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Friday, February 3, 2017
Attack of the Dome: This Week’s Most Popular Home Is a Geodesic Gem
realtor.com
Endlessly fascinating trends emerge every week when we dissect the data on the most-clicked homes on realtor.com®. We obsess over these amazing abodes, analyze them, sometimes even puzzle over them. So what are the latest fads indicated by our pinnacle of popular properties? Here are some of the things we noted:
- Three of this week’s top 10 are older homes, highlighted by a spooky fixer-upper in Indiana that was built in 1876. If you’re the go-getter type, this decrepit bargain might be just the spot for you. And it’s only $7 per square foot!
- Three of the week’s homes are familiar faces: the Spelling Manor, ex-NFL coach Rex Ryan‘s Buffalo home, and ex-NBA GM Sam Hinkie‘s Philly-area house. We expect all three will remain popular until they eventually vanish from the market. That might take a while in the case of the $200 million manor.
- Exactly one of these homes was once owned by a man known as the “Hot Dog King of Chicago.” As far as we know.
- We were pleased to see a geodesic dome garner the most clicks for the week. And this week’s top property is in the unlikely locale of northern Indiana. We think the black dome known as “The Igloo” is an awesome opportunity for an aspiring Airbnb host.
While you ponder a dome dwelling side hustle in Indiana, have a look at the rest of this week’s most popular properties.
10. 21 N Park Ave, Trooper, PAPrice: $200,000
Why it’s here: Built in the 1930s, this adorable home oozes vintage charm. We’re particularly enamored by the stone room outfitted with a cozy fireplace. We’re also in love with the price on this four-bedroom classic—it’s only $69 per square foot!
Trooper, PA
realtor.com
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9. 108 Blackburn Pl, Covington, LAPrice: $990,000
Why it’s here: Sitting on 2 acres of land a few miles north of Lake Pontchartrain, this Acadian-style home gives off an old-timey Southern vibe from the outside. However, the interior of this 1989-built home is all modern. For a buyer looking to spread out, the five-bedroom house comes with over 7,400 square feet of living space.
Covington, LA
realtor.com
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8. 139 Ridge Ave, Greendale, INPrice: $59,500
Why it’s here: We’ll assume the ominous picture of this old building has something to do with its popularity. With the property being sold as is, an industrious buyer will have a multiyear restoration project on her hands. But at only $7(!) per square foot, it’s worth the challenge.
Greendale, IN
realtor.com
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7. 594 S Mapleton Dr, Los Angeles, CAPrice: $200,000,000
Why it’s here: It’s the Spelling Manor. Fun fact: If a buyer puts down 20% ($40 million), the mortgage payment would be a cool million each month. It’s time to start saving for it!
Los Angeles, CA
realtor.com
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6. 4068 Chester Hwy, McConnells, SCPrice: $315,000
Why it’s here: We’re sensing a trend with vintage homes this week. This ’20s charmer sits on a couple of acres and offers two awesome options for sipping sweet tea: a beautiful back deck and a fabulous front porch.
McConnells, SC
realtor.com
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5. 114 Manning Dr, Berea, OHPrice: $250,000
Why it’s here: This budget-friendly, Cape Cod–style home is only a short drive to Cleveland. The four-bedroom home also boasts a finished basement, which we already see as a perfect man cave. Go, Browns?
Berea, OH
realtor.com
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4. 50 Grand View Trl, Orchard Park, NYPrice: $1,100,000
Why it’s here: Speaking of football, it’s the home of deposed Buffalo Bills coach Rex Ryan. Ryan will work for ESPN on Super Bowl Sunday, perhaps providing a glimpse of his future as a well-compensated talking head. Hoist a nacho in his honor as you browse the pictures of the beautiful Buffalo-area home he’s leaving behind.
Orchard Park, NY
realtor.com
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3. 220 N Cardinal Ave, Addison, ILPrice: $549,900
Why it’s here: Once owned by Dick Portillo, aka the “Hot Dog King of Chicago,” this home has mustard a fair amount of interest, according to listing agent Frank Paganis. We’re in love with the home’s massive indoor pool accompanied by a Tiki bar, but the rest of the five-bedroom house is also worth relishing. Paganis told us the wiener monarch sold the home in the late ’80s, but the current owner “has a great eye for design.” That eye has translated into a quick sale—the agent said the home’s already under contract.
Addison, IL
realtor.com
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2. 1346 Wooded Way, Bryn Mawr, PAPrice: $3,100,000
Why it’s here: Former Sixers GM Sam Hinkie‘s home slid one spot this week, finishing as runner-up in our popularity contest. Stay tuned—finding the right buyer is just a part of The Process.
Bryn Mawr, PA
realtor.com
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1. 5575 County Road 17, Garrett, INPrice: $299,000
Why it’s here: It’s been too long since we’ve seen a dome home leap to the top of the list! And this isn’t just any garden-variety geodesic wonder. Painted black and known locally as the “Igloo House,” this dome also has a separate pole barn situated on over 3 acres of land. Convert the pole barn into a living space (barndominium!) and you can be the Airbnb ace of northern Indiana.
Garrett, IN
realtor.com
The post Attack of the Dome: This Week’s Most Popular Home Is a Geodesic Gem appeared first on Real Estate News & Advice | realtor.com®.
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Kentucky smashes home sales record in 2016 as inventory remains tight
Home sales have rebounded in a really big way in Kentucky. The Kentucky Association of Realtors said Thursday that Kentucky set a record for total home sales last year, selling 52,123 homes in 2016. That’s an 8 percent increase from 2015, according to a news release, and KAR noted that home sales statewide have increased monthly for all but seven months during the past five years. To end 2016, the state surpassed 4,000 homes sold in both November and December, with 4,088 and 4,131 homes, respectively.…from DIYS http://ift.tt/2jKE49V
Metro Denver's luxury home market fresh off another strong year
The average price of a home in the metro Denver luxury home-buying market, or homes priced at $1 million or more, rose only marginally from 2015 to 2016, but the number of homes sold in that price range increased by 18 percent, according to data from the Denver Metro Association of Realtors. On average, the price of a luxury home in the area rose from $1.51 million in 2015 to $1.52 million in 2016, an increase of 0.9 percent. But increasing prices in the market as a whole shifted more homes into…from DIYS http://ift.tt/2l2riWq
Thursday, February 2, 2017
$54M Palm Beach Compound Is the Week’s Most Expensive New Listing
realtor.com
This week’s priciest new listing on realtor.com® takes us back to familiar territory: Palm Beach, FL. The seven-bedroom mansion hit the market a few days ago with a hefty $54 million price tag. Lawrence Moens is the listing agent.
The name and place may ring a bell if you follow pricey properties. In December, Moens represented twin properties that also topped our most expensive new listings. This posh town continues its expensive real estate roll.
As for this home, it was last sold in 2012 for $41.5 million, according to Ocean Home magazine. Property records indicate the current seller—Endigan LLC—is the same entity that purchased the place nearly five years ago.
For buyers with politics on their mind, this tropical estate and its surroundings come with Republican roots. Conservative fundraisers Gay and Stanley Gaines were the previous owners of the property. And right-wing radio host Rush Limbaugh reportedly owns a place on the same street.
When this estate sold in 2012, it marked a high point for the region, which hadn’t seen real estate prices in that range since 2008. Back then, Donald Trump sold a $95 million investment property in Palm Beach to a Russian billionaire, according to the Palm Beach Post. The new president is still a presence in Palm Beach, given his residence at Mar-a-Lago.
In addition to rubbing shoulders with GOP bigwigs, the coastal compound boasts nearly “two acres of ocean front land,” according to the listing.
At 17,804 feet, the space features seven beds, along with 10 full and three half-baths. Details include soaring ceilings, airy rooms with floor-to-ceiling windows, and indoor-outdoor space made for entertaining. There’s also a covered outdoor lounge area and a pool.
And while this posh estate is the most expensive new listing of the week, it’s far from the priciest place in town. There are three more expensive spreads in the city—topped by a $69.9 million mansion also located on this same stretch of North Ocean Boulevard.
Oceanfront land
realtor.com
Floor-to-ceiling window
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Pool
realtor.com
The post $54M Palm Beach Compound Is the Week’s Most Expensive New Listing appeared first on Real Estate News & Advice | realtor.com®.
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Writing A Backup Offer Can Put You In A Home
Shopping for your dream house can be stressful. If you've been house hunting in a hot market, your stress has most likely been compounded by the multiple offer situation. You look long and hard to find a home that fits your needs, wants and desires, you submit your offer and find you're competing against 10 other buyers. On-in-ten chance you lose. The reality is, you have to fall in love with a house to consider writing on it and when that love goes unrequited, you need the stamina to pick yourself up, get back in the car and start the search all over again. Sounds like dating, doesn't it?
And just like dating, things don't always work out.
As a tenacious Realtor, I don't give up easily. When my buyers love a home, I do my best to write a very strong offer and if we don't win the bid, I suggest they submit a backup offer. I have very good luck with this strategy.
How does it work?
When a seller accepts an offer, all terms of that purchase contract go into effect and the ball starts rolling towards the closing table. But all transactions don't close, for a multitude of reasons; inspection items that cannot be agreed upon, buyer financing falls through, appraised value comes in under purchase price and new terms cannot be agreed to. The buyer has the option of terminating the contract for any of these reasons and when they do, a listing agent would logically put the home back on the market... unless they have a backup.
Although "hot properties" sell quickly, sorting through multiple offers is labor intensive for the agent and stressful for sellers, who not only have their hopes dashed, they must return to the inconvenience of having the home ready for showings. Going back on the market isn't always the best bet.
Enter the Backup.
A Backup offer is the same Contract to Buy and Sell used in your original offer, with verbiage added to state that all parties understand that there is another contract in play. Upon written notice of the termination of the First Position contract, your backup offer kicks in automatically. No more competition, no more house-hunting. Once you move in to the First Position, you deliver your earnest money, schedule your inspection, and roll along toward your own closing!
When representing buyers, I always advise putting in a backup on a house they love. When written correctly:
a. You can keep shopping for a home, but make sure you've got an out-clause! This states that you can withdraw your offer prior to Notice of Termination of the First Offer.
b. It doesn't (always) cost you anything upfront as Earnest Money can be delivered when the contract takes effect if you offer is written that way. Of course, to make your backup stronger, you can deliver it with the offer and get it back if they close on the other deal.
c. You have a timeline to follow so you're not hanging on forever. Keeping in touch with the listing agent is key, knowing the deadlines on the first offer and important dates when buyers are most likely to terminate means you'll have a good idea of when to hold 'em, when to fold 'em.
d. The home has been through an inspection so the sellers are aware of any issues the property may have. This doesn't mean you don't do your own inspection, radon test and sewer scope, but the sellers would now have to disclose anything they didn't know prior.
e. The right buyers always get the house. (IMO)
As a listing agent, I adore the backup offer for many reasons.
a. It gives me leverage with the first offer. Buyers are less likely to be overly demanding on inspection items when they know there's someone waiting in the wings.
b. Moving from the first offer seamlessly into the second saves time and often doesn't delay the closing by more than a few days and gives the sellers peace of mind.
c. I don't have to take the house off the market for the first contract and put it back on again. (Buyers always wonder what's 'wrong' with the house.)
d. The right buyers always get the house.
What are the odds that the backup offer will succeed? You never know. But I do know, it's a lot better odds than if you don't submit one. Over the last three years, I've closed quite a few deals with a backup offer.
(Laws regarding contracts for back up offers may vary state-to-state, check with your Realtor or real estate attorney)
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Why the number 11,753 is such a big deal for Albany area home sales
More than 11,700 new and existing homes sold last year in the Albany, New York, region — the only time in the past 17 years the total broke the 11,000 barrier, based on records kept by the Greater Capital Association of Realtors. The total figure — 11,753 — is preliminary. It far outpaces the 10,455 homes sold in 2015, which marked a major turning point for the residential real estate market in the wake of the 2008 recession. The sales were made through the Eastern New York Regional Multiple…from DIYS http://ift.tt/2kmsiV2
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