Daily Archives: January 13, 2014

Stagnation hit the Phoenix-area housing market | Waccabuc Real Estate

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A new report from the W. P. Carey School of Business at Arizona State University shows stagnation hit the Phoenix-area housing market as 2013 came close to an end. Phoenix-area home prices have been going up since they hit a low point in September 2011, but the increases have slowed down in recent months.

The latest data for Maricopa and Pinal counties, as of November, reveals:

• Price gains continuing to slow, even though the median single-family-home price went up 23 percent from November 2012 to November 2013.

• Sales activity down 27 percent at the same time.

• Investor interest and construction permits also falling off.

The median single-family-home price went up 23 percent from November 2012 to this past November – from $162,500 to $200,000. Realtors will note the average price per square foot rose about 18 percent. The median townhouse/condo price went up about 20 percent, to $119,900.

 

 

http://www.arizonadailyindependent.com/2014/01/13/stagnation-hit-the-phoenix-area-housing-market/

 

Turnover of real estate market in Azerbaijan grew by 38.6% and exceeded AZN 3.495 bn in 2013 | Katonah NY Homes

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Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that turnover of the country’s residential property market for the first 11 months of 2013 increased by 38.6% against the same term of 2012. In 2012 the index grew by 24.86% against 2011.

According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 3.495 bn by 1 December 2013 versus AZN 2.52 bn a year earlier.

At the same time transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.548 bn for Jan-Nov 2013 versus AZN 1.1 bn a year earlier (+40.45%), and the withdrawals from these accounts AZN 1.947 bn versus AZN 1.419 bn (+37.22%).

At that, the CBA reports of a rise in revenues of mediators (banks, notary’s offices and realtors) for residential real estate transactions by 25.99% for Jan-Nov of 2013. As of 1 December 2013 mediators’ earnings were AZN 399.119 million versus AZN 316.795 million a year earlier.

Last year’s turnover of residential property totaled AZN 2.828 bn versus AZN 2.265 bn in 2011. At that, transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.599 bn versus AZN 1.2 bn a year earlier (+31.81%), and the withdrawals from these accounts AZN 1.228 bn versus AZN 1.05 bn (+16.84%). Last year mediators’ earnings grew 2.29-fold up to AZN 371.307 million versus AZN 162.3 million a year earlier.

 

 

 

http://abc.az/eng/news/main/78660.html

Situation on housing market in 2014 will depend on the state | Bedford Hills NY Homes

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The real estate market of Ukraine in 2014 will be largely influenced by the state, according to experts polled by Interfax-Ukraine.

“One of the threats to the property market is the draft law initiated by Omelchenko [bill No. 3757-1 of Regions Party MP Valeriy Omelchenko], which foresees the introduction of a 15-17% tax on the sale and purchase of real estate: if it is adopted – it worth expecting the total collapse of the market,” the vice president of the Association of Professional Property Managers, Anatoliy Topal, said.

Another threatening factor for the primary housing market, according to him, is a high increase in the price of construction materials.

According to the head of the Union of Realtors of Ukraine, Oleksiy Rubanov, the main risk to the real estate market development is a lack of liquidity of households.

“As for prices, activity, the situation in 2014 will slightly differ from 2013. Depressive mood will be observed on the market in 2014 and in 2015,” he said.

In addition, the experts noted a peculiar record set by the real estate market in the past year: the number of transactions on the primary market during this period exceeded the number of deals on the secondary housing market.

“People, who are able to buy, prefer to buy housing on the primary market due to the fact that developers offer loyalty programs, installment payments, favorable loans, interesting price offers,” said Rubanov.

 

 

http://en.interfax.com.ua/news/economic/185509.html

Real estate market sees gains statewide in 2013 | Bedford Corners NY Homes

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It isn’t just the Pittsburgh region seeing a strong real estate market: A real estate group said all of Pennsylvania saw gains in key indicators in 2013.

Home sales throughout Pennsylvania were up 11 percent in 2013 compared to the previous year, according to a report released Monday by the Pennsylvania Association of Realtors. There were 140,165 closed sales in Pennsylvania during 2013.

Median home sales prices rose and days on the market declined. The median home sale price was $169,900, up 3 percent from 2012. The average home was on the market for 86 days in 2013, down 12 percent from a year ago.

“Statewide we’ve seen a continued upward trend in the housing market in the last year. While local markets vary based on a number of issues, overall, we believe the market conditions are progressing favorably,” Pennsylvania Association of Realtors President Kim Skumanick said in a prepared statement. “We expect to see these trends continue into 2014 and we’re optimistic that we’ll continue to see a robust housing market throughout the commonwealth.”

 

 

 

http://www.bizjournals.com/pittsburgh/news/2014/01/13/real-estate-market-sees-gains.html

The Google Bus Protests Are Really About Bay Area Home Prices | Cross River NY Homes

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So I haven’t been following this very closely, but I’m catching up on  the Google bus controversy in the Bay Area.

From what I’ve gathered, a growing number of Silicon Valley workers,  from Google and other companies, are finding themselves in San Francisco, some  40 miles from San Jose, Palo Alto, Sunnyvale, Cupertino, Mountain View and the  other towns that make up the high-tech hub.

Workers are moving to the City By The Bay presumably because they’re  drawn to the city’s attractiveness, amenities and dynamism, which the Valley  apparently lacks (never been there, so this is totally  impressionistic).
In response to this shift, Google and  others are orchestrating private buses to transport workers from the City to the  Valley, and paying the City of San Francisco good  money to use its bus stops.  This has prompted protests from  SF residents decrying the impact of the Valley workers on affordable housing and  in altering the character of the city.

Read more:  http://cornersideyard.blogspot.com/2014/01/the-wheels-on-bus-go-round-and-round.html#ixzz2qI1vy4Kg

Australia Housing Report Revives Bubble Fears | Katonah Homes

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Australia’s latest housing data, while promising on the surface, has increased concern the market may be overheating, posing a potential threat to a still fragile economic recovery.

A government report Monday showed the value of home loans approved in Australia rose 1.1% in November from October and 15% from a year earlier, confirming that record-low interest rates are continuing to fuel demand for houses and apartments.

However, the data also highlighted two trends that policy makers will be less thrilled about.

First, the rise in the value of mortgages approved continues to be driven by people looking to invest in property, rather than those seeking to move into houses or apartments. Second, first-home buyers are increasingly being frozen out of a market in which house prices have hit record highs in some large cities.

“While owner-occupier demand is intensifying, investor demand is surging well ahead,” said Janu Chan, a Sydney-based economist at St. George Bank in a note to clients, pointing out that investor loans for housing exceeded 30% in November.

 

 

 

http://online.wsj.com/news/articles/SB10001424052702303819704579317782145387774?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303819704579317782145387774.html