Largest residential real estate group to get involved in selected historic designation cases

The metro area's largest residential real estate industry organization, the Denver Metro Association of Realtors, will now get involved case-by-case with so-called "hostile" historic designation attempts, a controversial mechanism within Denver's municipal code that has been used to thwart new development in certain neighborhoods. The position is a change for DMAR in historic designation cases, which involve applications for historic designation on a property against the property owner's wishes.…

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No December slowdown in housing sales as search for homes expected to extend through Christmas

It won’t exactly fit under the tree but holiday shopping this year appears to include real estate in Canada’s largest housing market.

Sotheby’s International Realty Canada says the first couple of weeks of December have not seen any type of slowdown in the Toronto housing market — consumers are expected to keep searching and buying for property right up until Christmas day.

“We are continuing to see that (the housing market) doesn’t seem to be affected in any significant way by what’s going on in Vancouver or the new federal policies that have been put in place,” said Brad Henderson, the chief executive of Sotheby’s in Canada.

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The British Columbia government slapped a 15 per cent tax on foreign property transfers in September and that had some realtors suggesting overseas buyers could shift their focus to Toronto. The federal government also clamped down on credit in October by making it tougher to borrow with new rules forcing consumers with loans backed by Ottawa to qualify based on rates almost double those on their contracts.

“We are still seeing multiple offers,” said Henderson, adding there has been a modest increase in foreign buyer interest in Toronto but that includes inquiries from the United States following the presidential election.

The Toronto Real Estate Board confirmed that over the first two weeks of December, there were 3,196 sales — a 17.8 per cent increase from the 2,713 a year earlier.

Normally, December is when real estate shuts down. “Buyers usually start shutting down the second or third week of December at the latest. People pull their houses off the market in December because they wouldn’t want it to linger over the holidays. Now people are just inclined to leave their houses on,” said Henderson. “We think this December will probably be a record when compared to other Decembers.”

TREB said this month that homebuyers are frustrated by the lack of listings in the city. The imbalance led to overall year-over-year price growth of 20.3 per cent in November while detached home prices climbed 32.3 during the period in the city of Toronto to an average of $1,345,962.

Royal Bank of Canada said Wednesday that Toronto is closing the gap on Vancouver in terms of not being affordable. RBC’s affordability index index shows it takes 63.7 per cent of median pre-tax household income to carry the average home, those costs including mortgage, principal and interest, property taxes and utilities. Toronto jumped three percentage points from the previous quarter and reached a level not seen since the spring 1990.

We think this December will probably be a record when compared to other Decembers

Vancouver remains the most expensive city in the country at 92 per cent, up 2.2 per percentage points from the previous quarter. RBC’s aggregate affordability measure for Canada was up for the sixth consecutive quarter, rising by 1.3 percentage points to 44.3 per cent — the most stressed affordability level in eight years.

The mood across the country is not as optimistic about the market being as robust in 2017. The Canadian Real Estate Association, which represents about 110,000 realtors across the country, is calling for the first national price decrease since 2008. CREA says prices will drop 2.8 per cent nationally in 2017, driven by a 12.2 per cent decline in sales in British Columbia where prices will also drop 7.8 per cent.

Geoff Willis, managing broker with Vancouver-based Origin Mortgages, said his marketplace was starting to slow even before some of the recent mortgage rule changes.

“We are still beginning to deal with that but we still have an inventory issue in Vancouver. We have no product to sell so it’s tough to tell whether buyers have cooled because there’s not much product to choose from,” said Willis.

The Real Estate Board of Greater Vancouver reported November new listings were down 20.9 per cent from just October and were 1.2 below the 10-year average for the region for the month. Sales were off almost 37.2 per cent from a year ago while the board’s index price for all homes decline 1.2 per cent in one month. This month, British Columbia’s provincial government announced a program that matched the amount of down payment for first-time buyers — up to $37,500, or five per cent of a home’s purchase price.

Phil Soper, chief executive of Royal LePage Real Estate Services, thinks British Columbia will be the exception to another expansionary year for most of the country.

“I just can’t see a correction in the Ontario market, I can see it slowing down from 20 per cent (annual prices increases) to single digit — that makes perfect sense,” said Soper, adding the economy is still expanding and interest rates remain low. “I don’t think Alberta is a good news story but I expect some growth off a very low base after two plus years of market retraction there. And Quebec continues to get stronger.”

Re/Max has also forecast an improved 2017 with the average residential sale to rise by two per cent on a national basis. In Vancouver prices are forecast to rise by two per cent in the coming year and eight per cent in Toronto.

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A Colorado city is among the 10 best in the nation for first-time homebuyers; here's how 13 rank (Photos)

Twelve out of 13 Colorado cities rank in the better half of U.S. cities for first time homebuyers, and one even lands in the top 10. Centennial is the ninth best city for first-time homebuyers, according to a new NerdWallet report that analyzed real estate trends in 448 cities across the U.S. To compile its report, the San Francisco-based financial analyst firm pulled data from the U.S. Census Bureau's American Community Survey, as well as online data from NeighborhoodScout and Down Payment Resource…

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NASCAR Star Kurt Busch Tries Steering Into 2 Sales in Virginia

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Veteran NASCAR driver Kurt Busch is selling two properties in Virginia Beach, VA: an undeveloped, quarter-acre oceanfront lot for $1.5 million, and a 3,371-square-foot penthouse apartment for $1.95 million.

His oceanfront property is located at the northern tip of the Croatan Beach neighborhood, with the Atlantic Ocean on one side and Lake Wesley on the other. Croatan Beach is one of the best surf spots in Virginia; it’s also home to the annual Coastal Edge East Coast Surfing Championship. The listing was first spotted by The Virginian-Pilot.

As for his penthouse at The Residences at The Westin Virginia Beach Town Center, Busch has had a difficult time finding a buyer. He purchased the three-bedroom, 3.5-bath apartment in 2009 for $2.81 million.

Beachfront property

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He listed the apartment in 2013 for $2.8 million and relisted it the following year for the same price. In March, he put the apartment back on the market, but dropped the price to $1.95 million.

Living room

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The apartment is sleek and opulent, with dark brown cabinets, mirrored surfaces, and brushed-metal fixtures in nearly every room.

The living room has floor-to-ceiling windows, dark brown marble floors, a tray ceiling with glass chandelier, mirrored bar area, and a decorative gas fireplace. The kitchen features two islands, including one with a wine refrigerator and electric cooktop; a double-size Viking refrigerator; brushed-metal oven and microwave; and modern cabinetry.

Kitchen

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The master bedroom has a private balcony and a walk-in closet. The master bathroom has two sinks, a double-headed shower, a jetted tub with glass chandelier, and a mirrored wall. The building includes a pool and fitness center.

Master bedroom

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Busch, 38, is a driver with Stewart-Haas Racing in the NASCAR Sprint Cup Series. He’s won 27 Cup career races since his debut in 2000. Busch races in several disciplines, including pickup truck racing with the Camping World Truck Series. His younger brother, Kyle Busch, was the 2015 Sprint Cup champion.

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Buyers Race Against the Clock to Close on Existing Homes

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As the year draws to a close, homes are continuing to fly off the market as buyers race to close before mortgage rates go up after years of historic lows.

Bucking the trend of the market tapering off in the fall, the number of existing home sales in November jumped 0.7% from October and a whopping 15.4% from a year ago, according to the most recent National Association of Realtors® report. This was the most existing (i.e. previously been lived in) homes sold since February of 2007.

Realtor.com only looked at the seasonally adjusted numbers, which are smoothed out over a 12-month period to account for seasonal fluctuations.

Co-op and condo sales were largely responsible for the jump as sales rose 10% both monthly and year-over-year in November, according to the report. Meanwhile, the number of single-family houses sold dropped 0.4% from October—but were up an impressive 16.2% from November of 2015.

“Many buyers ended the summer not being able to close on a home. Some because they were outbid, others because they couldn’t find a home on the market that met their needs. And others simply started the search late,”says realtor.com’s Chief Economist Jonathan Smoke. “That’s why we’ve had a stronger off-season.”

Annual sales were also higher this November than last year because sales were slowed in 2015 by implementation of new Consumer Financial Protection Bureau disclosure rules.

Rapidly rising mortgage rates were another reason buyers rushed to close.

“[It] created a sense of urgency for folks who had been putting off the decision to buy,” he says.

Another factor could be rising prices. The median price of an existing home was also up to $234,900 in November—a 6.8% annual jump. Prices also increased 0.3% from October.

The cost of owning continues to edge up, but the residences are still significantly cheaper than buying a newly built home—by about 29.6%. The median cost of a new home was $304,500 in October, according to the most recent data available from the U.S. Commerce Department.

Higher homes sales may sound like a good thing as more people were able to move into their own personal pads. But it doesn’t bode well for future buyers.

The number of properties for sale on realtor.com fell 11% in November compared to a year earlier.

“We’re going to end the year with much fewer homes for sale than we started it with. So next year is going to be even worse,” says Smoke. “If you’re planning on buying in the spring, get ready for a difficult time. If you can, look to buy this winter.”

Of the roughly 5.6 million existing homes sold in November, the bulk were in the South and Midwest regions of the country, according to the report.

In the South, about 2.22 million residences went under contract, representing a 1.4% bump from October and an 11.6% increase from a year earlier. Median sale prices also rose 9.2% from November of 2015 to hit $206,900.

Over in the Midwest, the 1.33 million sales slipped about 2.2% from October. But they were up a none-too-shabby 18.8% year-over year. Prices jumped 6.5% annually to reach $180,300.

The region was followed by West where buyers closed on 1.25 million homes. Sales were down 1.6% from October, but rose 19% from the same month a year earlier. Already-high prices increased 8.5% year-over-year to $345,400.

Sales were also up in the Northeast—rising 8% from October and 15.7% from the previous year. Median sale prices also rose 3.3% from November of 2015 to $263,000.

“The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates … rose from their historically low level have combined to drive sales higher,” Lawrence Yun, NAR’s chief economist, said in a statement.

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Bold Investor Snaps Up Donald Trump’s First Home

Drew Angerer/Getty Images; Ralph Freso/Getty Images

A New York investor has purchased President-elect Donald Trump’s first home in Queens and will take it to auction next month in hopes of turning a profit, auctioneers Paramount Realty USA told Mansion Global.

The Tudor-style home in Jamaica Estates, Queens, will hit the auction block on Jan. 17, a few days before Mr. Trump will be sworn into office, said Misha Haghani, owner of auction house Paramount Realty USA. The unidentified investor hopes to capitalize on recent estimates from high-profile brokers that Mr. Trump’s shocking victory against Hillary Clinton caused the property’s value to spike as much as tenfold, the auctioneer said.

Mr. Haghani of Paramount would not identify who the buyer was—describing the new owner only as a New York investor—or say for how much the home sold. The house on Wareham Place was last listed with Laffey Real Estate for $1.25 million.

About a week after Election Day in November, superbroker Dolly Lenz estimated that the home’s market value had skyrocketed in the wake of Mr. Trump’s victory, speculating that it is now worth as much as three-to-10 times as much as before, The New York Post reported.

That would make the home worth as much as $10 million, or more.

Mr. Trump, 70, has expressed interest in buying the property himself. He told Jimmy Fallon on NBC’s “Tonight Show” as much on Sept. 15.

“That’s it, that’s where I was born…I want to buy it,” Mr. Trump said on air—though it was an off-the-cuff statement.

Whoever it is, the new mystery investor went into contract on the home in early December, according to listing records. The home’s broker, Howard Kaminowitz of Laffey Real Estate, did not immediately return a request for comment.

The two-story home, which has a fireplace, sunroom and detached garage, is in the well-off neighborhood of Jamaica Estates, where homes of that size typically trade hands for around $1 million.

Mr. Trump’s father built the home in 1940, and the address is listed on Mr. Trump’s birth certificate. The family later moved into a grander, red brick house around the corner on Midland Parkway when the president-elect was only 4 years old, meaning Mr. Trump’s memories from his birthplace are likely scarce.

The sudden sale and upcoming auction mark a major turn of events for the five-bedroom home on Wareham Place, which got a lukewarm response when it first hit the market over the summer.

The mystery investor bought the home from Isaac and Claudia Kestenberg, who originally put the house on the market in June for $1.65 million. They knocked the price down to $1.25 million before deciding to take the home to auction with Paramount Realty. That auction was postponed at the last minute on Oct. 19, about three weeks before Election Day, in hopes of stoking more interest.

This story was written by Becky Strum and originally appeared on Mansion Global.

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Zsa Zsa Gabor Didn’t Always ‘Keep the House’ After Divorce: Here’s Why

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Zsa Zsa Gabor is no more: The Hungarian drama queen—famous for her glamorous lifestyle, many divorces (eight to be exact), and slapping an unfortunate traffic cop who dared to pull her over—died Sunday from a heart attack. She was at home in Bel Air, CA.

Her many friends and family are no doubt in the midst of reminiscing about her colorful life, and her infamous quotes. One of her best, quipped during a military tour in response to Bob Hope asking about her domestic skills: “I’m a great housekeeper. Every time I get a divorce, I keep the house.”

Which got us wondering: Is that really true? Did she always “keep the house” after divorce?

To find the answer, we talked to Darwin Porter, a Gabor family friend and author of the biography “Those Glamorous Gabors.” And it turns out the reality of her divorce settlements may have not been the windfalls her famous phrase let on. 

“I think it was just a clever line she pulled,” Porter argues. In fact, he thinks the opposite is more accurate. As for how accurate, well, where do we start?

How about Gabor’s first husband, Burhan Belge, a Turkish diplomat whom she divorced in 1941 after four years of marriage. “He left her virtually nothing,” says Porter.

But surely she must have fared better with her second husband, Conrad Hilton (yes, of the hotels), whom she was hitched to from 1942 to 1947? Despite his massive fortune,”she didn’t get their house since she was living in his,” Porter says. “She got very little out of that settlement, not even free privileges to stay in Hilton hotels.”

Moving on to husband No. 3, George Sanders (1949 to1954). “Sanders was not a wealthy man, so he lived in her home,” Porter continues. “So she kept the house, but she always had the house.” So, Gabor was not exactly making off like a bandit.

Even her final husband, self-proclaimed “duke” Frédéric Prinz von Anhalt, a man 26 years her junior, whom she married in 1986 and who remained by her side to her death, was reportedly not at all someone she could bleed dry.  

In 2013, Gabor sold the home where she was currently living in Bel Air in a deal that allowed her to live there until her death—much like the deal Hugh Hefner forged earlier this year specifying that he could remain in the Playboy mansion until his last breath. But now that Gabor is gone, Anhalt will likely have to go, too. He wasn’t part of the deal.

Zsa Zsa Gabor’s final home

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So what property did she own, if any? It’s hard to say, says Porter, because she lived in at least 21 homes over the years. But where they are and whether she’s the one who sold them is murky at best. The only one on everyone’s radar is a Palm Springs Mid-Century Modern home that she used to own that was recently put on the market for $969,000. But that property passed ownership decades ago.

Zsa Zsa Gabor’s former property

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Yet if there’s any truth to Gabor’s clever quotes, it may be found in another famous line of hers: “I never hated a man enough to give him his diamonds back.” Unlike her overblown claims about her vast postdivorce property empire, this line about all the bling she clung to is totally true.

“She always kept the jewelry,” says Porter. And, he’d wager “the jewelry was worth more than the real estate. A couple of those diamonds rings would buy you a mansion.”

So in a way, Gabor really did know how to keep house.

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