Renovation spending to hit another record in 2017, but pace finally starting to slow

Renovation spending is expected to reach record levels this year and next, but the Canadian home improvement craze may finally be slowing down, according to a new report.

Altus Group Ltd. said renovation spending will reach $72.7 billion in 2017, up from $71.2 billion in 2016, and climb to $74 billion next year. The entire new home market was worth only $53 billion in 2016 and we are now spending about $1.33 on renovations for every $1 we spend on new home construction, the report said.

But the Toronto-based real estate consultant said the growth in average spending per unit has slowed since the heyday of the decade of the 2000s.

“We are often asked whether we see any evidence that homeowners are increasingly planning to stay put and renovate their home to meet their changing needs, rather than move to a new home,” Altus Group asked in its report on the sector. “Intentions to move versus intentions to undertake larger renovations ($10,000 plus) are very similar to last year and to adopt HGTV’s terminology, there has been no increase to love it rather than list it.”

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Renovation spending had been tracking the overall growth in the economy, but while it is expected to grow in 2017 it will begin to lag economic growth.

Some of the renovation spending is just keeping a home up to date — $17 billion of the $71 billion spent in 2016 was chalked up to home repair. Most of the rest of the spending, $52.8 billion, was discretionary and used for alterations and improvements. About $1.1 billion was spent on property conversions in 2016.

The real signs of a slowing renovation market is the growth in spending per unit. That was about $5,000 over the past five years, not much more than the period from 2007-2011.

“This means that the recent growth in renovation spending has been more driven by growth in the housing stock (the total number of units renovated) than by increased spending per unit, than was the situation in the decade of the 2000s,” Altus Group said.

Driving renovation spending has been increases in home equity since the latter part of the 1990s. Many homeowners have tapped  into home equity lines of credit (HELOC) for their improvements or upkeep. Altus Group data showed one in 12 homeowners borrowed for home renovation in 2016. A HELOC is the No. 1 method to borrow followed by a refinanced mortgage.

Altus Group research shows that many people who initially use high-interest methods to borrow, such as credit cards or store charge cards, later consolidate that debt into their mortgage.

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New York Giants Star Jason Pierre-Paul Finally Sells Florida Mansion

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New York Giants defensive end Jason Pierre-Paul has sold his 5,433-square-foot mansion in Boca Raton, FL, for $1.2 million—exactly the price he paid for it five years ago.

The 28-year-old defensive stud grew up 10 miles south of Boca, in Deerfield Beach, FL. At a Fourth of July party there two years ago, he badly mangled his right hand in a fireworks accident. Doctors amputated one of his fingers and reconstructed the rest of his hand using skin grafts. Four months after the accident, he returned to the field and played through the pain with a padded club.

Shortly before the accident, he put his Boca home on the market with high hopes of snagging a buyer at $2.1 million. He sliced the price in 2016 to $1.7 million, and then dropped the asking price to $1.32 million in May.

Pierre-Paul bought the five-bedroom, 5.5-bath home in 2012, just two years after the Giants picked him 15th overall in the NFL Draft. That year, he helped his team win Super Bowl XLVI over the New England Patriots.

Exterior

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Kitchen

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Pierre-Paul oversaw a complete, two-year renovation of the home, which was originally built in 1995. The home is anchored by an entertainment area that combines the foyer, dining room, kitchen, and living room under a 21-foot-tall ceiling.

An 800-square-foot pool runs directly up to the house, behind oversized, impact sliding glass doors. Conceivably, someone could walk into the house, cross the foyer (under two massive chandeliers) and jump right into the pool.

The kitchen features dual islands, granite countertops, Miele appliances (including two wine refrigerators), and custom dark wood cabinetry that stretches into the open-concept living room.

The living room’s built-ins suggest Pierre-Paul owned a massive flat-screen TV.  Pierre-Paul slept in a 400-square-foot master bedroom, with a walk-in closet so large it had its own center island and separate sitting area. Elsewhere, there was a four-person sauna and separate, two-bedroom guest cottage. The house was built on one acre, in the gated community of Fieldbrook Estates.

He now plays with a custom, four-fingered glove and in June signed a four-year, $62 million contract with the Giants. He’s been an unusually productive defensive lineman for the team, recording 50 sacks in 95 games.

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Talkin ‘Bout a Revolution: 9 Historic Homes Built in the 1770s

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In pursuit of happiness, we turn to our favorite subject: vintage homes. We didn’t need to sign a declaration to pinpoint nine homes built in the 1770s, but it isn’t exactly easy to sort through centuries of construction to uncover these Colonial-era gems.

All nine of the national treasures below are available for a buyer who yearns to live in a historic home. Many of these 1770s-era structures have original details intact—so buyers can expect to find wide-plank hardwood floors, imposing wood beams criss-crossing the ceiling, and lots and lots of fireplaces.

If you’re intrigued by the idea of declaring independence from the creature comforts of tract homes, scroll down and let freedom ring.

251 Main St, Foxboro, MA

Price: $650,000
Built in: 1775
Worthy of declaration: Known as Sunnymeade, this Colonial stunner was built for a man by the name of Thomas Brastow Jr. While Brastow’s biography isn’t in most history books, his legacy lives on in this 10-room home. Elements of the home’s original construction are apparent throughout, but it’s been updated for modern life. It includes 3 acres and a private pond, ideal for contemplating the life of a colonist.

Foxboro, MA

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90 Old Harbor Rd, Chatham, MA

Price: $779,000
Built in: 1775
Worthy of declaration: This shingled Cape Cod–style home is known as the Captain Joseph Atkins House. With as many fireplaces as bedrooms (four), this Massachusetts marvel is ready for a new owner to cozy up and begin the home’s next chapter.

Chatham, MA

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1135 Halladay Ave W, Suffield, CT

Price: $356,900
Built in: 1774
Worthy of declaration: A 13-room Colonial over 200 years old for a little over $100 a square foot? It’s a bargain for the ages! Known as Seven Smoakes, this is a home where the fireplaces outnumber the bedrooms, 5 to 4. The living room fireplace is huge and features a bake oven for nights when you’re really going retro.

Suffield, CT

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221 Ash St, Weston, MA

Price: $1,295,000
Built in: Sometime in the 1770s
Worthy of declaration: Records on this five-bedroom home indicate it was built in the decade of our nation’s birth, but then moved to its current location in 1923. The post-and-beam construction offers a distinct 1770s vibe, and the stone wishing well out back harks back to a simpler time.

Weston, MA

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15125 River Rd, Sutherlin, VA

Price: $429,000
Built in: 1773
Worthy of declaration: For those who like to celebrate July Fourth with suds, there’s no better buy than this former tavern. Carters Tavern offers three levels of living space, original woodwork dating to its construction, and a smokehouse out back. The memories of smoked meat and beer make for some serious fireworks.

Sutherlin, VA

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144 Main St, Farmington, CT

Price: $879,000
Built in: 1773
Worthy of declaration: For a buyer who just wants a little bit of history, this fully renovated four-bedroom is the answer. Hints of the original home remain in the beams, but the rest of this place is perfectly updated 21st-century glamour.

Farmington, CT

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142 Pascack Rd, Park Ridge, NJ

Price: $639,000
Built in: Circa 1773
Worthy of declaration: Known as the Ackerson House, this classic five-bedroom is described as a “sandstone Dutch Colonial”—a style we’ve never run across. The home’s been updated, but retains many of the vintage elements a historic buyer desires. We’re in love with wide front porch, a perfect perch from which to observe a revolution—or just watch the grass grow.

Park Ridge, NJ

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285 Wallace Gap Ln, Madison, VA

Price: $4,400,000
Built in: 1770
Worthy of declaration: The Glen is the priciest option among these Colonial-era homes, but that’s because it comes with 400 acres of property in Northern Virginia. The country estate that sits astride the acreage features five bedrooms and has been “completely remodeled and enlarged.” For a budding land baron, this is the place.

Madison, VA

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310 Front St, Marion, MA

Price: $599,000
Built in: 1771
Worthy of declaration: Right along the waters of Buzzards Bay, this five-bedroom home is only about 20 miles south of Plymouth Rock. You say you want a revolution? Well, a buyer who decides to wade into this purchase will be responsible for some serious renovation. The kitchen is complete, but the rest of the house requires rescue from an able-bodied American who desires a slice of history.

Marion, MA

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Huge and Historic Camden Plantation in Virginia on Market for First Time

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History buffs, take note: A historic and enormous estate in Virginia is now for sale for the very first time.

The plantation known as Camden has been in the family of John Pratt since 1785, when he purchased 661 acres in Northeast Virginia. Located in Caroline County (less than two hours south of Washington, DC), the plantation stretches over 1,383 acres and is designated as a National Historic Landmark.

The current Pratt descendent who owns the estate has decided to downsize and put the property on the market for $8.95 million.

“They’re moving on,” says Laura Peery of The Steele Group Sotheby’s International Realty, who is co-listing the property with Darnley Adamson.

Main house

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Camden comprises 1,300-plus acres with fields of soybean, corn, and wheat; a six-bedroom main house; and a three-bedroom guesthouse.

The acreage contains wetlands and creek frontage that provide “excellent hunting and fishing for deer, turkey, ducks, geese, doves, bass, and bream,” according to the listing.

The property also comes with three conservation easements that prevent a developer from throwing up 200 townhouses on the property.

“You can farm it. You can raise timber on it. It can be used for recreation,” Adamson says. “But you cannot develop it. You can’t buy it and put a golf course on it.”

Plaque

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Besides acreage as far as the eye can see, the property also comes with a priceless oral history passed down from generation to generation.

“There are these fabulous stories,” Peery says. Like when former owner William Carter Pratt’s 16-year-old bride stamped her foot and refused to live in a traditional Revolutionary-era home. So Pratt hired architect Norris Starkweather to design what is now one of the nation’s best examples of an Italianate country house.

Completed in 1859, the country house was one of the first in the nation to have central heating and cooling, gas lights, and running water.

Home at dusk

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Camden’s two-story main house has a wood exterior made to look like stone, a semicircular porch overlooking the river, seven bedrooms, two baths, and two half-baths.

There’s also the story about how Union gunboats in the Civil War shot a cannon at the house and blew off its tower. The lady of the house had just bent over to put her infant to sleep when bullets whizzed over her head.

“The Union soldiers didn’t want the Confederates to have observation posts,” Perry says.

Many of the original finishes and furnishings still adorn the 6,966-square-foot home, including the silk brocade curtains in the living room and parlor. The finish millwork was crafted in Baltimore and shipped by steamboat to the estate, which claims two miles of Rappahannock River frontage.

For a DC denizen with deep pockets, Camden might be the ultimate weekend getaway.

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Chef Michael Symon Selling Ohio Tudor With Dreamy Kitchen

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When celeb chef Michael Symon isn’t co-hosting ABC’s “The Chew,” he retreats to a buttoned-up Tudor in the Cleveland suburb of Cleveland Heights.

Now he’s ready to light the burner on a sale of his Ohio home. The 47-year-old chef put his five-bedroom manse on the market for $549,000, listing with Heather Price of Howard Hanna.

“(The home) is located on a quiet street in Cleveland Heights, in a gorgeous neighborhood of mature trees and elegant homes, within a short walk to coffee shops, restaurants, theaters, and more,” says Price.

Of course, the kitchen is a veritable showroom, with Carrara marble countertops, a coffee station, a high-end custom Blue Star range, two sinks, and custom cabinetry.

It’s a perfect place for hosting wine-fueled feasts, and with that in mind, there’s a temperature-controlled wine room in the 2,825-square-foot home. Al fresco dining is a breeze, thanks to the courtyard, accessible via French doors off the kitchen. The home’s open layout cultivates a relaxed vibe.

Historical charm abounds inside the home.

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The home’s exterior

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A kitchen fit for a chef

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A wine room is one of the home’s luxury perks.

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The open layout encourages entertaining.

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But it’s not all sleek and glam inside. Instead, there’s a ton of rustic-chic going on, channeling the Cotswolds in England, with arched doorways, multi-pane windows and iron railings here and there. Price agrees: “This is a beautiful home, joining choice elements of the old and the new,” she says, “It is a grand historic Tudor situated on a tree-filled lot.”

To reach the property, you must walk over a footbridge with a stream trickling beneath, and a wood-burning fireplace greets you in the living room. Wide-plank oak flooring is made from reclaimed wood.

The home’s luxe master-bath suite.

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Built in the late 1920s, this three-level home also features a master suite (one of 3.5 baths) that’s like a vacation retreat, with built-in bookshelves and a walk-in closet, and a master-bath floor tiled with pennies that is outfitted with a soaking tub. Also on the property is a 2.5-car detached garage.

A Cleveland native, Symon has four restaurants in Cleveland (including Lola) as well as Roast in Detroit.

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Old Glories: A Salute to Antique U.S. Flags, and Where to Find One

Jeff Bridgman American Antiques

Growing up outside Philadelphia, the “Cradle of Liberty,” I couldn’t avoid the trappings of Yankee patriotism. The flag-waving fervor reached numbing levels in 1976, when banners paraded, bunting draped and star-spangled tchotchkes proliferated: mugs, key chains, T-shirts, bikinis.

An unlikely trigger, the revival of 1969’s “Easy Rider,” made the teen me see the red, white and blue with more appreciative eyes. I loved the look of Peter Fonda on his custom chopper, Old Glory painted on the gas tank, his helmet and leather jacket mirroring the motif, too.

The actor’s Stars and Stripes display—cool and attitudinal, symbolic of individuality more than of patriotism—hooked me. I see now that my new allegiance to the flag had much in common with the Founding Fathers’ motives. What were they but rebels—their cause, independence?

“Consider that if the revolution had failed, all the guys who signed the Declaration of Independence would have been hung,” said Steve Winters, whose Historical Americana Company, in Atlanta, deals in antique flags.

I hadn’t thought of displaying one in my home until I visited the National WWII Museum in New Orleans, my adopted hometown. I saw framed and encased specimens—and in particular a battle-worn, faded version from D-Day, so beautiful and full of character as to qualify as art.

Early American flags

Studying the market, I found that early-American flags have become sought-after Americana. In May, a 13-star campaign flag from James Buchanan’s 1856 candidacy (center of grid) set an auction record when it sold for $275,000 to Jeff Bridgman American Antiques, in York County, Pa.

Modest finds remain, however. A 48-star version, from 1959, before Hawaii and Alaska gained statehood, can be had unframed for $10 to $150, Mr. Winters said.

Sail and tent makers likely fabricated early flags, which flew from ships and forts, said Jeff Bridgman. “Private use really didn’t begin until the Civil War,” he said. “Then homemade examples first appeared in a significant number.” Not until 1912 did the federal government standardize the design, which explains varieties like two flags shown here (top left and top right) that distinctively arrange 31 stars, reflecting California’s 1850 admission as the country’s 31st state.

Materials and configurations reflect events of their day. Although many flags are made of wool, silk or cotton, the 30 Xs that stand in for stars on a WWI-era example (middle left) appear to be made of medical tape. It was fashioned, said Mr. Bridgman, by Belgians welcoming U.S. soldiers into the previously Germany-occupied city of Virton.

Customers prefer specimens that show age and usage, said C. Garrett Bonsell, owner of Bonsell/Americana, in Hillsdale, Ill. This makes flags an anomaly; with most other collectibles, “mint condition” increases value. “People want it clear, even upon first glance, that the flag is old and unusual,” he said. Mr. Winters noted that when early hand-printed examples age, the red turns shades of orange, the blue fades and the white mellows to tan or cream. “They take on a surreal look and have wonderful, glowing chromatic colors,” he said.

Kate Schelter, a New York stylist and author of “Classic Style,” scours estate sales for vintage American banners. One hangs in the staircase of her cedar-shingled Cape Cod home. “It makes a wonderful focal point,” she said. Flags sit well, too, in interior designer Miles Redd’s bold rooms, which often pop with primary hues. “They’re incredibly distinguished and graphic,” he said.

Despite a deepened respect for early American flags, I still don’t possess one. Yet this Fourth of July, my fashion-designer wife plans to sell pocket squares she made from a roll of 1950s-era, 48-star mini-banners she found at an estate sale. I will stuff one in my sports jacket’s pocket and cruise to the levee fireworks on my scooter, not motorcycle, come Independence Day. Born to be mild.

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Amy Yasbeck Selling Bev Hills Home She Shared With John Ritter

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Actress Amy Yasbeck, known for her role on the sitcom “Wings,” as well as starring in “Problem Child” and “Problem Child 2” with her husband, John Ritter, has put her longtime home in Beverly Hills on the market for $6.5 million.

The family spent many happy years in Benedict Canyon in their compound, originally built in 1982. They bought the property in 1996 for approximately $2.2 million, and lived there together raising their daughter, Stella Dorothy, until Ritter’s untimely death in 2003.

Since her beloved husband’s passing, Yasbeck has been busy working on a number of TV shows, including “Hot in Cleveland,” “Bones,” “Modern Family,” and most recently, “Pretty Little Liars.”

She’s also spent quality time renovating the five-bedroom, seven-bath house.

“This home truly embodies and embraces the classic lifestyle Beverly Hills is known for,” says listing agent Eric Lavey of The Agency, “With about a half-acre of grounds behind a double gate, and with numerous authentic connections to the outdoors, there’s light in every room of the home.”

Beverly Hills mansion

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Living room

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The 6,409-square foot home features French doors, soaring, coved ceilings, and a sweeping staircase underneath an elegant chandelier. There’s also a cozy artist studio and/or yoga retreat in the attic that’s illuminated by skylights.

Attic

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Staircase and chandelier

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But Lavey says his favorite room “is the stately office with coffered walnut ceilings, paneling and fireplace, which reinforces Beverly Hills elegance.”

Paneled office with French doors

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Among the home’s other highlights are a master suite with a sitting area, fireplace, his-and-hers bathrooms, and walk-in closets. There’s also a sauna and ensuite guest room perfect for conversion into a fitness center.

The lot is a little over a half-acre, and includes gardens, lawns, patios, a pool, and plenty of mature foliage.

Master suite

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Backyard

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Yasbeck is also known for films including “The Mask,” “Home for the Holidays,” and “Men in Tights,” as well as a number of television roles.

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Former NBA All-Star Wally Szczerbiak Lists Historic Long Island Mansion

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After a solid 12-year career in the NBA, current CBS basketball analyst Wally Szczerbiak won’t require a hoop to pull off one of his biggest slam-dunks ever.

The former baller has listed his 5.44-acre property in the historic Cold Spring Harbor area of Long Island for $13.8 million. He purchased the stunning home for $4.35 million in 2000, when he was picked in the first round of the NBA Draft by the Minnesota Timberwolves. Talk about a prudent rookie investment!

Built in 1910, the mansion was purchased in 1933 by J.P. Morgan as a wedding gift for his daughter. The Colonial-style mansion is surrounded by other multimillion-dollar estates on the southern tip of Oyster Bay.

The list of features and amenities inside the four-story, eight-bedroom mansion is long. There’s a conservatory, live-in kitchen, study, man loft, bar, and home theater. A saltwater pool and a private dock are just two of the many outdoor features.

According to the listing agent, the mansion is in pristine condition and comes with beach and docking rights.

Front exterior

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Home theater

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Szczerbiak played 12 seasons for four teams in the NBA—Minnesota, Boston, Seattle, and Cleveland.

Known as a perimeter shooter, Szczerbiak averaged 14 points per game in his career. He made the All-Rookie Team in 2000 and his lone All-Star squad two seasons later. 

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6 Epic July Fourth Party Fails That’ll Make You Proud to Be An American

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Independence Day is a time to celebrate what makes this country great. Still, if you’re thinking of hosting a July Fourth bash, make sure you take some precautions. “Remember when Janice lit the lawn on fire?” is probably not how you want your friends to remember your party.

Like the other holiday fails we’ve highlighted in the past, July Fourth offers lots of opportunities to bake, craft, and celebrate in theme. Unfortunately it also serves up myriad chances to disturb the peace, destroy property, and unexpectedly send loved ones to the ER.

It’s true we all make mistakes. Hey, we’re American, we own up to our blunders! So in the spirit of unity, let’s walk through some of them. Because seeking entertainment in the fails of others is OK as long as we can learn something, right?

Lesson No. 1: Don’t light fireworks around parked cars

We feel like this should go without saying, but as the clip below illustrates, you should never light fireworks on a street where your party guests or neighbors will park their cars. Unless, of course, your goal is to set off every car alarm and make everyone’s head spin. In that case, mission accomplished!

murica!! #4thofjuly #fourthofjulyfail #fourthofjuly #fireworks

A post shared by Sandra Barraza (@sandy_em_) on Jul 4, 2016 at 8:51pm PDT

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Lesson No. 2: Practice makes perfect

These geniuses were thisclose to nailing it. Unfortunately, writing in sparklers requires some forethought, primarily the understanding that you’ll need to write the letters backward if you expect them to look right to your audience. A simple trial run spelling out “USA” will produce a photo that actually makes sense. Winging it like these guys? Not so much.

How lucky we are to live in the beautiful U20.

sarah-travelinglight.blogspot.com

The inspiration, created by people who clearly planned ahead

Felicia Reed Photography

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Lesson No. 3: Don’t bite off more than you can chew

If your baking skills are subpar, don’t think you’ll magically be able to pull off a Martha Stewart–style cake the day before your big party. We all have our strengths; know yours. Sometimes, just going to the store and buying dessert makes more sense.

(US)A for effort

worldstarfarm/Instagram

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Lesson No. 4: Don’t forget that Hawaii and Alaska are part of our country, too

Poor Alaska and Hawaii! Whoever designed the packaging for this ice cube tray of the contiguous United States wasn’t on their A-game when they decided to tout “50 ways to chill.”

But what about Alaska and Hawaii?

truefabrications.com

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Lesson No. 5: A regular Jell-O shot will do just fine

I have been to a couple of July Fourth parties where red and blue Jell-O shots were served in small plastic cups. I’ve even consumed Jell-O shots out of the halves of hollowed-out lemons. Those were impressive. This watermelon concoction? Not so much. Don’t waste a bottle of vodka on this messy cry for help.

The final product is not worth the mess.

mclanney/Instagram

The perfect watermelon Jell-O shots—if you’re really lucky.

urbancruiseweekend/Instagram

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Lesson No. 6: Don’t feel bad if no one touches your yogurt salad

This was such a valiant attempt at a salad that’s intrinsically messy. But does a yogurt salad (or any dairy-filled salad, for that matter) ever look appetizing on a hot July day? Consider focusing your efforts on a crowd-pleasing bowl of guacamole instead.

There’s such a small percentage of people whose eyes light up when they see a yogurt salad on the buffet table.

sisiktran/Instagram

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GST rollout: Effective rate on under-construction real estate at 12 per cent - The Indian Express

The effective GST rate on under-construction real estate projects will be 12 per cent only and not 18 per cent as there will be abatement for land cost, according to tax consultant EY. Realtors' body CREDAI President Jaxay Shah also said that the ... How GST will impact real estate The Hindu GST impact on real estate: What will change when you go to buy a house? Business Today From automobile to real estate and consumer goods: What will be the impact of GST Hindustan Times Livemint  -ETRealty.com  -Times of India all 1,764 news articles »

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U.S. Rep. Charlie Crist Selling Classic $1.5M Condo in St. Petersburg

Larry Marano/WireImage; realtor.com

U.S. Rep. Charlie Crist has put his condominium in St. Petersburg, FL, on the market for $1.5 million. Crist had shared the home with his wife of eight years, Carole. Crist filed for divorce in February.

The three-bedroom, 3.5-bathroom condo measures 2,736 square feet and is located in downtown St. Petersburg.

“It’s right smack in the middle of all the activity going on in St. Petersburg,” says listing agent Rhonda Sanderford of Yes-Homes. “You [can] walk to the movies, you walk to the grocery store, you walk to do your shopping. Then you have all the parks.”

And depending on whom you ask, the city offers one of the best waterfronts in the country.

Balcony

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Located on the seventh floor of the Parkshore Plaza building, the condo’s amenities include a private elevator, combination living and dining room, kitchen with balcony, and master suite with balcony.

Building amenities include a swimming pool, heated spa, and gym.

When the couple moved in, they installed birch wood floors and furnished it to Crist’s taste.

“His furnishings are very traditional,” says Sanderford. “And when you couple that with the coastal wood floors, it gives you that very traditional look. Some are beautiful antiques that have been passed down from his family.”

Building’s pool

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Crist served as the 44th governor of Florida, from 2007 to 2011, during which time he switched his party affiliation from Republican to Democrat. He ran for the U.S. Senate in 2010 as a Republican, but lost to Marco Rubio. In 2016, Crist was elected as a Democrat to the U.S. House of Representatives from Florida’s 13th Congressional District.

Kitchen

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Game room

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Sanderford says Crist is currently renting an apartment in Washington, DC.

Parkshore Plaza

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