Tag Archives: Waccabuc Homes for Sale

U.S. new home sales up in September | #Waccabuc Real Estate

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Sales of new U.S. single-family homes rose to a six-year high in September, but a sharp downward revision to August’s sales pace indicated that the housing recovery remains fragile.

The Commerce Department said on Friday that sales increased 0.2 percent to a seasonally adjusted annual rate of 467,000 units, the highest reading since July 2008. August’s sales pace was revised down to 466,000 units from 504,000 units.

Economists polled by Reuters had forecast new home sales at a 470,000-unit pace last month.

New home sales, which account for about 8 percent of the housing market, tend to be volatile month to month and large

revisions are not unusual. Compared to September last year, sales were up 17 percent.

Housing is slowly regaining its footing after activity stalled in the second half of 2013 as mortgage rates soared.

With the 30-year fixed mortgage rate this week falling to its lowest level since June of last year, sales could pick up.

Slow wage growth, however, remains a constraint. Data this week showed sales of previously-owned homes touched a one-year high in September.

Last month, new home sales fell 8.9 percent in the West, handing back some of August’s 28.1 percent surge. In the

populous South, sales rose 2.0 percent, while they increased 12.3 percent in the Midwest. Sales were flat in the Northeast.

 

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http://finance.yahoo.com/news/u-home-sales-september-august-140503880.html

Clark Gable and Carole Lombard’s getaway home in Palm Springs selling for $2.2 million | Waccabuc Homes

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Frankly, my dear …

A Spanish Colonial estate well-known among Hollywood film followers has come on the real estate market in Palm Springs’ coveted Old Las Palmas neighborhood for nearly $2.2 million.

It was the home of Clark Gable, the heartthrob in “Gone With the Wind,” and the American film actress he married in 1939, Carole Lombard.

Restored to its glory days, the Gable-Lombard House near O’Donnell Golf Club is still in the hands of a Hollywood luminary: film producer Joel Douglas, the younger brother of actor Michael Douglas and son to mid-century movie idol Kirk Douglas.

The Douglas family calls the estate Casa Del Corazon.

“It’s a beautiful home with a rich history and a wonderful feel,” Realtor Gregg Fletcher said of the rose-colored gem at 222 W. Chino Drive.

Fletcher calls the home one of the finest historic properties he has represented in the Palm Springs market.

“It’s got provenance,” he said. “There’s real pride of ownership in this house.”

To Joel Douglas, a co-producer of the 1980s action-adventure rom-com “Romancing the Stone” and its sequel, “The Jewel of the Nile,” Casa Del Corazon lives up to its name: “It is the House of the Heart,” he said.

“It’s been a grand old home that’s worthy of attention,” Douglas said.

The half-acre estate, laden with banana plants, decades-old palm trees, rosebushes and flowering vines, looks like a set from a Hollywood movie in the Golden Age. The home has unique details, from its weather vane to the mission bell in a portico near an iron gate.

The four-bedroom home, filled with movie posters, pictures of celebrities and fine artwork, is open and bright and has been restored such that it retains its architectural design elements.

 

 

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http://www.pe.com/articles/douglas-751854-home-lombard.html

Ex-Clipper unloads mansion for just over a third of what he paid | Waccabuc Real Estate

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Former Los Angeles Clippers guard-forward Quentin Richardson has sold his 10,900-square-foot mansion in Palos Heights, Ill., for $800,000.

The Chicago native and DePaul University star paid $2.2 million for the property in April 2006.

The contemporary residence, built in 2002, features a two-story floor plan with an indoor pool and spa, a chef’s kitchen, an office, five bedrooms and six fireplaces.

Among amenities is a finished basement level containing a home theater, game room, weight room and wet bar with custom lighting. The first-floor master suite has a walk-in closet and a separate sitting room set behind sliding glass doors.

Through a screened porch, the home opens onto half-acre grounds containing a paver patio, expansive lawns and a gazebo.

The 34-year-old was made the 18th overall pick by the Clippers in 2000 and played four seasons in Los Angeles before departing as a free agent in 2004. In August, he joined the Pistons’ front office as a director of player development.

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http://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-quentin-richardson-house-20141009-story.html

Going Off-Grid with Solar | #Waccabuc #RealEstate

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Going Off-Grid With Solar

Going Off-Grid With Solar

Volume 1 – SOLAR OFF-GRID BASICS

Introduction

Over the next few months I will discuss with you the topic of off-grid solar systems.  The impetus of developing these articles centers around the growing trend of individuals who desire to become less dependent on their utility grid.

There are a number of system types that can be considered when making this move toward energy independence. Some of the questions that you want to start thinking about are:

Do I want my home to be completely off-grid or do I want the ability to have grid power should the need arise?

I have already installed a grid-tied PV system on my home, can I use my existing system and still have the ability to go off-grid?

I’m not sure I’m ready to invest in a battery based system; however, I would like to plan on adding that to my future or existing PV system.  What options are there for me?

    Now that you have started to think about these questions and which of these applies mostly to your situation we can begin to understand how these relate to the different types of off-grid PV systems.

System Types

    There are a few basic types of off-grid systems to consider when evaluating the prospect of taking your home off-grid.  The types of systems are; PV-Direct, Off-grid and Hybrid.  Each of these types have different attributes that define what they are able to do.  Each serves a specific purpose and is chosen by the needs that you require.

PV-Direct System

    The PV-Direct system is this simplest of all off-grid systems.  It contains the least amount of equipment and is therefore less costly than other off-grid systems types.  Essentially the only components that are required are PV modules, disconnects/fuses/breakers, and the load.  

    The PV-Direct systems are a good consideration if you have devices which are DC powered and are remote.  These could be well-pumps, dc-fan motors or any other DC powered device.  The limitations to these systems are that they can only be powered when the solar resource is available.  This makes them unsuitable for an off-grid home, but can still be considered if your off-grid home is remote and you have a well-pump or perhaps a greenhouse which requires ventilation.

Off-Grid System

    The next type of systems is the Off-grid system.  This is the most commonly thought of because it describes a home which is completely isolated from the utility grid by choice or 

Off-Grid System

    The next type of systems is the Off-grid system.  This is the most commonly thought of because it describes a home which is completely isolated from the utility grid by choice or necessity.  These systems contain more components than the PV-Direct system and by extension more energy usability because one of the primary components is energy storage (batteries).

    Before I go further, I want to mention here that there are two types of systems that can be considered in an off-grid system.  Those may be either DC coupled or AC coupled.  I will cover both of these system types in more detail in a later article to help further explain the advantages of each and when they should be employed.

    Off-grid systems are most common for homes that are in remote locations or in areas that are too far from a utility service where the cost of running utility service would be cost prohibitive.  These circumstances are where off-grid PV systems are a great option to consider when traditionally you would need to rely on some type of fossil fuel or natural gas commodity to run a generator, which can be expensive and not environmentally friendly.

    The main components of an off-grid system are the PV modules, charge controller, battery bank, battery management, DC/AC inverter and electrical safety equipment.  You can also consider adding or keeping the aforementioned generator if the loads you wish to power require that extra boost, your batteries need an extra charge or you are really conservative and would like to have it just in-case.

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http://www.civicsolar.com/resource/going-grid-solar?utm

Frank Lloyd Wright’s William Winslow House Now Just $1.7M | Waccabuc Real Estate

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wwhouse.png

It’s another week, which means there’s been a price chop on another classic Frank Lloyd Wright home in the Chicago area. But this time, it’s not just any Frank Lloyd Wright home, it’s the William Winslow House – Wright’s first totally independent commission. While some Wright homes aren’t the most practical spaces for daily living, or are very livable, but nearly devoid of their original Prairie School charm, the Winslow House represents somewhat of a middle ground.

The photos are quite lovely. >>

The home has been completely restored, and it is very nice – almost too nice. Families with children and pets might hesitate about living in a piece of architectural history and potentially mucking it up. However, like several other Wright homes before it, the Winslow House has been on the market now for some time, and has now received multiple price cuts.

For the first time in 55 years, the home hit the market last December with an ask of $2.4 million. Just four months later, the home took its first sizable price cut, lowering its ask down to $2.04 million. Two additional price cuts later, the home is now seeking $1.699 million. Last week, we appealed to potential home buyers to save the George Madison Millard House in Highland Park, which has been languishing on the market for years, and is now priced at land value. Similar to the Millard House, the Winslow House just wants a new owner already. Will it be you?

 

 

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http://chicago.curbed.com/archives/2014/09/15/frank-lloyd-wrights-william-winslow-house-now-just-17m.php

 

House prices: Have UK sellers missed the top of the property market? | #Waccabuc Real Estate

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The year of frenetic house price growth in the UK is over, according to new data from the Halifax.

Despite a 0.1pc rise in house prices from July to August the monthly, quarterly and annual growth rates all slowed following an unexpectedly hot July in the housing market.

House prices rose 1.2pc from June to July – the biggest month-on-month rise since February, falling back to 0.1pc in August.

The quarterly growth rate jumped from 2.3pc in the three months to June to 3.5pc in the three months to July as the banks got to grips with new, stricter mortgage regulations.

However, the quarterly growth rate then slowed to 3pc from July to August.

Although August is traditionally a quiet month in the UK housing market, due to school holidays, the monthly growth rate grew 0.7pc in the summer of 2013, compared to 0.1pc this year.

A fall in monthly, quarterly and annual house price growth seems to indicate that the frenzied surge in values – seen in the supply-stricken yet popular areas of London and the south-east – is now coming to a halt.

 

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http://www.telegraph.co.uk/finance/economics/11081014/House-prices-Have-sellers-missed-the-top-of-the-property-market.html

 

Mortgage Rates Hold Steady | #Waccabuc Real Estate

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reddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding largely steady for the third straight week amid light economic reports.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending September 4, 2014, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.57 percent.
  • 15-year FRM this week averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.59 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.28 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, up from last week when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.71 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed amid a week of light economic reports. The 30-year fixed-rate mortgage rate remained unchanged from the previous week at 4.10 percent. Of the few releases, the ISM’s manufacturing index rose to 59.0 in August from 57.1 the previous month. This was the highest reading of the index since March 2011.”

US pending home sales rebound | #Waccabuc Real Estate

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US pending home sales rebounded last month to their highest levels in nearly a year, the National Association of Realtors said Thursday, in report providing further evidence of a steadying housing market.

The NAR’s pending home sales index surged 3.3 percent in July to 105.9, its highest level since August 2013.

The increase in the forward-looking indicator, which is based on contract signings, came in much stronger than expected. The average estimate was for a modest 0.5 percent rise.

Pending home sales have climbed in four of the past five months. The June decline in pending home sales was steeper than first thought, with the drop revised to 1.3 percent from 1.1 percent.

Lawrence Yun, NAR chief economist, said that favorable housing conditions spurred increased contract activity last month.

“Interest rates are lower than they were a year ago, price growth continues to moderate and total housing inventory is at its highest level since August 2012,” he said.

“More importantly, steady job additions to the economy are helping family finances and giving them added confidence to enter the market.”

 

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http://news.yahoo.com/us-pending-home-sales-rebound-142758667.html

Freddie Mac 2014 Second Quarter Refinance Report | Waccabuc Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its second quarter 2014 quarterly refinance analysis, showing that borrowers will save in aggregate more than $1 billion in interest payments over the coming year, as borrowers continued to shorten their payment terms and build equity in their homes.

News Facts

  • Of borrowers who refinanced during the second quarter of 2014, 40 percent shortened their loan term, approximately the same as the previous quarter and the highest since 1992.
  • In the second quarter, an estimated $7.8 billion in net home equity was cashed out during a refinance of conventional prime-credit home mortgages, up from the revised $5 billion last quarter. Adjusted for inflation, annual cash-out volumes during 2010 through 2013 have been the smallest since 1997.
  • In aggregate, U.S. home equity grew by an estimated $4.1 trillion during the two-year period through March 31, 2014. Much of this gain was attributable to home value gains.
  • The average mortgage interest rate reduction in the second quarter was about 1.4 percentage points — or a savings of about 24 percent. On a $200,000 loan, that translates into interest savings of about $2,800 during the next 12 months. Homeowners who refinanced through HARP during the second quarter of 2014 benefited from an average mortgage interest rate reduction of 1.6 percentage points and will save an average of $3,200 in interest payments during the first 12 months, or about $260 every month.
  • About 79 percent of those who refinanced their first-lien home mortgage maintained approximately the same loan amount or lowered their principal balance by paying in additional money at the closing table, down 4 percent from the previous quarter. The peak was 88 percent during the second quarter of 2012.
  • The median age of the original loan outstanding before refinance increased to 7.3 years during the first quarter, the most since the analysis began in 1985 and unchanged from the previous quarter.

Quotes
Attributed to Frank Nothaft, Freddie Mac vice president and chief economist:

“The housing market realized a significant shift in the second quarter of this year as refinance activity fell below 50 percent marking the onset of the first purchase-dominated market the industry has seen since 2000 and an end to the refinance boom that started in late 2008. In this time we saw fixed mortgage rates hit all-time lows, with the 30-year fixed-rate mortgage falling well below 4 percent. We also estimate over 25 million American borrowers refinanced their loans to the tune of over $70 billion in total interest payment savings. However, since 2008 homeowners cashed-out approximately $215 billion in home equity, adjusted for inflation. The low level of cash-out refinance volume in the second quarter, despite the estimated $2.8 billion increase over last quarter, reflects how much home equity was lost during the Great Recession. Even with recent home price gains and rock-bottom interest rates, American households are not cashing out equity at rates we’ve seen historically. Regardless of the minimal level of cash-out refinance activity, when we couple it with lower mortgage rates and shorter terms homeowners have taken out through refinance over the past couple years, they have accelerated principal pay down and contributed to the rebound in home-equity accumulation.”

 

 

 

 

How Soon Will China’s Real Estate Market Bounce Back? | Waccabuc Real Estate

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Is a housing crash imminent in China? China bears would think so. Home prices in major Chinese cities like Beijing and Shanghai are slipping, and transactions are taking a nosedive. The real estate market has entered what is arguably the deepest correction since the 2008 financial crisis, causing fears of a hard landing that might also drag down the entire Chinese economy.

So how much trouble is the real estate market actually in? According to the China Index Academy, an independent property research organization owned by real estate portal SouFun, housing prices in the 100 cities it monitors dropped 0.5% in June from the previous month, greater than the 0.32% month-on-month decline recorded in May (the first price downturn in 23 months).

English: The skyline of Shanghai, China.

The skyline of Shanghai, China. (Photo credit: Wikipedia)

But falling prices is not the most alarming signal, at least not yet (compared with the same period last year, prices were still higher in most major cities). It’s the distinct drop in transaction volume that is making economists nervous. As per SouFun’s data, transactions across major cities fell 19% year-on-year in the first six months of 2014, while new home transactions in Beijing and Shanghai fell drastically by 48.6% and 32.8% respectively, according to other research firms.

“That’s an indication that the demand is small, and so eventually prices will move too,” says Liu Jing, professor of accounting and finance at Cheung Kong Graduate School of Business, who closely follows China’s real estate market. “You can already see prices come down in several cities.”

 

 

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http://www.forbes.com/sites/ckgsb/2014/07/08/how-soon-will-chinas-real-estate-market-bounce-back/