Thursday, May 31, 2012
The Backyard Oasis
Wednesday, May 30, 2012
Movie Night at the Park
- canner meat/fish
- peanut butter
- canned vegetables/fruit
- breakfast cereal
- personal care items.
Home Prices Show Strongest Gain in 6 Years
05/22/2012 By: Mark Lieberman, Five Star Institute Economist
The median price of an existing home climbed 10.1 percent to $177,400 from $161,100 in April 2011, the strongest year-to-year gain since January 2006. The median price in April reached its highest level since July 2010 when it was $182,100.
The inventory of homes for sale in April rose to 2.54 million, the highest level since last November, bringing the months’ supply of homes on the market to 6.6.
The 10.0 percent yearly gain in the sales rate was the strongest since October when sales were up 14.0 percent year-over-year.
The months’ supply of existing homes for sale remains well below the July 2010 cyclical peak of 12.4 which had been the highest level since 1982. Inventories as tracked by the NAR are 20.3 percent below their year ago level. However, anecdotal evidence suggests there is still a large “shadow” inventory of homes available for sale, especially bank-owned properties.
Regionally, existing-home sales rose in April in every region of the country led by a 5.1 percent month-to-month increase in the Northeast where sales were up19.2 percent over April 2011. Sales rose 4.4 percent over March in the West (a 7.3 percent year-year gain), 3.5 percent in the South (6.5 percent year-year) and 1.0 percent in the Midwest (14.4 percent year over year).
The median price of an existing home rose month-to-month and year-to-year in all four regions. At $256,600, the median price of an existing home reached its highest level since August 2010. The median price of an existing home in the South rose to $153,400, the highest level since July 2010 and the median price of an existing home in the West rose to $221,700, also the highest since July 2010.
The year-to-year price gain in the West, 15.9 percent, was the strongest since November 2005. The year-to-year price increase in the Northeast was the first since last June.
Friday, May 25, 2012
Family Fun Day in the Mud
The hot days of summer feel like they are already here!!! Seven Oaks Park ( affiliated with Saluda Shoals Park ) out towards Irmo & Lake Murray had the annual Kid Mud Run. I took my 2 girls out along with hundreds of other kids ages 2-12 and had a fun family day!! There were 2 obstacle courses set up for kids to go over walls, military crawl through mud and then jump through tires tires to the finish line. There was also 2 huge sand hills for the kids to run up and down on. Even though it was a muddy mess it was a great family day. I can't wait until next year.
Thursday, May 24, 2012
Some Longer Hours For Our Four Legged Friends
I got home tonight to see that my dog had a bare spot on her side and bumps on her back. Like a concerned parent should, I immediately call our vet. To my liking Shandonwood has long hours for us "working folk". They are open 8am to 8pm Monday through Thursday, 8-6pm on Friday and 9-12pm on Saturday. If you need a vet I'd reccomend Shandonwood. They have a convenient location at the corner of Daly St and Millwood, right next to Dreher High School. Heck it is a quick walk from Melrose Heights, Heathwood, Old Shandon and Shandon.
Thanks again Shandonwood, my dog might have a weird hair cut but she is sleeping well.
Take A Little Time to Learn
As you can imagine being REALTOR Brokers takes up about every hour of our days. But there is a time we carve out time to learn about real estate laws and trends. Our Central Carolina REALTOR Association puts on quarterly luncheons so we can all catch up on new laws and standards. These are some of the main perks of being a REALTOR, education and knowledge.
Tuesday, May 22, 2012
Let Us Introduce Kathwood Park
The Kathwood - 2,316sqft and Our Flagship Design |
The homes range from 1,663sqft for $259k all the way up to 2,516sqft for $359k. These aren't production builds, these are custom design high end build jobs. The homes are designed by Mark Bostic and built by Tony Carnaggio, the general contractor, who is used to building $300k+ custom homes in Saluda River Club. Heck, Tony even built the "Dream Home" this year.When your used to building homes of that quality and design, it's hard to scale back. So they don't. As the homes progress, I will shed light on the finner details of their construction and the subdivision's progress. But if you get bored drive by, it's an incredible sight.
The Benefits of Owning a Home
In addition to these great pluses, owning a home can be your largest financial asset.
First, you'll have access to homeowner tax breaks, which include the mortgage interest deduction (MID), property tax deduction, and credits for green-friendly updates to your home.
What all of these deductions mean is you can save money on your taxes each year. That's money back in your pocket. Additionally, the eco updates you do will save you money in the long run on operating costs of the house. Some of these great updates can include energy efficient windows and doors, and solar panels.
You may have heard that real estate is a good investment. You may also be wondering if that is still true when home values are declining. The truth is that real estate has always been a good “long-term” investment.
The fact that many people were making bank by buying and selling real estate in the mid-2000's was more of a fluke than the norm. Twenty to fifty percent appreciation rates are not the norm. In general, during healthy economic times, appreciation averages four to six percent. The National Association of Realtors (NAR) reports that from 1972 to 2005 appreciation averaged 6.5 percent.
Today's home prices are still declining, but financial experts predict this will abate in the next year or so and yearly appreciation rates will return.
As you begin to see appreciation, you'll start to earn equity. This is one of the biggest advantages homeownership has over renting. Renting means paying money to the landlord. Once that rent check is written that money is gone. As you pay your monthly mortgage payment you're building equity. You will one day soon owe less than the home is worth. The difference in between is equity.
Homeownership also gives you a certain financial freedom and stability. You can take out a home equity loan for improvements or if you need some cash. You can sell your home down the road and use those profits towards retirement, a dream home, or even a dream vacation.
Homeownership is a great way to introduce long term stability to your life, even in uncertain economic times. Today's historically low interest rates and low prices mean now is a great time to make an investment in your future.
Published: May 9, 2012
Use of this article without permission is a violation of federal copyright laws.
Friday, May 18, 2012
Tuesday, May 15, 2012
More renters are finding it's cheaper to buy!
For example, one New York renter said he started looking into owning a home when his landlord tried to increase his rent by 13 percent when his lease was up for renewal. He found that he could buy a home and get the same amount of space for cheaper than continuing to rent, plus he’d be building equity.
Other renters are starting to see that buying may be a better option for them, too.
Rents are increasing at about the same pace that home values are dropping, says Stan Humphries, Zillow’s chief economist, who says, according to their surveys, home prices have dropped 3.1 percent year-over-year whereas rents have increased 2.5 percent.
"Herein lie the seeds to eventually more interest in buying on the part of consumers, which will help put a floor under home prices," Humphries told Investors Business Daily. Recent housing surveys, including Zillow’s, are showing home prices are starting to rise in recent months.
Affordability in housing has been at record highs from the combination of falling home values and record-low mortgages. Humphries says that housing prices have rolled back to 2003 levels.
"That increased affordability in the face of rising rental prices will begin to get buyers off the fence this year,” Humphries says. "What's been keeping buyers on the fence is a crisis of confidence. People who don't have a job, or who are worried about losing their job, don't buy homes. They also don't want to buy an asset they think is rapidly depreciating.”
National Association of REALTORS®’ Chief Economist Lawrence Yun says the tighter restrictions from lenders are also preventing many potential buyers from securing financing in order to buy. But for those who are able to qualify, Yun says “it’s better to get in now” than wait.
Source: “Rising Rents Prompt Buys, May Help Housing Recover,” Investors Business Daily (May 10, 2012)
Read More
Buying is Cheaper Than Renting in Nearly All Major Cities
Friday, May 11, 2012
Thursday, May 10, 2012
Family Movie Night in Emily Douglas Park
Wednesday, May 9, 2012
Buying a Home Won't Get Much Cheaper
By Les Christie
Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.
With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer.
Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year.
A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.
"This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said.
Prospective homebuyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.
Read more at CNNMoney.
Also from CNNMoney:
Selling America's Bunkers
Airbnb: More Than a Place to Crash
Malls Are Alive and Kicking
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.
Poll
Yes. Affordability is at a 30-year high, and I should be able to qualify for a mortgage. | 3077 (20.4%) |
---|---|
No, but I would if I could. Lending in my area is still tight, and I don't have that kind of cash on hand for a down payment. | 5156 (34.1%) |
No, I'm holding out for an even better deal. | 2856 (18.9%) |
Nope. It's a renter's life for me. | 4013 (26.6%) |
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Tuesday, May 8, 2012
Abandoned, Deteriorating Homes … Just Let Them Burn?
Foreclosures left abandoned for weeks, months, or years at a time can take a big toll on nearby home values. In the end, everyone in a neighborhood can feel the fallout.
Can some of these foreclosures be saved? Investors in recent weeks are certainly snapping up foreclosures in bulk and turning them into profitable rentals. But what about some of the foreclosures left lingering … the ones that no one seems to want?
A Morgan Stanley’s analyst recently estimated that nearly 95 percent of distressed homes are in such bad shape and not even suitable for renting.
In Detroit, which has been plagued by foreclosed homes the last few years, firefighters there are proposing a controversial new plan: Let the homes burn.
If the vacant building is more than 50 percent on fire and does not pose a risk to nearby structures, they propose to let it burn, and in the meantime, help save the city money … and maybe save nearby property values too?
The proposal comes at a time when Detroit is experiencing a series of suspicious arson fires, which has led to dozens of vacant buildings and homes blazing.
“We are in no way looking to ‘let the city’ burn, this is about saving lives and money,” Donald Austin, Detroit’s executive fire commissioner, told WDIV-NBC in Detroit. “My department is strapped, the budget is strapped, and it’s time to look at a new way of doing things.”
The proposal still has to win approval from city officials. Some argue that the buildings are uninhabitable and will eventually be torn down so firefighters might as well let them burn instead of wasting more money trying to salvage the unsalvageable. But others argue the vacant homes should not be able to burn unless they are on a predetermined demolition list.
Detroit has an estimated 80,000 vacant homes and buildings, according to a new documentary, “Burn,” about Detroit firefighters. The fire department estimates that 40 to 60 percent of the city’s fires are in vacant structures too. Some of these fires are being caused from scrapping, in which thieves remove metal piping or other building materials from a home leaving it vulnerable to catching fire.
Several cities across the country aren’t leaving their eyesores to flames but instead a bulldozer to chip away at its deteriorating foreclosures. For example, this past summer, Bank of America announced it would donate some of its foreclosed home inventory–homes that were deemed uninhabitable–to local agencies for demolition in Cleveland, Chicago, Detroit, and other cities. Other banks announced similar steps. The land in many places will then be used for new development or open space.
“There is way too much supply,” Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., told Bloomberg News back in July. “The best thing we can do to stabilize the market is to get the garbage off.”
What do you think? Can a deteriorating home still be saved, or are they better left to demolition or ash?
Monday, May 7, 2012
Hot Staging Trends in 2012
Hot Staging Trends in 2012
Mother Earth–inspired elements.
Nature is popular in staging this year. Popular color palettes are reminiscent of natural elements—reds found in earth and soil, blues of the ocean, lush greens of the forest, and neutrals that draw from the softer, textured look of eggs, seashells, and sand. These natural tones are being paired with color accents, such as tangerine tango, Pantone Color Institute’s color of the year. Also look for accessories that incorporate natural elements: woven baskets, leather stools, and cotton towels.
Fabulous faux.
Think zebra stripe rugs or leopard print votives! But beware: Use wild animal prints in small doses only.
Digital...fabrics.
Framing a piece of digital fabric is a great way to create an inexpensive piece of artwork. Try textiles with fern or tree branch patterns.
Not your grandma’s doilies.
Add lace in subtle ways—on top of tablecloths or paired with bold colors. Traditional quilts and crochet pieces are also popular.
Faded area rugs?
Vintage is in vogue. Instead of ditching that old Asian rug, use it as the foundation for your room’s color and aesthetic palette. Add modern artwork and table accessories that complement vintage pieces.
Opposites attract.
Think silk with suede, furniture with studs, shiny with vintage.
Touch the sky.
Think about the clouds and water when choosing reflective white, blue, and silver objects and hardware. Mirrors are great for staging because they make rooms look bigger. Also consider mirrors in other ways, such as for a tray holding a tea cup and saucer or on a wall in an area where there isn’t a lot of light.
Thursday, May 3, 2012
5 Old World Style American Palaces
More from Curbed »Rumors Swirl Around Matt Damon's Possible $15M Purchase »Extravagant Estates from America's Five Richest Counties |
Here are five such internationally inspired palaces built for the wealthy, including one from a more recent Gilded Age:
Location: Denver, Colo.
Listing price: $3.75 million
The Red Baron's legacy remains at Richthofen Castle. Photo: Curbed |
Baron Walter Von Richthofen, uncle of the famed flying ace "The Red Baron," built this Denver mansion in 1887, in homage to his ancestral home, on 335 acres. Today, the acreage has been cut down to just one gated acre, but the architectural majesty of the mansion remains. Measuring almost 15,000 square feet, Richthofen Castle boasts 35 rooms, including "drawing room, library, music alcove, servants quarters, butlers pantry, billiards room, Red Baron bar, eight bedrooms and seven bathrooms." That Red Baron bar is a sight to behold, with German fighter paraphernalia galore. Listed as a National Landmark, the castle is on the market for $3.75 million.
Location: Newport, R.I.
Listing price: $17.9 million
Fairholme has been visited by the likes of John F. Kennedy. Photo: Curbed |
Perhaps no one American town benefited more from the architectural arms race of the Gilded Age than Newport, where the likes of the Astors and Vanderbilts constructed lavish summer homes in the European style. This one, known as Fairholme, was built in 1875 to designs by Frank Furness and featured a ballroom by Horace Trumbauer. Fairholme was among the first of Newport's great waterfront mansions. Later owned by the Drexel family, Count Alphonso Villa, and railroad baron Robert Young, it has been visited over the years by luminaries like the Duke and Duchess of Windsor and John F. Kennedy. The 20,000-square-foot main house presides over 4.3 acres of waterfront lawn, with an enormous walled swimming pool, pool house, and carriage house.
Location: New York City
Listing price: $14.95 million
The last remaining detached single-family house in Manhattan. Photo: Curbed |
The cities too had their fair share of elaborate mansions built in the Gilded Age, but thanks to development in the ensuing hundred odd years since, few survive. In NYC, the Schinasi Mansion, on Riverside Drive not far from Columbia University, is the last remaining detached single-family house in Manhattan. The 12,000-square-foot mansion retains almost all of its historic detail, including amazing coffered ceilings and a Prohibition-era trap door that leads to a tunnel that once extended all the way to the river. The 35-room marble mansion was built for "Turkish tobacco baron" Morris Schinasi.
Location: Mount Kisco, N.Y.
Listing price: $26.5 million
Devonshire, with its 101 acres, was owned by the Vanderbilts. Photo: Curbed |
In the tradition of the English country house, sprawling homes began to spring up in Westchester, north of New York City, in the mid-1800s. This Mount Kisco, N.Y. estate, about an hour outside of the city, was built in 1901 for J. Borden Harriman, of the prominent American family, and was later owned by the Vanderbilts, and then ended up in the hands of a "prominent European family." Known as Devonshire, the estate includes 101 acres of land, a 21,000-square-foot main house, a "carriage house, a Victorian-style guest cottage, and a caretaker’s house." The garage, which fits 10 cars, has a washing station and hydraulic lift. The main house features a grand staircase, eight bedrooms, a 10,000-bottle wine cellar, "gold-leaf moldings, wood and antique mirrored panelling, and marble floors."
Location: Miami, Fla.
Listing price: $4.2 million
The Helmsleys' penthouse was converted to an Arabian palace. Photo: Sotheby's |
America's second Gilded Age, the 1980s, produced many lavish residences, but perhaps none are so emblematic of the spirit of the decade than this Miami penthouse, built for notorious real estate magnates Leona and Harry Helmsley. At one point the Helmsleys controlled the Empire State Building, along with a string of NYC hotels, but by 1989, Harry was very ill and Leona was doing time for tax evasion. The couple never moved into the Helmsley Penthouse, completed in 1981, and sold it off to Saudi Shiek Saoud Al-Shaalan. The sheik transformed the modern apartment into an Arabian palace over two years, with the help of 27 Moroccan artisans and craftsmen.
See more photos of these old-world mansions.
Wednesday, May 2, 2012
Look at this new Home Trend!
Home Trend Watch: Home Owners Want More Kitchen Space
More home owners want more space in their kitchens and are expanding the kitchen’s use for more than just cooking, according to the latest findings from the American Institute of Architects’ quarterly Home Design Trends Survey. The survey, conducted in the fourth quarter of 2011, focused on kitchens and bathrooms.
“Kitchens seem to be regaining their function as the home’s ‘nerve center,’” says AIA Chief Economist Kermit Baker.
During the housing downturn, kitchen design fell as a priority for home owners, Baker notes. But as the market has picked up, Americans’ interest in kitchens has been renewed.
“The last few years have seen kitchens take on new functions with dedicated computer areas and recharging stations,” Baker notes.
The kitchen products and features growing the most in popularity, according to the survey of architects, are:
1. Computer area/recharging stations
2. Integration with family space
3. Renewable flooring materials
4. Recycling centers
5. Adaptability/universal design
Home owners are also placing more emphasis on sustainability in choosing products in the kitchen, such as with renewable flooring materials and renewable countertops increasing in popularity.
Sustainability is also important in bathrooms, the survey found. One of the biggest growing concerns for home owners in designing bathrooms is finding ways to minimize utility costs, according to the architect survey. As such, products like LED lighting, dual flush, and water-saving toilets are growing in demand, Baker notes.
Tuesday, May 1, 2012
Look at these 6 rules of curb appeal! :)
6 rules of curb appeal
You can't change your home's location, but you can certainly do everything within your power to make that first impression a strong one, so let's go over the basics of that all-important must-have for a successful sale: curb appeal.
Start with a step back
You've seen the outside of your house so many times that you don't really see it anymore. So now's the time to look at it with new eyes, from the perspective of a prospective buyer. And if you can't do it objectively, get a friend, a neighbor or your real estate agent to do it for you.
Put yourself in the buyer's shoes, and make a written list of those things that might raise some concerns for you if you were thinking of buying it. And while the front of the house is the primary focal point, don't overlook the sides and rear of the house as well. Here are some things to keep in mind:
Exterior paint: The color and condition of your home's exterior paint job is one of the single most important things to a prospective buyer. The color makes a visceral impact the moment a buyer walks up, and while you might have thought that the hot pink siding with neon purple trim was a great showcase of your individuality when you painted the house, it's going to severely limit the home's appeal.
And no matter what color the house is, if the paint job is faded and peeling, it's an immediate warning sign to buyers that the house hasn't been maintained, so they'll have their magnifying glass out to look for other defects.
If you're handy with a brush and an airless sprayer, you might just want to undertake a repainting project yourself. A long weekend and a few hundred dollars in paint can make a world of difference in how well the home shows and how quickly it sells.
If you don't want to paint the entire house -- or if it doesn't really need it -- just painting the trim, exterior doors, garage door or window shutters can make a big difference as well.
Roofing: A bad roof is another indicator of a general lack of maintenance, and may point a finger at potential structural and even mold problems resulting from leaks. Roofs are expensive to replace, but depending on your market and your desire to reap top dollar from the sale, you may want to take a hard look at the economics of re-roofing.
Talk with your agent about the pros and cons of re-roofing now versus crediting the cost of a new roof to the buyer in escrow.
Driveway and walkways: Driveways are a pretty dominant feature in most homes. Clean any oil-stained concrete, and repair small cracks before they get larger. For asphalt driveways, a seal-coat can often make a big difference in appearance and help prolong the asphalt as well.
For concrete or asphalt that's badly damaged, it's time to be thinking about replacement. You can replace the driveway with the same material as before, or consider an updated look by using paving stones instead -- they hold up well in all types of weather, and can even be a very satisfying do-it-yourself project.
How about walkways? When someone arrives, is there a clear and safe path to your front door? You may not mind walking across your front lawn, but guests and prospective buyers would definitely prefer a walkway. There are lots of options for creating a new front walkway or replacing an existing one, so check out your home center or some landscaping magazines for ideas.
Landscaping: Are things overgrown? Dead or dying? Obviously neglected? Landscaping is a huge part of that first impression, so remember to take a critical look at it.
Fertilize and water the lawn regularly to green it up, and run an edger along sidewalks and driveway edges. Rake up leaves and pine needles. Repair sprinkler systems. Prune back or even remove those wild shrubs, and trim overhanging tree branches. Use bright flowers to create borders and accent areas that add both color and hominess to the yard. Consider adding new shade trees in front, which help a home look more established and appealing. Trees look best planted in odd numbers -- a grouping of three or five for example -- and the folks at your local nursery can help you with proper spacing. Clean and organize: Finally -- clean! If you're not going to paint, wash down the siding to remove dirt and stains and get it looking fresh and clean. Wash driveways, walkways and patios. If you have a wood deck, consider a complete cleaning to restore the wood to a fresher look.
Wash all the windows, inside and out, and wash the screens as well. Polish doorknobs and light fixtures. Stow all of your garden tools and kids' toys away to remove clutter and potential tripping hazards. Take a trip to the local landfill and dump all the stuff that's accumulated in and around the yard.
Check the night view
One last thing: Check the night view as well. A home that shows well at night really creates an impression. Replace any burned-out lightbulbs, and consider adding a timer or two to keep the lights on a little longer into the evening.
Consider some low-voltage or solar lights to accent front walkways, and maybe provide up-lighting to accent trees and larger shrubbery. Keep a light or two on in the front windows as well, to add to the feeling of coziness and comfort.
Remodeling and repair questions? Email Paul at paulbianchina@inman.com . All product reviews are based on the author's actual testing of free review samples provided by the manufacturers.
Contact Paul Bianchina: Email Letter to the Editor Copyright 2012 Paul Bianchina