Posted by Shannon Biszantz in Biszantz Connection, California Housing Economy, Coldwell Banker, Economic Real Estate News, Sellers Tips From Biszantz Connection, Shannon Biszantz, Tips for Sellers and Buyers | 0 Comments
Residential Price Appreciation Eases in 19 of top 20 U.S. Housing Markets.
Price appreciation eases in housing market in most U.S. Markets.
According to the July 2014 S&P/Case-Shiller Home Price Indices, there was a significant slowdown in U.S. home price appreciation. Nineteen of the 20 cities saw lower annual returns in July. Las Vegas, Miami and San Francisco were the only cities to report double-digit annual gains. Cleveland’s rate remained unchanged at +0.9% for the 12 months ending July 2014.
In July, the 10-City and 20-City Composites increased 0.6% and the National Index 0.5%. Although all cities but one gained on a monthly basis, 17 saw smaller increases in July as compared to last month. Although New York saw a lower gain this month, it was the only city where prices rose over one percent. San Francisco posted its largest decline of 0.4% since February 2012.
The chart above depicts the annual returns of the U.S. National, the 10-City Composite and the 20-City Composite Home Price Indices. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.6% annual gain in July 2014. The 10- and 20-City Composites posted year-over-year increases of 6.7%.
The 10- and 20-City Composites gained 6.7% annually with prices nationally rising at a slower pace of 5.6%. Las Vegas, one of the most depressed housing markets in the recession, is still leading the cities with 12.8% year-over-year. Phoenix, the first city to see double-digit gains back in 2012, posted its lowest annual return of 5.7% since February 2012.
“While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years. The National Index rose 0.5%, its seventh consecutive increase. At the bottom was San Francisco with its first decline this year and the only city in the red. New York tended to underperform over the past few years but it was on top for the last two months.” – See more at: http://www.worldpropertychannel.com
Posted by Shannon Biszantz in Architectural Masterpieces of Real Estate, Behind The Gates, Biszantz Connection, Coldwell Banker, International Architecture Of Interest, International Investments of Interest, International Mansions of Interest, La Jolla, San Diego, Shannon Biszantz, The Buzz | 0 Comments
La Jolla California Estate of Billionaire Ron Burkle.
Ron Burkle’s Estate In La Jolla Farms In California.
Primarily used for business and corporate entertaining, this 26,674 sq. ft., 9 bedroom, 13 bathroom cliff-top oceanfront estate is located on a 5.5-acre property in La Jolla Farms, one of the most affluent and exclusive enclaves in all of California.
Owned by supermarket billionaire Ron Burkle, an acknowledged collector of trophy properties, the residence was at one time the largest single-family homes ever built with a steel frame. Purchased on February 5, 1999 for $15.8 million, the estate is currently one of the highest appraised single-family homes in all of San Diego with a tax value of over $34 million in 2012.
With an estimated net worth of $3.1 billion in 2012 according to Forbes, Burkle is famous for having bought and sold supermarket chains Fred Meyer and Ralphs, as well as being part owner of the Pittsburg Penguins hockey team in the NHL with retired hockey player Mario Lemieux, who is a two-time Stanley Cup winner and 2002 Olympic gold medalist.
Posted by Shannon Biszantz in Biszantz Connection, California Historic Homes of interest, Celebrity Clients, Celebrity Sales News, Coldwell Banker, Golf Courses, Pro Athletes Sales News, Santaluz Sales News, Shannon Biszantz, The San Diego Real Estate News | 0 Comments
Darren Sproles Listed his Santaluz Estate for $2.78 mil.
Darren Sproles, ex Charger Player sells his San Diego home.
Former Chargers running back Darren Sproles has listed his Santaluz estate for $2.78 million. Sproles, who played for San Diego from 2005 to 2010, bought the 5,957 square-foot home in 2012 for $2.5 million. The property, listed Friday, has four bedrooms, four and a half bathrooms, a game room, pool, outdoor kitchen and courtyard with a fireplace. Sproles now plays for the Philadelphia Eagles, but he keeps his permanent home in San Diego. Sproles and his wife Michel figured the regular season would be a good time to try to sell the 1.56 acre property. “It’s their primary residence abd their main concern is just to get something out of it and move on to the next thing and just make sure …
California Home Sales Declined In August, Reversing Two Months Of Increases.
California home sales in August declined 9.3% from August in 2013.
The California Association of Realtors (C.A.R.) reported this week California home sales declined in August, reversing two months of increases, but the median home price did rise from the previous month. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 394,280 units in August. This past month marked the 10th straight month that sales were below the 400,000 level and the 13th straight month that sales have declined on a year-over-year basis. Sales in August decreased 1.2 percent from 398,940 in July and were down 9.3 percent from 434,910 in August 2013.
The median price of an existing, single-family detached California home rose 3.3 percent from July’s median price of $464,750 to $480,280 in August and up 8.9 percent from the revised $441,010 recorded in August 2013. The August 2014 price was the highest observed since 2007. The statewide median home price has increased year over year for the previous 30 months, marking more than two full years of consecutive year-over-year price increases. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values. “California’s housing market continues to be bifurcated both geographically and demographically, with the San Francisco Bay Area and high-end housing markets outperforming other regions and market segments,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “A strong job market and barriers to building new housing are creating an imbalance between supply and demand in some housing markets. Buyers who are not impacted by affordability issues are fueling sales in the high-end market, which is putting upward pressure on home prices.” Other key facts from C.A.R.’s August 2014 resale housing report include:
- Housing inventory inched up higher in August, with the available supply of existing, single-family detached homes for sale increasing from 3.8 months in August to 4 months in August. The index was a revised 3 months in August 2013. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.
- The median number of days it took to sell a single-family home lengthened in August, up from 35.7 days in July to 39.2 days in August and up from a revised 29.3 days in August 2013.
- Mortgage rates were down for the second straight month in August, with the 30-year, fixed-mortgage interest rate averaging 4.12 percent, down from 4.13 percent in July and down from 4.46 percent in August 2013, according to Freddie Mac. Adjustable-mortgage interest rates in August were also down, averaging 2.37 percent, down from 2.39 percent in July and down from 2.65 percent in August 2013.
– See more at: http://www.worldpropertychannel.com
Homebuilder Confidence in U.S. at Record High Since 2005
U.S. homebuilder confidence rose for a fourth consecutive month in
The NAHB reported today that U.S. homebuilder confidence rose for a fourth consecutive month in September to a level of 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This latest four-point gain brings the index to its highest reading since November of 2005.”Since early summer, builders in many markets across the nation have been reporting that buyer interest and traffic have picked up, which is a positive sign that the housing market is moving in the right direction,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.David Crowe”While a firming job market is helping to unleash pent-up demand for new homes and contributing to a gradual, upward trend in builder confidence, we are still not seeing much activity from first-time home buyers,” said NAHB Chief Economist David Crowe. “Other factors impeding the pace of the housing recovery include persistently tight credit conditions for consumers and rising costs for materials, lots and labore to 58. –
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