Tuesday, January 31, 2017
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Vallejo ranks in top 3 housing markets in the country, trailing only S.F., Oakland and San Jose
It's become routine for Bay Area residents to expect to see the San Francisco, Oakland and San Jose real estate markets ranked as some of the hottest in the country — but what may surprise them is that Vallejo is the third hottest. The latest “Hotness Index” from Realtor.com ranks Vallejo third for the entire country in January, a ranking which is determined by how many viewed listings take place on the housing site. It also found that the San Francisco-Oakland-Hayward metro area is still…from DIYS http://ift.tt/2jSbzdQ
NYC ‘Mansion Tax’ Would Hit Humble Homesteads
Hans Pennink/AP Photo
Only in New York City could a proposed tax on homes that sell for $2 million and above apply to an 887-square-foot studio apartment.
Mayor Bill de Blasio on Monday proposed a so-called mansion tax of 2.5% on homes of $2 million or more to help generate money for affordable housing in the city.
Critics contend the price threshold for mansions in New York, especially in the pricier precincts of Manhattan and Brooklyn, should be far higher.
The average sale price of a Manhattan apartment, for example, surpassed $2 million for the first time in 2016, according to CityRealty, a New York property-tracking firm.
“With $2 million you can get a nice two-bedroom,” said Joan Kagan, sales manager at TripleMint, a real-estate brokerage. “When you think about a family with children who wants to stay here for a little bit of time, they’re the ones that are going to be affected by the tax.”
Some $2 million apartments are even more modest. There are six studios available for sale in New York priced at $2 million or more, according to StreetEasy, a real estate listing site. They include a $2.25 million condominium in the Plaza Hotel just off Central Park. The “oversized studio,” as the listing describes it, is 887 square feet.
The mansion tax measure would need to pass the Legislature, including a Republican-controlled Senate.
The mayor proposed a similar tax a couple of years ago as part of reforms to the city’s tax abatement for new real-estate development. At the time the Real Estate Board of New York said it didn’t oppose such a tax, which failed to gain momentum.
Alicia Glen, deputy mayor for housing and economic development, said the administration hopes to get various interest groups on board this time, citing the changing political climate in Washington.
“In light of what we know is going to be a pretty tough budget situation and politics coming out of Washington with respect to affordable housing and public housing, we have an obligation to fight tooth and nail to identify resources for our housing agenda,” Ms. Glen said.
“New York City has one of the highest transaction tax costs in the country. An additional tax like the one proposed will suppress sales activity and lead to lower tax revenue for the city,” said John H. Banks III, president of the board.
The tax proposal comes amid a growing backlash against luxury real estate in cities from Vancouver and Los Angeles to London. Vancouver last year introduced a 15% tax for foreign home buyers that has caused sales to plunge.
“The concept of raising taxes this way is always attractive to politicians, but the reality requires not that much in the way of study: simply look to London to see how these additional taxes buy votes, but produce significantly reduced sales activity—and thereby lower tax revenues as well,” Leonard Steinberg, a real-estate broker at Compass, wrote in an email. “Enacting this new mansion tax would be fiscally reckless.”
Ms. Glen dismissed criticism that the tax will penalize those looking to purchase what essentially amounts to a Manhattan starter home. She noted that just 8.5% of residential transactions across the five boroughs crossed the $2 million threshold in 2016.
“Does that mean that 8% of the world are buying starter homes? As a factual matter, that’s a ridiculous statement,” she said. “If you look at how much money we’ve left on the table for the past two years while this thing went sideways, it makes me nuts.”
The post NYC ‘Mansion Tax’ Would Hit Humble Homesteads appeared first on Real Estate News & Advice | realtor.com®.
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Foreign buyer tax in GTA would be ‘misguided’, Toronto realtors study shows
Toronto realtors don’t want a foreign buyers tax and Tuesday morning they released a report they maintain shows overseas buyers have had little impact on the market.
The Toronto Real Estate Board commissioned research firm Ipsos in November, 2016 to survey its members, who acted on behalf of home buyers during the preceding 12 months. The results show about 4.9 per cent of Greater Toronto Area transactions, in which TREB Members acted on behalf of a buyer, involved a foreign purchaser.
“A foreign buyer tax in the GTA would be misguided,” the board said, in its release.
Related
The Ontario government has been watching a decision by the government in British Columbia to impose a 15 per cent additional foreign property transfer tax in metro Vancouver — a move critics say has sped up a downturn in the city which recorded a 34 per cent year over year decline in sales in December. This past Sunday, the British Columbia premier, Christy Clark, backtracked on her foreign tax by saying foreigners with work permits who live and work in B.C. would be exempted.
Speculation has swirled that many of the would-be Vancouver buyers would head to Toronto to invest and avoid the punitive tax but the Ipsos results show only two per cent of realtors have been involved in a transaction for a foreign buyer which they knew was impacted by the foreign buyer tax in British Columbia.
“An additional land transfer tax on foreign buyers could have unintended consequences, including tighter market conditions and stronger price growth in neighbouring communities/regions without a tax, less rental supply, because the number of investors looking to purchase and rent out a property could decline and potential negative impact on immigration,” said TREB. “It is important to remember that population growth in the GTA, on net, is driven by immigration.”
While Vancouver also has a vacant home tax that went into effect on Jan. 1, the TREB survey found a large majority of foreign buyers in the Toronto area plan to use their homes. Among those buyers, 40 per cent purchased a home as a primary residence, 25 per cent to rent out to tenants while another 15 per cent bought for a family member to live in.
Overall, TREB is forecasting more than 100,000 sales for the third consecutive year in 2017. Between 104,500 and 115,500 home sales are expected this year, with a point forecast of 110,000 – down slightly from 113,133 sales reported in 2016.
“While changes to federal mortgage lending guidelines and higher borrowing costs may impact some would-be home buyers, the big impediment will be the lack of inventory,” said Jason Mercer, director of market analysis for TREB. “Active listings at the end of December were at their lowest point since before the year 2000. It is unlikely that the shortage of listings will improve to any great degree over the course of the next year. This will put a ceiling on sales growth.”
At the same time, strong demand and restrained supply is expected to drive double-digit annual price growth The average selling price will be between 10 and 16 per cent with an average price range between $800,000 and $850,000.
The Ipsos results show people are bracing for those higher pricing by saving more. The average home buyer is planning on making a substantial down payment – 27.6 per cent for all recent home buyers combined and 23.9 per cent for first-time home buyers.
“The sources of home buyers’ down payments were also quite diverse, including savings within and outside an RRSP, gifts from friends/family and equity built up in their current dwelling,” according to the release.
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Score! 4 Secrets to Buying the Perfect Super Bowl TV
monkeybusinessimages/iStock
The recipe for the perfect Super Bowl party includes steaming trays of gooey, artery-clogging appetizers, copious amounts of ice-cold beer (or, in our case, top-shelf Manhattans, straight up, don’t forget the Luxardo cherry), and—of course—an oversize big-screen TV.
It doesn’t matter if you’re rooting for the New England Patriots or the Atlanta Falcons, or mainly waiting to see if Lady Gaga‘s halftime performance results in any “wardrobe malfunctions.” Heck, you might just be tuning in to see some cute Clydesdales in those Budweiser commercials. No matter your poison, all eyes will be glued to that TV screen, which may have you wondering: Is the one you’re watching up to snuff?
Never fear: Here are four questions everyone has about televisions as the Super Bowl nears, with the indisputable answers so you can at least win a few arguments without a fight. And hopefully snag a great TV along the way.
Question: Should I buy a new TV right before the Super Bowl?
Answer: Go for it—it’s a deal!
According to James Willcox, senior electronics editor at Consumer Reports, TVs are sold at a 22% discount on average in the two weeks before the Super Bowl. That makes this the second-best time of the year to score a deal on a television, right after Black Friday.
However, while the holidays tend to hawk crappy no-name brands, Super Bowl sales are all about quality, favoring brand-name large-screen sets that are ideal for game-day parties. No matter how you look at it, it’s a great time of year to buy.
Question: Will the game look better on a top-of-the-line 4K TV?
Answer: No, at least not yet.
This is the big question that most people have: Should I ante up for a TV with the most up-to-date technology—4K resolution—or stick with the last high-water mark in picture quality, a 1080p model?
A TV with 4K resolution is four times sharper than a regular 1080p HDTV, so it makes sense you’d want the very best. However, be aware that this year’s game will not be broadcast in 4K, so we’ll all be watching the same number of pixels, says Jennifer Jolly, a consumer technology expert, in USA Today.
But Super Bowl aside, “it’s worth getting a 4K TV,” says Wilcox. “There’s very little price difference, and it will future-proof your purchase for when there’s more 4K content available.” Once the game is yesterday’s news, you’ll be using the set for movies and fave shows, right? Splurge now or regret it later.
Question: Can I just rent a TV for the Super Bowl?
Answer: Yes.
If, Super Bowl aside, you are otherwise satisfied with your TV for your weekly viewings of “Kevin Can Wait” (hey, no judgments!), then there’s a cheaper option than upgrading permanently.
Rent-A-Center is one of several national chains that offer a number of high-definition TVs for reasonable weekly rates. There’s a minimum time you’ll need to rent it for (usually a week), and you should expect to shell out about $130 for a top-end, big-screen 4K model.
Question: Can I buy a new TV and then return it after the big game?
Answer: Yes, but…
Buying and returning can seem like a creative way to enjoy the crème de la crème of TVs for the big day, but just know you could end up paying for the privilege.
Men’s Journal reports that retailers such as Best Buy try to discourage buy-and-return tactics year-round by imposing restocking fees that are typically around 15% of the total price. So if you’re “buying” a TV for $1,500, you’ll pay $225 to buy and return. Plus, what if a guest at your party chucks a beer can and damages the screen? Congratulations, you’re the new owner of an expensive TV. Enjoy!
The post Score! 4 Secrets to Buying the Perfect Super Bowl TV appeared first on Real Estate News & Advice | realtor.com®.
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Blink-182 Drummer Travis Barker Selling a Modern Masterpiece in L.A.
Rick Kern/WireImage/Getty Images
Blink-182 drummer Travis Barker has decided to beat it out of his home in L.A.’s Cheviot Hills neighborhood, putting the modern four-bedroom residence on the market for $4,750,000.
The home, described as an “innovative architectural showpiece,” is in an upscale, sedate neighborhood of Los Angeles, just south of Century City and Fox Studios and within walking distance to the Rancho Park golf course.
It’s not where you’d think an extensively tattooed punk rocker would settle down. But he’s a family man with two kids—Landon, 13, and Alabama, 10—he had with Shanna Moakler, a former Miss USA. Barker and Moakler were married from 2004 to 2008, and their stormy relationship was documented on the MTV reality show “Meet the Barkers.”
The percussion phenom purchased the Cheviot Hills home in 2014 for $4 million after it had been completely remodeled.
“This is a custom-built house with great architectural integrity and high-end design,” says listing agent Steve Frankel of Coldwell Banker. “It’s stylish, chic, cool, hip, and sophisticated, designed with exquisite taste and the highest standards. It’s a remarkable home.”
Living room
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Front exterior
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Boy’s bedroom
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The living room has a 13-foot ceiling and large windows. It also features a retractable wall of glass and a kitchen island that extends to the outdoor patio, which create an indoor-outdoor flow that is unlike anything else in the area.
The second story cantilevers over the patio, to shelter an outdoor living room complete with a TV and fireplace. The second-story master suite includes not one, not two, but three walk-in closets, and a ceramic and walnut master bath.
Barker’s home office with the built-in dog door shows that he’s come a long way since the ’90s, when he worked as a trash collector to make ends meet.
“Four years ago, I couldn’t afford to feed myself,” he told Rolling Stone in 2000. “But now I can buy art, work on old Cadillacs, and live in comfort. I can finally buy a dog and afford to feed him.”
In 2008, Barker survived a private jet crash in 2008, which had a profound effect on him, both physically and emotionally. Barker is once again playing with Blink-182, which reunited in 2016. He’s also reported to be producing a solo, hip-hop-focused album.
Indoor-outdoor kitchen
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The second story cantilevers over an outdoor living room.
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Outdoor living room
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Office with dog door
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The post Blink-182 Drummer Travis Barker Selling a Modern Masterpiece in L.A. appeared first on Real Estate News & Advice | realtor.com®.
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What Real Estate Companies Need to Know About Millennials
By Hillary Hobson
Love them or hate them, millennials are a huge and growing demographic, and they have some distinct preferences concerning their lifestyle and how they spend their money. Known for their desire for instant gratification, they value services with high speed, low cost, and some room for choice - and with so much information at their fingertips, they will rarely settle for less.
The housing market hasn't traditionally conformed to these criteria, but seeing the market's failure to adapt to this changing paradigm is what inspired me, a 29-year-old, to start a real estate business with three other millennials -- and a growing portion of our sales is to millennial buyers.
If you're in the real estate industry, it's important to stay informed about the transformation that millennials are bringing to this industry. Here are four key trends I've pegged that you should consider, and what they mean for your business:
1. Listings Are Now Highly Accessible and Easy to Navigate
The advent of the internet has democratized real estate listings. FSBO (for sale by owner) sites and investment websites are quickly becoming a common way to sell a property. While sellers now have the freedom to manage and modify their own listings, they also have the ability to negotiate their sale prices.
Many real estate investment companies are finding out-of-the-box ways to purchase homes in a desired market, so make sure you keep yours up to date. Providing sellers with the option of submitting their home information to receive a direct offer is one of them. This solves many pain points surrounding the sale of a home and is a model that is growing exponentially. Thousands of sites are popping up in major markets across the U.S. that are built on this model. Why? It fits the mold of quick, simple and hassle-free, and it cuts out the middleman, increasing the profit margin.
2. Contracts Have Gone Digital
A majority of the legal legwork that accompanies the sale of a house can be done online, drastically reducing the time between when you make an offer and when you officially become a homeowner. Offers can be submitted, signed and returned in as little as a few minutes. You can also hire a real estate lawyer for a fraction of what you would pay in real estate commission fees to verify the legitimacy of the process. We use Docusign daily to make offers on real estate, which saves us time and ensures someone else won't come in and steal the deal. If we had to conduct business the old way, it would be impossible to hit the same sales numbers we do now.
3. Neighborhood Data Is Available Online
Two important duties of realtors are neighborhood due diligence and home value analysis. Recently sold comparables are now easily accessible through many sites like Zillow and Trulia, which offer data on recent sales. For more detailed CMA reports, findcompsnow.com provides data to show recent homes purchased with cash, private funding and conventional funding.
Statistics like demographics, crime rates, school achievement rankings and median income figures are important factors to consider when house hunting, and you can easily find any of this information with a simple Google search. Sites like NeighborhoodScout also offer reputable, in-depth, and consolidated data for a small price. You can even corroborate this data through online forums that will connect you with people living in the area if you prefer a more personal take on the subject. We find all of these tools helpful for scoping out properties we wish to purchase and re-sell, as they give us a good idea of how stable the market in the area is, and the types of investment returns we can expect.
4. Same-Day Sales Are Now Possible
Investment companies are going direct, making a complete departure from the traditional market model. Instead of listing your home and maintaining and promoting it while waiting for it to sell, you can enjoy a near-instant sale at an agreed-upon price with these companies. This might require you to accept slightly less than the market rate, but since it allows the sale to be made so quickly and easily, it is well worth the concession for some sellers. We purchase a significant number of our properties this way.
The housing market is a vibrant, fast-paced area of commerce that has undergone immense changes over the past decade and is still in the process of evolving. I can confidently say that those who stay "in the know" will find there is a lot of money to be made in tailoring their services to this emerging trend.
Hillary Hobson is CMO and co-founder at highestcashoffer.com. She is responsible for marketing, national brand development, and market research.
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