November 2009

It’s no secret that the old real estate adage tells us that only three things determine the value of your home – location, location, location. But the reality is that there’s plenty you can do with most any piece of property to get a higher selling price in almost any market. Some of the steps you can take are largely cosmetic – and are aimed at improving the “curb appeal” of the property. Others involve extensive reconfigurations, making them costly. Despite the big differences in both time involved and costs, almost all of these steps actually have a real return-on-investment (ROI). As the U.S. housing market slowly revives, and as the federal tax credit of $8,000 for first-time homebuyers is extended, it’s worth considering the projects you can launch that will boost the value of your humble abode. [Read this article]

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With the foreclosure crisis showing no signs of relenting, the Obama administration plans to expand a program aimed at helping people remain in their homes. The goal of the announcement, expected Monday, is to increase the rate at which troubled home loans are converted into new loans with lower monthly payments, Treasury spokeswoman Meg Reilly said over the weekend. Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area. The Treasury is also expected to announce that it will wait until the loan modifications are permanent before paying cash incentives to mortgage companies that lower loan payments. The government support, which is provided from the $700 billion financial bailout program, is aimed at providing cash incentives for mortgage providers to accept smaller mortgage payments rather than foreclosing on homes. [Read this article]

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A new housing market report pegged the Charleston area as a region that will help bring South Carolina out of the recession. The South Carolina Housing Market Report, a University of South Carolina publication put out with the help of the S.C. Association of Realtors and the Home Builders Association of South Carolina, said even though the Lowcountry was one of the hardest hit housing markets, it’s leading the state recovery “with its relatively low unemployment … and high construction levels, up 61 percent year-to-date.” October’s sales report from the S.C. Association of Realtors shows a robust 18.1 percent gain in transactions compared to last year, the largest monthly increase reported all year. The Charleston region saw home sales increase an impressive 31.3 percent during the same period. [Read this article]

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Individuals with more than $800,000 to invest plan to increase their property holdings because they foresee better long-term returns than from stocks and bonds, according to a Barclays Plc global survey. Twice as many people plan to raise their investment in commercial and residential property as intend to reduce it, the Barclays Wealth unit said in an e-mailed statement today. The richer the individual, the greater the proportion of wealth is placed in real estate, the survey found. Real estate investment among wealthy individuals is set to rise to 30 percent of the average portfolio for the next few years from 28 percent now, according to the survey. The U.S. was the most attractive real estate market for investors outside their home country, the survey showed. The country was seen as having the highest potential for return on investment. [Read this article]

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For the 22 business days ending Nov. 4 – DataQuick’s freshest homebuying stats – these sales trends appear in Irvine ZIPs. Citywide sales totaled 230 – that’s +30% vs. a year ago. Countywide, sales were +11% vs. a year ago. Of Irvine’s 8 ZIP codes, 7 had sales gains vs. a year ago while 6 had a gain in their median selling price vs. a year ago. Six of these 8 ZIP codes beat the 3.6% overall performance of the countywide median for the past year. [Read this article]

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Lennar has 25 homes that may close by December at several communities throughout the Las Vegas Valley and are move-in ready, just in time for the holidays. “We are extremely focused on selling our remaining inventory homes by our fiscal year-end,” said Roger Seaholm, director of sales for Lennar Las Vegas. “That is why we have significantly slashed prices on many of our new homes allowing buyers even a better chance of moving into their new home before the holidays.” Lennar is offering financial incentives through its preferred lender, Universal American Mortgage Co. on homes in Henderson, Providence, North Las Vegas and northwestern Las Vegas. Ten of the 25 Lennar homes available for these specials are located at the gated community at White Horse South in the northwestern area. [Read this article]

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There’s life again at the upper end of the local housing market. We’re hearing of a number of recent sales of homes priced above $1 million, mostly in Sacramento’s older, established neighborhoods. Lyon Real Estate agent Debbie Davis reports two recent sales on swanky Crocker Road in Sierra Oaks Vista. The reasons for the pickup in a market segment that’s been hardest hit by the housing downturn? Killer deals, Davis says. Upper-end homes also have been selling recently in east Sac. Tim Collom, a Windermere Dunnigan agent, reports that one of his clients just snagged a home on 43rd Street – after outbidding three others who submitted offers. Her purchase price: $820,500. Collom attributes the sales to bargain hunting by the well-to-do – with low interest rates pushing some potential buyers off the fence. But he also sees signs of broader strength in the market. California was “ground zero” for the housing collapse – the first market to crash, he notes. Now, he says, “I think we’ll be the first to come out of it.” [Read this article]

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Despite unemployment woes and an economy that is still struggling, the Washington-area housing market continues to be active. Sales chances are high, prices are stable and buyers are busy – especially in Virginia, the District and nearby Maryland counties. Even this autumn, when the market typically slows down, buyers are keeping things humming. Notice the inventory and sales lines on today’s fever chart. See how the sales line has remained flat while inventory has fallen? That combination is unusual for the fall, and it is because buyers are being motivated by the low interest rates, low home prices and the federal tax credits that are available. [Read this article]

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Several real estate, financing and gaming executives recently gave a sober assessment of Las Vegas’ economy, but they are optimistic about the future. The assessment came during the annual Emerging Trends for Real Estate 2010 conference Nov. 18, sponsored by the Southern Nevada chapter of the Urban Land Institute. Even gaming officials at the nine-person panel discussion said the health of the real estate market will be one of the keys to the gaming sector’s recovery. Tom Roberts, corporate vice president of development at Station Casinos, said the gaming industry is stabilizing and showing small signs of a recovery, and real estate will be part of that. [Read this article]

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