Miami Home Values

Nationwide Open House Weekend 2012

2012-04-27T21:35:00.001-04:00

Liquidated Damages Clause Can Be Valuable, But May Be Misunderstood

2012-04-17T20:28:00.001-04:00

Liquidated Damages Clause Can Be Valuable, But May Be Misunderstood: Is a liquidated damages clause a good thing to have in a real estate contract? If so, for whom is it good? The buyer? The seller? Both? Like so many questions in real estate, and life in general, the first answer to such questions is, "It depends." Before we get into that, though, a word about what a liquidated damages clause is.

Real Estate Trend Data (March 2012)

2012-04-17T13:24:00.001-04:00

Kevin Bacon and Kyra Sedgwick Move Closer to LA - Celebrity Home News

2012-04-14T23:47:00.001-04:00

Ashton Kutcher Buys Home in the Hills

2012-04-14T01:56:00.001-04:00

Ashton Kutcher Buys Home in the Hills:

(Los Angeles, CA) -- "Two and a Half Men" star Ashton Kutcher has bought a home in the heart of the Hollywood Hills for an undisclosed amount. The house had most recently been listed at $10.8 million.

The modern-style house, completed in 2007, has views of the Hollywood Reservoir and the Hollywood sign.

Kutcher had been leasing the property when reports surfaced that Justin Bieber had toured the house and might be an interested buyer. It can be weeks or months before the sale price appears in public records.

The three-story home has five bedrooms, eight bathrooms and nearly 9,400 square feet of living space, according to the listing. It sits on more than half an acre with a swimming pool and spa. Features include a gym, a sauna, a wine cellar and an elevator.

Kutcher, 34, will play Steve Jobs in an upcoming film about the late chief executive of Apple Inc. The actor starred last year in the film "No Strings Attached."

Ex-Laker Moves His Home Court

Los Angeles Lakers' Sasha Vujacic house in Rancho Palos Verdes (Photo by Emily Cristiano)

Former Laker Sasha Vujacic has put his ocean-view house in Rancho Palos Verdes on the market at $2.749 million.

The gated Mediterranean-style house, built in 1986 and remodeled, contains more than 4,000 square feet of living space on a single level.

Among the features are a terra cotta-paved courtyard, a double-door entry, high ceilings, a family room with a wet bar and wine cooler, two master suites, two additional bedrooms and a total of four bathrooms.

The nearly half-acre lot includes a swimming pool with spa and a tennis/basketball sports court.

The two-time NBA champion, 28, was a guard for the Lakers from 2004 to 2010, then moved to the New Jersey Nets until last year. He now plays for the Anadolu Efes in Turkey.

Public records show he bought the property in 2005 for $1.86 million.

It's Time for Doc Brown to Travel

Actor Christopher Lloyd house in Montecito, CA (Photo by Jim Bartsch)

Actor Christopher Lloyd, who played a quirky scientist in the "Back to the Future" sci-fi trilogy, has listed his house in Montecito for sale at $6.45 million.

Lloyd built the Umbria-inspired country home after the house he had on the site was destroyed in a 2008 wildfire. "Great Scott!" to quote his character Dr. Emmett Brown.

Recently completed, the single-level house features a double-island kitchen, four bedrooms, 4 ½ bathrooms and 4,600 square feet of living space.

The 5-acre site includes a pool, a spa, gardens, fountains, an expansive lawn and a boccie ball court. There are ocean and mountain views.

Lloyd, 73, is also known for his roles as Jim Ignatowski in the sitcom "Taxi" (1978-83) and Uncle Fester in the "Addams Family" movies. He has been cast in the upcoming ABC comedy "Only Fools and Horses."

The Emmy-winning actor is selling because he is downsizing and spending more time in New Mexico, according to listing agent Lisa Loiacono of Sotheby's International Realty.

Where Smart Money Buys

To find out where the smart money is buying real estate these days, one need look no farther than the Hollywood Hills. Billionaire venture capitalist and hedge fund manager Peter Thiel recently cherry-picked a house there for $11.5million.

Thiel has a track record as a shrewd businessman, having been an early investor in Facebook Inc. He is the former chief executive and co-creator of PayPal.

The 1.25-acre property he bought is a rarity among local homesites; it has two driveways that lead to different streets.

The 6,000-square-foot house, designed for indoor-outdoor living, has a Hawaiian Islands vibe, panoramic city views, a swimming pool, four bedrooms and five bathrooms.

Thiel, 44, owns other properties in Hawaii and San Francisco, where he is based. He will be teaching a computer science class at Stanford University, his alma mater, this spring.

The house was sold outside the Multiple Listing Service, marketed as a pocket listing.

Checking Out of Brentwood

Former model Nicole Murphy and football analyst Michael Strahan have parted ways with their house in a gated community in Brentwood in an all-cash deal for $6.15 million.

Designed for entertaining, the contemporary Mediterranean includes a theater room, a wine cellar, an elevator, two dens, a wet bar, six bedrooms and eight bathrooms in 9,200 square feet.

The master suite features a balcony, sitting area, fireplace, dual bathrooms and dual closets. Balconies overlook the swimming pool, spa, fire pit and yard.

Murphy, 44, was married to comedian Eddie Murphy from 1993 to 2006. She will star in a VH1 show tentatively titled "Hollywood Exes," which is set to air this summer. The show documents five high-profile women in the Los Angeles area who are former wives of Hollywood A-listers or music icons.

Defensive end Strahan, 40, played for the New York Giants throughout his NFL career, retiring in 2008 after his team won Super Bowl XLII. He starred in the 2009 TV series "Brothers."

The property, which came on the market at the first of the year, was purchased for $5 million in 2009.

Inman Reveals Top 10 Growing Real Estate Markets for Foreign Buyers

2012-04-12T18:58:00.001-04:00

Inman Reveals Top 10 Growing Real Estate Markets for Foreign Buyers:

Last we heard on the global home buying front, developers in Miami, FL were gearing up for a turnaround in the real estate market thanks to interest from foreign buyers from South America, Europe, Russia and China. However, Miami is hardly the only hot spot for international homebuyers, according to a new report released by Inman News this week. Of the ten U.S. markets for global homebuyers, six, including the Miami-Fort-Lauderdale-Pompano Beach area, hail from the Sunshine state, while the other rising markets are can be found in prominent vacation destinations and metropolitan areas. The study points to the decline of the U.S. dollar and current bear market coupled with cash-rich foreign parties as the main the main reasons for the increasing interest.
Read the full list of 10 Hot Spots for Global Homebuyers here.
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Rentals Continue to Outshine Purchase Market, Home Values Still Plagued By Foreclosures

2012-04-11T08:11:00.001-04:00

Rentals Continue to Outshine Purchase Market, Home Values Still Plagued By Foreclosures:

The February Real Estate Market Reports show that national home values decreased 0.5% to $145,400 from January to February. On an annual basis, this represents a 4.5% decline (See Figure 2). The Zillow Rent Index, which measures median rent prices from month to month, shows the rental market continuing to outshine the for-sale market (See Figure 1). Annually, national rents have appreciated 2.0%. National monthly rents, however, are down due to seasonality.
Home values, now back to 2003 levels, combined with historically low financing rates are fueling homes sales, both existing and new, even while homes values continue to decline due to high levels of foreclosure re-sales, which set a new record in February. January existing home sales were very strong, while February slowed somewhat but still were quite strong when viewed on an annual basis (up almost 9%). February pending home sales were up a similar amount on a year-over-year basis, February new home sales were up 11% from the prior year, and both housing starts and permits were up 34% from year-ago levels.

Home Values
The ZHVI covers 164 metropolitan areas of which 109 showed monthly home value depreciation, while 47 metros showed home value appreciation. Of the 25 largest metros covered by the ZHVI, Phoenix was the only metro to show monthly and yearly home value appreciation. In an encouraging sign, hard-hit areas of Florida, including the Miami-Fort Lauderdale, Tampa, and Fort Myers metros did show monthly home value appreciation in February.
Major markets that continue to feel the downward pressure of the housing recession include the Chicago metro, falling 1.7% from January to February and 11% annually, the Atlanta metro, declining 1.1% month-over-month and 10.8% annually, and the Seattle metro, showing a monthly decline of 0.8 %, representing an annual decline of 7.4%.
Overall, national home values have fallen 25% from their peak in May 2007, and are now back to October 2003 levels. An interactive chart of all metro regions can be found at the bottom of this brief.

Rents
The Zillow Rent Index shows year-over-year gains for nearly 68% of the metropolitan areas covered by the ZRI. By contrast, only 8% of the metros areas covered by the ZHVI experienced annual home value increases.
The rental market remains strong, especially in markets that continue to experience consistent home value declines. For example, Chicago metro rents increased 8.6% over the past year, in comparison to an 11% fall in home values over the same period. In the Philadelphia metro, rents are up 14.8% while home values have fallen 5.4% year-over-year.
Foreclosures
The rate of homes foreclosed remained unchanged in February with 8.4 out of every 10,000 homes in the country being liquidated. Nationally, foreclosure re-sales have reached a new all-time high making up 20.3% of all sales in February (Figure 3). The rate of foreclosure re-sales has steadily increased over the last several months, a reflection of the heavier volume of foreclosures that have entered the market. Despite the expectations for stronger home sales, this increased liquidation rate will continue to put downward pressure on prices throughout the rest of the year.

Outlook
Nationally, the Zillow Home Value Forecast calls for a 3.7% home value decline from December 2011 to December 2012. With that said, as we get closer to a bottom, sub-regions within larger metro regions will begin to see positive home value performance – something that we are already beginning to see. For example, in the Phoenix metro in January 2011, only 18% of ZIP codes were seeing home value appreciation over the prior three months whereas 87% were seeing appreciation by the end of the year (December 2011). Miami showed a similar development, with 17% of the ZIP codes seeing home value appreciation in January of 2011, while 60% showed home values rising in December 2011.
The rental market remains positive territory as the housing market proceeds down its path to recovery. Rents continue to experience strong annual appreciation. High foreclosure rates will continue to spawn demand in the rental market and, in turn, attract investors.
A PDF version of this report can be found here.

Court Upholds HOA Rule Change, Even Though Only One Member Was Affected By It

2012-04-11T08:05:00.001-04:00

Court Upholds HOA Rule Change, Even Though Only One Member Was Affected By It: Suppose that an HOA adopts a rule that appears to be directed at one particular member. Can they do that? Or can the rule be voided on the grounds of being unfair and/or discriminatory? A recent California case () provides an example of such a situation. The court's ruling and its reasoning are instructive.

Miami Home Prices Post Strong Gains for Third Consecutive Month

2012-04-11T08:00:00.001-04:00

Miami Home Prices Post Strong Gains for Third Consecutive Month

A Titanic Estate: Part of Astor’s Ferncliff On The Market For A Reduced $8.5 Million

2012-04-10T15:12:00.001-04:00

A Titanic Estate: Part of Astor’s Ferncliff On The Market For A Reduced $8.5 Million:

This Sunday marks the 100^th anniversary of the sinking of the RMS Titanic, the ill-fated ocean liner that infamously struck an iceberg in the north Atlantic and sank to the ocean floor on the morning of April 15, 1912. Perishing with the ship were over 1,500 passengers, including the ship’s captain Edward John Smith and Macy’s department store owner Isidor Strauss. The unprecedented loss of life left the world reeling and has captivated the imagination of the global public ever since.

One of the 1,500 passengers who met their fatal end that night was the Titanic’s wealthiest passenger, John Jacob “J.J.” Astor IV, an American businessman and investor. He and his pregnant young wife, Madeline, were returning to their home in Rhinebeck, NY, aboard the ocean liner. Madeline survived to return to their estate, called ‘Ferncliff’; J.J. Astor did not.

Now, part of the unfortunate millionaire’s estate is on the market. This extraordinary 5-bed, 5-bath Italianate mansion, set on over 50 acres overlooking the Hudson River, was once part of J.J. Astor’s Ferncliff. The beautiful residence was originally built in 1904, and was designed by Stanford White, the venerated Beaux-Arts architect who met with his own unfortunate demise at the hands of a society it-girl’s jealous husband – but that’s another story for another time…

The 24,300 square foot structure known as ‘Astor Courts’ was originally intended to be a sporting pavilion, with indoor tennis courts, a swimming pool, a bowling alley, a shooting range, and spacious quarters for guests. Ferncliff was handed down to J.J. Astor’s son, Vincent, who had The Courts remodeled to allow for more everyday usage. Following Vincent’s death in 1959, Ferncliff was divided by his surviving wife, Brooke, who gave half the estate to the creation of the Ferncliff Forest Preserve while the rest was donated to the Catholic Archdiocese of New York.

The house was bought in 2005 for $3.2 million, and extensive renovations were completed, overseen by Stanford White’s great-grandson, Sam White. The estate was then placed on the market in 2009 for $12 million, but despite its beautiful lines, pedigreed history, and listing on the National Historic Register, the Astor Courts have yet to find a buyer. Three years after its initial listing, the estate’s price has been reduced to its current $8.5 million.
This listing is presented by Ann Dyal.

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Builders' Costs Rise While Homes and Condos Shrink

2012-04-10T11:47:00.001-04:00

Builders' Costs Rise While Homes and Condos Shrink: New home builders in Canada say the rising cost of serviced lots is their top concern as they look at the year ahead. As new home prices rise, houses and condos are getting smaller across the country.

New Construction's Hidden Costs Can Burn Buyers

2012-04-10T00:32:00.001-04:00

New Construction's Hidden Costs Can Burn Buyers: Before you buy that brand-new home, read this first. There are some things you should know about.

Low Inventory

2012-04-08T22:54:00.001-04:00

Low Inventory:
It’s a seasonal thing – around November the number of homes for sale starts dropping as people let their listings expire, and those contemplating selling don’t put them on the market until after the holidays. And we usually see a bump up in inventory in late January and February. Except this year we didn’t.
There are still fewer homes for sale than normal in the entry levels, and this means higher prices as sellers see they have no competition. And buyers will face added competition as they compete for the few homes available.
“Entry level” means homes under $300K in nice neighborhoods in Oceanside, or under $150K in a 55+ community, for example. Anything that rents for a 6% return will have investors making offers on that property, and some of them will make cash offers. That makes it tough for someone wanting to buy a house with a loan, especially a low down payment loan. Why? Because sellers will often choose the offer that is most certain to close escrow, and having a low down payment loan adds to the risk that the sale might not go through.
Well what if you raise the price above the cash offers? Wouldn’t the seller take on the risk of the loan not going through if they got a high enough price? Ironically, the higher the price, the more likely the loan will NOT go through because the lender will do an appraisal on the property and appraisers these days tend to be conservative. That means banks tend to appraise homes lower rather than higher in order to reduce the risk to the bank. So your high offer will most likely fail because the home won’t appraise at that price.
So what’s a home buyer to do? There are some strategies we’ve used to help combat this, but they are not for everyone and each person’s situation is different. If you want to hear about some ideas that might work for you, just give me a call.

HUD Secretary Makes Case for Mortgage Write-Downs

2012-04-08T22:35:00.001-04:00

HUD Secretary Makes Case for Mortgage Write-Downs:

: Bloomberg News; HUD Secretary Shaun Donovan at a Senate hearing in February.

The regulator for Fannie Mae and Freddie Mac could have a “legal responsibility” to approve loan modifications for certain homeowners now that the U.S. Treasury has offered to share in the cost of mortgage write-downs, said Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development.
Mr. Donovan made the comments in an interview taped Friday for C-SPAN’s “Newsmakers” program. He said that he was increasingly worried that given the severity of the collapse in home prices and the slow pace of recovery in certain housing markets, that some homeowners who owe far more than their homes are worth would conclude “there is really no light at the end of the tunnel” and ultimately default on their mortgage.
In certain hard-hit markets, families struggling to make payments “will give up at some point. We think the data shows that.” The administration’s analysis of various housing markets makes a “compelling” case for principal write-downs, he added.
But at the same time, Mr. Donovan downplayed concerns that borrowers who are deeply underwater but able to pay their loans would similarly default in order to receive debt reduction. “The vast majority of homeowners don’t operate that way,” he said.
Edward DeMarco, the acting director of the Federal Housing Finance Agency, has so far resisted principal forgiveness, arguing that other means of reducing payments are just as successful with fewer costs for taxpayers that are backing the mortgage giants.
One concern for that regulator is whether debt forgiveness would encourage more borrowers who are current on their loans to stop paying. Right now, about three in four loans backed by Fannie and Freddie that are heavily underwater are still making regular payments. “These borrowers are demonstrating a continued willingness to meet their mortgage obligations. This should be recognized and encouraged, not dampened with incentives for people to not continue paying,” said Mr. DeMarco in a speech this past week.
Mr. Donovan said for those cases where borrowers might strategically default, there are ways to carefully design a program “to ensure that it doesn’t become a real issue.”
The Obama administration in January offered to subsidize the write-downs, undercutting the position of Mr. DeMarco, who has promised to give an answer to the administration later this month.
Mr. Donovan said that his experience with Mr. DeMarco suggested that the regulator would make an impartial decision. “What he is focused on, independent of whatever his personal views may be, is what is his legal responsibility and what does the analysis say.”
Mr. Donovan also said he wouldn’t “prejudge” what the administration would do if Mr. DeMarco chose not to allow the firms to participate. If that happens, “we’re going to have to look at that analysis and understand what his concerns are,” he said.
Several Democratic lawmakers and political groups have called on the Obama administration to fire Mr. DeMarco over his resistance to debt forgiveness, but Republicans say that write-downs amount to transfers of taxpayer wealth. Economists on both sides of the issue have offered research highlighting the benefits and drawbacks of debt forgiveness.
In the interview, Mr. Donovan said that the ultimate success of the Obama administration’s housing policies would be determined by the future path of home prices and “whether the average American once again has faith that buying a home is something that is a safe investment in the long term.”
The housing secretary pointed to recent signs of improved home sales during the winter months, but home prices have been falling during the winter months. “Ultimately, the final measure of whether we’ve broken through and we’re in full recovery is when housing prices across the board start rising in a consistent way,” he said.
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Warning: Objects On Lawn May Be More Ridiculous Than They Appear (PHOTOS)

2012-04-08T00:00:00.001-04:00

Warning: Objects On Lawn May Be More Ridiculous Than They Appear (PHOTOS):

You may (or may not) be aware that April is National Garden Month. According to the National Gardening Association’s website, “research confirms that nurturing plants is good for us: attitudes toward health and nutrition improve, kids perform better at school, and community spirit grows”. Hopefully you’re a green thumb and will be able to make your green space flourish this month. But if you’re like me, you couldn’t make a green thing grow if your life depended on it. So for all of us black-thumbs out there, here’s another form of diversion for National Garden Month: five of the most ridiculous lawn ornaments on the market.
You know that crazy neighbor who believes in UFOs, Bigfoot, and the Kennedy assassination conspiracy? Now you can prove him right…on one count, at least. Just get a Yard Yeti (top). Over two feet tall, the Garden Yeti may not be quite on scale with Neighbor Joe’s well-documented sightings from his last trip to Nepal. But you can still give him quite a turn, and you don’t have to haul your video camera up a Himalayan mountain, either.

Sometimes, even angels get bummed out. And now, for $500, you can park a bummed-out, yard-high angel in your front yard. Why? Because you can.

If an angel doesn’t appeal, you could always go for a hand-painted Canadian goose. Not guaranteed to scare away crows, conceal sprinkler heads, or serve any other useful purpose. But if you’re looking to clutter up your lawn with assorted flotsam in the shape of overly aggressive waterfowl, a Canadian goose is the way to go.

Lastly, but certainly not least, we come to my personal favorites. Ladies and gentlemen, I would like to introduce you to BunnyMingo and TurkeyMingo. Why follow the crowd with the ubiquitous pink yard flamingo when you can have one dressed to the nines in the latest holiday finery? And I don’t know about you, but I think that a flamingo wearing rabbit ears is the best decorating move I’ve seen in a long while.

What will you be decorating your yard with this month?
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Home Prices Are Up. Haven’t You Heard?

2012-04-07T23:48:00.001-04:00

Home Prices Are Up. Haven’t You Heard?:
I rely on the major sales-price indexes – Case-Shiller, Federal Housing Finance Agency (FHFA) and CoreLogic – as much as the next guy (or the next housing economist, anyway). They’re essential for understanding where home prices have been going. But they come out between five and eight weeks after each month ends, and the sales prices they report are rooted in asking prices set two or three months earlier. Doing these sales-price indexes right takes time – but buyers, sellers, investors and policymakers need to know what’s happening in the housing market now.
Starting today, we’re closing this gap. The Trulia Price Monitor and the Trulia Rent Monitor show every month what’s happening to asking prices and rents almost in real-time. By focusing on asking prices and releasing each month’s Monitors just days after each month ends, we can detect price movements at least three months before the major sales-price indexes do.
What are the Trulia Price Monitor and Trulia Rent Monitor?

To create the Trulia Price Monitor and Trulia Rent Monitor, we take all the for-sale homes and rentals ever listed on Trulia.com and calculate how asking prices and rents changed month by month. Rather than simply tracking the average or median, we adjust for the changing composition of homes that are listed each month. Therefore, these Monitors reflect the price and rent trends for similar homes in similar neighborhoods over time. For the Trulia Price Monitor, we also account for the regular seasonal fluctuations in asking prices in order to reveal the underlying trend in prices.
The Trulia Price Monitor differs from the major sales-price indexes in important ways.
First, we focus on asking prices. Final asking prices lead sales prices by about two or three months, reflecting the time that homes are typically on the market. In 2011, the Trulia Price Monitor’s national month-on-month changes track the seasonally-adjusted month-on-month changes in Case-Shiller and FHFA two months later. Asking prices, however, are NOT a perfect predictor of sales prices: the final sales price for a home can be above or below asking, and some listed homes might not sell. Asking prices and sales prices each have their advantages for understanding the housing market: asking prices have the advantage of showing current market conditions and trends, but sales prices are the best guide to historical and long-term trends in the housing market.
Second, the Trulia Price Monitor uses a different statistical approach: a “hedonic” rather than “repeat-sales” method. The explanation gets technical pretty quickly, but we’ve provided all the details in our FAQs.
Here’s what to expect from us: in the first few days of each month, we will publish price and rent trends for the previous month, for the nation as a whole and for the largest metro areas (for prices, the 100 largest; for rents, most of the 100 largest). We report monthly, quarterly and yearly changes nationally, plus quarterly and yearly changes at the metro-level. Our approach lets us dig deep: in the future, we’ll look at price trends for single-family homes versus condos; homes with one, two and three or more bedrooms; downtown versus suburban trends; and more. Have some other comparison that you’d like us to make? Email us and let us know.
Madness! Asking Home Prices Moved Up in March

Let’s get to the facts. Nationally, asking prices on for-sale homes were 1.4% higher in March than one quarter ago. Prices increased month over month by 0.9% in March and 0.6% in February. What we found through the Monitor is that asking prices had been declining prior to February and reached a low in January 2012. Throughout 2011, asking prices rose slightly in several months of the year, but never more than 0.2% in a month. Asking prices in March were 0.7% below their level one year earlier.
One thing to keep in mind — because the Trulia Price Monitor is seasonally adjusted, these monthly and quarterly increases are on top of typical springtime price jumps. Without adjusting for seasonality, asking prices rose 2.4% quarter over quarter.

Asking Home Prices Are Looking Up for the Sunshine State

But all housing is local. On the up side, the Trulia Price Monitor revealed that asking prices rose year over year in all large Florida metros, and fastest in Cape Coral-Fort Myers and Miami. Asking prices also rose in Phoenix, Pittsburgh and the Detroit area. Meanwhile, local housing markets in much of the West continue to struggle. Prices fell most in Tacoma and Seattle, followed by Sacramento and Las Vegas. All large California metros saw year-over-year price declines. Just check out this metro-level map and see for yourself. Florida and Michigan are looking mighty green (which means rising prices) whereas California is in the red (which means falling prices).

Why do we see price increases in some places and price declines in others? As a general rule, prices are now rising faster in places where prices fell more during the bust and where vacancy rates are higher. In other words, many of the local price increases are bouncebacks: Cape Coral-Fort Myers, Miami and Phoenix all saw huge price drops after the bubble burst and big increases in asking prices this past year. But there are exceptions: Las Vegas prices continue to fall, even after years of steep price declines.

Top 10 Metros With Largest Price Increases
#	U.S. Metro	Y-O-Y % Change in Asking Price
1	Cape Coral-Fort Myers, FL	14.8%
2	Miami, FL	14.1%
3	Phoenix, AZ	13.2%
4	Pittsburgh, PA	9.2%
5	Little Rock, AR	6.7%
6	Orlando, FL	6.3%
7	North Port-Bradenton-Sarasota, FL	6.2%
8	Palm Bay-Melbourne-Titusville, FL	6.1%
9	West Palm Beach, FL	5.8%
10	Warren-Troy-Farmington Hills, MI	5.6%

Top 10 Metros with Largest Price Decreases
#	U.S. Metro	Y-O-Y % Change in Asking Price
1	Tacoma, WA	-11.9%
2	Seattle, WA	-9.1%
3	Sacramento, CA	-8.3%
4	Las Vegas, NV	-7.7%
5	Wilmington, DE-MD-NJ	-7.7%
6	Columbia, SC	-7.3%
7	Cleveland, OH	-6.9%
8	Fresno, CA	-6.8%
9	Milwaukee, WI	-6.7%
10	Allentown, PA-NJ	-6.7%

Note: Rankings based on the year-over-year changes in asking price among the 100 largest U.S. metropolitan areas. Want to see the full list of price and rent changes for all 100 metros? You can download it here.
No Wonder Your Landlord is Smiling

What about rentals? Nationally, rents rose by 5.0% year on year: unlike prices, rents have been moving steadily upward. During the recession, some owners lost their homes and became renters instead; also, many younger adults deferred the leap from renting to owning. Strong rental demand, combined with little new rental construction, pushed rents higher.
Asking rents rose over the past year in almost all large metro areas included in the Trulia Rent Monitor – regardless of whether asking home prices were going up or down. For example, rents rose strongly in Miami (12.1%) and Denver (9.9%), where for-sale prices also increased. Meanwhile, rental affordability declined in places where rents rose while prices fell, most notably in San Francisco (rents up 11.1%), Seattle (9.7%), San Jose (9.4%) and Boston (9.2%). As for the very largest metros, rents rose 6.2% in New York and 6.1% in Chicago, but only 0.6% in Los Angeles.
So what drives rent trends? Employment growth matters most. San Francisco, Denver, Seattle, San Jose and Austin all had high year-on-year employment growth (through February 2012, according to the Bureau of Labor Statistics) and big rent increases.
Is This Bounceback Here To Stay?

Will these price and rent increases continue? Continued job growth plus declining inventories equal more buyers chasing fewer homes – and therefore higher prices. The big wildcard for prices is the next wave of foreclosures. The robo-signing settlement will accelerate foreclosures, which will ultimately depress prices in neighborhoods where foreclosures are concentrated. Rents this year depend on both job growth and new construction: last year builders broke ground on many multi-family buildings, which should come to market later this year and dampen rent increases.
Want to be the first to know how foreclosures, construction and jobs are affecting prices and rents in April? Come back in early May, when we’ll release the April 2012 Trulia Price Monitor and Trulia Rent Monitor.

Price Points: Real Estate Values in Miami-Dade and Monroe Counties - from Florida Trend, Florida's Source For Business News

2012-04-06T23:09:00.001-04:00

Price Points: Real Estate Values in Miami-Dade and Monroe Counties - from Florida Trend, Florida's Source For Business News

Harrison Ford Lists His Brentwood Home For $8.295 Million (PHOTOS)

2012-04-06T20:44:00.001-04:00

Harrison Ford Lists His Brentwood Home For $8.295 Million (PHOTOS):

Harrison Ford, the actor beloved to many as playing both Han Solo and Indiana Jones, has slipped his home in the Brentwood area of Los Angeles onto the market for $8.295 million. Ford has owned this Colonial style home for a long time, picking it up way back in 1983 for around $1 million. He later owned it with his second wife Melissa Mathison.
The early 1950s New England Traditional home was designed by architect Gerard Colcord and occupies a peaceful lot on .79 acres set off from the street with a gate and a long drive leading up to the home. The grounds feature rolling green lawns, gardens, a pool and city views stretching all the way to the ocean.
The four-bedroom main house and three detached guest suites offer seven bedrooms with a total of 7,164 square feet. Listing details state the current owner has restored and remodeled the home while respecting the original architecture and pictures reveal a well-decorated home with a casual elegance. Interior details include polished wood floors, paneled walls, crown moldings, and many built-ins; fitting considering that Ford got his start as a carpenter. The home also has a library, large living room, country kitchen, and a wood-paneled dining room with a walk-in fireplace and secret bar.
As the Real Estalker points out, Ford and his wife, actress Calista Flockhart spent a reported $12.65 million on a new 13,767 square foot mansion in the Mandeville Canyon area. According to Curbed NY, Ford listed his New York City penthouse in 2010 for $16 million. Ford was seen last year in the summer blockbuster Cowboys and Aliens and is said to be at work on the fifth movie in the Indiana Jones series.
The listing is with David Offer of Prudential California.

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As Foreclosures Stall Again, Warnings of Housing ‘Paralysis’

2012-04-06T19:55:00.001-04:00

As Foreclosures Stall Again, Warnings of Housing ‘Paralysis’: In an unexpected reversal, both newly started foreclosures and finalized foreclosures dropped precipitously in February.

Miami Commercial Real Estate Market Outperforms the Nation

2012-04-06T18:29:00.001-04:00

Miami Commercial Real Estate Market Outperforms the Nation:

Miami, FL – The National Association of REALTORS predicts Miami commercial vacancy rates in the first quarter will be lower than the national average in all top four sectors. Office, industrial, retail and multifamily will all have lower vacancy rates compared to the average of the other 73 markets tracked in the February Commercial Real Estate Outlook. Particularly stellar is the prediction that Miami will have an impressive 7.6 percen

Broward County Home Prices Continue to Strengthen

2012-04-06T18:24:00.001-04:00

Broward County Home Prices Continue to Strengthen:

Miami, FL – In February, the median sales price of single-family homes in Broward County was $180,000, up eight percent compared to February 2011, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums increased 12 percent to $75,000 compared to a year prior. Broward County condominium prices have increased 13 out of the last 14 months.

MIAMI

CoreLogic: House Price Index falls to new post-bubble low in February, Rate of decline slows

2012-04-05T13:15:00.001-04:00

CoreLogic: House Price Index falls to new post-bubble low in February, Rate of decline slows: Notes: This CoreLogic House Price Index report is for February. The Case-Shiller index released last week was for January. Case-Shiller is currently the most followed house price index, however CoreLogic is used by the Federal Reserve and is followed by many analysts. The CoreLogic HPI is a three month weighted average of the last three months and is not seasonally adjusted (NSA).

From CoreLogic: CoreLogic® February Home Price Index Reports Month-Over-Month Increase, When Excluding Distressed Sales

[CoreLogic February Home Price Index (HPI®) report] shows national home prices, including distressed sales, declined on a year-over-year basis by 2.0 percent in February 2012 and by 0.8 percent compared to January 2012, the seventh consecutive monthly decline.

Excluding distressed sales, month-over-month prices increased 0.7 percent in February from January. The CoreLogic HPI® also showed that year-over-year prices declined by 0.8 percent in February 2012 compared to February 2011. Distressed sales include short sales and real estate owned (REO) transactions.

“House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again,” said Mark Fleming, chief economist for CoreLogic. “Excluding distressed sales, we already see modest price appreciation month over month in January and February.”

Click on graph for larger image.

This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.

The index was down 0.8% in February, and is down 2.0% over the last year.

The index is off 34.4% from the peak - and is now at a new post-bubble low.

The second graph is from CoreLogic. As Mark Fleming noted, the year-over-year declines are getting smaller - this is the smallest year-over-year decline since 2010 when prices were impacted by the housing tax credit.

Some of this decline was seasonal (the CoreLogic index is NSA) and month-to-month price changes will probably remain negative through March.

Movie Exec Roger Birnbaum’s Beverly Hills Farmhouse For Sale At $15.75 Million

2012-04-05T00:22:00.001-04:00

Movie Exec Roger Birnbaum’s Beverly Hills Farmhouse For Sale At $15.75 Million:

Los Angeles can be a crazy city. Once you consider the hustle, the hurry, and the never-ending traffic, it’s no wonder that, come day’s end, many Angelenos retreat to the solace of their green-shielded homes. Of course, if your income statement is a little more robust, you can afford to put a little more padding between yourself and the concrete jungle. If your bank account can handle the $15.75 million price tag, you may want to consider this 7,187 square foot contemporary farmhouse, which formerly served as the urban refuge of MGM executive Roger Birnbaum.

Set on a small but green-filled lot deep in a Beverly Hills, CA, canyon, the comfortable 4-bed, 5-bath home has spacious rooms for living and entertaining that culminate in the dramatic two-story living room with floor-to-ceiling windows. Upstairs, the master suite is equipped with an adjacent study and sitting room, while downstairs is a wine cellar and staff quarters. A large kitchen, gym, and media room are also part of the blonde-hued interiors.

Outside is an entertaining paradise: a stone-hemmed lap pool and lush gardens surround an oversize covered patio anchored by a flagstone fireplace. An outdoor dining area and pizza oven promise that Friday Pizza Nights will never be lackluster. And should you ever need a reminder that the city is still there, take in views of the city skyline from the second floor balcony.

Roger Birnbaum co-founded Spyglass Entertainment in 1998 was named co-chairman and CEO of the Metro-Goldwyn-Mayer Inc. in 2010. He has also worked in prominent positions on the board of other top-level studios, including Caravan Pictures and Twentieth Century Fox, and has produced many box office hits including “The Sixth Sense”, “Bruce Almighty”, “Seabiscuit”, “Memoirs of a Geisha”, and “27 Dresses”.
This listing is presented by Stephen Shapiro.

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As Older Adults Retire, Housing Affordability Poses A Challenge

2012-04-04T21:03:00.001-04:00

As Older Adults Retire, Housing Affordability Poses A Challenge:

As the first wave of baby boomers turns 65, they find themselves facing the daunting obstacle course of retirement. Complicated by reduced medical care benefits and diminishing wealth as a result of the late recession, those Americans born between 1946 and 1964 now face a new hurdle on the road to retiring: a lack of affordable housing choices.
A recent report from the Center for Housing Policy, entitled ‘Housing an Aging Population – Are We Prepared?’ reports that by 2050, the number of Americans over 65 will more than double, to 88 million people (20% of the national population, according to the US Census). With this demographic change comes a fresh demand for affordable housing that adequately addresses the needs of an aging population.
According to the report, current availability of affordable housing is far below the projected need. Currently one in five households aged 65-75 spend more than half their income on housing costs, and that figure only increases with age. The rising cost of housing maintenance over time, coupled with declining income as one ages, means that as more baby boomers retire, the US will see a dramatic increase in the need for housing cost assistance and a shortage of housing that sufficiently addresses that cohort’s need . At greatest risk for financial impact are single women, minorities, and the disabled.
However, the report offers directives for proactive solutions, including policy reforms, tax abatement programs, housing vouchers, and community-based support programs. Also recommended are policies that would expand housing choices for older adults, including construction of creative housing formats “that promote ‘active neighboring’ and/or allow professional caregivers to live among residents”.
Lastly, the report encourages the strict enforcement of pre-existing policies such as the Fair Housing Act and Americans with Disabilities Act, which would help facilitate these developments. “For the most part, the strategies are familiar,” concludes the report’s summary. “What is needed is greater urgency in the face of demographic certainty.”
To read the full report, please see Housing An Aging Population – Are We Prepared?.

Why Won’t My House Sell After Months On The Market?

2012-04-04T20:55:00.001-04:00

Why Won’t My House Sell After Months On The Market?:

Q: I have had my house listed for four months now. There were about 10 open houses with no offer, what seems to be the problem? The price was dropped by $10,000. if I keep on dropping the price, it will put me underwater meaning I wll have to pay out of pocket to have the house sold. It is in a very nice neighborhood with good schools, all major highway access within minutes. My second question is: is the housebuyernetwork legitimate? Any advice is appreciated.
–Michelle, Holt, MI

A: You hired a Realtor and did everything he told you to do, but your home still didn’t sell? Wondering what went wrong? There are many factors at play here and failing to do the complete job marketing your home will surely result in failure.
Here’s a little test that will help you make a decision on your next step? Just complete the test at http://www.leedworshak.com/images/images/Home%20Saleability%20File%206.xls and I’ll review your current marketing plan against weighted criteria we know work best.
When completed, (it’s only 20 questions and should only take about 10 minutes) you will instantly receive a Salability Analysis score that will range from anywhere from 1-100 points. Scoring anything below 70 indicates that some serious changes to your marketing plan are in order and possibly a change in Realtors too. The results of the analysis should be reviewed with your next agent before re-listing your home for sale.
Lee Dworshak is a Realtor® with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.
A: I am a Realtor. If there are no problems with the property or its location, it is the price. Properties sell when they are priced correctly. The value of your home is determined by what a buyer is willing to pay for it. If it is too high, you won’t get any offers. If you have had all those open houses with no offer, the property is over priced. If selling at a lower price means you won’t net enough to pay off the loan, then you need to consider other options.You can stay in the property until the value goes up. You can consider a short sale. Or you can pay the difference between what you owe and what you can get for it.
I have never heard of housebuyersnetwork.com. It sound like a website used to generate leads to be sold to Realtors.
Tracey Martin is a Realtor® with Realty World Premier Associates in Salinas, CA.
A: Dear Holt, MI.
If I am understanding you correctly, when you write that your had your house listed for four months, you were referring to having it listed with a website called housebuyernetwork.com, and not with a local Realtor. May I suggest that you contact a local Realtor to assess your home as to its value in your market, and what may need to be done to improve showings.
JoyceM
Joyce Mitchell is a Realtor® with Mitchell & Associates Real Estate in Bigfork, MT.
A: That is a great question, so let’s break it down. Four months may be way more or way less that the median (average can be less accurate if there are homes that are way better or way worse swaying the numbers) days on market for homes like yours. I would recommend asking your agent to meet with you again and show you how long it is taking homes like yours to sell. If you area is taking 100 days or 1,000 days that will answer the time frame question.

Open houses are one way of many that homes get exposure but in my experience it is not one of the top five activities that actually sells homes. Have you had any showings by your agent or other agents and if so what was the feedback from the agents and the buyers? Some important things to consider: Are you in your local MLS? How does your listing look compared to the homes priced similar? Has every inquiry turned into a showing appointment, if not why? Since the day you listed what properties have accepted offers, how many days did it take and what price where they asking?

The price you owe is not a factor in selling (it sounds crazy I know) but the payoff does not reflect market value. Ask your agent about a possible short sale if you determine your value is considerably less than your payoff and know that you have options. Best of luck to you.
Courtney Hunt-Perna s a Realtor® with Better Homes and Gardens Rand Realty in Central Valley, NY.
A: Dear MI,

homes sell for 2 reasons: price & quality. You can drop your price by $50,000 and if its still above the market (your competition in the block) no one will buy it. It can also not sell because the house is outdated or something is wrong (e.g. plumming, roof, structural). Lets assume the second reason is not a problem. Therefore, you need to have your agent ID exactly what the last three-to-six months similar (apples-to-apples) sales were within a 1/2 mile radius of your home to make sure you are still not above market price. If you end up being “underwater” one strategy would be to sell it to an owner who will carry wrap-around mortgage. Talk to your agent about this. He or she should be educated on it to explain the pros & cons about doing so. Take care.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.
A: If you have had a lot of showings with no offers, it is a pricing issue. If you are having very little activity, it can be a pricing or marketing issue. Is your house being marketed on all the major websites? How is the quality and quantity of the photos?

Robin Lemmons is a Realtor® with Coldwell Banker King Thompson in Gahanna, OH.
A: If a home does not sell, it is always a function of price. The buyer has to preceive the value to be there. If not, no offers. How do you compare to the comparables in the neighborhood? Be honest in your assessment, because vanity or pride could be costing you money. Have your Realtor do another market analysis of the area. They buy homes at a discount, so if you want to get the most for your home, probably not the way to go.
Beverly Houlier is a Realtor® with Hilltop Chateau Realty in San Diego, CA.
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