expensive Homes In The World

February 5, 2013 By EmmanuelFonte Leave a Comment

Living big comes at, of course, a price tag that’s just as big. For most of us, owning a huge mansion or your own estate is, unfortunately, only possible in dreams but for the owners or former owners of the following 10 houses, which also happen to be some of the most expensive ones there are in the world of real estate, what is seen as wishful-thinking for us is in fact reality for them.

10. Rybolovlev Estate

Price: $95 Million

Once owned by Donald Trump and ex-wife Elena Rybolovlev, this single family home, with its 18 bedrooms and 22 bathrooms, is one of the most expensive ones in the country. After the divorce, it was originally put up for sale for a whopping $125 million but it got haggled down to a mere – “mere” for the much-more-than-average earning of us all of course – $95 million.

9. Silicon Valley Mansion

Price: $100 Million

The next on the list may be currently valued at $100 million but the Silicon Valley Mansion, also known as Palo Alto Loire Chateau, was once estimated to be worth a little more than half of its current value: $50.27 million to be exact. For reasons unknown to many, the estate’s current owner, tech billionaire, Yuri Milner, actually forked out about a 100% more than what the estate, with it’s 25, 545 square foot of living space, is actually worth.

8. Fleur De Lys

Price: $125 Million

The Fleur de Lys has been on the market since 2007 and its price tag of $125 million has not dropped a single cent since then – we have to give it up to owner Suzanne Saperstein for her patience and tough negotiating skills. But for anyone keen, this European-style is sized at a ginormous 35,000 square foot of living space that includes 12 bedrooms, 15 bathrooms and a 50-seat theater (not a home theater but an actual one!).

7. The Manor

Price: $150 Million

Situated in one of Los Angeles’ posh neighborhoods, Holmby Hills, the 15,700 square foot Manor was called home by entertainment royalty Candy Spelling and her late husband, Aaron Spelling. Now up for sale at the above mentioned price of $150 million, the luxurious estate houses more than a hundred rooms.

6. The Pinnacle

Price: $155 Million

Owned by Edra and Tim Blixseth – the same Blixseths who own the very exclusive Yellowstone Club – the Pinnacle is both a home as well as a ski lodge featuring 10 bedrooms and – get this – heated floors; even those in the driveway.

5. Franchuk Villa

Price: $161 Million

This London mansion was once a girls’ preparatory school before it was transformed into a home for Ukrainian businesswoman and philanthropist Elena Franchuk. Boasting 21,000 square feet of living space, 20 foot ceilings, an above average number of bedrooms – 10 to be exact – and other amenities like an indoor swimming pool and a private movie theater, the villa definitely meets the prerequisite of a multi-million dollar mansion.

4. The Hearst Mansion

Price: $165 Million

A gift from his “mistress”, actress Marion Davies, newspaper tycoon William Randolph Hearst’s former mansion was created by architect Gordon Kaufmann who also happened to have played a role in designing the Hoover Dam. The estate has – just to name a few – 29 bedrooms, 40 bathrooms, a nightclub, a cinema, 2 tennis courts and a 75 foot long pool.

3. Fairfield Pond

Price: $198 Million

Next on the list is billionaire Ira Rennert’s Hamptons home with its breathtaking view of the Atlantic. Built by Rennert himself, the 63 acre estate boasts over 100,000 square feet of buildings, 29 bedrooms, 29 bathrooms, squash courts, tennis courts and a basketball court

2. Villa Leopolda

Price: $736 Million

Built by King Leopold II of Belgium in 1902, the estate is currently home to Russian billionaire Prokhorov who despite having lost billions – no thanks to the latest economic crisis – still had enough to buy himself this estate which, among many other things, features 27 stories, 19 bedrooms and 50 gardens.

1. Antilla

Price: $1,000,000,000

Top of the charts is this 27-storey Mumbai house that is worth so much, it’s within the billions range and features practically anything imaginable like 6 floors of parking, a 4-storey garden, a fully equipped health level and even a ballroom level.

Filed Under: Architecture, Blog, Real Estate Tagged With: Expensive Homes

Seattle Rental Market Statistics: 2002 vs. Today

February 3, 2013 By EmmanuelFonte Leave a Comment

Looking at rental statistics for Seattle, take a look at current pricing in Phinney Ridge, Lake City and Newcastle compared to a decade ago.

Average Pricing in Phinney Ridge in 2002	Average Pricing in Phinney Ridge in 2012
Studio: $600	Studio: $806
1 bedroom: $876	1 bedroom: $959
2 bedrooms: $1,098	2 bedrooms: $1,362
3 or more bedrooms: $2,300	3 or more bedrooms: $2,120

Average Pricing in Lake City in 2002	Average Pricing in Lake City in 2012
Studio: $533	Studio: $600
1 bedroom: $685	1 bedroom: $809
2 bedrooms: $1,003	2 bedrooms: $1,220
3 or more bedrooms: $1,429	3 or more bedrooms: $1,600

Average Pricing in Newcastle in 2002	Average Pricing in Newcastle in 2012
Studio: n/a	Studio: $675
1 bedroom: $671	1 bedroom: $885
2 bedrooms: $839	2 bedrooms: $1,013
3 or more bedrooms: $1,282	3 or more bedrooms: $2,048

Filed Under: Blog, Real Estate, Real Estate Investment