| Bedford Village NY Real Estate Report | RobReportBlog | ||
| 2013 | 6 months ending 11/13 | 2012 | |
| 51 | Sales | 35 | up 31% |
| $897,000.00 | median sold price | $950,000.00 | down 5% |
| $412,500.00 | low sold price | $418,500.00 | |
| $8,200,000.00 | high sold price | $4,450,000.00 | |
| 3709 | average size | 3874 | |
| $303.00 | ave. price per foot | $315.00 | |
| 202 | ave days on market | 193 | |
| $1,116,475.00 | average sold price | $1,242,314.00 | |
| 93.81% | ave sold to ask | 93.91% | |
| North Salem NY Weekly Real Estate Report | 11/13/2013 | |
| Homes for sale | 50 | |
| Median Ask Price | $799,450.00 | |
| Low Price | $235,000.00 | |
| High Price | $18,500,000.00 | |
| Average Size | 3288 | |
| Average Price/foot | $405.00 | |
| Average DOM | 193 | |
| Average Ask Price | $1,670,172.00 | |
When it comes to housing in metro Detroit, it’s once again a seller’s market.
New figures from the Farmington Hills real estate data
firm Realcomp II Ltd. show home prices skyrocketed 40 percent in October from a year earlier. Sales were up only slightly, though, at an 0.7 percent increase.
The median sale price in the 10-county area surveyed by Realcomp was $124,800, up from $89,000 a year earlier. A total of 6,345 homes changed hands in the month, up from 6,298 in October 2012.
Big price increases were reported in Macomb County (up 46 percent) and Wayne County (up 44 percent). Prices in Dearborn and Dearborn Heights were up 41 percent. Areas reporting relatively modest price increases were Livingston County (up 14.5 percent) and Lapeer County (up 6.1 percent). Average prices actually fell in only one county, 2.2 percent in St. Clair.
The number of homes sold actually fell in some parts of the region — down 20.1 percent in St. Clair County, down 10.2 percent in Lapeer County, down 9.6 percent in Detroit and the cities of Hamtramck, Highland Park and Harper Woods.
That could actually be because of a lack of inventory — the number of homes on the market fell almost 11 percent from a year ago, to 22,309 homes listed for sale in the region, down from 25,035 a year earlier. Another sign of a hot market: The number of days a home stayed on the market before selling plunged 22 days from a eyar earlier, to 56 days, from 78. (During the depths of the recession it took over 100 days to sell a home.)
http://detroit.cbslocal.com/2013/11/12/metro-detroit-real-estate-market-stays-red-hot/
The 2000s real estate bubble—which burst in 2007 and precipitated a once-in-a-century financial crisis and recession—is not something most folks are excited to see a sequel of. But five years of declining or stagnating housing prices, the market turned around big time in 2012, making some analysts worry that we’re seeing the beginnings of Housing Bubble 2.0.
As you can see, home prices in most of the country are far from the bubble levels of mid-2000s, but if you drill down deeper to look at individual markets, one sees a different picture. Jed Kolko, housing economist with the real estate site Trulia, has been tracking home prices across the country to see which markets are over and undervalued. In a forthcoming “Bubble Watch” report, he finds that while most of the U.S. real estate market remains significantly undervalued, there are certain markets that are straying into bubble territory.
According to Kolko’s analysis, which looks at several factors like price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trend, markets in Orange County California and Los Angeles are more than 10% overvalued. Kolko also pegs the Austin, Texas market at 10% overvalued, while 7 other markets range from 4% to 7% overvalued. Those include:
San Antonio, TX;
Honolulu, HI;
San Francisco, CA;
Houston, TX;
Riverside-San Bernandino, CA; and
Oakland, CA
Unsurprisingly, these markets — concentrated in Texas and California, have also seen double digit home appreciation over the past year, with Orange County real estate appreciating a whopping 23.4% since October of 2012.
So are we in danger of another housing bubble like we experienced last decade? Not quite yet, at least nationally. According to Kolko, the market remains roughly 4% undervalued overall. And in some markets, like Cleveland, Ohio and Palm Bay-Melborne-Titusville, Florida, home prices are still 20% below their fundamental value. Furthermore, even the most frothy markets are less overvalued than the national market was in 2004, when home prices were 24% overvalued nationally.
Read more: Where the Next Huge Real Estate Bubble May Be Building | TIME.com
The real estate market is stabilizing, as more foreclosures and short sales leave the market, and mortgage rates look fairly low going forward.
One fly in the ointment: Home prices may be rising, so buyers don’t want to wait too long to lock down a good property before prices rise too high next year — a real possibility.
The evidence? Two reports out signaling lower mortgage rates but higher home prices.
First up is data from the California Association of Realtors, which reports that housing affordability in California has fallen for a sixth-straight quarter.
That could lead to many homebuyers being locked out in a state that includes three of the most visible housing markets in the nation — San Francisco, Los Angeles and San Diego.
According to the association, only 32% of Golden State homebuyers can afford to buy a median-priced single-family residence. That’s down significantly from the third quarter of 2012, when that figure stood at 49%.
What does it take to handle a median-price home in California these days? The association estimates it takes at least an income of $89,000 for a new home valued at $433,940. The monthly payment would clock in at $2,230 after a 20% down payment and an interest rateHYPERLINK \l “” of 4.36%.
Compare that with the third quarter of last year, when the median home price in the state wa$339,930 and the bottom-line annual incomeHYPERLINK \l “” to buy a property in that price range was only $65,828.
The association says every major regional housing market in the state saw home prices rise by 10% or more from last year to this year.
That sobering news is countered by data from Toronto’s RateSupermarket.com, a home mortgage Web exchange that shows mortgages rates in the U.S. and Canada should remain low well into next year.
“Canadian and U.S. bond yields remain low due to assurances that economic stimulus will remain for the longer term in both countries,” the company says in a report out this week. “This will lead to continued downward pressure on yields and, as a result, moderate discounts to fixed mortgage rate options.”
Location: Glen Head, N.Y. Price: $11,000,000 The Skinny: The Sunninghill estate, a historic property in one of the toniest hamlets on Long Island, is now on the market for $11M just three years after it was dragged into a bruising and embarrassing (there were extremely anatomically correct bronze statues involved) legal battle involving its owner, the flamboyant and controversial Prince Jefri of Brunei. The 10,000-square-foot six-bedroom, eight-bathroom Georgian manor was built in 1928, and features none of the outré décor you might expect (hope?) to find in the home of a man who once auctioned off his set of gold-plated hot tubs and gilded toilet-paper holders. The mansion sits on 26 acres of rolling lawns, and comes complete with a tennis court, a quarter-mile track, and a swimming pool, which, at nearly 2,000 square feet, is bigger than some homes. The location is hard to beat: Manhattan is 26 miles away, and closer to home there’s the North Shore and a bewilderingly dense agglomeration of country clubs.
· 873 Cedar Swamp Rd, Glen Head, NY [Zillow] · Sunninghill [Sotheby’s International Realty]
What happens when you make a French bulldog puppy the star of a series of YouTube videos depicting the adorable canine’s search for an apartment — using your brokerage’s website, of course?
You get more than 1 million views at a cost-per-view of $0.13 and a click-through rate of 0.85 percent The Corcoran Group’s Matthew Shadbolt tells The Real Deal.
“While a million is a small number for a large brand, it’s a massive milestone for us as a local brand, and cements our investment in promoted video,” Shadbolt said.
Source: therealdeal.com. –
See more at: http://www.inman.com/wire/now-whos-laughing-puppys-youtube-adventures-net-the-corcoran-group-1-million-views/#sthash.MSEJ90wu.dpuf
Homebuilder D.R. Horton Inc. is prepared to offer big discounts to buyers if sales don’t pick up by the start of the spring selling season, and other builders might be forced to follow suit, the Wall Street Journal’s Kris Hudson reports.
Orders for new homes were down 10 percent in October from a year ago, the Journal reports, citing a Zelman & Associates survey.
Source: blogs.wsj.com – See more at: http://www.inman.com/wire/homebuilders-may-offer-big-discounts-to-goose-spring-sales/#sthash.8quey4MM.dpuf
In my talks I often preach that real innovation comes when we have the ingredients that got us to the moon: money, brains and passion.
In real estate today, these fundamentals are in place.
A new generation of passionate leaders is taking over — younger and better-educated agents, a new crop of innovative and fearless brokers, and a slew of startup whiz kids. A recovering housing market and successful IPOs such as Zillow and Trulia are attracting supersmart professionals who want in on the largess.
Oscar Wilde said, “When I was young I thought that money was the most important thing in life; now that I am old I know that it is.”
Indeed, capital has returned to the industry and that is a good thing. The largest real estate company, Realogy Holdings Corp. ($6.16 billion market cap), has put a big dent in its debt and gone public with a fresh dose of capital (raised $1 billion with its IPO).
Re/Max has capital to invest after raising $225 million with its successful IPO this fall. One of the richest men in the world, Warren Buffett, is doubling down on real estate services with his Berkshire Hathaway HomeServices franchise. Can Keller Williams be far behind, capitalizing its rapidly growing enterprise?
Then, there are the awe-inspiring IPOs of Zillow ($2.85 billion market cap) and Trulia ($1.25 billion market cap). These two alone have a staggering amount of capital to invest in innovation, and stock prices that are perfectly poised for a slew of acquisitions. Realtor.com operator Move Inc. ($630 million market cap) will also rely on acquisitions as part of its strategy for growth
– See more at: http://www.inman.com/2013/11/13/time-for-an-industry-moon-shot/#sthash.hGLKG0oU.dpuf
Drains are hidden heroes in your home. If you’re lucky, you can go for years without thinking about them, but when dirty sink water suddenly won’t go away or a toilet won’t flush, they can be a major frustration. A plugged drain certainly demands attention, but fixing it is probably something you can do yourself. You’ll get faster results than calling a pro, and you’ll save money, too.
Successfully unclogging drains depends on a few simple tools and knowledge of the layout of pipes hidden in your home.
Each drain connects with horizontal pipes that meet a vertical section of the system called the “stack.” The top of the stack goes through the roof, and acts as an air vent. The horizontal pipes travel down and out of your home, taking wastewater with them. Poor drain performance can be caused by problems in either the drain side of the equation or sometimes, the vent side. Even if water is free to flow through pipes, for proper performance the water must be replaced by air drawn into the system through the rooftop vent.
Certain parts of every drain system are prone to blockage, so it pays to understand where typical trouble zones might exist before an emergency arises.
Plugged drains are most likely to occur in three specific places: curved sections of pipes called “traps” that exist underneath sinks, tubs and showers; the internal passages within a toilet; or somewhere inside the main drainpipe leading away from your home.
Before you spend a lot of time trying to unplug a sink or toilet, and regardless of where the blockage seems to be located, start with a simple check: Run some water down the other drains in your house. Do the others flow freely? If not, your trouble probably involves more than meets the eye and could actually be part of a systemic problem.
Before you try to clear what looks like a small, localized blockage, take a quick look at the big picture. You’ll either know you’re on the right track or save yourself from wasting time trying to solve the wrong problem.
Read more: http://www.motherearthnews.com/print.aspx?id={B2F98965-6F47-4F55-859A-8AB35ED9BCB2}#ixzz2kXNbAqW4
