Tight inventory has led to shorter time on the market. The median days on the market fell to 62 days in March (74 in February). Short sales had the longest days on market at 81 days (101 days in February), while foreclosures were on the market for 46 days (52 days in February). The median days on the market for non-distressed properties was 66 days (77 days in February). This based on information in the March REALTORS® Confidence Index (RCI) Survey.
Who hasn’t heard someone walk into a crowded room and ask, “What is this, Grand Central Station?” The reference is incorrect, as Sam Roberts notes in his book, “Grand Central,’’ a history of the “palace” that is marking its 100th anniversary.
The correct term is Grand Central Terminal: Rail traffic originates and ends there; it is not just a stop on the way. The present terminal is the second rail facility built more or less on that spot. The first, known as Grand Central Depot, opened in 1871.
That facility was inadequate from the get-go, and it was substantially altered by 1900. It was expanded from three stories to six, the tracks were modified to improve the movement of trains, and it became Grand Central Station. But, as Roberts explains, a tragic event in January 1902 inspired the development of what is now Grand Central Terminal and altered the history of what is now mid-town Manhattan.
A local train from White Plains, with a substitute engineer, slammed into a commuter train at 56th Street, killing 15 passengers. It appeared that the engineer had been speeding to make up lost time, but it was never determined why he did not stop his train in time to avoid the crash.
Railroad officials, who were not prosecuted in connection with the deaths, reacted immediately with a decision to raze the outdated station, electrify the rails and build the colossal and elegant structure that now stands at East 42nd Street and Park Avenue. The demolition alone was one of the biggest undertakings of its kind in New York City history:
“On 17 acres purchased by the railroad, 120 houses, three churches, two hospitals and an orphan asylum would have to be obliterated, as would stables, warehouses, and other ancillary structures.”
Together with the excavation of dirt and rock to a depth of 90 feet, building the new structure took 10 years and cost the equivalent of about $2 billion in 2013 terms. The result was a palace that, as one of the many photographs in this elegant book shows clearly, looked like a forlorn giant on an otherwise empty landscape
ASK ordinary people about their own Chinese dream, and you find owning a home is high on the list.
But years of rising house prices have put that dream out of reach of many. A slowing economy appeared to take some of the heat out.
Now, alas, the residential property market is soaring again (see chart). A new survey of developers and property firms on May 2nd showed average house prices up more than 5% in April on a year earlier.
Taking the long view, rising property values seem defensible. The country is undergoing the largest wave of urbanisation in human history and homes must be built for all of those new city dwellers.
The existing housing stock is poor, so people upgrade to modern homes as soon as they can afford them. Local governments earn a lot of money from land sales to developers and investors have few other places to park their money. All that suggests upward pressure on prices is not going away.
But even if you accept those long-term arguments, says Alistair Thornton of IHS, a consultancy, the market right now looks increasingly as if it is becoming detached from the fundamentals, as speculators looking for an investment swamp buyers looking for somewhere to live. Many flats sit vacant despite legions of prospective buyers desperately seeking affordable housing. Capital Economics, a research firm, estimates that investment in residential property accounted for 8.8% of China’s GDP in 2012.
 The Economist |
The alarm bells are being rung in unexpected quarters. Wang Shi, the charismatic boss of Vanke, China’s biggest property developer, would seem to have more to gain than most from further price rises, yet he too warns of a looming “disaster.” The plunge in prices that would result from a pricking of this bubble, he declared on “60 Minutes”, an American television programme, could lead to popular protests on the scale of the recent Arab uprisings.
China’s new leaders are keenly attuned to such concerns and are trying hard to head off the danger. The ruling State Council and the country’s central bank have issued numerous decrees in recent weeks designed to dampen the market and to crack down on speculation. Among these are larger down-payments and higher mortgage rates for people buying second homes and a reminder to local governments that a 20% capital-gains tax on second-home sales must be enforced.
But plenty of central-government edicts are ignored. The capital-gains tax on resales, for example, was only rarely levied in the past. Ren Zhiqiang, boss of Hua Yuan Real Estate Group, another property giant, recently denounced the country’s policies. The central government’s message to local officials, he claimed, could be described as: “We hope prices won’t continue rising; you go and fix them; and if you don’t fix them, we will punish you.”
Most local officials do not want to implement such curbs with any rigour. On the contrary, encouraging a property boom keeps much-needed tax revenues flowing and puffs up the local economic growth figures on which their chances of promotion hang. This misalignment of incentives, argues Mr Thornton, explains why “it’s always a cat-and-mouse game between local and central authorities”.
Read more: http://www.businessinsider.com/china-home-prices-threaten-stability-2013-5#ixzz2SNYkrhYH
Home prices in 10% of the nation’s top 200 housing markets have recently hit new peaks or are only a hair away, new data show.
Another 24 of the top markets are within 5% of their previous peaks, according to data provided to USA TODAY by real estate tracker Lender Processing Services.
Many of those cities are likely to hit new peaks this year, economists say, given projections for continued price increases.
The data show how far prices in many cities have rebounded since the historic housing bust after mid-2006 — and how far they still have to go in most cities. The figures also underscore the uneven impact of the housing bubble, and then bust, in different regions.
Dozens of markets where prices peaked in 2006 or earlier are still 25% to 58% below those plateaus, LPS says.
Many cities now at or close to previous highs never saw the price run-ups leading up to the bust that others did. They didn’t drop as far, so they have less of a climb back.
Of the cities within 5% of their previous peaks, none saw more than an 11% decline in home values from mid-2006 to the market’s bottom in early 2012, LPS data shows. Nationally, prices fell almost 28% during that time.
A bill designed to speed up the foreclosure process in Florida passed the state Senate Friday and is now heading off to the governor for final approval, Naples Daily News reported.
The publication explained how the bill is designed to expedite the default process in a state that continues to deal with foreclosure backlogs and issues stemming from the housing meltdown.
The legislation expedites the process by requiring a judge to immediately review any foreclosure filings in chambers without a hearing, before asking the parties to show cause why a final judgment should be entered.
That process allows the judge to enter a final judgment quickly if the lender feels the borrower has no defense. But if a homeowner believes he or she has a case, a judge will be required to hear the homeowner’s case.
New Jersey home prices are on the rise for the second consecutive quarter as a result of purchase demand and tight inventory levels.
These two factors tend to make homes less affordable.
Median home prices jumped 2.07% in the first quarter to $262,661, compared to $257,331 a year earlier, according to data from Otteau Valuation Group.
Rising home prices stem from increased demand, tighter inventory levels and continued economic recovery. The for-sale inventory in New Jersey is currently at an eight-year low, while the pace of sales is the highest it’s been in six years.
The number of New Jersey homes considered affordable dropped in the first quarter due to higher home prices coupled with rising mortgage rates. In fact, the state’s affordability index declined for the first time in two years to 130%, an indicator that the median income of today’s homebuyers can afford a home that is priced 30% higher than the state’s median home value.
Despite the drop in affordability, desperate homebuyers are still rushing to take advantage of lower-than-normal prices and record-low rates.
Moving forward, the combined effect of price increases and mortgage rates will continue to erode homebuyer purchasing power in the market.
![role of color in social med The Role of Color in Marketing [Infographics]](http://cdn.pamorama.net/wp-content/uploads/2013/04/role-of-color-in-social-med.gif "The Role of Color in Marketing [Infographics]")
It’s more important than ever for brands to project their value. Marketers in general understand the need for consistency in color and design. But it’s also vital to move beyond the standard logo and tagline and take a holistic approach to evoking emotions among potential customers across all of your marketing channels — including social media sites. You can use color to your advantage.
Color is a form of non-verbal communication and an important part of our daily lives. The underlying emotions that colors evoke have been cultivated since birth and vary depending on age, geographic location, and gender (e.g. blue for boys, pink for girls). Color affects our moods and feelings, and research suggests that it has a physical effect as well, influencing the hormones that control our emotions. Applying color theory is one of the most powerful methods of creating customer appeal.
Why do you feel like clicking and browsing on some websites and not others? What makes you feel like purchasing from one online merchant vs. another? Could it be because of your emotional responses to their color palettes? Choosing the right color scheme is crucial to how your brand is viewed.
Studies have shown that color:
Some brands become so closely associated with their color schemes that we recognize them even when their company names aren’t visible. Use the two infographics below as guides to creating your online identity.
REMODELING: How likely is it that roofing contractors get a jobsite visit from the Occupational Safety and Health Administration?
Mark Paskell: It depends on where the contractor’ [job] is. If he’s working on a main street in a heavily populated area in the Northeast, the chance would be high. This will vary region to region, since OSHA enforcement and educational efforts are predicated on where the injuries and deaths are happening. But there’s national emphasis by OSHA on fall protection. So there may not be a local program for fall hazards, but until Sept. 30, 2015, if you are any type of contractor working on heights of 6 feet or higher, you are the No. 1 priority for OSHA.
RM: How does enforcement work?
MP: Martha Kent, the regional director here in New England, states this: If you are an OSHA compliance health and safety officer — a CHSO — here are your orders. When you go by a residential or commercial jobsite and see people on higher levels, you’re required to stop, observe, and see if there are any obvious fall protection violations or hazards that would be considered an imminent danger situation. If you see that you will immediately pull over and call the OSHA office and begin an audit of that company and that job. If the office can’t send someone, you have to stop and do the initial audit.
RM: Why are residential remodeling and roofing contractors not more aware? That’s why it is important to hire an experienced roofer like RainTech Roofing, Sheet Metal & Gutters. Commercial contractors have borne the cost of compliance because OSHA always visits their sites. So there’s a total lack of knowledge about OSHA in the residential sector. Plus there’s no requirement for OSHA training in residential. A third factor is apathy. Contractors feel that if they haven’t seen OSHA on their jobsites, they don’t need to worry about it.
RM: What happens during that jobsite visit?
MP: The first thing a CHSO will do is start a file. They’ll go by the site several times and will have probably already taken several pictures. When they’re coming onto the site, they know why they’re there.
RM: What if the roofing crew is not working safely according to OSHA rules. How would that be handled?
MP: Say you have five guys on the roof and they’re not tied off. The OSHA inspector will approach the site, present I.D., and ask to speak to the person in charge. The OSHA officer will talk about what he sees that isn’t safe. He’ll focus first on items that are considered “imminent danger,” meaning where someone could get hurt or killed. The guys up there with no harnesses; he will ask them to come down. He’ll talk to people on the jobsite and walk around the site and note anything that’s not up to par for safety standards — like extension cords missing a third prong.
If you’re getting a roofing repair, make sure that they have safety hazards and are professionals to avoid accidents from happening.
Greenery can add a lot to a home, but for many homeowners the idea of incorporating living plants into a space is daunting.
“So many of my clients will say, ‘I kill everything I have!’” said designer Jamie Herzlinger. But what she tells them is that many of the latest trends in greenery don’t require a lot of maintenance.
Despite the size of the planter, these succulents require very little care.
“Succulents and air plants just need a little bit of water,” Herzlinger explained. “I think they’re a fantastic idea because it’s a great way to bring nature in, and you don’t have to have a green thumb.”
Succulents, cacti and air plants are not new forms of greenery. Popular across the U.S. in the 1970s and continuously a form of greenery in Southwestern states, these hardy and low-maintenance plants are now a hot way to add nature indoors.
Although succulents are primarily shown in glassy, modern planters, Herzlinger says that these plants can be added to any vessel. The shape and structure of the planter will determine the look of the space.
For example, Herzlinger suggests a traditional planter for an elegant look, perhaps sticking a plant in a blue-and-white porcelain Chinese foot bath.
Unusual planters liven up the table in this entryway.
“If you were to pot that up with living moss, that sitting on a dining room table with gorgeous sterling candlesticks, it is as beautiful as fresh-cut flowers,” she said.
For a more contemporary look, a glass or wooden container can be hung on the wall as living art. Even in the kitchen, small apothecary jars or containers can be the perfect home for an air plant.
As with any accessory, less is more. There is a tendency to want to add more items to a room, but often Herzlinger finds herself taking out the items her clients add.
“Try accessorizing with one large item or groupings of two to three,” she explained.
A small terrarium is a great addition to this traditional living room.
The look should be touches of greenery, not jungle.
While some designers rely on faux plants and flowers, Herzlinger believes that with enough low-maintenance plants out there, there’s no need to go with the silk versions.
Her other suggestions for low-maintanence plants? Moss, cacti and fig trees, if your space has high enough ceilings and plenty of light.
Jamie Herzlinger added fresh-cut flowers and greenery to this space.
And, in a pinch, fresh flowers can be found at any local grocery store and are the easiest green addition to a room.
Rain clouds couldn’t dampen design fans’ spirits this April with these top-10 photos from Zillow Digsinspiring remodel dreams across the country. Check out what images you and your friends Dug the most this month:
Outdated no longer! A stale bathing unit gets a major overhaul with glass and marble, creating a modern look.
This kitchen mixes metal, wood and marble, adding interest to the space. This island’s dark wood stain is a bold, yet tasteful contrast with white cabinetry on the adjacent wall.
A staging counter allows home chefs to gather the exact items needed per recipe without making multiple trips.
Padded benches along the hearth offer extra seating options, while exposed brick and wood beams draw guests to the table.
Not yet outdone, these modern basins defend their title as the No. 6 Hottest Digs for the second month in a row.
Users may have been divided when it came to their favorite feature of this closet, but one thing they could all agree on — there’s no such thing as too many shoes!