Floor plan labels are thrown out the window as a designer helps a family shape rooms to fit the way they live The layout of their colonial home in East Greenwich, Rhode Island, was not working for this active family of five. “The house was not cozy or kid friendly,” says interior designer Jocelyn Chiappone, of Digs Design Company. The family room was too small, they used the formal dining room only for Christmas dinner, and the living room was full of uncomfortable small-scale inherited antiques. After getting … [Read more...]
Deco looks to develop $31M condo project in Old Town Scottsdale
August 7, 2014 by Leave a Comment
Deco Communities is developing a $31 million, 100-unit condominium complex in Old Town Scottsdale. The Scottsdale-based apartment and condo developer acquired three vacant land parcels near Earll Road and Drinkwater Boulevard, just south of Scottsdale Stadium. Deco is looking to start construction next year on condos that will have starting prices at $299,000. “Downtown Scottsdale is experiencing strong demand for new condominiums,” said Deco partner Rob Lyles. “Our latest project will bring 100 brand-new … [Read more...]
Real Estate’s Epic Rebound Starts to Cool
August 7, 2014 by Leave a Comment
The U.S. real-estate market has stormed back over the past five years after enduring its most brutal period since the Great Depression. The rebound has rewarded investors and boosted the overall economy. The Dow Jones U.S. Real Estate Index, whose components include real-estate investment trusts as well as mortgage, realty and forestry companies, has climbed 92% since early 2009. That gain, amid a rise of about 20% in the median price of new and existing homes over the past two years, is a bit less than the 114% … [Read more...]
Wall Street: Home price appreciation still expected to hit 7%
April 29, 2014 by Leave a Comment
Despite a weak first quarter, home prices are still expected to rise by 7% in 2014, according to Wall Street analysts. “We continue to expect home price appreciation to moderate from the torrid pace of mid-2012-13, supported by improving employment and growth prospects,” said analysts from Morgan Stanley (MS). “We leave our 2014 projections for new home sales (450-500 thousand units) and home prices (up 5-7% for the year) unchanged.” Analysts from Barclays (BCS) agree. “Our base case projection for 2014 US … [Read more...]
Pending Home Sales Gain for First Time in 9 Months
April 29, 2014 by Leave a Comment
The housing market is showing signs of picking up again after a sluggish few months. Pending home sales rose 3.4 percent in March over February, according to the National Association of REALTORS®’Pending Home Sales Index, a forward-looking indicator based on contract signings. Contracts were most on the rise in the West and South, increasing 5.7 percent and 5.6 percent in March, respectively. The Northeast saw an uptick of 1.4 percent in contracts month-over-month, while contracts in the Midwest fell by 0.8 … [Read more...]
Adjustable-Rate Mortgages Make a Comeback
March 17, 2014 by Leave a Comment
Adjustable-rate mortgages, one of the main culprits of the housing crisis, are back in vogue. But banks say this time is different. Financial groups are sweetening terms to entice customers to take out these loans, known as ARMs, whose rates can jump after a few years. Some ARMs are cheaper, when compared with fixed-rate mortgages, than they have been in more than a decade. The tactics are reminiscent of the period before the 2008 crisis, when ARMs exploded in popularity as banks and mortgage brokers touted … [Read more...]
Buying a Home 38% Cheaper Than Renting – But How Risky Is It?
March 17, 2014 by Leave a Comment
Though the gap is narrowing, buying costs less than renting in all 100 large U.S. metros. But uncertainty about future home price appreciation means buying isn’t always a safe bet. Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. Rising mortgage rates and home prices have narrowed the gap over the past year, though rates have recently dropped and price gains are slowing. Now, at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus … [Read more...]
Generational Differences Drive Housing Preferences?
March 16, 2014 by Leave a Comment
Younger home buyers tend to view their home as a strong investment, more so than older buyers who tend to view their homes as a match to their lifestyle, according to the 2014 NAR Home Buyer and Seller Generational Trends study, based on a survey of more than 8,700 responses from buyers and sellers. The survey provided an in-depth look at the generational differences of recent home buyers and sellers. The largest group of recent buyers is millennials, those under the age of 34, who comprised 31 percent of … [Read more...]
Phoenix-area home prices projected to stabilize in ’14
March 16, 2014 by Leave a Comment
Home values climbed across metro Phoenix again in 2013, and many neighborhoods saw double-digit increases. More than half of all the ZIP codes in Maricopa and Pinal counties posted their biggest annual increase in home prices since the crash, according to The Arizona Republic's latest Valley Home Values Report. The median sales price was $205,000 on Dec. 31, compared with $164,000 in December 2012. Prices also rose 35 percent in 2012, meaning prices are back to about 2003 levels for most people. Overall, … [Read more...]
