News

Miami agent expands to meet demand

Ivan Radford — Wed, 16 May 2012 12:37:00 GMT

Demand for Florida property is high right now. So high, in fact, that a Miami agent has expanded to cope with surging activity from overseas investors.

Announcing the launch of a new international version of its website, Interinvestments Realty said that it would "connect us worldwide 24/7", reports OPP.

""Our Broker- affiliates can integrate their local business connecting with our website, and completing their referral business online. But what is more important is their access to the South Florida's housing market. Now they can showcase New Development on their own web portal! International buyers and Internet homebuyers are here to stay, and this is one of the ways that we will be conducting our business in the future," added president Emilio Jose Cardenal.

The news is the latest sign that Florida's real estate market is on the way back up. Earlier this week, the state accounted for seven of Realtor's Top 10 Turnaround cities in the US, as the area's inventory of foreclosures continues to decline in the face of increasing transactions and prices.

What’s happened in Vegas?

Ivan Radford — Tue, 15 May 2012 13:28:00 GMT

At the end of 2011, Las Vegas' housing market looked set to be on the rebound, with investors taking a gamble on the foreclosure-hit state. Sales were up by 18 per cent in February 2012, according to the Las Vegas Association of Realtors, while sales continued to climb in March as prices stayed low.

But now mixed signals are coming from different reports.

CoreLogic found that Vegas house prices fell 5.1 per cent in March 2012, as distressed sales held the market values down for bargain hunters. But at the same time, the Greater Las Vegas Association of Realtors reported that the median price of single-family houses sold in April jumped by 4 per cent March to $127,900, a promising sign even though median condo prices suffered a monthly drop of 1.8 per cent.

Then, Fiserv Case-Shiller's forecasts arrived. The mortgage firm predicted that prices would fall by 15.9 per cent in the second quarter of the year compared to 2011, reports Hispanic Business, with decreases gradually slowing into 2013. Even then, however, prices would still post an annual decline of 3.3 per cent.

So what's happening in Vegas?

The demand is certainly there from investors looking for cheap property, while the state's inventory of foreclosures is starting to be cleared up. Indeed, the total number of transactions in April (according to the GLVAR) was down compared to March, but still higher than 2011.

And the same is being reported across the USA, as the National Association of Realtors declared last month that the market had finally turned the corner.

"The precipitous drop in home prices was an immediate cause of the last recession and the financial crisis. Falling home equity has cut into household consumption and has further constrained the economic recovery," David Stiff, chief economist at Fiserv, stated this week.

"However, very low prices have also started to draw in more buyers. As demand for houses ramps up, construction activity will increase and residential investment will begin to make a substantial contribution to the recovery and GDP (gross domestic product) overall."

Whichever tracking statistics you choose to follow, the market recovery may still be a long way off, but what's happening in Vegas definitely isn't staying in Vegas.

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Game of Thrones star sells house

Ivan Radford — Tue, 15 May 2012 12:03:00 GMT

It is no Kings Landing, but this three-bedroom property in LA comes with the Lannister seal of royal approval as Game of Thrones star Lena Headey puts it on the market.

The incestuous Queen of the Seven Kingdoms listed her Californian home for sale this week, Curbed reports, as the TV show, based on the fantasy novels by George RR Martin, continues its second season run in the UK.

The home boasts bamboo flooring, a fireplace and two and a half bathrooms. Those with ambitions to seize Cersei's LA throne can pick it up for $1.349 million.

California property officially the most affordable its ever been

Ivan Radford — Tue, 15 May 2012 11:55:00 GMT

California housing has never been more affordable in the history of US real estate, according to the California Association of Realtors.

A staggering rise in the state's affordability saw the percentage of home buyers who could afford a property to 56 per cent in the first quarter of 2012 - up from 55 per cent at the end of 2011 and the highest figure since 1988, when CAR began the Housing Affordability Index.

The association attributed the increase to record-low interest rates and stabilised house prices.

In the San Francisco Bay Area, housing affordability rose or remained stable in all counties except Contra Costa County, where affordability declined by one percentage point. At 78 percent, San Bernardino County was the most affordable, while San Francisco County was the least affordable, with only 29 percent of households able to purchase the county's median-priced home.

The index, which measures the number of households that can afford to buy a median-priced, single-family home in California, is considered the most fundamental measure of housing well-being for home buyers in the state.

Deep Throat house hits the market

Ivan Radford — Mon, 14 May 2012 12:48:00 GMT

Celebrities never fail to grab house-hunting headlines, with everyone from Harrison Ford to Matt Damon moving house in recent months. But houses that appear in their movies have a similar star status. Carrie Bradshaw's Sex and The City home changed hands several times this year as did the Breakfast at Tiffany's house, while the most famous on-screen property of them all, the Home Alone house, finally sold in March after years of sitting on the market.

Now, a new contender for star status is on the market, as the house used for famous adult movie Deep Throat has been put up for sale.

The 1961 property, where many scenes from the "pioneering" 1972 film took place, was built by Baron Joseph "Sepy" De Bicske Dobronyi, reports the Miami New Times, and was home to famous guests ranging from Frank Sinatra to Ernest Hemingway and Ava Gardner at Sepy's infamous parties.

The mansion spans 0.62 acres of land and has a swimming pool as well as lots of dense foliage to give the "unique interior spaces" lots of privacy. The asking price is $1.7 million, according to Coconut Grove Grapevine.

Global prime property prices suffer first fall since 2009

Ivan Radford — Mon, 14 May 2012 12:03:00 GMT

The average price of prime property around the globe fell for the first time since 2009, according to Knight Frank.

The firm's Prime Global Cities Index reveals that the value of prime real estate in the world's key cities dropped by 0.4 per cent in the first three months of 2012 - the first quarterly dip since the recession began.

The report suggests that the index's negative quarterly growth is not surprising, given that quarterly price growth has been below 2 per cent since Q1 2010 and averaged only 0.6 per cent last year. The first three months of 2012 did not bring much momentum for the market either: the Eurozone debt debacle remained at the forefront of the global economic agenda, several critical elections were on the horizon (Russia, France, Greece) and Asia's highly-effective cooling measures showed no sign of being relaxed. Against this backdrop, adds Knight Frank, some luxury buyers chose to sit on the sidelines to see how the market would pan out.

Despite the index's overall sluggish performance, however, four markets achieved double-digit annual growth; Nairobi, Jakarta, Miami and London. London and Singapore are proof that there is still a level of resilience in the prime markets with both cities shrugging off the introduction of new stamp duties, but it is perhaps most surprising that the top five cities were spread across four continents - North America to be the only continent to appear twice.

In London both prices and applicant numbers increased despite the stamp duty rise to 7 per cent for individuals buying homes over £2m. In Singapore the new 10 per cent stamp duty for foreign buyers, which was introduced in December 2011, dented demand but not prices according to Nicholas Holt, Knight Frank's Asia-Pacific Research Director.

Nicholas comments: "Prices not only held up but actually increased slightly at the very top end of the Singapore market in Q1 2012. This was not only due to fairly resilient domestic demand, but also due to wealthy Chinese, Indonesian and Indian buyers who continued to buy in this segment of the market undeterred by the surtax."

Knight Frank concludes that the overall index will remain subdued in 2012, fluctuating between marginal price falls and rises (with London, Moscow, Jakarta, Nairobi and Singapore expected to be the strongest performers) and dismisses the possibility of a new deflationary cycle in luxury global house prices, as investors look for safe havens around the world. Capital flight will continue to focus on cities with low political risk, predicts the report.

Florida fills up America's top 10 "turnaround towns”

Ivan Radford — Mon, 14 May 2012 11:19:00 GMT

Realtor.com published its list of America's Top 10 "Turnaround Towns" last week - and Florida accounted for seven of them.

The state, hardest hit by the financial crisis, is showing signs of rallying as foreign investors continue to take advantage of the low-priced property before the market recovery fully takes hold.

Florida's markets are "leading the nation towards a general housing recovery," reads the report, while unexpected new comers in Michigan, Texas, Iowa and California are also showing signs of strength and stability.

The full list of 25 Top Turnaround Towns, using year-over-year comparative data from the first quarters of 2012 and 2011, is led by Phoenix-Mesa, Arizona, Miami, Florida and Orlando, Florida.

Noteworthy newcomers include Bay Area frontrunners Oakland and San Jose, California, heating up as the nation watches the local hi-tech industry and upcoming Facebook IPO, and the Lone Star State markets of Dallas and Forth Worth-Arlington, Texas.

While Detroit, Michigan continues its struggle with high unemployment (10.2%), it landed in the 23rd position on the Realtor.com list with a 5.82% increase in list price appreciation, a -29.59% reduction of for sale inventory, and a market that's moving 27.27% faster, all on a year-over-year quarterly basis.

"We continue to see signs of stabilization and recovery on the local level throughout the country, basing analysis on the real-time nature and accuracy of the Realtor.com data," said Steve Berkowitz, CEO of Realtor.com operator, Move, Inc. "By all indications, the 2012 housing market is unfolding as we expected, and we're encouraged with the progress local markets are making. However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories now that the 49 state AG Agreement has been signed. All of these key factors will determine how quickly our local housing markets recover and remain healthy."

Top 6 underwater homes

Ivan Radford — Fri, 11 May 2012 14:57:00 GMT

Dubai caused a splash this month when the emirate launched plans for an underwater hotel.

Not content with the tallest skyscraper in the world, the Burj Khalifa, The Water Discus Hotel, designed by Deep Ocean Technology, takes Dubai's real estate in the opposite direction: 10 metres below sea level.

The half-submerged property, which comprises two main discs, one high enough to avoid tsunamis and the other underwater, will allow guests to sleep with a stunning sky view - or just sleep with the fishes.

"Today, the advent of new technology made the heart of the ocean a setting not only for diving, but also for luxurious holidays," a spokesman for BIG InvestConsult, the Swiss developer behind the project, told the press.

But while the hotel's ambitious design has won waves of followers across the globe, Dubai's underwater development is not the world's first water-logged resort. And so TheMoveChannel.com straps on its scuba gear to dive into the depths of the real estate market and bring up the seabed's best property.

Here are the world's top 6 underwater homes:

Rangali Islands - The Maldives

Photo credit: Conrad Hilton

Underwater living has long been the subject of elaborate April Fools jokes (see: Glasgow underwater housing), but The Maldives actually jumped into the uncharted property waters in 2005. The world's very first underwater accommodation, the Maldives Rangali Islands resort is operated by Hilton. It boasts underwater spas, underwater rooms and underwater restaurants - and also offers underwater wedding ceremonies for its guests.

The Water Discus Hotel - Dubai

Photo credit: Deep Ocean Technology

Dubai's newest development may be late to the game but it is already ahead of another project, the 220-suite Hydropolis, which was cancelled in 2010 after failing to fund its $300m construction costs. The Water Discus Hotel offers a total of 21 hotel rooms, along with a submerged dive centre and bar. Macro photography within each room will also allow residents to take a close look at sea creatures outside their windows, illuminated by a specially designed lighting system.

Jules' Undersea Lodge - USA

Photo credit: Jul.com

On a much smaller scale than Dubai's opulent project, Jules' Undersea Lodge is America's only underwater hotel. Located in Florida, the Jules Verne-inspired accommodation is converted from a former marine laboratory 9m below the surface. But those afraid of the risks need not worry: the property uses waterproof suitcases from a Californian company to transport food and belongings down to guests' rooms. "20% of our guests are not certified divers," add the hotel's website.

Trilobis 65 Floating Home - Worldwide

Photo credit: Sub-Find

The Trilobis 65 is a semi-submerged home with a difference: it can float anywhere. The six-bedroom property is powered by fuel cells, solar energy and wind, and spans four separate floors, ranging from 3.5 metres above water to 3 metres below. "The main aim of the project is to allow anyone to live in a unique environment through a self-sufficient, non-polluting dwelling that exists in unison with their ocean surrounding," explains Italian naval architect Giancarlo Zema.

Poseidon Undersea Resort - Fiji

Photo credit: Poseidon Resorts

The Poseidon Undersea Resort was announced in 2007. The resort, which includes 24 rooms, a library, restaurant and a fitness centre, would be made almost entirely of acrylic glass, allowing residents to observe a coral reef directly on the ocean floor at a depth of 40 feet. The project was reportedly constructed on land in Portland before being shipped to Fiji and was scheduled to be completed three years ago. For those wishing to spend a night, the official website's reservation page reads: "Thank you for your interest in Poseidon Resorts. We welcome you to contact us after September 15, 2009."

Florida - USA

Photo credit: vgm8383

For those living in America, who aren't staying at Jules' Undersea Lodge, the words "underwater property" means something very different. With homeowners unable to meet mortgage payments and their houses worth less than the total debt owed on the property, many are facing foreclosure, especially in Florida. These underwater homes have held down the US property market, keeping prices low for buyers. But as President Obama's scheme to bulk sell repossessed property to buy-to-let investors gains momentum, Florida's housing market now appears to have turned the corner.

"In the first quarter [of 2012] we have seen further decline of housing inventory in Miami-Dade County coupled with consistent and significant price appreciation," commented Martha Pomares, chairman of the Miami Association of Realtors, this week.

"Considering that we are seeing consumer confidence, job creation, and the economy improve, Miami is poised for growth that will positively impact the local real estate market long into the future, particularly if qualified buyers are able to purchase homes," added residential president Patricia Delinois.

Not looking to live underwater?

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High demand and limited supply drive Miami prices up

Ivan Radford — Fri, 11 May 2012 12:36:00 GMT

Limited housing supply and heightened demand drove Miami property prices up in the first quarter of 2012, reveals the Miami Association of Realtors. The association's report shows that despite short sales and bank-owned properties continuing to account for a significant percentage of closed home sales, average sales prices are getting higher.

The median sales price for single-family homes in Miami-Dade County rose 14 percent to $174,799 in the first quarter of 2012 compared to the first quarter of 2011. The median sales price for condominiums was $129,500, a 38 percent increase year-over-year.

"In the first quarter we have seen further decline of housing inventory in Miami-Dade County coupled with consistent and significant price appreciation," said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS.

"Record home sales, which were greatly boosted by foreign buyers and investors, in Miami-Dade County have further strengthened the local real estate market and economy."

Year-over-year, the average sales prices for single-family homes and condominiums increased 26 percent to $335,072 and 29 percent to $257,346, respectively.

Miami-Dade residential sales - including existing single-family homes and condominiums - decreased a negligible one percent in the first quarter of 2012, from 5,910 to 5,869, compared to a year earlier. Following a record-breaking year in 2011, sales in Miami remain at historically strong levels despite the slight decline. In the first quarter, Miami sales of existing single-family homes increased 4.1 percent compared to a year earlier. The sales of existing condominiums decreased four percent compared to the first quarter of 2011.

"While we are fortunate to have seen such a rapid and robust recovery in Miami, loosening unnecessarily tight credit conditions would further benefit our market," said MIAMI Association of REALTORS Residential President Patricia Delinois.

Yours for $970,000: An island in Ireland

Ivan Radford — Fri, 11 May 2012 12:30:00 GMT

It is not uncommon in the current economic climate for whole towns or villages to go up for sale, but Ireland has an entire island on the market for under $1 million.

Inisliroo Island, located on Lough Erne Lake, has been on the market for six weeks with no offers. The island is home to four generations of one Irish clan, reports MSN, although electricity is only provided by a "startomatic electric generator", which may or may not be started automatically or with a hand crank.

MSN adds that another island in the USA is also on the market for just $890,000, as values continue to plummet on real estate of all sizes.

Video - Top 10 skyscrapers to see before you die

admin — Fri, 11 May 2012 09:32:00 GMT

They reach high into the atmosphere to captivate us with their imposing dominance. Join us as we count down the Top 10 Skyscrapers you need to see before you die.

Watch the full run-down on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/05/10-skyscrapers-to-see-before-you-die/

US market is at bottom, says mortgage expert

Ivan Radford — Thu, 10 May 2012 12:37:00 GMT

A mortgage expert has added his voice to the crowd of experts saying that America's housing market is reaching its bottom.

Lewis Ranieri, chairman of financial services provider Ranieri Partners, spoke at a New York conference about the falling prices of the country's real estate: "Many, myself included, think we are at a bottom."

The comments came just as CoreLogic finds house prices increasing for the third month in a row and the National Association of Realtors claims that US property has "turned the corner".

Ranieri added: "I truly believe the future of the industry will be decided in the next eight months."

Source: OPP

US house prices up for third month in a row

Ivan Radford — Thu, 10 May 2012 11:37:00 GMT

House prices in America are less than 1 per cent below 2011 levels, according to the latest CoreLogic report.

Nationally, home prices (including distressed sales) fell by just 0.6 per cent year-on-year, while monthly figures suggest an encouraging growth of 0.6 per cent in March from February - the first monthly increase since July 2011. Excluding distressed sales, the numbers are even more impressive, with house prices increasing for the third month in a row.

The CoreLogic House Price Index also shows that year-over-year prices, excluding distressed sales, rose by 0.9 percent in March 2012 compared to March 2011. Distressed sales include short sales and real estate owned (REO) transactions.

"This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices," said Mark Fleming, chief economist for CoreLogic. "Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales."

"While housing prices remain flat nationally, in many markets tighter inventories are beginning to lift home prices," said Anand Nallathambi, president and chief executive officer of CoreLogic. "This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago. A continuation of this trend will be good for our industry across U.S. markets."

Video - Take a tour round Dick Clark's Flintstone home

admin — Thu, 10 May 2012 09:33:00 GMT

Legendary TV personality Dick Clark has put his Flintstone-inspired Malibu home on the market for three point five million dollars.

It looks like it survived the fall of Bedrock and the Stone Age, but this home still has plenty modern touches to it, especially with the generous use of windows and vaulted ceilings.

Clark is now in his 80s but it's clear that America's Oldest Teenager is certainly young at heart when it comes to his architecture.

Even though this home is clearly cave-inspired, it is incredibly well lit with sunlight during the day, and well placed lights during the night. But who would want to stay inside, when you can enjoy beautiful views of the surrounding canyons, coast, and city?

Take a tour round the home at TheMoveChannel.tv:

http://www.themovechannel.tv/2012/05/celebrity-homes-dick-clark-sells-flintstone-esque-home-in-malibu/

George Lucas puts affordable housing plan into hyper-drive

Ivan Radford — Wed, 09 May 2012 11:02:00 GMT

George Lucas is putting his affordable housing plans into hyper-drive.

The Marin Community Foundation announced that the Star Wars director is working with them to "explore options" for developing affordable homes at Marin County's Grady Ranch.

Lucas vowed to develop low-cost accommodation on the ranch after the construction of a new studio was blocked by the Lucas Valley Estates Homeowners Assocation, but the comments were widely dismissed as an insult.

In a letter to the association, he said he could no longer maintain "a constructive relationship with the neighbours" and called Marin a "bedroom community better suited for subdivisions instead of business", reports the San Francisco Chronicle. He added that he would "find a developer who [would] be interested in low-incoming housing since it is scarce in Marin."

Now, Lucas has confirmed that he is definitely pushing ahead with building property on the land.

"We don't know yet what might be able to be developed there, but the notion of being able to explore his property and see if some beautifully designed family or senior housing can be developed there is too wonderful to pass up," Thomas Peters, president and CEO of the foundation, said.

"One of the incredible offers that Mr. Lucas made is that he would make available the extensive technical studies that have been done on that land, including water, topography, creek access and other engineering data that would give us a head start and help us determine whether senior or affordable housing can be built there."

Video - Home Insurance: Where can you afford to save money?

admin — Wed, 09 May 2012 10:39:00 GMT

If you have a mortgage on your house, your mortgage lender will require you to purchase home insurance as a condition of the loan to protect the bank if the home were to be destroyed.

Your agent can help you save money, both in up-front premium costs and in the long run, should you ever need to use your home insurance coverage. Be sure to remember these tips from some experts in the field...

Watch the full video on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/05/home-insurance-how-do-you-know-where-you-can-afford-to-save-money/

US real estate feels the Facebook effect

Ivan Radford — Tue, 08 May 2012 14:41:00 GMT

Photo credit: Komail Naqvi

The "Facebook effect" has been felt by many things. After Mark Zuckerberg's social network acquired the photo-sharing programme Instagram for $1 billion, it rocketed to the top of Apple's App Store rankings. In California, allowing Facebook users to tell friends about their organ donation intentions saw donor registrations increase by 800 per cent.

Now, real estate has joined the list of unsuspecting victims of the "Facebook effect".

As the company prepares to put itself on the public market for the first time, Palo Alto's property market has experienced a phenomenal wave of activity. A lot of Facebook shareholders are expected to become millionaires in a matter of weeks when public investment becomes possible. Homeowners are therefore bracing themselves for a rush of wealthy buyers from the nearby headquarters - mostly by putting up their prices.

Indeed, the average price of a single-family home in Palo Alto increased by 11 per cent in the first quarter of 2012; compared to the national rise of 12.8 percent across 12 months, it is perhaps the highest quarterly price growth in the whole country.

One broker spoke to CNN about a seller they advised to list a house for $3million. The seller ignored them, advertised the property at $3.5m and promptly sold it for $3.9m.

"The locals are all gaga over Facebook and how much their houses are going to be worth," he told reporter David Kaplan.

It is bad news for buyers. One told the New York Times: "I’m kind of worried — a thousand millionaires are going to be buying houses!"

At the same time, homeowners are withholding property from the market, waiting for the rich Facebookers to descend. The combined result is a decrease in housing inventory by a staggering 57 per cent.

But a similar trend is occurring across the country, albeit at a slower rate, as America's housing inventory begins to decrease and prices rise once again. The National Association of Realtors' latest report revealed that pending home sales in March were at their highest since April 2010, suggesting that US property has turned the corner as it tries to clear its backlog of foreclosures.

"2012 is expected to be a year of recovery," commented chief economy Lawrence Yun. "Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses."

Overseas investors, free of Facebook concerns, like Florida for property, aiming to buy real estate in the tourist hotspot before prices climb back from the market bottom. In Miami, prices rose in March for the fourth month in a row, with foreign buyers making up almost two-thirds of transactions.

In contrast, Facebook's employees account for a far smaller percentage of the Palo Alto market, but their impact is much more potent. As the US market starts to return to more balanced conditions, the force of the "Facebook effect" is, if anything, making Silicon Valley's houses more unstable. CNN's broker even suggests that, should Facebook's public valuation end up below people's expectations, the town's mini-property bubble could collapse.

Perhaps that explains why, while brokers in Palo Alto list property privately for undisclosed sums (reportedly breaking the area's record transaction of $15m), Mark Zuckerberg is staying clear of the craze altogether. He moved house recently, staying in Palo Alto. His new home is a rental.

"Like" the idea of US property?

Browse our listings of houses, apartments and other real estate in America:

http://usa.themovechannel.com/property/all

France is firm favourite for British buyers

Ivan Radford — Fri, 04 May 2012 12:09:00 GMT

France remains a firm favourite for British buyers, according to the Overseas Guides Company, which provides free guides to 15 countries.

The site's latest quarterly index saw interest from UK investors stay strongest in French property, as well as Spanish and American real estate.

"In recent years, a number of emerging overseas property destinations have been flooding the market, each claiming to be the next ‘big thing'. This has led the market to become somewhat crowded and perhaps rather confusing for investors," reads the report, revealing that the traditional destinations continue to dominate the global property market.

France attracted 22 per cent of all enquiries during the first three months of this year, more than any other country. Spain pulled in the second highest share with 16 per cent, followed by the USA with 15 per cent. Significantly, the next most popular, Australia, had just 9 per cent.

Activity also increased in the first three months of 2012, with enquiries for buying property abroad surging by 38 per cent compared to the last quarter of 2011. Encouragingly, the year-on-year growth was far greater - a staggering 128 per cent, from 2,843 in Q1 2011.

Editor Richard Way commented: "Discounted prices are not the only driver in France and Spain at the moment. The last month or two has seen Sterling creep up in value against the euro, partly due to the festering Eurozone debt crisis; so that the current exchange rate is the most favourable it's been for a year and a half for Brits exchanging pounds. We are also seeing close to a six month high in the value of the pound against the dollar which could be responsible in part for driving the US property market. Our sister company, Smart Currency Exchange, has as a result been able to secure some very favourable rates for buyers and vendors in each of these countries."

US mortgage rates hit new record lows

Ivan Radford — Fri, 04 May 2012 11:27:00 GMT

US mortgage rates hit new record lows this week, with 30-year and 15-year fixed loans both falling again.

30-year rates dropped to 3.84 per cent, according to Freddie Mac , beating February's previous record of 3.87 per cent, while the 15-year loan rate fell to 3.07 per cent, even lower than the 3.11 per cent that was reached just three weeks ago.

Rates have stayed below 4 per cent since the end of 2011, reports The Associated Press. Combined with low house prices, held down by foreclosures, American houses are arguably the most affordable in the world.

The new figures follow reports from around the country of signs of slow recovery, with the National Association of Realtors declaring that the market has "turned the corner", with contract signings rising by 4.1 per cent in March from February - and 12.8 per cent above the previous year.

South Georgia: another American town for sale

Ivan Radford — Thu, 03 May 2012 12:48:00 GMT

Another American town is up for sale.

Last month, the trend for listing whole towns for sale was cemented by Henry River Mill Village in North Carolina. The town, which was used as a filming location for The Hunger Games, was offered to investors for $1.4m in April, hot on the heels of Buford, Wyoming and a five-acre village in Montana.

Now, that trend is set to continue with the arrival of South Georgia on the market.

Toomsboro, South George, has 700 residents, a convenience store, a florist and a post office - everything an investor needs to build a "quaint tourist town". But developer David Bumgardner's plans changed last week and he decided to put the entire place up for sale.

Bumgardner bought the town piece by real estate piece over the last 10 years, purchasing some properties from a preservationist and others at various auctions.

"It would be a perfect fit for a movie production company seeking a set or a music company looking for a great venue," suggests The Associated Press.

US foreclosures fall in March

Ivan Radford — Thu, 03 May 2012 12:13:00 GMT

Foreclosure rates in America fell in March, according to CoreLogic's latest report.

69,000 foreclosures were completed in March, down from 85,000 the year before, the report reveals. Across the first three months of 2012, foreclosure rates are also significantly improving, with 198,000 completed compared to 232,000 in the first quarter of 2011.

Nevada and Arizona saw the biggest improvements in foreclosure rates, while the national inventory of repossessed homes continued to decline. Approximately 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the national foreclosure inventory as of March 2012 compared to 1.5 million, or 3.5 percent, in March 2011.

"The overall delinquency level was unchanged in March, remaining at its lowest point since July 2009," said Mark Fleming, chief economist for CoreLogic. "Non-judicial foreclosure markets like Nevada, Arizona, and California are experiencing significant improvements in their shares of delinquent borrowers. Some judicial foreclosure states are also improving, like Florida, but not to the extent of non-judicial markets."

The share of borrowers nationally that were more than 90 days late on their mortgage payment, including homes in foreclosure and real estate owned (REO) assets, fell to 7.0 percent in March 2012 from 7.5 percent in March 2011, and remained unchanged from 7.0 percent in February 2012.

"Compared to a year ago, the number of completed foreclosures has slowed," said Anand Nallathambi, chief executive officer of CoreLogic. "Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales, deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities. This is what was envisioned with the recent National Foreclosure Settlement, and can often be a better outcome for both borrowers and investors."

Video - Stephen Baldwin goes house hunting

admin — Thu, 03 May 2012 09:20:00 GMT

In Biography’s latest episode of Celebrity House Hunting, Stephen Baldwins tours his home and shares what he’s looking for in the next one.

Watch the full interview on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/05/celebrity-homes-stephen-baldwin-my-next-new-place/

Good Will Househunting? Matt Damon rumoured to have bought new house

Ivan Radford — Wed, 02 May 2012 11:18:00 GMT

Matt Damon is thought to have bought a new house in the Pacific Palisades.

Sources told real estate blog Curbed that the Bourne Identity star has purchased the house, which spans 0.68 acres and was built in 2004.

The news follows the recent release of Damon's latest film, We Bought a Zoo, in UK cinemas. The movie saw Damon's character enter into an unusual real estate transaction involving a house that came with a zoo attached.

The actor's new house in the Los Angeles area has seven-bedrooms, 10 bathrooms, a five-car garage and "a serious gym". No zoo is mentioned on the property listing.

Despite the rumours, the home is still listed on the market for $15.95m. Curbed reports that Damon paid $15m for the estate.

Texas: Home to America's fastest-growing cities

Ivan Radford — Tue, 01 May 2012 11:35:00 GMT

Texas is now home to America's fastest-growing cities, as demand for real estate in expanding metropolises such as Austin begins to boom.

Buyers are "snapping up houses", one realtor told MSN, as companies such as Apple introduce employment opportunities and foreign investors swoop upon the low property prices.

"My last three listings I've had multiple offers, and they sold for either full price or more than full price," Kevin Elliott added. "They were all under contract within 48 hours."

The rise in demand matches the growth of the city, with Austin recently ranked as America's fastest-growing city by Forbes for the second consecutive year.

But Texas has a whole host of towns on the grow. Austin's economy is expected to expand by 6 per cent per year up to 2016, but Dallas-Fort Worth, Houston and San Antonio also dominate Forbes' Top 10, following in the footsteps of the flourishing state capital.

Indeed, the oversupply of commercial property in The City is gradually being bought up, with rents increasing by a steady 3.1 per cent. And news of a Formula One racetrack being developed 15 miles outside of the town only adds to the perception of Texas as a state in the fast lane.

Barry Manilow relists Malibu home

Ivan Radford — Tue, 01 May 2012 11:22:00 GMT

Barry Manilow has relisted his Malibu home for the fourth time.

The crooner listed his property in 2009 for $12.6m, but struggled to sell. Four months later, he dropped the price down to $10.9m and listed it with another estate agent, but still failed to find a buyer.

Fast forward to 2010 and the price dropped again to $9.15m in March. Still, no buyer.

Now, Manilow has found he can't smile without selling his house, and has placed the five-bedroom property back on the market for the fourth time. The home, which has a beach view, a detached private guest house and a two-storey living room, is now listed for the significantly lower price of $6.95m, according to Trulia.

USA tops world’s dream destinations

Ivan Radford — Tue, 01 May 2012 10:36:00 GMT

American is the dream destination for 13 per cent of the world's population, according to a new survey.

The research, published by Gallup, found that 640 million people said they would like to leave their country permanently, with 150 million of them listing the USA as their ideal place to live.

The UK followed closely behind, with 45 million people saying they would move there permanently. 32 million said France was their favourite place to relocate, but Europe's traditionally popular property market ranked beneath Canada, which was the dream destination for 42 million people.

Sweden and Russia are the least popular countries in Gallup's survey, which interviewed 452,199 adults between 2009 and 2011, with 6 million people choosing each.

But America was the number one place to live, according to many, with those most likely to migrate to the US coming from China, Nigeria, India, Bangladesh and, unsurprisingly, given the number of Latin American investors entering Florida's property market, Brazil.

The survey notes that many migrants selected a country in order to find "opportunity", be it the chance to start a new business or reunite with family members who have already migrated. But America may also have the edge on openness, adds Expat Forum, with 81 per cent of all Americans telling Gallup that their communities are "good places for immigrants" - much higher than other countries surveyed.

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Is America's recovery the real deal?

Ivan Radford — Mon, 30 Apr 2012 15:29:00 GMT

Photo credit: BBC Worldwide

Yale economics professor Robert Shiller stated last week that the US housing recovery could take an entire generation, with low confidence, high living costs and increasing unemployment all deterring buyers.

"I worry that we might not see a really major turnaround in our lifetimes," he told Reuters.

But Shiller may be about to be proven wrong, as a torrent of new reports suggests that US real estate is ready to bounce back from the brink of collapse. Is America's recovery the real deal?

According to the National Association of Realtors, things look promising. The association's forward-looking index of pending sales saw that contract signs rose by 4.1 per cent in March from February, 12.8 per cent above the same month last year. Indeed, the total number of sales in the first quarter of 2012 was the highest quarterly figure in five years, prompting NAR economist Lawrence Yun to herald 2012 as a year of recovery.

Similar records were set by Zillow's latest market report, which found that home values rose by 0.5 per cent from February to March, the largest monthly increase in six years. With prices expected to stay stable for the next 12 months, Zillow are equally confident that the market has effectively hit bottom.

"For people who have been waiting to time their home purchase close to market bottom, it's time to start shopping," commented Zillow's Chief Economist Stan Humphries.

But Shiller disagrees with both, even though the S&P/Case-Shiller index found that seasonally adjusted prices in 20 metropolitan areas increased by 0.2 per cent in February this year, "the first uptick in prices in 10 months".

Instead, Shiller, co-creator of the index, highlights the nine markets that hit post-bubble lows as a sign of continuing decline. "House prices have not been this low since 2002," adds CNN,

The low prices are certainly bad news for US residents, with home ownership down across the country and only half believing that their property is worth more now than when they bought it, a huge drop from 92 per cent in 2006.

But agents insist that while many homes are underwater, this is now a buyer's market, encouraging investors to take advantage of a "significant opportunity". 80 per cent of agents, according to a new RE/MAX survey, believe that house prices will not drop any further, with 70 per cent predicting that they will rise soon.

"With distressed properties still making up a sizeable portion of homes on the market, this inventory is being cleared effectively by buyers, who don't mind investing a little to fix up a property in return for an attractive bargain," RE/MAX CEO Margaret Kelly commented.

Other agents are less enthusiastic, though, particularly when it comes to the more troubled states. Speaking to OPP last week, Assetz International Ltd warned buyers not to pick up property in Detroit after a business partnership went sour, leaving buyers without refurbished properties to let.

"We sourced new suppliers to complete the house refurbishment works for typically $2,000 to $13,000 additional expenditure above the original purchase price, which enabled the investors to let the properties at yields of between 10% and 14% rather than the previously indicated 15%," recounted Assetz CEO Stuart Law. "This is still a very good outcome and two to three times UK net yields but the business failure caused distress to many of the purchasers."

"Almost all buyers did everything right," he added, countering any claims of fraud or ignorance. "They went over there on site visits, they carried out their own due diligence on top of that which we carried out, they looked into the rental market, but still got caught out..."

"We would no longer recommend Detroit," he concluded. "There are easier and safer places to put your money."

With agents, realtors, property portals and market experts disagreeing over various details, who can accurately gauge whether the American housing market really has turned the corner?

Perhaps the Americans who actually own the property are the best-placed to judge. A new survey from Gallup found that while 62 per cent of US homeowners said that their home was not worth more than when they purchased it, even they admit the affordability of US property makes this a good market for investment. 70 per cent of respondents said that "now is a good time to buy a house", up from 53 per cent in 2008.

"Most Americans recognize that now is likely a good time to buy a house," surmises Gallup. "Mortgage rates remain at historical lows and Federal Reserve policy seems determined to keep them low for some time to come."

Whether you believe Mr. Shiller's interpretation or not, the one thing that everyone agrees upon is that house prices are at an all-time low. And for many buyers, that may be enough.

London "super-shed" costs more than house

Ivan Radford — Fri, 27 Apr 2012 13:15:00 GMT

Photo credit: Taylor Gibbs

A London shed has gone on sale this week for a higher price than most houses.

It may appear to be your average back garden building but the property, located in London's expensive Highgate, aspires to be as classy as the full-sized homes around it. Dubbed a "super-shed", the tiny brick structure has a kitchenette, a shower, multiple skylights... and an asking price of £260,000.

The shed, which some have compared to a studio flat, spans a total of 250 square feet, but would only be able to house someone for a few nights because of restrictions in the property's lease.

"It was an old barn and there are restrictions to how many nights a week you can sleep there. It is a niche market - I have had a couple of artists interested in using it as a studio, or it could be a crash pad for someone who was only in London part time," Mark Newton, associate sales director at the shed's agent, Taylor Gibbs, told the Evening Standard.

"The question is whether anyone is willing to overlook the limitations of a property like this for the sake of a prime location," commented Nicholas Leeming from Zoopla.

Indeed, location plays a big part in property prices overseas too. While a shed in London can see its value inflated because Jude Law lives nearby, shacks in Mumbai are equally expensive. Meanwhile, whole houses in the USA are worth a fraction of each, as America's hardest-hit cities have seen prices plummet since the recession.

Detroit has the country's most cheapest property now, according to 24/7 Wall St. Topping a list of the most affordable US towns, the Michigan town's homes have an average price of just $84,900, $13,000 less than any other in the country.

Some investors are keen to take advantage of the foreclosure-filled market, 24/7 Wall St's data suggests: "In February, only one city (Chicago) among the 146 measured by Realtor.com, had more searches for property than Detroit."

Despite the city's poor economic climate, the prices are proving hard to resist: real estate in America's fifth-largest town has an average value of $62.45 per square feet. Compared to London's Highgate shed, which has a value of $1,683 per square feet, the difference is staggering.

With some Detroit houses available for as little as $500, bargain hunters not bothered about location have a new dilemma on their hands: would you rather own 500 homes or one shed?

Can't afford to live in a shed?

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Ricky Martin finally sells Miami mansion

Ivan Radford — Fri, 27 Apr 2012 12:13:00 GMT

Ricky Martin finally sold his Miami mansion this month, after almost five years of trying.

The Livin' La Vida Loca singer's 10,000 square-foot beach house was put on the market back in 2008, but Martin failed to find a buyer for the seven-bedroom home.

He originally purchased the mansion in 2005 for $10m, but Martin's hopes of making a profit on the property soon dwindled as he dropped his initial asking price from $19.5m to $12.5m over the years. The house finally sold for just $10.6m.

"Ricky Martin has such strong ties to Miami that he will always consider it his home alongside Puerto Rico," the singer's spokesman commented. "As much as Ricky loves [Florida] ... Ricky is currently performing eight shows a week [in Evita] at the Marquis Theatre in Times Square, and it would have proved to be a somewhat difficult daily commute."

Carrie Bradshaw’s Manhattan home sells for $10m

Ivan Radford — Fri, 27 Apr 2012 11:57:00 GMT

Carrie Bradshaw's home has been sold for $10m.

The Manhattan townhouse, famous for being the home of Sarah Jessica Parker's character in Sex and the City, was purchased at the beginning of the month, reports the New York Observer, but for an undisclosed amount.

Now, it has been revealed that the five-bedroom, four-storey property for $9.85m, $200,000 above its asking price of $9.65m. Indeed, the property has been a popular hive of activity in recent months. It was listed in November last year and sold within a matter of days for $9m. Then, just a few short months later, was put back onto the market at a $650k profit.

64 Perry Street's resident will, of course, always be known as Sex and the City's fictional journalist, but that's the way the new owner likes it: neither they nor the seller of the property has revealed their identity.

US office rents on the up

Ivan Radford — Fri, 27 Apr 2012 11:13:00 GMT

Average asking rents for U.S. office space increased in the first three months of 2012, despite a slowdown in leasing activity, according to Cushman & Wakefield's first quarter statistics for the Central Business District (CBD) office market.

The overall average asking rental rate for U.S. CBDs increased to $37.70 per square foot at the end of the first quarter, the highest level since the first quarter of 2009, when the average asking rental rate was $39.50 per square foot. Overall rental rates increased $0.49 from $37.21 per square foot at the end of 2011, and were up 5.2 percent from $35.85 per square foot at this time last year.

Eighteen of the 30 U.S. CBD office markets tracked by Cushman & Wakefield reported a quarterly increase in average asking rents, while 12 recorded a decrease. Markets with the largest quarterly increases included San Francisco (up $3.60 to $46.12 per square foot), Midtown South Manhattan (up $2.55 to $48.45 per square foot), Midtown Manhattan (up $1.26 to $66.68 per square foot), Houston (up $0.75 to $31.88 per square foot) and Chicago (up $0.56 to $31.84 per square foot).

The increase came despite a slowdown in overall leasing activity in U.S. CBDs. Companies signed 15.6 million square feet of office leases in the first quarter of the year, a 16.3 percent decline from the 18.2 million square feet signed in the first quarter of 2011.

"Leasing activity softened in the first quarter of the year, a continuation of the slowdown seen at the end of 2011," said Maria Sicola, executive managing director of Research for Cushman & Wakefield in the Americas. "While this trend could continue through the second quarter, we expect a noticeable pickup in activity in the second half of the year."

While leasing activity did slow, it had little effect on the overall vacancy rate, which remained at 13.5 percent at the end of the first quarter.

Overall absorption - the net change in occupied space - was positive for the first three months of 2012, totaling 1.3 million square feet, an improvement from the 733,161 square feet of positive absorption at this time last year. No new office construction was completed in the first quarter, and only 747,965 square feet of new construction is expected to be added to the U.S. CBD market this year.

Pending US sales hit two-year high

Ivan Radford — Fri, 27 Apr 2012 11:02:00 GMT

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. "First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good," he said.

"The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses," Yun said.

Watch: Students play Tetris ... on a building

admin — Fri, 27 Apr 2012 10:25:00 GMT

Photo credit: BostInno.com

MIT students continued a tradition of "hacking" buildings this week when students transformed a tower block on campus (the iconic Green Building) into a giant game of Tetris.

Designed by I.M. Pei, the tallest building in the Cambridge area proved an ideal canvas on which to display the Tetrimino blocks - an aim long considered to be the "Holy Grail" of real estate hacks. Students used a joystick mounted at ground level to control the game, which included everything from the title screen to the game over animation.

Watch the full video on TheMoveChannel.tv:

Breakfast at Tiffany’s house sells for $6m

Ivan Radford — Thu, 26 Apr 2012 10:52:00 GMT

Holly Golightley's house has sold for $6m.

The New York town house, located at 169 East 71^st Street, was made famous by its starring role in the classic Audrey Hepburn movie Breakfast at Tiffany's. The four-storey brownstone building was placed on the market last December by its owner, Mr. Baconvic, who purchased the home for just $1.8m back in 2000.

Now, just a few months later, the property has been sold for $5.97m to an unknown buyer, just about its asking price of $5.85m.

"Besides star power, it boasts five fireplaces, interior shutters and a solarium," reports the New York Observer, and was, according to Mr. Baconvic used for one of the scenes in the movie, where Hepburn wears a dress made from a bed sheet. The rest of the film's interiors were shot in a separate studio.

US house prices hit lowest level since 2002

Ivan Radford — Wed, 25 Apr 2012 10:40:00 GMT

US house prices have reached the lowest level in 2002, according to a new report.

The S&P/Case-Shiller report, released yesterday, revealed that while new-home sales fell by 7.1 per cent in March, the composite of 20 cities' prices fell 3.5 per cent from 2011 - the lowest level since October in 2002.

Of the 20 cities measured, 16 of them reported negative changes, with prices increasing in just three towns (Miami, Phoenix and San Diego). Nine of the markets hit post-bubble lows, including Atlanta, Charlotte, Las Vegas, Chicago and New York.

Atlanta property experienced the biggest price drop, posting an annual decline of 17.3 per cent - the worst 12-month performance in the history of the index. houses in Detroit, on the other hand, rose 1.5 per cent from February 2011, but have fallen by one-third since January 2000, the worst performance of any of the major cities indexed.

"While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the early months of the year," says David M. Blitzer, Chairman of the Index Committee at S&P Indices.

"Phoenix and Atlanta stand out this month in terms of their contrasting relative strength and weakness in the early 2012 housing market. Atlanta has now recorded five consecutive months of double-digit negative annual rates and seven consecutive monthly declines. On the other hand, Phoenix has posted two consecutive months of positive annual rates, with its latest being +3.3%, and five consecutive positive monthly returns."

US sales drop in March as prices stabilise

Ivan Radford — Tue, 24 Apr 2012 11:51:00 GMT

Existing-home sales were down in March but continue to outpace 2011, while inventory tightened and home prices showed further signs of stabilizing, according to the National Association of Realtors.

Total existing-home sales declined 2.6 percent to a seasonally adjusted annual rate of 4.48 million in March from an upwardly revised 4.60 million in February, but are 5.2 percent above the 4.26 million-unit pace in March 2011.

Lawrence Yun, NAR chief economist, said the recovery is in the process of settling into a higher level of sales: "The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases," he said.

"Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year."

Total housing inventory at the end of March declined 1.3 percent to 2.37 million existing homes available for sale, which represents a 6.3-month supply at the current sales pace, the same as in February. Listed inventory is 21.8 percent below a year ago and well below the record of 4.04 million in July 2007.

"We were expecting a seasonal increase in home listings, but a lack of inventory has suddenly become an issue in several markets with not enough homes for sale in relation to buyer interest," Yun said. "Home sales could be held back because of supply factors and not by demand - we're already seeing this in the Western states and in South Florida."

The national median existing-home price3 for all housing types was $163,800 in March, up 2.5 percent from March 2011. Distressed homes - foreclosures and short sales sold at deep discounts - accounted for 29 percent of March sales (18 percent were foreclosures and 11 percent were short sales), compared with 34 percent in February and 40 percent in March 2011.

Foreclosures typically sold for an average 19 percent below market price in March, while short sales were discounted 16 percent.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buyer traffic is up. "Our members are reporting an increase in foot traffic from a year ago, but more importantly, home shoppers this year are much more serious about finding the right home and making an offer," he said.

"Stabilizing home prices and historically favorable affordability conditions are giving buyers more confidence, and realtors have become more optimistic since the beginning of the year from the positive shift in buyer patterns."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.95 percent in March, up from a record low 3.89 percent in February; the rate was 4.84 percent in March 2011; recordkeeping began in 1971.

All-cash sales slipped to 32 percent of transactions in March from 33 percent in February; they were 35 percent in March 2011. Investors account for the bulk of cash transactions.

Investors purchased 21 percent of homes in March, down from 23 percent in February and 22 percent in March 2011. First-time buyers accounted for 33 percent of transactions in March; they were 32 percent in February and 33 percent in March 2011.

Single-family home sales declined 2.5 percent to a seasonally adjusted annual rate of 3.97 million in March from 4.07 million in February, but are 5.9 percent above the 3.75 million-unit pace a year ago. The median existing single-family home price was $163,600 in March, up 1.9 percent from March 2011.

Existing condominium and co-op sales fell 3.8 percent to a seasonally adjusted annual rate of 510,000 in March from 530,000 in February, and are unchanged from March 2011. The median existing condo price was $165,200 in March, which is 7.1 percent above a year ago.

Regionally, existing-home sales in the Northeast declined 1.7 percent to an annual level of 580,000 in March but are 5.5 percent higher than a year ago. The median price in the Northeast was $228,300, down 1.9 percent from March 2011.

Existing-home sales in the Midwest were unchanged in March at a pace of 1.02 million but are 15.9 percent above March 2011. The median price in the Midwest was $132,800, up 5.2 percent from a year ago.

In the South, existing-home sales slipped 1.1 percent to an annual level of 1.75 million in March but are 3.6 percent higher than a year ago. The median price in the South was $146,500, up 6.2 percent from March 2011.

Existing-home sales in the West fell 7.4 percent to an annual pace of 1.13 million in March and are 0.9 percent below March 2011. The median price in the West was $198,300, up 1.6 percent from a year ago.

Hulk Hogan house finally off wrestler's hands

Ivan Radford — Tue, 24 Apr 2012 10:41:00 GMT

Hulk Hogan has finally sold his mansion for $6.2 million.

The former professional wrestler listed his home, which spans a whopping 17,145 square feet, for $25 million back in 2006 but failed to find a seller. Since then, he smashed chunks off the price tag, dropping the five-bedroom property to $10.9 million in 2010. Then, last year, he wrestled that down to $8.87 million, as the financial crisis sapped demand for luxury property.

The two-storey waterfront home finally sold last week, reports Tampa Bay Online, for less than a quarter of its original asking price.

Hogan, whose real name is Terry Bollea, kept the real estate after a divorce with former wife, Linda, in 2009. He remarried there at the end of 2010 but after years of price cuts, the property, which boasts a dock, a swimming pool and a two-tier waterfall, is finally off Hulk's hands.

Miami prices up fourth month in a row

Ivan Radford — Mon, 23 Apr 2012 13:07:00 GMT

Miami house prices have risen for the fourth month in a row, according to the Miami Association of Realtors, as foreign buyers make up almost two-thirds of transactions.

The median sales price of condos in the Miami-Dade County surged by 46 per cent to $141,700 in March compared to 2011, while the median price of a single-family home rose by 13 per cent to $180,000.

"The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels," said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. "We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating U.S. residents."

Indeed, 65 percent of the transactions last month were carried out in cash, exactly the same number in February 2012. Given that nearly 90 per cent of international buyers in Florida purchase properties using cash and that cash accounted for 32 per cent of March's national transactions, the figures indicate a steady - and strong - demand from overseas investors for Florida real estate.

As a result, prices are on the up for the fourth month in a row, suggesting a steady market recovery driven by overseas interest.

Statewide median sales prices in March increased 20.8 percent to $105,000 for condominiums and 10.3 percent to $139,000 for single-family homes, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $163,800 in March, a 2.5 percent increase from March 2011.

In March, the average sales price for single-family homes in Miami-Dade County increased 21.8 percent, from $279,608 in 2011 to $340,634 in 2012. The average sales prices for condominiums jumped 23 percent, from $212,616 to $261,523.

Sales of existing homes decreased but remain at historically high levels. The sales of existing single-family homes in Miami-Dade decreased 12 percent in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1 percent, from 1,542 to 1,387, compared to March 2011.

Statewide sales of existing single-family homes totaled 18,370 in March 2012, down 5.7 percent compared to a year ago. Statewide condominium sales totaled 10,012, down 12 percent from those sold in March 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 2.6 percent from February but were 5.2 percent higher than they were in March 2011, according to the National Association of Realtors (NAR).

"The Miami residential real estate market saw record demand that resulted in an all-time record for home sales," said 2012 Miami Association of Realtors Residential President Patricia Delinois. "This consistent demand coupled with fewer distressed properties being transacted has logically resulted in notable price appreciation unlike anywhere else in the U.S."

John Cusack lists Chicago penthouse

Ivan Radford — Mon, 23 Apr 2012 12:47:00 GMT

John Cusack has listed his Chicago penthouse for sale. The American actor, last seen in The Raven, has shunned the Hollywood lifestyle for some time, a sentiment reflected by his comparatively low-key penthouse apartment.

The home has views "all the way to Indiana", according to its listing on Zillow, with three bedrooms and floor-to-ceiling windows, but has an asking price of just $1.15 million - significantly lower than the cost of the average celebrity property. Harrison Ford's home, for example, which was also recently put on the market, has a price tag of $8.3 million.

Philadelphia builds first gay-friendly public housing

Ivan Radford — Fri, 20 Apr 2012 14:43:00 GMT

Philadelphia has approved plans to build what could be the world's first gay-friendly social housing development.

The project, financed entirely with public money, has been hailed as a first of its kind, with the development designed to meet demand from lesbian, gay, bisexual and transgender buyers for affordable homes that will allow them to live as seniors without fear of discrimination.

The Pennsylvania Housing Finance Agency awarded $11m in tax credits to the Dr. Magnus Hirschfeld Fund last week. Coupled with an existing $8m in state grants, the fund will be able to build the estate in the heart of "the Philadelphia Gayborhood", reads the fund's website.

Philadelphia Gay News reports that while similar projects are underway in San Francisco and Chicago, the Philadelphia plan is the first to receive all its funding from public sources.

"There have been many studies that indicate a strong need for affordable housing for the elder LGBT population," according to the fund.

"A recent Williams Institute (UCLA, March 2009) study found significantly higher rates of poverty for gay men and lesbians over age 65.

"The MidAmerica Institute on Poverty found a significant demand for LGBT retirement communities in 2005 and noted: "Nearly two-thirds (65%) of participants reported being interested in living in an affordable rental housing that was geared towards mature LGBT individuals and couples. The most reported reason for wanting to live in LGBT-senior rental housing was the prospect of living with people who had similar life experiences and views. Other reasons included acceptance, comfort, safety and an opportunity to meet people."

Sly Stallone sells $4.5m home

Ivan Radford — Fri, 20 Apr 2012 14:32:00 GMT

Action's man action man Sly Stallone has sold his California home for $4.5m.

The Rocky star, who most recently appeared in The Expendables, purchased the Coachella Valley property for $4.5m in January 2010 using a Woodland Hills-based trust, according to Real Estalker.

The luxury villa, which has four bedrooms and a garage for golf carts, was then swiftly put back on the market again in November 2011 with a lower asking price of $4.3m. Then, within 10 days, the price tag "quickly and inexplicably jumped to its current $4.5m".

Celebrity house watchers are putting Stallone's property flipping down to a change of heart, noting that the Rambo star already made a substantial profit on a Miami mansion sold in 1999 for $16.2m.

Bank of America auction looms large

Ivan Radford — Thu, 19 Apr 2012 13:52:00 GMT

A large auction from the Bank of America is looming, as the BofA lines up its second major offloading of possessed properties in five months.

American's second-largest bank has been accepting bids for a large portfolio of real estate, which includes "up to 500 vacant single-family home", according to OPP.

The bulk offering will see homes from California, Florida, Arizona, Texas, Pennsylvania and Georgia all go under the hammer in one of the biggest auction deals ever held by a bank.

The homes were acquired by the bank when it merged with Countrywide Financial, one the country's biggest sub-prime mortgage lenders.

"BofA has declined to comment on the bulk deal", adds OPP.

Florida flood insurance "at risk" from new bill

Ivan Radford — Thu, 19 Apr 2012 11:39:00 GMT

Florida homeowners are at risk of losing their flood insurance.

The state's efforts to speed up building permits and construction have seen residents across the region put in danger of exclusion from the National Flood Insurance Program. It may not sound like a big issue, but without flood insurance, a mortgage is basically out of the question.

"The impact on housing, construction and the state's fragile real estate market would be devastating," reports the South Florida Sun Sentinel.

A bill passed by the Legislature last month contained a provision that said building permits could be granted without federal or state approval; a move that threatens the eligibility of Florida's homes for flood insurance, if new-built properties, particularly in flood-prone places, do not adhere to the correct regulations.

"Florida is a low-lying peninsula with a lot of land at or below sea level. It's got to have flood insurance," Eli Lehrer, an expert on flood insurance, told the paper. "And right now, the National Flood Insurance Program is the only game in town. It's not realistic to think that Florida could withdraw from NFIP tomorrow."

Negotiations are currently underway between state officials and the Federal Emergency Management Agency to resolve any potential issues with the bill.

"We are confident that any potential issues with this bill in regard to the flood insurance program will be worked out between FEMA and the state, and we would not see any disruption," William Booher of FEMA commented.

Video - Kutcher beats Bieber to Hollywood house

admin — Thu, 19 Apr 2012 09:31:00 GMT

Justin Bieber just lost his chance to secure a beautiful Lake Hollywood home after Ashton Kutcher snagged the stunning property for an undisclosed amount.

Ashton Kutcher bought the Hollywood Hills house he was renting after catching wind that Justin Bieber might be looking to buy the ten point eight million dollar home.

Kutcher's digs boasts glass-floor bridges and walkways, floor-to-ceiling windows and several multi-leveled rooms. Other impressive features and amenities that won't be enjoyed by Justin Bieber include a private movie theatre, spa, gym, elevator, wine cellar, massage room, wet bar and large infinity pool.

Watch the full video at TheMoveChannel.tv:

http://www.themovechannel.tv/2012/04/celebrity-homes-ashton-kutcher-beats-out-justin-bieber-for-house/

Investment Watch: Dial M for Miami

Ivan Radford — Wed, 18 Apr 2012 13:35:00 GMT

Photo credit: vgm8383

Investors dialled "M" for Miami in March, reveals TheMoveChannel.com's latest Investment Watch. The report, which ranks the monthly level of interest in the portal's listings, saw the Magic City's tenanted condos take top spot, knocking Brazil's February high-flyer down into ninth place.

Investors dialled "M" again for Murcia and Malaga, as Spanish golf resorts took fifth and seventh place respectively in last month's top 10 listings. An equal share of the chart went to buy-to-let opportunities in the UK, with Leicester student accommodation and Cumbrian apartments awakening investors' appetites in eighth and sixth place.

But even though British real estate accounted for five of the top 10 listings in March, TheMoveChannel.com undoubtedly belonged to Miami; the Florida condos received 50 per cent more enquiries than their closest runner-up, a discounted plot of commercial land in England, as the promise of high yields and low prices proved too tasty for investors to resist.

Investors dialling "Mmmmm", however, found a tasty new opportunity in London, as fine wine entered TheMoveChannel.com's listings for the very first time. The drink was downed by enough buyers to become the third most popular investment last month, ranking above even a five-star resort in the Algarve.

Combined with the continuing demand for carbon credits, the unexpected thirst for fine wine suggests that while investors in March were dialling "M" for Miami, they were also pressing "A" for alternative investment.

Director Dan Johnson comments: "Fine wine has never been listed on TheMoveChannel.com before, but the response has been a real surprise. At the start of 2012, the demand for carbon credits suggested that investors were starting to consider more unorthodox investment vehicles for their capital. Since then, carbon credits have been in our top 10 listings for three months in a row. Miami remains the top US destination for property, but it looks like alternative investments are becoming an equally consistent choice."

The top 10 investment properties for March 2012 are as follows:

Rank	Property	Country	Partner
1	Miami tenanted condos	USA	Aspen Woolf
2	UK commercial land	UK	Obelisk
3	Fine wine investment opportunity	UK	TPG Media
4	Five-star coastal Algarve resort	Portugal	Hot Property deals
5	Murcia golf resort apartments	Spain	Casacalida Property Group
6	Tenanted Cumbrian apartments	UK	Best Overseas Property Investments
7	Malaga golf resort apartments	Spain	Best Overseas Property Investments
8	Leicester student accommodation	UK	ROC Invest
9	Luxury townhouse, Rio Grande do Norte	Brazil	Aspen Woolf
10	Carbon credits	UK	Strategic Carbon Solutions

Notes to Editors

Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.

The website address is http://www.TheMoveChannel.com and the office address is 24 Jack's Place, Corbet Place, Spitalfields, London, E1 6NN.

Contact Dan Johnson on 0207 952 7650 for further information.

US proposes act to JOLT property market

Ivan Radford — Wed, 18 Apr 2012 13:34:00 GMT

The US senate is currently debating a new act designed to JOLT the country's property market. The Jobs Originated Through Launching Travel (JOLT) Act, hot on the heels of the recent US visa proposal, contains many provisions from its counterpart, but is primarily aimed at accelerating visa applications, with a focus on tourism from Canada and China.

John Sebree, senior vice president for public policy at the Florida Association of Realtors, told OPP that the Act could heavily impact America's property market, due to the number of Canadians investing in US real estate.

"JOLT is focused on many of the same components designed to make travel to the US for business or tourism purposes included in the VISIT USA bill," Sebree said. "It does include provisions to allow Canadians over 50 years of age to stay in the US for 60 days longer than is now the case, but it does not include the $500K purchase visa provisions."

But some agents are concerned that the two new visa proposals are only geared towards temporary visitors in the US, targeting short-term residents looking for holiday homes as opposed to permanent expats who would pay taxes and hold down full-time employment.

US homebuilders lose confidence

Ivan Radford — Wed, 18 Apr 2012 13:13:00 GMT

Homebuilders in America have lost confidence this month, the National Association of Home Builders announced.

The NAHB/Wells Fargo Housing Market index performed worse than expected in March, dropping three points to 25 despite predictions that it would stay firm at 28. But the index has climbed steadily since September last year, according to MSN, gradually getting closer to the crucial 50 mark, which indicates builders rank market conditions as "favourable" as opposed to "poor".

The index has not climbed above 50 in the last six years.

The current dip is a result of slow sales activity, assures the NAHB, labelling the result a "pause in what had been a fairly rapid build-up in confidence".

"This is also reflective of the ongoing challenges that are slowing the housing recovery - particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals," commented NAHB chief economist David Crowe.

Julie Andrews lists house for $2.6m

Ivan Radford — Wed, 18 Apr 2012 11:32:00 GMT

The market came alive with the sound of excitement this week, as Julie Andrews listed her house for sale.

Mary Poppins' property, located in Brentwood, was purchased by the actress and her husband, Blake Edwards, in 1999 for $1.37m. Now, the four-bedroom home, which spans 2,574 square feet, has an asking price of $2.649m.

The property features "a pool and spa and artists' studio with separate entrance," according to Zillow, with gardens by landscape designer Nancy Power. The listing describes it in one word: supercalifragilisticexpialidocious.

Video - US real estate trends (March 2012)

admin — Wed, 18 Apr 2012 09:46:00 GMT

National inventories declined more than 21% in March, according to Realtor.com's latest market report. US real estate has seen stock decline all year across the country, but the trend is now more widespread, with the greatest reductions in housing supply occurring in Arizona and Florida.

Median list prices for US homes increased by 5% compared to last year, rising to an average of $189,900. The higher price will not lead to higher sales, but joins the list of positive indicators that optimism is returning to America's housing market.

Watch the full report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/04/us-real-estate-trends-march-2012/

Fractional ownership rises by 4pc

Ivan Radford — Wed, 18 Apr 2012 09:44:00 GMT

Fractional ownership rose by 4 per cent in 2011, according to a new report.

The review of the market sector analysed activity in America, Canada, the Caribbean and Mexico and found that there are "green shoots of recovery" starting to appear.

98 developments were classed as active, a drop from 104 in 2010, but in total, US consultant Dick Ragatz recorded 1,925 fractional transactions across 2011, a four per cent increase from the year before. The total value of all sales also rose by four per cent, reaching $552m.

"Significantly this is the first incre ase in overall volume since the peak year of 2007, when sales totalled $2.3 billion," adds Fractional Life.

Buyers are adopting a "wait-and-see attitude" due to the economic climate, suggests the survey, but only four per cent of respondents saying they would rather own a whole property. The figures are being hailed by the sector as a positive sign that there is still a future in fractionals.

US couple sues landlord for haunted house

Ivan Radford — Tue, 17 Apr 2012 13:15:00 GMT

Paranormal activity prompted legal action this week as a New Jersey couple sued their landlord because their house was haunted.

Michele Callan and her fiancé, Josue Chinchilla, filed a lawsuit against landlord Richard Lopez for their $2,250 deposit after claiming that the property was the hub of paranormal goings-on. Chinchilla told ABC News that despite not believing in "this stuff", he had witnessed flickering lights, moving bed linen, flying clothes and menacing voices.

The pair left the home, on Lowell Avenue, last month to avoid the spooky spirits and they are currently renting a room at a nearby motel. Lopez, meanwhile, is countersuing the couple for their "hoax".

"There is something else going on," Lopez's lawyer told The Asbury Park Press. ""She is a single mom, she has this fiance living with her. I think she is in over her head and she can't afford the rent."

Russians overtake Chinese in bid for US domination

Ivan Radford — Tue, 17 Apr 2012 12:03:00 GMT

Russian billionaires have overtaken the Chinese in the bid to dominate US luxury real estate.

Wealthy Russian buyers have spent $1 billion on luxury American houses in the last four years, World Property Channel revealed this week, not to mention the extra millions spent on home improvements.

Indians and Brazilians still own a large number of "trophy properties" in the US, but the Russians are the new investment kings, with billionaire Dmitry Rybolovlev acquiring New York's most expensive apartment for $88million - and then buying Donald Trump's Palm Beach villa for a cool $100m.

New York, California and Florida are the Russians destinations of choice, with the owner of Russian Standard Vodka, Roustam Tariko, completing the most expensive transaction in Miami Beach since 2006 when he bought a $25.5 million estate last year.

US foreclosure filings fall 16 per cent from 2011

Ivan Radford — Tue, 17 Apr 2012 11:29:00 GMT

US foreclosure filings fell 16 per cent in the first quarter of 2012 compared to last year, according to the latest report from RealtyTrac.

The US Foreclosure Market Report found that foreclosures filings - including default notices, scheduled auctions and bank repossessions - had dropped by 2 per cent from the previous quarter to 572,928, marking the lowest three-month period since the end of 2007.

One in every 230 US housing units received a foreclosure filing during the latest quarter. Brandon Moore, chief executive officer of RealtyTrac, commented: "The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated."

"There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March. The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen - both in terms of new foreclosure activity and new short sale activity."

First-time foreclosure starts, either default notices or scheduled foreclosure auctions depending on the state's foreclosure process, increased 7 percent from February to March, the third straight monthly increase. Foreclosure starts in March exceeded 100,000 for the first time since November 2011, although they were still down 11 percent from March 2011.

States with the biggest monthly increases in foreclosure starts included Nevada (up 153 percent), Utah (up 103 percent), New Jersey (up 73 percent), Maryland (up 53 percent) and North Carolina (up 47 percent). Thirty-one states posted monthly increases in foreclosure starts in March.

Justin Timberlake brings sexy back to home design

Ivan Radford — Tue, 17 Apr 2012 11:17:00 GMT

Justin Timberlake is bringing sexy back to interior design with a new range of home goods curated by the pop singer.

The HomeMint collection, co-designed by Timberlake and stylist Estee Stanley, was announced this week by Elle Decor, who quizzed the pop star about his new real estate venture.

"I like very clean, almost modern architecture, and the obstacle with something like that is making it extremely warm, because it doesn't naturally lend itself to that," Timberlake told the magazine. "With everything we do together, we try to get the juxtaposition right. To make pieces and rooms that are multifaceted, that blend different genres of architecture and design."

The collection's website is now live, allowing homeowners a preview of the range of furnishings, which range from barstools to rugs. The items will be available to buy in May with discounts and early access to new products for those paying a monthly membership.

Never afraid to cry me a river, Timberlake says that his perfectionist ways have carried over to interior design: "I'll sit and I'll look at hardware for hours. Literally, for hours, I'll sit and compare hardware. The devil's in the details."

Yours for £27,000: Two-room shack in Mumbai

Ivan Radford — Mon, 16 Apr 2012 15:43:00 GMT

Photo credit: Jon Baldock

Mumbai's shantytown of Dharavi became famous when Slumdog Millionaire was released four years ago. The impoverished slum was never high on holiday home hunters' lists, but a quick glance at the property prices suggests they might not be able to afford it anyway.

A two-room shack in Dhavari, spanning a grand total of 16 square feet, with no plumbing and only two windows, is currently on the market for 2.2 million Indian rupees, reports The Globe and Mail, approximately £27,000. It was purchased in 1981 for 14,000 rupees.

But that shack is at the lower end of the housing market: apartment and house prices in Mumbai's main city districts are already prohibitively expensive, but with over 20 million inhabitants packed into the city, real estate prices have been rising even higher as land runs out.

"Prices have gone up so much in the five years since I got into this business that you wouldn't even believe it," local agent Tausif Chudesara told The Mail. "A shack I used to sell for 400,000 is now 2.5-[million rupees]."

One builder relates his efforts to construct a house by filling a tidal channel with rubbish and bags of dirt. Gradually building upon the man-made land, he now owns a "two-storey cement [property]", which is worth a staggering 1.5 million rupees, or £18,942. But even selling that would still leave him unable to purchase a home away from the slum: an apartment would cost at least 5 million rupees.

It may seem crazy, but India's house prices have increased by 284 per cent in the last 11 years, according to Lloyds' International Global Housing Market Review, making them the most expensive in the world - working out at a price jump of roughly 14 per cent every year.

American houses, on the other hand, have dropped in price by 34 per cent since 2006, according to ABC News. Coupled with record low mortgages and higher rents, it is enough to bring buyers (and buy-to-let investors) back to the market in the first few months of 2012. Indeed, Mark Prather, a Californian broker, has seen 35 per cent more enquiries since last year.

"The biggest challenge that we've had over the past four years is fear - fear that the economy is collapsing, that property values are collapsing, that the world is coming to an end," Prather told the Associated Press. "The fear factor is all but gone."

Indeed, confidence is returning to US real estate, with reports last week suggesting values may actually be increasing in some state. And as the spring buying season begins, prices may not stay so low for long.

Compared to Mumbai, US property certainly seems like a smart move. If the £27,000 Dhavari shack sells, the owner is already planning his next real estate purchase: another shack, with more windows and a water standpipe. It will cost 35 million rupees, he explains to the Canadian paper: "It's a really good deal."

Can't afford to live in a slum?

Browse our listings of houses, apartments and other property in America:

http://usa.themovechannel.com/property/all

Harrison Ford sells LA estate

Ivan Radford — Mon, 16 Apr 2012 14:11:00 GMT

Harrison Ford has listed his LA estate on the market.

The Indiana Jones star has owned his Brentwood home for almost 30 years, reports Zillow, but put it up for sale this week, 18 months after buying a mansion with his wife, Calista Flockhart.

The property, designed by Gerald Colcord, spans a total of 7,164 square feet and has seven bedrooms and eight bathrooms. It was built in 1951 and purchased by Ford in 1983 for $1m. But Indiana Jones fans will have to raid the lost ark to afford it now, with its asking price currently at $8.3 million.

US mortgage rates drop to all-time low (again)

Ivan Radford — Fri, 13 Apr 2012 12:23:00 GMT

Mortgage rates in the USA have dropped to yet another all-time low this week.

The 15-year fixed rate mortgage fell at the beginning of April by 0.1 per cent compared to the previous week and over a whole per cent compared to last year, Freddie Mac's latest survey revealed.

The drop, linked to weak job growth last month in America, is welcome news for borrowers, reports CNN Money, with the 15-year mortgage "a popular choice for those looking to refinance".

30-year rates also dropped, the survey found, almost reaching the record lows set in February this year.

Compare the results to the housing peak in 2006 and the difference is clear: 15-year mortgage plans had an average interest of 6.07 per cent, making payments now just over $300 dollars cheaper per month.

The result is a financial market that makes property investment "an extreme bargain" for buyers as well as those looking to refinance. Coupled with low house prices, held down by foreclosures, real estate in popular states as Florida is more affordable than ever.

Are Olympic landlords losing the lettings race?

Ivan Radford — Thu, 12 Apr 2012 15:27:00 GMT

Photo credit: KhE 龙

Landlords hoping to make gold from London's Olympics may be losing the lettings race, according to some agents.

Rental values have pole-vaulted upwards this year in advance of the 2012 Olympics, with everyone from Joe Bloggs to even former Arsenal footballer Sol Campbell joining the frenzy. Research from Zoopla last month showed that Olympics-related searches had increased by 161 per cent on the site this year.

Hotels, too, have been high-jumping rates to take advantage of the international interest in short-term London accommodation. Studies have shown that hotel rooms are 102 per cent higher than this time last year, with rooms costing an average of £213 throughout the summer.

The whole of London is ready, then, for the great wave of tenants that will come and flood the property market. And indeed, agents have confirmed that the market is completely flooded - by landlords. Some are even trying to evict existing tenants to make way for shiny, new, Olympic-grade ones.

"We physically can't get out to see all these properties because of the number of enquiries coming through from potential landlords," a Foxtons agent told the Guardian this week. With 500 properties managed by Foxtons ready to rent this summer, fewer than 10 have actually been let out.

Another agent from Keatons told the newspaper that the outlook was the same in Hackney, with most bookings coming from corporations and media outlets rather than overseas visitors: "I am not at all confident of renting what I have. Supply is way outstripping demand."

So what's driving the rental market, if not demand? A stadium full of hot air, as lettings companies continue to promise sky-high returns.

With residents across the city drawn in by the promise of extra cash, especially if they do not have Olympics tickets themselves, the craze is pushing values even higher. "Average weekly rents now stand at £143" around the Olympic boroughs, a new survey from Easyroommate revealed today.

Jonathan Moore, director of Easyroommate, commented on the 2012 phenomenon:

"A number of estate agents have made overblown claims of homeowners able to command up to 300% rental premiums over the games but the evidence proves this is nonsense. Demand for rooms and properties in Olympic boroughs is already beginning to push up average rents and the closer we get to the Olympic flame being lit the more demand we expect to see and the higher we anticipate rents to rise. However, the sorts of premiums some have claimed to be possible haven't yet materialized and still look very wide of the mark."

With visitors unwilling to pay the high rents, agents charging up to 26 per cent commission for any let lasting less than six months and individual landlords required to comply with a raft of regulations, landlords may find themselves losing the Olympics race before it has even begun.

So where can buy-to-let investors go to make a sporting success of rental property?

Chicago, according to Zillow's latest research.

The Zillow Rent Index revealed an increase of 8.6 per cent in the city's rental values in the last 12 months, reports Property Wire, in contrast to an 11 per cent fall in house prices. Philadelphia, too, has seen rents leap by 14.8 per cent while home values fell by 5.4 per cent across the same period.

"The rental market remains a bright spot in the housing market, where many markets, especially hard hit ones, are experiencing significant annual rent appreciation and drawing the attention of investors," Zillow senior economist Svenja Gudell commented.

Indeed, the US real estate market is also flooded - not just with tenants but foreclosures too. With the backlog of repossessed homes still waiting to clear, house prices are being kept low as the market bottoms out, a process that is helped by overseas investors capitalising on affordable homes.

"Converting distressed and vacant properties into rental units will reduce the oversupply of homes and speed up the recovery process," added Gudell. And buyers are more than happy to help: investment sales in the US surged an extraordinary 64.5 percent to 1.23 million last year, according to the latest figures from the National Association of Realtors, accounting for one-third of 2011's property transactions.

As landlords in London await the Olympics victory that may never come, foreign buyers are sprinting to America faster than Usain Bolt to join in a rental race that actually promises gold.

Going for gold?

Browse our listings of houses, apartments and other US property:

http://usa.themovechannel.com/property/all

America debates new visa for buyers

Ivan Radford — Thu, 12 Apr 2012 13:15:00 GMT

American Congress is debating the new visa proposed for foreign buyers to make it easier for them enter the country.

The Visa Improvement to Stimulate International Tourism to the USA (VISIT-USA) Act would see a non-immigrant visa awarded to overseas investors who spend at least $500,000 on single-family homes in America, with at least half of that amount used for a primary residence.

Buyers must live in the property for a minimum 180 days every year and are not excluded from US tax payments.

The bill also includes amendments to the non-immigrant visa for Canadians aged over 50. The visa, which applies to those who have visited the US or own US property, would be extended to last 240 days from the current period of 180 days.

John Sebree, Vice President of Public Policy, spoke to OPP: "We don't expect Congress to pass the Visit USA act this session which means it will ... have to be reintroduced next year," he said. However, John is "on a national work group though looking at ways to make the legislation better".

Convicts come first for LA houses

Ivan Radford — Thu, 12 Apr 2012 12:24:00 GMT

Convicts on parole and probation are being giving priority for housing in Los Angeles County.

The scheme, approved by supervisors this week, will see low-level offenders with no home given the first shot at Section 8 vouchers. The plan has placed convicts in front of non-offenders in the queue for government-assisted housing, but four out of five supervisors approved the revised regulation and the authorities are standing by their decision.

"We're doing this to try to get homeless off the street," Emilio Salas, the housing authority's deputy executive director, told The LA Times.

LA County has 22,000 Section 8 vouchers that can be awarded to those in need of assistance, according to the Times. 510 of these are set aside for "individuals who are case-managed by community based groups", including the homeless.

In order to be eligible to receive a voucher, those on probation and parole would first have to be cleared of serious crimes, such as robbery, for two years. If former offenders commit serious crimes within these 24 months, they will be disqualified from the scheme.

The one supervisor opposing the new revisions commented:

"With a waiting list in the thousands for Section 8 vouchers, it is irresponsible for convicted felons to leap ahead of law-abiding citizens who have patiently waited years for housing," said Supervisor Michael D. Antonovich, the sole opponent to the housing agency's plan. "This deplorable policy sends the wrong message - commit a crime, receive Section 8 housing."

Buyers cash in as Las Vegas prices stay low

Ivan Radford — Thu, 12 Apr 2012 12:19:00 GMT

Buyers are continuing to cash in on Las Vegas property as house prices across the state stay low.

More houses were sold last month than March 2011, according to the The Greater Las Vegas Association of Realtors, with a greater number of transactions involving cash buyers.

A total of 4,388 homes were sold in March, a 4.4 per cent increase from the previous year, when 4,317 were sold. The average house price last month was $123,000, an encouraging rise from $121,000 in February 2012 but down overall from $125,950 one year ago.

With real estate values and demand strong, the local housing inventory is now shrinking at an even faster rate than at the end of last year, when activity first began to increase

"Our inventory is really dropping," said GLVAR President Kolleen Kelley. "Based on current demand, we're looking at a six-week supply of homes on the market. This is making new homes more attractive and creating a window of opportunity for home builders."

Asian investors look to London and New York

Ivan Radford — Thu, 12 Apr 2012 11:01:00 GMT

Asian investors are looking to London and New York for new property purchases, according to industry experts.

London is the capital of attention for Singapore buyers, Asia-Pacific broker CLSA revealed this week, noting that sales of properties in the UK city frequently outnumber sales of domestic real estate, while Manhattan's main overseas activity now comes from China.

"The Chinese market opened up rapidly in 2011, with buyers from there joining other wealthy investors in targeting the $1 t0 $3 million Manhattan market," New York property firm Miller Samuel told OPP.

Currency changes are partially to blame, says Jones Lang LaSalle. Just as the weakening euro is saving Brit investors up to six per cent on property prices across the continent, Asian currencies hitting highs against the pound and the dollar mean that "Western property markets are down 20-40% from 2007 levels," commented the firm.

Video - Judy Garland’s house back on the market

admin — Thu, 12 Apr 2012 09:26:00 GMT

America's Sweetheart Judy Garland's former home is back on the market just only a year after it was bought.

At seven million dollars, this traditional, five bedroom, seven bath, two story home includes over two and a half beautiful acres. Built in 1938-before The Wizard of Oz star donned the iconic ruby slippers-this house continues to exude an undeniable charm that starts with the brick-lined front porch and continues to the expansive living room.

The home is located in Bel Air, California, which means plenty of sun and no tornados...

Find out if there's no place like home: see the full tour on TheMoveChannel.tv.

http://www.themovechannel.tv/2012/04/celebrity-homes-judy-garlands-house-back-on-the-market/

Have US house prices actually increased?

Ivan Radford — Wed, 11 Apr 2012 11:04:00 GMT

Reports of America's struggling housing market have seen house prices falling or staying stagnant for some time, with experts awaiting the market to bottom out. But two new reports suggest that contrary to this belief, US house prices have actually increased in the past three months.

The first, produced by property portal Trulia, found that American real estate values jumped up by 1.4 per cent in the first quarter of 2012, a suggestion backed up by The Burns Home Value Index, which observed a price hike of 1.1 per cent between January and March.

The two reports differ from the more traditional surveys by tracking house prices in advance of transactions rather than reporting on values after the sales have been completed. The result is a real-time record of the housing market, albeit one that is less accurate than sales indexes because not all transactions are completed.

Nonetheless, the findings provide a striking contrast to other portrayals of the country's real estate. Indeed, they follow reports of increasing confidence among American agents, with AOL Real Estate highlighting a survey from HomeGain, which found that 37 per cent expected house prices to rise in the next six months, "up from 15 percent in the fourth quarter of 2011".

Regardless of which index you use to measure markets, the findings raise the question: is America's real estate recovery already underway?

Masters winner Bubba Watson sells house

Ivan Radford — Wed, 11 Apr 2012 10:26:00 GMT

Bubba Watson began this week with a sensational win at the 2012 Masters Tournament and has followed it with a different kind of drive: a push to sell his home.

The PGA golf champion, whose full name is Gerry Lester Watson Jr., has listed his North Carolina house for $1.499 million, reports MSN. The four-bedroom property overlooks High Rock Lake and comes complete with a boat house, dock and pier as well as a patio containing a fully-fitted exterior kitchen.

Covering a total of 3,4000 square metres, the house has four bathrooms to match the bedrooms as well as a salt water swimming pool and hot tub. Despite the watery nature of the property's main furnishings, golf fans will be pleased to note that the Lexington home is under 10 miles from the Lexington Golf Club.

Bubba and his wife, Angie, are currently renting a house in Orlando while finalising their adoption of a one month old boy.

Chinese investment in US property shoots up by 24pc

Ivan Radford — Tue, 10 Apr 2012 12:14:00 GMT

Chinese investment in American real estate shot up by 24 per cent in the last 12 months, the National Association of Realtors has revealed.

Chinese buyers flooded into New York, LA and San Francisco in March 2012, capping off a year of phenomenal growth, in which Chinese buyers saw their annual investment increase by almost a quarter. In total, Chinese investors spent $7.4 billion on houses between March 2011 and last month, making them the second-largest group of overseas buyers in the US.

And it's not just residential property. China and Hong Kong also spent $1.71 billion on US commercial property across 2011: four times the amount they invested in 2008.

Why the increase? Experts are pointing towards the visa rules introduced last year, which entitle overseas investors a three-year residential visa in the US if they spend more than $500,000 on American property. Indeed, the Chinese now account for 78 per cent of all EB-5 business immigration visa applications - a huge surge from their 25 per cent share in 2011.

"The US is always the Chinese people's dream," commented one Beijing company, while a San Francisco agent confirmed to OPP that "one third of his clientele are from mainland China and are looking for homes priced $800,000 and up".

Video - DIY treehouses create Ewok world in Oregon

admin — Tue, 10 Apr 2012 12:05:00 GMT

In 1974, fresh out of the army, Michael Garnier went to rural Oregon to try to make a living off the woods. He tried making furniture, fences, pole barns and selling organic, psychedelic picture propellers (to see Fantasy Flakes), but finally it was a treehouse that got him all the attention.

Modeled after the treehouse he had once built for his kids, his first treehouse B&B was completed in 1990. Today he has 9 treehouses for rent, 20 staircases, 5 or 6 bridges, several platforms and zip lines for rapid descent and at least one fireman's pole. Some of his treehouses even have toilets, running water and showers, though he warns guests to "stand when they flush".

Watch the full report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/04/unusual-homes-diy-treehouses-create-ewok-world-in-oregon/

The Hunger Games town on sale for $1.4m

Ivan Radford — Thu, 05 Apr 2012 15:08:00 GMT

Photo credit: Lionsgate Films / i-Flicks.net

In the aftermath of the global financial crisis, it's becoming surprisingly commonplace for whole towns to go on sale - as of last month, there were at least five villages in need of an owner. Even today, America's smallest town in Wyoming is going up for auction for $100,000.

But one abandoned mill town in North Carolina has something special to set it apart from the crowded mass real estate market: it was the location for The Hunger Games.

The science fiction movie, directed by Gary Ross and adapted from Suzanne Collins' novel, was released in cinemas two weeks ago. The dystopian thriller sees a group of young teenagers placed in a reality TV arena where they are forced to kill each other, leaving only one winner alive. And now for $1.4m, investors can join the fray.

Henry River Mill Village, which spans 72 acres, was chosen by The Hunger Games' producers for scenes set in District 12, the impoverished home of the movie's lead heroine. The local store (pictured) plays a key role as the bakery where the central star-crossed couple meets.

It's easy to see why the location was a good match for the poverty-stricken zone: the mill was closed in the 1960s, when the town's sheriff was shot, and burned down a decade later. The village's last resident left almost 30 years ago.

But over 20 buildings remain today and could have a lot of potential.

Within three days of The Hunger Games' release, the film broke US box office records, outperforming the Twilight films to take over $150m from eager fans. After the impact the vampire franchise had upon one Brazilian coastal property, home to a particularly steamy sex scene, investors in Henry River Mill Village will hope from a similar surge in interest.

Indeed, there is already a steady influx of people to the ghost town.

"I'm getting too many visitors," Wade Shepherd, the 83 year old owner of the town, told the Associated Press after putting the town on the market. "Day and night, they're driving through, taking pictures, getting out and walking. I'm just bombarded with people."

"The state Division of Tourism has designed a four-day self-guided tour for fans," adds the AP. "The first day includes stops at the Henry River Mill Village plus places where the stars hung out in [nearby] Asheville."

Those looking to capitalise on the tourist appeal, though, may face competition from film executives: a sequel, called Catching Fire, has already been announced and the studio, Lionsgate, will be keen to return to Henry River Mill Village.

But recent figures from the National Association of Realtors show that appetite from investors could be just as strong. With US house prices at an all-time low and rental demand strong, buyers have pounced upon buy-to-let opportunities, according to the 2012 NAR Investment and Vacation Home Survey.

As a result, investment purchases rocketed by a remarkable 64.5 per cent in 2011, now accounting for almost one-third of all existing home transactions in America.

"Investors are already absorbing much of the nation's housing inventory," commented NAR Vice President Moe Veissi. "Realtors are concerned that a bulk sale or rental program in areas where such a program is unnecessary could delay or impede local market recoveries."

Back in Henry River Milly Village, Wade Shepherd will be hoping that investors stay hungry for a little longer. The question is whether they are prepared to kill each other to buy it.

Starving for an investment opportunity?

Browse our listings of houses, apartments and other buy-to-let properties:

http://investment.themovechannel.com/property/buy_to_let/

Investors accounted for one-third of US sales in 2011

Ivan Radford — Thu, 05 Apr 2012 15:05:00 GMT

Sales of investment and vacation homes jumped in 2011, with the combined market share rising to the highest level since 2005, according to the National Association of Realtors®.

NAR's 2012 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2011, shows investment-home sales surged an extraordinary 64.5 percent to 1.23 million last year from 749,000 in 2010. Vacation-home sales rose 7.0 percent to 502,000 in 2011 from 469,000 in 2010. Owner-occupied purchases fell 15.5 percent to 2.78 million.

Vacation-home sales accounted for 11 percent of all transactions last year, up from 10 percent in 2010, while the portion of investment sales jumped to 27 percent in 2011 from 17 percent in 2010.

NAR Chief Economist Lawrence Yun said investors with cash took advantage of market conditions in 2011. "During the past year investors have been swooping into the market to take advantage of bargain home prices," he said. "Rising rental income easily beat cash sitting in banks as an added inducement. In addition, 41 percent of investment buyers purchased more than one property."

Yun said the shift in investment buyer patterns in 2011 shows the market, for the large part, is able to absorb foreclosures hitting the market. "Small-time investors are helping the market heal since REO (bank real estate owned) inventory is not lingering for an extended period. Any government program to sell REO inventory in bulk to large institutional companies should be limited to small geographic areas. Even where alternatives are needed, it's best to rely on the expertise of local businesses, nonprofit organizations and government," he said.

All-cash purchases have become fairly common in the investment- and vacation-home market during recent years: 49 percent of investment buyers paid cash in 2011, as did 42 percent of vacation-home buyers. Half of all investment home purchases in 2011 were distressed homes, as were 39 percent of vacation homes.

"Clearly we're looking at investors with financial resources who see real estate as a good investment and who aren't hesitant to use cash," Yun said. Of buyers who financed their purchase with a mortgage, large downpayments were typical. The median downpayment for both investment- and vacation-home buyers in 2011 was 27 percent.

"Given the tight credit in recent years, many would-be normal home buyers for owner occupancy declined," Yun said.

The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010, while the median vacation-home price was $121,300, down 19.1 percent from $150,000 in 2010.

Investment-home buyers in 2011 had a median age of 50, earned $86,100 and bought a home that was relatively close to their primary residence - a median distance of 25 miles, although 30 percent were more than 100 miles away.

"The share of investment buyers who flipped property remained low in 2011, and many of those homes likely were renovated before reselling," Yun said. Five percent of homes purchased by investment buyers last year have already been resold, up from 2 percent in 2010. The typical investment buyer plans to hold the property for a median of 5 years, down from 10 years for buyers in 2010.

The typical vacation-home buyer was 50 years old, had a median household income of $88,600 and purchased a property that was a median distance of 305 miles from the primary residence; 35 percent of vacation homes were within 100 miles and 37 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 10 years.

Lifestyle factors have consistently been the primary motivation for vacation-home buyers, while the desire for rental income drives investment purchases. Vacation homes purchased last year were more likely to be in suburban or rural areas; investment homes were concentrated in suburban locations.

Eighty-two percent of vacation-home buyers said the primary reason for buying was to use the property themselves for vacations, or as a family retreat. Thirty percent plan to use the property as a primary residence in the future, and only 22 percent plan to rent to others.

Half of investment buyers said they purchased primarily to generate rental income, and 34 percent wanted to diversify their investments or saw a good investment opportunity.

Video - Lil Wayne shows off blinged out house

admin — Thu, 05 Apr 2012 09:58:00 GMT

Lil Wayne's appreciation for all-things shiny is in full display with his Louisiana home.

Lil Wayne's home pictures show a house that's decked out in black marble, silver and gold trim, sleek chrome and thoughtfully designed glass. To take a peek at Lil Wayne's house, watch the video on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/04/celebrity-homes-lil-wayne-shows-off-blinged-out-house/

"Insane" bidding wars hammer America's hottest markets

admin — Wed, 04 Apr 2012 11:21:00 GMT

Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, according to the National Association of Realtors.

Since January, agents have encountered multiple bids on about half of offers in Seattle, Boston, Washington D.C and Oregon, while in San Francisco, three of four offers involved competition, said Tim Ellis, real estate analyst for the online brokerage Redfin.

Ken DeLeon, the real estate broker in Silicon Valley who made 101 home sales last year valued at $275 million, told OPP: "It's insane. It's probably the hottest housing market in the nation." Housing scarcity in some metropolitan areas and an improvement in the US job market are factors contributing to the fierce competition.

Source: OPP.org.uk

Britain's cheapest house sells for under £9,000

Ivan Radford — Tue, 03 Apr 2012 12:45:00 GMT

Photo credit: Telegraph / NNP

Britain's "cheapest house" has sold for under £9,000.

The two-bedroom terraced property, located on Church Street in the former mining village of Ferryhill Station, went up for auction last week with a starting price of just £1. The County Durham home has an estimated value of £30,000, say experts, but was purchased by a young family for just £8,250.

The house, which stood vacant for 10 years, "was originally advertised online," according to The Telegraph, "but failed to attract offers of more than £501". The home is in need of repair, with boarded-up windows and graffiti-covered walls, but after refurbishment, it could offer its new owners a profit of up to £21,000.

"As far as I am aware it is the cheapest house in Britain," the director of the company in charge of the sale commented. "To give you an idea, a garage in London would have sold for more than this."

Indeed, the gap between London's property market and the UK's regional real estate has recently become even bigger, according to Nationwide. The building society's latest report showed that London prices continued to increase by 2.3 per cent, alongside Scotland and the North, but "prices fell everywhere else".

As a result, houses in the countryside are becoming increasingly promising for property investors. While London's values continue to spiral upwards into the millions - one city garage was actuallly listed on the market for £1.25m - many buyers are starting to look outside of the capital for more affordable homes within commuting distance.

"There was a noticeable increase in buyer numbers from London in the Home Counties this quarter," Yolande Barnes, Head of Savills residential research, announced yesterday, "with 43% of buyers coming from the capital in January to March, compared with 36% in the final quarter of 2011."

For those travelling further afield, house prices are even lower thanks to the market's "substantial North-South divide", according to Lloyds TSB. Thanks to the low prices in the North of the UK, the average price for a City home across the country is £173,202, 5.5 times gross annual average earnings, found this week's Affordable Cities Review - the lowest ratio since 2003 (5.3).

But the UK isn't the only country with ultra-low-priced properties up for sale. Research by Realtor.com for MSNBC.com revealed that in 10 of America's largest metro markets, there are currently "at least 100 homes listed at $10,000 or below". In Detroit's Motor City, for example, "2,300 homes can be had for $10,000 or cheaper", a figure that actually makes County Durham's record-breaker seem expensive.

29 Church Street may claim to be the cheapest home in Britain, but with UK property the most affordable it has been in nine years and US house prices hitting such extreme lows, there's never been a better time to try and beat that record.

Looking for a cheap new home?

Browse our listings of houses, apartments and other overseas real estate:

http://www.themovechannel.com/property/all

Florida dominates list of US's overseas buyer markets

admin — Tue, 03 Apr 2012 12:10:00 GMT

International interest in US real estate is growing fast with Florida, Arizona, New York, Hawaii and Nevada the states topping the list, according to a new report.

Florida dominated news service Inman’s ’10 Hot Spots for Global Homebuyers’ report, locking out the entire top five.

"While many Americans have shied away from home purchases due to the economic downturn, a growing number of cash-rich foreign investors are seizing the opportunity to snap up U.S. homes at bargain prices," says Andrea Brambila of Inman in the report introduction.

Source: OPP.org.uk

Foreclosures fall in the United States

admin — Tue, 03 Apr 2012 10:10:00 GMT

The number of properties in the United States ending up in foreclosure has decreased slightly and is expected to continue doing so as the Spring buying season gets underway.

There were approximately 65,000 completed foreclosures in February 2012, compared to 66,000 in February 2011, and 71,000 in January 2012, according to the latest figures from CoreLogic, a leading provider of information and analysis in the real estate sector.

From the start of the financial crisis in September 2008, there have been approximately 3.4 million completed foreclosures and the number of completed foreclosures for the 12 months ending in February was 862,000, the firm's National Foreclosure Report shows.

Approximately 1.4 million homes, or 3.4% of all homes with a mortgage, were in the foreclosure inventory as of February 2012 compared to 1.5 million, or 3.6%, in February 2011 and 1.4 million, or 3.4%, in January 2012.

Source: PropertyWire.com

Video - This month in US real estate (April 2012)

admin — Tue, 03 Apr 2012 10:00:00 GMT

How much time should you spend with an agent before buying a home?

Less than 90 minutes, according to Keller Williams' latest market research. April's overview of the US property market also found that the median house price in America was $156,000 last month.

Watch the full report, including detailed stats and buyer advice, on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/04/this-month-in-real-estate-us-april-2012/

Video: US housing struggling to keep up with economic recovery?

Ivan Radford — Fri, 30 Mar 2012 13:46:00 GMT

A firmer economy doesn't immediately translate into a more robust housing market. It could actually prove an impediment. That is the conundrum potentially facing the Federal Reserve should Treasury yields take another leg up.

Already the more than 0.3-percentage-point jump in 10-year yields over two weeks, in response to stronger economic sentiment, has mortgage rates creeping higher. And with housing markets still fragile, that could damp activity.

Learn more by watching the video on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/03/housing-struggling-to-keep-pace-with-economic-recovery/

Madonna to sell lavish Beverly Hills mansion

Ivan Radford — Fri, 30 Mar 2012 13:35:00 GMT

Image Source: Curbed

The original ‘Material Girl', Madonna, has decided to sell her Beverly Hill mansion, which she bought in 2003 for a cool $12 million.

Beverly Hills, Calif., is the most renowned celebrity estate in the world. According to the Real Estalkers, the current value of Madonna's lavish property could be a whopping $28 million, Daily Mail reported.

The 53-year-old pop star purchased the dream house while she was married to Guy Richie and has now planned to put it up for sale.

Her 5,800-square-foot property, spread over 1.14 acres of land, had three bedrooms and five bathrooms before she expanded and renovated.

The French Country style villa also has a tennis court and a swimming pool.

The superstar currently lives in an Upper East Side townhouse in NYC, which she bought in 2009 for $32.5 million.

Source: IBT

U.S. Mortgage Rates Fall Below 4pc On Weaker Housing Data

admin — Fri, 30 Mar 2012 10:05:00 GMT

U.S. mortgage rates fell below 4 percent following disappointing housing data released in the past week, Freddie Mac said Thursday.

The 30-year fixed-rate mortgage rate fell to 3.99 percent in the week ending March 29 from 4.08 percent in the previous week. Last year, the 30-year rate averaged 4.86 percent.

"Mortgage rates slid this week amid weaker housing economic indicators," said Frank Nothaft, chief economist of Freddie Mac.

The S&P/Case Shiller Home Price Indices fell to new lows in January, while new and pending home sales fell in February, missing forecasts.

Source: IBTimes.co.uk

'Chicken man' blows up his home to avoid foreclosure

admin — Fri, 30 Mar 2012 07:00:00 GMT

After years of battling the City of Roswell, on Monday morning a Georgia man set his home on fire while still inside and the media caught it all on tape.

Andrew Wordes chose to end the ongoing feud by pouring gasoline all over his home rather than get evicted.

Wordes who was known as “the chicken man,” raised chickens on his property since 2005 and had numerous run-ins with the law regarding city ordinances against raising the livestock.

According to WSBTV.Com, Wordes spent three months in the Roswell Detention Center last year over his right to keep chickens.

Source: RT.com

Celebrity Homes: Merv Griffin Bel Air real estate back on the market

admin — Fri, 30 Mar 2012 04:25:00 GMT

One of the latest superstar celebrity homes to hit the market in 2012 was the former mansion of Hollywood production mogul Merv Griffin. Griffin's previous private residence was officially listed for sale for the first time in 20 years in March of 2012.

Located in sunny Bel Air, California, the mansion is (surprisingly) not super-sized. Just shy of 6,000 square feet, the home is large enough to accommodate a famous couple who would like to spread out, a single person who needs home office space and more than one guest bedroom, or a young family who want to have a nursery and a child's bedroom space available separately.

Merv Griffin was born Born in San Mateo, California, U.S.A., 6 July 1925. In addition to hosting his own TV talk show "The Merv Griffin Show" and being a talented band leader during his prime, Griffin created famous television game shows such as "Jeopardy" and "Wheel of Fortune".

As his career approached retirement years, he allegedly became a savvy real estate investor. Understanding when to buy and sell properties during their prime, sources he padded his own investment portfolio well.

Source: Examiner.com

Commercial Real Estate Loan Prices Rise in February

admin — Fri, 30 Mar 2012 04:15:00 GMT

The aggregate value of Commercial Real Estate (CRE) loans priced by DebtX that collateralize CMBS climbed to 86.9% as of February 29, 2012 from 86.4% as of January 31, 2012. Loan values were 79.9% as of February 28, 2011.

“CRE loan prices in February continued the upward trend of the past year,” said DebtX CEO Kingsley Greenland. “CRE loan prices rose due to the continued tightening of credit spreads, despite a moderate rise in treasury rates during February.”

In February, DebtX priced 50,880 CRE loans with a $611.7 billion aggregate principal balance. These loans, which collateralize 650 US CMBS trusts, each received a DXMark®, a price based on 10 years of data from billions of dollars in loan sales executed by DebtX, the largest marketplace for loan sales. Access to individual DXMark prices is available through the BLOOMBERG PROFESSIONAL® Service. Type DXMK for more information.

DebtX’s CMBS loan pricing analysis is part of DXMarket Datasm, a subscription service that provides loan buyers with insight about transactions at www.debtx.com . DXMarket Datasm is available to registered DebtX buyers and includes five components: Non-Performing Loan Sale Prices, Bank Watch, Secondary Loan Market Commentary, CMBS Loan Collateral Prices, and Secondary Loan Market Liquidity.

Source: MarketWatch.com

Miami, London and Vancouver 'in demand'

Ivan Radford — Thu, 29 Mar 2012 12:55:00 GMT

The gap in annual price growth between the best and worst performing luxury residential markets was 45% in 2011, according to the results of the Knight Frank Prime International Residential Index (PIRI).

The majority of locations covered in the survey saw flat or falling prices and, ironically, some of the largest price drops were in areas with the strongest economic growth.

Emerging markets influenced performance far and wide, with wealth flows to the developed world's property hotspots driving growth in Miami, London and Vancouver. Meanwhile, price falls in some of Europe's luxury markets point to the ongoing impact of the global financial crisis; similar falls in Singapore, Sydney and Shanghai confirm the unravelling of price booms in Asia.

As wealth creation and luxury property markets become ever more global, so the issues of exchange rate volatility, political risk and security concerns rise in importance for HNWIs, competing with more prosaic motives such as investment and lifestyle. This has led to the concept of the safe haven location.

Of all the luxury market trends that have played out since the launch of Knight Frank's Wealth Report five years ago, it is the growth of global wealth flows that has done most to shape the leading prime markets.

When asked which nationalities will become most important as prime property buyers over the next five years, Chinese, Russian, Middle Eastern, Latin American and those from other growth economies consistently top advisors' lists.

Nairobi tops the index with annual price growth of 25% followed by the Kenyan cost, up 20%. Miami is close behind on 19.1% followed by Bali at 15%, Jakarta at 14.3% and London at 12.1% then Vancouver at 10.4%. Among the biggest losers in the price stakes are Mumbai, down 18.1%, Monaco, Mallorca and the Dordogne in France, all down 10%, and Sydney down 8%.

Wealthy buyers rate personal security and safety as the top consideration when it comes to buying a property with 63% citing this reason first. That is followed by 60% seeking economic openess and 51% wanting social stability. Other influencing factors include excellent education systems, easy access to other cities, healthcare and transport facilities. T

he United States is the most popular location for wealthy buyers followed by the UK and then France, Spain and Singapore.

Source: PropertyWire

Justin Bieber hit by US housing crisis

Ivan Radford — Thu, 29 Mar 2012 12:23:00 GMT

Justin Bieber is suffering the effects of the housing crisis - just like millions of other homeowners - because he can't get the mortgage he wants on the house he wants to buy.

TMZ broke the story ... Justin has made an offer on a 9,000 square foot estate in Calabasas, CA ... a ritzy area with gated communities 20 miles from Hollywood. We've learned the hang-up is that the property didn't appraise near the asking price of $7+ million.

Justin could easily afford to plunk down the asking price, but we're told his business manager has insisted that he take out a mortgage, because it makes good financial sense. But we're told the appraisal has come in significantly under asking -- more than a million under. As a result, Justin can't get the mortgage his business manager wants.

So Justin and the seller are haggling over price, trying figure out if they can agree on a price that will allow the 18-year-old to get a mortgage. We're told Justin is willing to pay $6 mil but the seller is blanching because he sunk way more than that into the property.

It's tough for everyone in these difficult times. Well, not really.

Source: TMZ

US house prices continue to fall

Ivan Radford — Thu, 29 Mar 2012 12:09:00 GMT

US house prices continued to fall in January, but at a slower pace than in the previous month, a closely-watched survey has suggested.

The Case Shiller housing index, which is compiled by rating agency Standard & Poor's, was down 3.8% from a year ago.

Sixteen of the 19 cities covered by the survey showed price falls.

Separately, figures suggested consumer confidence in the US dipped in March after rising sharply in the previous month.

"Despite some positive economic signs, home prices continued to drop," said David Blitzer, S&P's index committee head.

However, despite the fact house prices only rose in three cities - Denver, Detroit and Phoenix - analysts focused on the fact that prices were stabilising.

"[The latest data] gives you a little more confidence that the housing market is bottoming, because perhaps the most troubling aspect of the recent housing data has been the sagging of the Case-Shiller price index, effectively since July 2011," said Carey Leavy at Decision Economics.

"The fact that the so-called double dip in home prices is ending gives you a little more confidence that the market could improve over the next year and half."

Source: BBC

Seattle's recovery 'slowed' by housing market

Ivan Radford — Wed, 28 Mar 2012 12:28:00 GMT

Despite above-average growth in both employment and output, economic recovery in the Seattle area has been hampered by the weak housing market, according to a new report from the Brookings Institution.

Seattle's slow recovery from the 2007-09 recession places it in the middle of the pack among the nation's 100 largest metropolitan areas, according to the Brookings analysis. The full report is to be released Wednesday.

Based on a composite measure incorporating each metro area's economic output, payroll employment and house prices, the Washington, D.C.-based think tank divided the 100 largest metro areas into five equal groups. Seattle fell into the "middle 20" group, while Portland and Boise ranked among the 20 strongest recoveries.

Data compiled by Brookings show that employment in the Seattle area grew 2.89 percent between the first quarter of 2010, when local job losses bottomed out, and the end of 2011. That compares with 1.6 percent job growth for the nation as a whole over that period.

Seattle ranked 26th among the 100 urban areas studied in terms of job growth since the trough.

And the region's total output of goods and services, as measured by gross metropolitan product (GMP), rose 6.75 percent between the production trough in the third quarter of 2009 and the end of last year. That was ahead of the national average, 6.56 percent, and good enough for 34th place.

But the Seattle area's frail housing market - the S&P/Case-Shiller house-price index fell in January for the sixth straight month, hitting a new post-bubble low - remains the biggest drag on the local economy.

Seattle ranked 81st in terms of house-price change, according to the Brookings report - in the same range as Bakersfield and Modesto, Calif., Chicago and Nashville. Boise, by contrast, experienced the nation's strongest growth in house prices, and Portland ranked 27th.

However, the Brookings analysis (which used an index of house prices produced by the Federal Housing Finance Agency, not the Case-Shiller numbers) only runs through the end of 2011, and subsequent events may darken the picture it paints.

One of the brightest spots for the Seattle area has been manufacturing employment, powered by a surging aerospace sector. Manufacturing jobs grew 8.7 percent between the beginning of 2010 and the end of 2011, the eighth-strongest growth among the 100 metro areas studied.

However, layoffs among state and local government workers have hindered recovery, according to Brookings. State employment in the Seattle area at the end of 2011 was 3.8 percent below the overall jobs peak in the third quarter of 2008, and local-government employment was down 2.4 percent; that placed the metro area 64th and 56th, respectively.

Source: Seattle Times

Investors eye Florida property at 'rock bottom' prices

Ivan Radford — Tue, 27 Mar 2012 11:58:00 GMT

Success in anything has a lot to do with timing say colordarcy.com, who believe that now is the right time to invest in Florida property.

It is no secret that the property market in Florida has been left in bad shape by the real estate market correction. The state has seen more foreclosures than at any time in its history and house prices in the south are back to where they were back in 2004 according to the Case Shiller Index.

However for property investors www.colordarcy.com say that these conditions should send clear signals Florida property is now available at heavily discounted prices which should flash up the word 'opportunity' in neon lights.

The classic buy low sell high strategy is bound to be on most people's mind when they're asking about Florida. However property investors might also be wondering at this point if the Florida real estate market has further to fall.

This is unlikely as many experts are suggesting that the market has already reached its bottom and is seeing increased interest from foreign investors - positive signal number two.

Loxley McKenzie MD of Colordarcy, said "Even if for argument's sake the property market in Florida hasn't reached bottom, I strongly believe that there will be demand in the longer term.

"Supply will be unable to keep pace with demand forever, this is what makes property such an attractive investment option in the first place and it is no different in a depressed market like Florida, even now we can see the first signs of recovery in this market.

"What I look for in a market is rental demand and reasons to believe in long term growth and this is clearly evident in Florida.

All those people who can't get mortgages still need somewhere to live. People are desperate to rent, while foreign investors are showing more than a passing interest in the abundance of good high quality property available at rock bottom prices."

Source: ColorDarcy

Expert: US property market full of 'great deals'

Ivan Radford — Tue, 27 Mar 2012 11:41:00 GMT

Brits looking to invest in a second property may be tempted to transfer money abroad and extend their search to the US following one expert's comments.

Director at Mayfair International Realty Annette Reeve explained how the American housing market has improved and gaining access to a mortgage is easier than it was previously.

However, it was noted that many buyers are using a lump sum of cash to make a purchase or using inheritance money to fund an investment.

Ms Reeve described how there are a number of bargains to be had in the US, with areas such as Florida offering foreclosure properties for around £32,000.

"You can't knock that sort of price," the expert remarked, adding there seems to be an increase in the number of people looking to find somewhere overseas.

"They might not make a killing on it, but it is actually a nice place to put their money and they will get some family enjoyment out of it," Ms Reeve commented.

It was suggested that many individuals have concluded that they may as well buy a second home and carry out renovation work in order to make a return on their investment.

Even if it proves difficult to sell the property once it has been refurbished, Ms Reeve claimed purchasing a property in the US can prove fruitful, as it can be used as a family holiday destination.

Her comments follow a recent report from the National Association of Realtors, which revealed the sale of existing homes declined in America during February.

The total slipped by 0.9 per cent from the upward trend in January, but remained well above the figures for the same period the previous year.

Source: HiFX

Robbie Williams 'eyeing' Michael Jackson mansion

Ivan Radford — Tue, 27 Mar 2012 11:40:00 GMT

Robbie Williams is apparently on the lookout for a new pad for him and his wife Ayda Field - and he's apparently been eyeing up the LA pad Michael Jackson died in.

The late singer's home was put on the market last week for $23.9million (£15.1million) and is thought to have remained empty since his death in June 2009.

But it seems 38-year-old Robbie is keen on living in the Beverly Hills pad where the King of pop died as, according to US reports, he has been eyeing up the property.

US gossip site TMZ reports the Angels singer was seen arriving at the LA mansion on Thursday afternoon in his Range Rover before taking a look around.

Realtor Mauricio Umansky, the CEO and co-founder of The Agency in Beverly Hills, is believed to only be showing the house to buyers who can prove they have the cash. Seeing as the former Take That star is worth £93million, that shouldn't be a problem.

The impressive house boasts seven-bedrooms, 13 bathrooms, a pool, a guest house, a movie theatre and a lift. Michael rented and lived in the property with his three children Prince, 15, Paris, 14, and ten-year-old Blanket.

Jackson's personal physician Dr Conrad Murray was found guilty of involuntary manslaughter in relation to the singer's death last year.

Source: Metro

Foreclosures still haunt the US housing market

Ivan Radford — Mon, 26 Mar 2012 11:45:00 GMT

Despite glimmers of hope in the unemployment statistics and other economic indicators, housing remains in a slump. New Commerce Department data show that new homes sales fell 1.6 percent in February, which follows a decline in January. The number of foreclosed homes on the market-and the threat of more to come-continues to drag down sales.

"It is unlikely that home prices can recover on a sustained basis until the number of distressed properties is significantly reduced," Steven Wood, president of Insight Economics, told Bloomberg News.

There are signs that lenders may be stepping up their efforts to tackle the problem. Bank of America is starting a program to help delinquent homeowners avoid foreclosure.

Borrowers will be able to hand their title to the bank, then remain in the house while renting it for up to three years at or below market rates. The pilot will start with fewer than 1,000 borrowers in Arizona, Nevada, and New York.

The idea behind so-called Right to Rent programs have had support among progressives such as Dean Baker, co-director of the Center for Economic & Policy Research, who has advocated the measures for several years.

Source: Bloomberg

The housing crisis blame game

Ivan Radford — Fri, 23 Mar 2012 10:16:00 GMT

When it comes to the US housing and foreclosure crisis, there's plenty of blame to go around.

But over the past few weeks, we've receive quite a few letters along the following lines:

"Heard you for several weeks now on the radio and many people are telling you that most of the problem was the Federal Government and you won't listen."

"My daughter was in the mortgage business and due to competition was forced to give loans to people she knew wouldn't pay but the laws said 'do it'."

"I can tell you about cases like Countrywide where they were running a legitimate and fine company but competition caused by the Federal Government wanting 'affordable housing' forced them to give loans to people they should never have given them loans."

"Guys like Barney Frank, Chris Dodd and others are still in the Congress and have benefited from insider trading and advantageous loans and will never be prosecuted."

"It all originated from the liberal Congress wanting 'affordable housing' for minorities and people who should have been renters."

The frustration in these emails is palpable, and there's some truth to some of what they're saying. The federal government, as far back as the early 1990s, did push for greater levels of homeownership. Why?

At the most basic level, homeowners vote more often. That fact never escapes those who live and serve in Washington, D.C.

Source: Chicago Tribune

Hollywood director lists Malibu estate at $13.5m

Ivan Radford — Thu, 22 Mar 2012 00:54:00 GMT

Screenwriter and director Stephen Sommers and his wife,Jana, have listed their estate in Malibu for sale at $13.5 million.

Set in the gated community of Serra Retreat at the end of a cul-de-sac, the rebuilt and remodeled main house and detached guesthouse sit on 1.5 acres with a sports court, outdoor fireplace, a barbecue center and expansive lawns. The free-form swimming pool features waterfalls and a slide.

Interior amenities include a home theater, double-island kitchen, two family rooms, six bedrooms and nine bathrooms in 9,130 square feet of living space. There are fireplaces in the main house and the guesthouse.

Sommers' writing and directing credits include "G.I. Joe: Rise of the Cobra" (2009), "Van Helsing" (2004) and "The Mummy" (1999). The 49-year-old is working on the upcoming films "When Worlds Collide" and "Odd Thomas."

Public records show the couple bought the house in 2007 from Britney Spears for $10 million.

South Florida house price boost

Ivan Radford — Thu, 22 Mar 2012 00:44:00 GMT

Home prices continued to rise in February as sales slow, reflecting a dearth of inventory in South Florida, Realtors say.

Home prices in Miami-Dade and Broward counties jumped for the third consecutive month in February despite flat or declining sales volume, as the inventory of listings dwindles, real estate figures released Wednesday show.

Realtors say that heightened demand for bank-owned properties and an improvement in the processing of short sales has resulted in rapid absorption of listings and has contributed to rising prices in South Florida.

At the same time, the bulk of purchases continue to be from buyers who pay with cash, and many of them are international purchasers.

In Miami-Dade, the median sales price of condominiums surged 40.4 percent to $131,950 in February compared to a year earlier, according to the Miami Association of Realtors. The median sales price of single-family homes rose 19 percent to $175,000.

In Broward, the median sales price of single-family homes in February increased 8 percent to $180,000, compared to February 2011. The median sales price for condominiums increased 12 percent to $75,000, compared to the same month last year.

"We definitely have rebounded a lot stronger than we expected," said Patricia Delinois, president of the Miami Association of Realtors.

Source: Miami Herald

Video: Celebrity House Hunting with Shannen Doherty

Ivan Radford — Wed, 21 Mar 2012 12:59:00 GMT

After a successful, life-long career on hit TV shows Little House on the Prairie, Beverly Hills 90210, and Charmed, Shannen Doherty searches for a new home with her husband.

Follow their progress by watching the video on
TheMoveChannel.tv:

http://www.themovechannel.tv/2012/03/celebrity-house-hunting-shannen-doherty/

Treasury made $25B on housing bailout

admin — Wed, 21 Mar 2012 05:20:00 GMT

The Treasury Department has sold the last of $225 billion in mortgage-backed securities it began buying during the financial crisis, and it announced the program designed to keep the housing-finance market afloat made a $25 billion profit.

The purchases of bonds from Fannie Mae and Freddie Mac started in October 2008 and continued through December 2009 as part of a series of unprecedented government interventions into the financial system.

“The successful sale of these securities marks another important milestone in the wind-down of the government’s emergency financial-crisis response efforts,” Mary Miller, the Treasury’s assistant secretary for financial markets, said yesterday. “This program helped support the housing market during a critical moment for our nation’s economy and delivered a substantial profit for taxpayers.”

The bonds consisted mostly of 30-year, fixed-rate mortgages that were guaranteed by Fannie or Freddie, the housing-finance giants that were seized by the government in 2008 to avert their collapse. The Treasury bought the bonds to keep money flowing into the mortgage market, helping banks continue to make loans to homebuyers as the economy struggled.

Source: Dispatch.com

Brothers guilty in L.A. housing corruption case

admin — Wed, 21 Mar 2012 05:15:00 GMT

Two brothers of a former Los Angeles Housing Authority official charged in an elaborate scheme to steer construction contracts to family-controlled companies pleaded guilty Monday.

Bennett A. Taracena and Diego L. Taracena had earlier pleaded not guilty to conspiracy charges but changed their pleas Monday, according to the U.S. attorney’s office.

Their brother Victor Taracena, who supervised construction projects at the housing authority from 2003 to 2007, has also been charged but is a fugitive.

Federal prosecutors allege that Victor Taracena arranged for numerous contracts at housing projects to be awarded to companies controlled by his brothers. After those firms received checks from the housing authority, they allegedly kicked back payments to Victor Taracena, according to a grand jury indictment unsealed earlier this year.

Source: LAtimes.com

Hollywood Star dumps property deal after press leak

admin — Wed, 21 Mar 2012 02:35:00 GMT

Jennifer Hudson and her wrestler fiance David Otunga ditched plans to purchase a mansion in her native Chicago, Illinois after real estate agents leaked news of the sale to the press.

The couple was planning to buy a six-bedroom house in Burr Bridge for almost $3 million (£1.88 million), but when the property news was picked up by gossip columnists, who also published photos of the home, the singer and her man called the deal off.

Otunga opened up about the incident during an appearance on U.S. TV's The Wendy Williams Show on Monday (19Mar12), admitting that he and his wife-to-be were shocked by the unwanted publicity.

He said, "They (real estate representatives) let that information out and so we walked away from that (deal). That was exactly the reason, so we've now found another home, and we're in the stages of finalising that".

Source: FemaleFirst.co.uk

U.S. hits three-month home-building high

Ivan Radford — Tue, 20 Mar 2012 10:17:00 GMT

Image: Invest2Success

Homebuilding in the U.S. climbed to a three-month high in February, another sign the residential real-estate market is stabilizing, economists said before a report today.

Housing starts increased to a 700,000 annual rate last month from a 699,000 pace in January, according to the median estimate of 80 economists surveyed by Bloomberg News. It would be the strongest reading since November's three-year high of 702,000. The same report may show that building permits, a proxy for future construction, climbed.

Falling home prices and mortgage rates close to all-time lows are helping drive record housing affordability, benefiting builders like Toll Brothers Inc. (TOL) Nonetheless, the real estate market faces headwinds from distressed properties and more foreclosures that could push values down further.

"We have seen some improvement from extremely low levels," said Sean Incremona, a senior economist at 4Cast Inc. in New York. "There seems to some mild progress there."

The housing starts figures are due from the Commerce Department at 8:30 a.m. in Washington. Estimates in the Bloomberg survey ranged from 650,000 to 775,000.

Today's report may also show building permits climbed by 0.6 percent to a 686,000 annual rate, the fastest pace since March 2010, according to the survey median.

Milder-than-normal weather may have also played a role in propelling construction last month. The average temperature was 38.2 degrees Fahrenheit (3.4 Celsius), 3.6 degrees warmer than the 20th century average and the 17th warmest February in 118 years.

Sentiment Improving

Optimism among homebuilders has been improving in recent months. The National Association of Home Builders/Wells Fargo index of builder confidence held in March at the highest level since June 2007 as sales expectations climbed for a sixth month, figures showed yesterday.

"All the economic signs seem to be positive in terms of consumer confidence, interest rates, unemployment levels," Martin Connor, chief financial officer at Toll Brothers, said March 5 at an investors' conference in Orlando, Florida.

The average rate on a 30-year fixed mortgage reached an all-time low of 3.87 percent in February, according to data from Freddie Mac.

A measure of housing affordability a month earlier climbed to 206.1, according to the National Association of Realtors. A value of 100 means a family earning the national median income can afford a median-priced property at current mortgage rates.

Investors also are upbeat about prospects. The Standard & Poor's Supercomposite Homebuilding Index (S15HOME) has advanced 28 percent since the end of last year, more than twice the 12 percent gain in the broader S&P 500.

Federal Reserve policy makers last week said they will continue to swap $400 billion in short-term securities with long-term debt to lengthen the average maturity of the central bank's holdings, a move dubbed Operation Twist and aimed at bringing down borrowing costs like mortgage rates.

Source: Bloomberg

The Housing Market May Never Be The Same

admin — Tue, 20 Mar 2012 03:05:00 GMT

The traditional American dream is to have a home, a house, an abode. Whatever you call it, your residence represents stability, maturity, and financial growth. At the end of a long day in the trenches, Americans always count on relaxing at home. The 2008 economic meltdown during the new millennium changed this scenario. Many parents watch as their children’s homes are foreclosed, downsized, or subsidized with multiple mortgages. The era of huge houses, living up to the neighbors’ standards, and purchasing on credit are gone.

Most Americans are grateful to be at work not sitting on the porch at home. Being at work means you (a) are employed, (b) earn money to help pay for the jumbo mortgage payment you couldn’t afford in the first place, (c) avoid looking at all the “stuff” inside your jumbo mini-castle that was paid using a credit card, or (d) avoid—at least temporarily—foreclosure on your house of the sort that had plagued your neighbors.

Americans are learning to make an apartment, condo, or living space a feeling of “home.” Many grown children are no longer financially better than their parents. Rising gas, food and clothing prices challenge the family budget; raises are non-existent. Still, life is good when a family member has gainful employment.

Anyone who owns a house understands the ramifications of the housing market since 2008. More likely than not, the value of your house is lower today than in 2008. If you want to sell your home, you may postpone the action due to a low selling price. If you must sell, it may take nine months or more for an offer and you probably won’t obtain the asking price.

Source: Forbes.com

Americas expected to lead global property investment market recovery

admin — Tue, 20 Mar 2012 03:00:00 GMT

Analysts expect a 20% increase in global property investment markets in the second half of 2012 led by the Americas and driven by increased confidence and a release of pent up investor and tenant demand.

A return to better economic growth will be the key to the strength of the recovery, according to Cushman & Wakefield’s latest research report, the International Investment Atlas 2012.

‘We are witnessing increased risk tolerance in the securities and real estate markets. As the economic news firms, particularly in the sovereign debt and banking markets, these trends are expected to accelerate in the second half of the year,’ said Glenn Rufrano, global president and chief executive officer of Cushman & Wakefield.

Cushman & Wakefield anticipate volumes for the year to be little changed overall on 2011, at US$710 to 720 billion but within this total, a potential 20% increase between the first and second halves of the year is expected, with activity picking up due to stronger demand as well as increased investment supply resulting from bank loan sales and recapitalizations.

Source: PropertyWire.com

LA commercial property market 'stabilizing'

Ivan Radford — Mon, 19 Mar 2012 10:05:00 GMT

With the economy apparently stabilizing, commercial real estate investors have jumped into several markets in the West, brokers said.

“There is a lot of capital that needs to get out,” said broker Kevin Shannon of CBRE Group Inc. “People have fresh allocations for both debt and equity and … want to put it to work.”

The hottest markets for buyers in search of Class A office buildings are Seattle and San Francisco, he said, but activity should pick up in Southern California too. A high-rise at 400 S. Hope St. in downtown Los Angeles just hit the market and Shannon expects there will be competition to buy it. The 26-story tower formerly known as Mellon Bank Center has an assessed value of more than $225 million.

Attractive secondary markets for office buyers who don’t want to compete with the biggest investors include Denver, Portland, Ore., Phoenix and Orange County, he said.

The long-suffering Inland Empire, where vacancy was above 23% at the end of last year, also holds promise. “People have been afraid to go there,” he said, but it’s a small market with limited options for renters and its fortunes will turn around quickly if the economy continues to improve.

Source: LA Times