Motorcycles in a garden and classic cars parked nearby were among the props a brokerage firm used to try and lure prospective buyers into purchasing properties at a SoHo luxury building Tuesday night.
East Egg Realty, one of the brokers marketing the Soho Mews at 311 West Broadway, was hoping that the appearance of a ritzy lifestyle — including professional stylists at your beck and call — would help them meet their goal of selling two townhouses and two penthouses in the Mews complex, where sales have been hit hard by the recession.
“It was really about bringing its best features to life,” said Leslie French co-founder and president of East Egg, "and “continuing the positive flow of the sales of the building. At the end of the day, it’s been a tough market for everyone.”
Read more: Broker Pitches Ritzy Lifestyle to Go Along With SoHo Luxury Units...
Lower Home Prices Are Spurring Sales In Utah
About one quarter of all real estate transactions in Park City involve distressed properties.
That's not bad, said Deanna Devey of the Utah Association of Realtors. It's average for the state if not slightly better.
Foreclosure activity is definitely improving, said Park City Board of Realtors president Mark Seltenrich.
"They appear to be trending down, but remain historically high," according to the second quarter report summary from the board released July 22.
Devey said short sales account for 13 percent of all sales in Salt Lake, Utah, Davis, Weber and Tooele counties. They are only 10 percent of sales in Summit and Wasatch counties.
"Comparatively, Summit County isn't doing too bad," she said via email.
Statistics that sound negative but are actually good news was a theme for the mid-year report from the board of Realtors.
Click Here To Read: Lower Home Prices Are Spurring Sales In Utah...
That's not bad, said Deanna Devey of the Utah Association of Realtors. It's average for the state if not slightly better.
Foreclosure activity is definitely improving, said Park City Board of Realtors president Mark Seltenrich.
"They appear to be trending down, but remain historically high," according to the second quarter report summary from the board released July 22.
Devey said short sales account for 13 percent of all sales in Salt Lake, Utah, Davis, Weber and Tooele counties. They are only 10 percent of sales in Summit and Wasatch counties.
"Comparatively, Summit County isn't doing too bad," she said via email.
Statistics that sound negative but are actually good news was a theme for the mid-year report from the board of Realtors.
Click Here To Read: Lower Home Prices Are Spurring Sales In Utah...
Friday, July 30, 2010
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Conan O'Brien Sells Central Park West Co-Op for $25 Million
Conan O'Brien has reportedly sold his Central Park West apartment for $25 million.
David Zaslav, the chief executive of Discovery Communications, bought the seven bedroom, eight-and-a-half bathroom duplex on the 17th and 18th floors of the Majestic, the New York Times reported.
Read more: Conan O'Brien Sells Central Park West Co-Op for $25 Million...
David Zaslav, the chief executive of Discovery Communications, bought the seven bedroom, eight-and-a-half bathroom duplex on the 17th and 18th floors of the Majestic, the New York Times reported.
Read more: Conan O'Brien Sells Central Park West Co-Op for $25 Million...
Home Foreclosures Still Hit Utah Metro Areas
More than 75 percent of major metropolitan areas in the U.S. are posting high foreclosure rates, according to a midyear report from foreclosure listing service RealtyTrac.
The Provo-Orem area was Utah's hardest-hit metro in the first half of 2010, with about 3,000 foreclosure-related filings by the end of June, the RealtyTrac report said. That number is an 8.37 percent improvement from the last half of 2009.
Salt Lake City was 36th on the list, with more than 8,000 properties undergoing foreclosure. That amounts to about two homes for every 48.
Click Here To Read: Home Foreclosures Still Hit Utah Metro Areas...
The Provo-Orem area was Utah's hardest-hit metro in the first half of 2010, with about 3,000 foreclosure-related filings by the end of June, the RealtyTrac report said. That number is an 8.37 percent improvement from the last half of 2009.
Salt Lake City was 36th on the list, with more than 8,000 properties undergoing foreclosure. That amounts to about two homes for every 48.
Click Here To Read: Home Foreclosures Still Hit Utah Metro Areas...
Thursday, July 29, 2010
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Home Prices Falling Despite Low Mortgage Rates
The fine bloggers over at Calculated Risk have a good article today about the future of housing prices. In essence the article asserts that there have been declines in home values in both May and June that have yet to fully show up in many measures of home prices.
This premise is based upon data from Campbell Surveys that shows prices for short sales fell 6.3%, move-in ready foreclosures fell 6.8 percent, and non-distressed properties dropped 4.6 percent.
The decline can likely be traced to several factors. First is the collapse in demand for homes following the expiration of the first time home buyer tax credit at the end of April (the overall weakness of the economy also plays a part in the lack of demand). The next factor is the massive overhang of houses on the market and in the hands of banks and lenders. Finally, the sheer volume of foreclosed and distressed homes negatively affects the price of homes.
Click Here: Home Prices Falling Despite Low Mortgage Rates...
This premise is based upon data from Campbell Surveys that shows prices for short sales fell 6.3%, move-in ready foreclosures fell 6.8 percent, and non-distressed properties dropped 4.6 percent.
The decline can likely be traced to several factors. First is the collapse in demand for homes following the expiration of the first time home buyer tax credit at the end of April (the overall weakness of the economy also plays a part in the lack of demand). The next factor is the massive overhang of houses on the market and in the hands of banks and lenders. Finally, the sheer volume of foreclosed and distressed homes negatively affects the price of homes.
Click Here: Home Prices Falling Despite Low Mortgage Rates...
What Recession? Fifth Avenue Home Sells for $40 Million
A deep-pocketed buyer has paid an eye-popping $40 million for a Fifth Avenue mansion — the biggest home sale in the city since the start of the recession.
But the 19,500-square-foot Duke Semans townhouse at 82nd Street, close to the Metropolitan Museum of Art, could be considered a bargain.
It sold for $10 million below asking price, the New York Post reported.
Read more: What Recession? Fifth Avenue Home Sells for $40 Million...
But the 19,500-square-foot Duke Semans townhouse at 82nd Street, close to the Metropolitan Museum of Art, could be considered a bargain.
It sold for $10 million below asking price, the New York Post reported.
Read more: What Recession? Fifth Avenue Home Sells for $40 Million...
As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike
The rate of seriously delinquent mortgages backed by the Federal Housing Administration (FHA) declined slightly from May to June, but the gross number of mortgages that are either 90 or more days past due or in foreclosure increased 35% year-over-year.
According to the FHA June single-family operations report, the total volume of mortgage in-force increased more than 24% to 6.4m in June compared to the same month one year ago. The total value of unpaid FHA mortgages was $865.5bn in June, up 30.3% from $663.8bn one year ago and up 3.3% from $837.8bn in May.
Click To Read Here: As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike...
According to the FHA June single-family operations report, the total volume of mortgage in-force increased more than 24% to 6.4m in June compared to the same month one year ago. The total value of unpaid FHA mortgages was $865.5bn in June, up 30.3% from $663.8bn one year ago and up 3.3% from $837.8bn in May.
Click To Read Here: As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike...
Obama Signs Bill Eliminating HVCC
When President Barack Obama signed the Dodd-Frank Act this week to reform the financial markets, the Home Valuation Code of Conduct (HVCC) was officially set for elimination in 90 days.
The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.
Click Here: Obama Signs Bill Eliminating HVCC...
The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.
Click Here: Obama Signs Bill Eliminating HVCC...
Mortgages After Financial Reform: 5 Ways They’ll Change
The financial reform law includes tough new mortgage regulations, to stop the deceptions (and self-deceptions) that have driven millions of homeowners into foreclosure. Here’s how the market will change in 12 to 18 months, when the new rules start to take effect:
Click Here To Read: Mortgages After Financial Reform: 5 Ways They’ll Change...
Click Here To Read: Mortgages After Financial Reform: 5 Ways They’ll Change...
Wednesday, July 28, 2010
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Former Homeowners Ponder When To Re-enter Real Estate Market
In hindsight, Scott Feldman's decision to sell his first home in late 2006 could have been a case study in a textbook called "How to Time the Real Estate Market."
Feldman, who works at a private equity firm, sold his two-bedroom apartment on Manhattan's Upper East Side for $879,000, about 40 percent more than what he paid for it in 2003.
But whether Feldman's return to homeownership proves as financially savvy remains to be seen. After weathering the recession in a rental unit, he bought a five-bedroom house in a New Jersey suburb last spring for 30 percent below the original asking price.
"We probably overpaid for it -- but we're happy here," Feldman said, adding that he and his wife's decision to buy had less to do with calling a market bottom than settling into a community their two young children, nearing school age, could grow up in.
Click Here: Former Homeowners Ponder When To Re-enter Real Estate Market...
Feldman, who works at a private equity firm, sold his two-bedroom apartment on Manhattan's Upper East Side for $879,000, about 40 percent more than what he paid for it in 2003.
But whether Feldman's return to homeownership proves as financially savvy remains to be seen. After weathering the recession in a rental unit, he bought a five-bedroom house in a New Jersey suburb last spring for 30 percent below the original asking price.
"We probably overpaid for it -- but we're happy here," Feldman said, adding that he and his wife's decision to buy had less to do with calling a market bottom than settling into a community their two young children, nearing school age, could grow up in.
Click Here: Former Homeowners Ponder When To Re-enter Real Estate Market...
Remember Jumbo Loans? They're Back!
Amid all the double-dip discussions in the housing market is an odd ray of hope on the high end.
With little to no fanfare, it appears jumbo loans are not only getting cheaper, they're getting easier to obtain.
After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.
A quick check on Bankrate.com shows the 30-year fixed jumbo at around 5.50 percent, and Citibank last week reported applications for jumbos up 30 percent just over the last 60 days.
"It is the overall weak economy driving the 10 year lower, which is the proxy for most mortgage loans," says FBR's Paul Miller. "This is still probably the best of the best getting loans at these low rates, but Jumbo activity is still very, very low." Miller says it's good for the market, but only "marginally better," as banks are desperate to find good loans to put on their books.
Click Here: Remember Jumbo Loans? They're Back!...
With little to no fanfare, it appears jumbo loans are not only getting cheaper, they're getting easier to obtain.
After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.
A quick check on Bankrate.com shows the 30-year fixed jumbo at around 5.50 percent, and Citibank last week reported applications for jumbos up 30 percent just over the last 60 days.
"It is the overall weak economy driving the 10 year lower, which is the proxy for most mortgage loans," says FBR's Paul Miller. "This is still probably the best of the best getting loans at these low rates, but Jumbo activity is still very, very low." Miller says it's good for the market, but only "marginally better," as banks are desperate to find good loans to put on their books.
Click Here: Remember Jumbo Loans? They're Back!...
How Financial Reform Could Affect You
Once signed into law by President Barack Obama, how will the new financial reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act affect consumers?
One of the most prominent features of the bill is the creation of a Consumer Financial Protection Bureau within the Federal Reserve. Its mission will be to oversee consumer financial products offered by banks, mortgage companies, credit cards, debt-settlement firms, loan providers and payday lenders. It will have the authority to craft regulations, launch investigations and act on consumer complaints. The following is a sample of other ways the bill may—or may not—act on average Americans.
Click Here to Read: How Financial Reform Could Affect You...
One of the most prominent features of the bill is the creation of a Consumer Financial Protection Bureau within the Federal Reserve. Its mission will be to oversee consumer financial products offered by banks, mortgage companies, credit cards, debt-settlement firms, loan providers and payday lenders. It will have the authority to craft regulations, launch investigations and act on consumer complaints. The following is a sample of other ways the bill may—or may not—act on average Americans.
Click Here to Read: How Financial Reform Could Affect You...
Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?
With the expiration of the first-time buyer tax credit on April 30, there are now two main props keeping the housing market afloat. One is the growing percentage of home sales financed by Federal Housing Administration (FHA) loan guarantees. The other is the refusal of banks to put on the market foreclosed homes over $300,000.
In this article, we will take a look at the second factor. A future report will examine the role of the FHA in keeping the market from collapsing.
Click Here to Read: Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?...
In this article, we will take a look at the second factor. A future report will examine the role of the FHA in keeping the market from collapsing.
Click Here to Read: Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?...
Housing: Right Back Where We Started?
With all the gloom and doom in the present conversation about the national housing market, you’d think we were recovering from a complete financial meltdown instead of the expiration of the first-time homebuyer’s tax credit.
Funny coincidence about that—these days, it seems like everyone, from the analysts to the big builders, is talking about how July 2010 looks a whole lot like April 2009, when the market was just emerging from the darkest days of the financial meltdown.
This morning, the National Association of Home Builders/Wells Fargo Housing Market Index–a monthly yardstick for investors and market-watchers that gauges whether CEOs of homebuilding companies are feeling like raising a glass of champagne or downing a stiff drink–showed that builder confidence in the market had fallen to its lowest level since April of last year.
Click Here To Read: Housing: Right Back Where We Started?...
Funny coincidence about that—these days, it seems like everyone, from the analysts to the big builders, is talking about how July 2010 looks a whole lot like April 2009, when the market was just emerging from the darkest days of the financial meltdown.
This morning, the National Association of Home Builders/Wells Fargo Housing Market Index–a monthly yardstick for investors and market-watchers that gauges whether CEOs of homebuilding companies are feeling like raising a glass of champagne or downing a stiff drink–showed that builder confidence in the market had fallen to its lowest level since April of last year.
Click Here To Read: Housing: Right Back Where We Started?...
Pricing Your Home To Sell In Today's Market
With no federal tax credit to entice buyers, today's home sellers have to get even more serious about making a deal.
That means pricing aggressively -- low enough to compete with foreclosures in some markets. It's a conversation that stings, said Summer Greene, a real-estate agent for a Better Homes and Gardens Real Estate brokerage office in Fort Lauderdale, Fla.
"It's like telling them that their children are ugly," she said.
Click Here to Read: Pricing Your Home To Sell In Today's Market...
That means pricing aggressively -- low enough to compete with foreclosures in some markets. It's a conversation that stings, said Summer Greene, a real-estate agent for a Better Homes and Gardens Real Estate brokerage office in Fort Lauderdale, Fla.
"It's like telling them that their children are ugly," she said.
Click Here to Read: Pricing Your Home To Sell In Today's Market...
Beverly Hills Partially Closes Sunset Boulevard To Welcome A Million-Dollar Prefabricated Home From Utah Company
Beverly Hills is joining a list of high-profile cities that are welcoming a new generation of building. Irontown Housing Company, Inc., a 25-year-old Utah housing company, has changed the face of construction by providing customers custom, quality built, energy efficient homes while saving time, money and the earth.
Irontown Homes is scheduled to deliver a custom home to Beverly Hills on July 14th. The home features exquisite hand hewn cabinetry and built-in woodwork throughout, exposed ceiling beams, hardwood doors and case moldings, custom painting, majestic fireplace, exotic granite countertops, custom granite showers, and upgraded insulation. Also included are Pella windows, tile roof, GE Monogram appliances, Moen fixtures, imported tile flooring, home automation, and double-layered security system.
Eight individual modules will be craned onto the foundation in one day and the finishing will be done within a few weeks on site. Every Irontown Home is 95% finished when it leaves the factory.
Click Here To Read: Beverly Hills Partially Closes Sunset Boulevard To Welcome A Million-Dollar Prefabricated Home From Utah Company...
Irontown Homes is scheduled to deliver a custom home to Beverly Hills on July 14th. The home features exquisite hand hewn cabinetry and built-in woodwork throughout, exposed ceiling beams, hardwood doors and case moldings, custom painting, majestic fireplace, exotic granite countertops, custom granite showers, and upgraded insulation. Also included are Pella windows, tile roof, GE Monogram appliances, Moen fixtures, imported tile flooring, home automation, and double-layered security system.
Eight individual modules will be craned onto the foundation in one day and the finishing will be done within a few weeks on site. Every Irontown Home is 95% finished when it leaves the factory.
Click Here To Read: Beverly Hills Partially Closes Sunset Boulevard To Welcome A Million-Dollar Prefabricated Home From Utah Company...
National Home Prices Show Strong Growth Over Last Year
Despite record unemployment and REO levels, US housing prices through June 2010 showed significant improvement nationwide. Housing prices in the US Midwest showed double digit increases year-over-year, posting the strongest gains in the country. See the following article from HousingWire for more on this.
House prices rose in June across the US in both the rolling quarter and the previous-year data, according to real estate asset valuation data provider Clear Capital.
National prices rose 5.2% over the previous three-month period and 8.8% since June 2009. The quarterly and yearly growth seen in June builds on already positive data, after prices climbed 6.8% in May from the year before.
Click To Read: National Home Prices Show Strong Growth Over Last Year...
House prices rose in June across the US in both the rolling quarter and the previous-year data, according to real estate asset valuation data provider Clear Capital.
National prices rose 5.2% over the previous three-month period and 8.8% since June 2009. The quarterly and yearly growth seen in June builds on already positive data, after prices climbed 6.8% in May from the year before.
Click To Read: National Home Prices Show Strong Growth Over Last Year...
5 Real Estate Scams You Need to Know About
Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction.
Click Here To Read: 5 Real Estate Scams You Need to Know About...
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction.
Click Here To Read: 5 Real Estate Scams You Need to Know About...
Home Sales Around St. George Driven By Bargains
Foreclosures and short sales are driving around 70 percent of property sales around St. George in southern Utah, real-estate officials say.
The redrock town near national parks and wide-open public lands has been battered for nearly two years by a recession that put a halt to rapid development with some speculation.
Officials say sales of new and existing homes picked up in Washington County for a second month in May to 361 -- up by 51 sales over the same month last year.
But officials expect a dip in market activity this summer now that a federal tax credit for home buying has expired, followed by a slow recovery that could keep home prices low for two or three years before they rise again.
"The key there is that we stopped falling," said Allen Carter, owner of Southern Utah Title.
Click Here To Read: Home Sales Around St. George Driven By Bargains...
The redrock town near national parks and wide-open public lands has been battered for nearly two years by a recession that put a halt to rapid development with some speculation.
Officials say sales of new and existing homes picked up in Washington County for a second month in May to 361 -- up by 51 sales over the same month last year.
But officials expect a dip in market activity this summer now that a federal tax credit for home buying has expired, followed by a slow recovery that could keep home prices low for two or three years before they rise again.
"The key there is that we stopped falling," said Allen Carter, owner of Southern Utah Title.
Click Here To Read: Home Sales Around St. George Driven By Bargains...
Top iPhone Apps For Home Improvement
With the invention of the many high-tech gadgets, the market has been inundated with a variety of apps. Whether your interest is beauty, games, or the stock market – there is an app perfect for you. For the husband marking off their honey-do list or the wife wanting to revamp a boring kitchen, there are many home improvement apps for your iPhone. The top home improvement apps for the iPhone not only put information at your fingertips, they are easy to use and provide useful data for anyone needing help with their project.
Click Here: Top iPhone Apps For Home Improvement...
Click Here: Top iPhone Apps For Home Improvement...
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