Calm Yourself in a Former Hippie Commune’s Tiny Hut | Bedford NY Real Estate
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In Tight Housing Market Baby Boomers Block Young Buyers | Bedford NY Real Estate
Baby Boomer homeowners are cornering the housing market while potential young buyers are increasingly locked out. BBVA Compass research reveals recovering home values are boosting the equity of older homeowners, allowing them to buy new or second homes — many times with cash — while younger adults are faced with higher housing prices that exceed their buying power.
“For these prospective homebuyers, home prices have risen faster than their incomes during the recovery,” BBVA Compass economist Jason Frederick says in his 2014 housing outlook. “Currently, home prices are now on the high end of a historical relationship between median home prices and median family income, and young families will need to see faster income growth and save additional money to make a larger down payment.”
The report says that builders are more frequently targeting buyers age 55 and up due to their rising home equity and net worth, a factor that is likely contributing to the increase of all-cash transactions. About 42% of residential sales in December 2013 were all-cash purchases, up from just 18% in December 2012.
“Older homeowners are increasingly able to purchase a new residence with cash only after they sell their current home,” Frederick says. “One factor holding back the growth of owner-occupied homes has been weak purchase demand from young families and households. Many early-career professionals are saddled with high student debt burdens that constrain their capacity to borrow.”
But Frederick believes that late-career professionals and older homeowners will help sustain sales. Overall, he has a positive outlook for the housing market in 2014 as the economy slowly recovers; noting that home prices rose in all 50 states last year, delinquency rates have declined sharply, and the pace of foreclosures is slowing. His analysis projects…
http://www.mainstreet.com/article/real-estate/tight-housing-market-baby-boomers-block-young-buyers
Huh? Manhattan rents are … declining? | Bedford NY Real Estate
January metro home sales down, but prices are up | Bedford NY Real Estate
January’s chilly weather put a bit of a freeze on the Twin Cities housing market, as the number of pending and closed sales dropped with the temperature.
But while the volume of sales was lower, sellers still were able to command higher prices. Median prices were up 12.4 percent compared with January 2013, with the median in the 13-county area now at $179,900.
The Twin Cities real estate market typically slows down in December and January, as prospective house hunters are hunkered down and enjoying the holidays. That trend was apparent this year, as pending sales were down 16 percent in January and closed sales were down 12.8 percent. The sales data was included in a report released Wednesday by the Minneapolis and St. Paul Associations of Realtors.
The uptick in median housing prices in January included a 14.4 percent bump in Ramsey County, from $138,000 a year ago to $157,900 last month. In Hennepin County, the median rose to $189,000 from $167,500.
New residential home construction did pick up last year in the Twin Cities, and is expected to carry over into 2014. More than 10,000 residential units were permitted for construction in 2013, the first time that level’s been reached since 2006, according to the Builders Association of the Twin Cities. About half of the permits were issued for multi-family dwellings, such as townhouses.
In December, Minneapolis led the way among area cities with 371 units permitted for construction. Edina was second with 253, followed by Maple Grove with 38 and Woodbury with 31.
http://www.twincities.com/business/ci_25123028/january-metro-home-sales-down-but-prices-are
Young professionals hold the key to London’s property market | Bedford NY Homes
Young professionals make up a significant proportion of the capital’s workforce and where they’re living is shaping London’s housing market.
According to recent figures from the Office of National Statistics (ONS), 60% of inner London’s working age population are graduates. This is more than twice the number in the North East (29%) of England and considerably higher than both Wales (33%) and Scotland (41%).
Young professionals make up a significant proportion of the capital’s workforce and where they choose to live is helping shape London’s housing market. While proximity to work and amenities play an important part in determining where they live, house prices and rental costs are considerable drivers too. The pattern is a familiar one. As an area becomes established, so prices rise, forcing would-be incomers into cheaper, neighbouring postcode districts. And so the cycle begins again.
Research not only illustrates the point, but shows just how marked an influence young professionals have had – and continue to have – on defining London’s housing market.
Looking at the age profile across all London boroughs there are six that stand out. These are boroughs where over 50% of residents are aged between 20 and 44 – the London average is 43%. In ascending order they are Hackney, Lambeth, Islington, Hammersmith & Fulham, Wandsworth and Tower Hamlets.
http://metro.co.uk/2014/02/07/young-professionals-hold-the-key-to-londons-property-market-4290527/
Housing boom price peak not a useful reference point | Bedford NY Real Estate
Since home price appreciation is set to cool to a historically normal rate, conversations about the housing market should drop the housing boom price peak as a reference point, particularly since prices aren’t likely to surpass peak levels until 2021, according to Clear Capital, HousingWire reports.
Source: HousingWire
– See more at: http://www.inman.com/wire/housing-boom-price-peak-not-a-useful-reference-point/?utm_source=20140203&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.NGmdkHqb.dpuf
December construction spending rises 0.1% | Bedford NY Real Estate
Outlays for U.S. construction projects rose 0.1% in December to a seasonally adjusted annual rate $930.5 billion, led by private projects, the U.S. Commerce Department reported Monday. Economists polled by MarketWatch had expected a 0.4% increase in December. Private-construction spending rose 1% in December, with a 2.6% increase for residential projects and a 0.7% decline for nonresidential projects. Meanwhile, public-construction spending fell 2.3% in December.
Fewer signed contracts to buy US homes in December | Bedford NY Real Estate
Fewer Americans signed contracts to buy previously occupied homes in December, suggesting a slowdown in real estate. Pending home sales fell to the lowest point since October 2011.
The National Association of Realtors says its seasonally adjusted pending home sales index dropped 8.7 percent last month to 92.4. That’s the seventh straight monthly decline for the index, which previews upcoming sales. A one- to two-month lag usually exists between a signed contract and a completed sale.
Rising mortgage rates and price increases crimped sales in recent months. Cold weather in December also stalled home purchases.
The housing market benefited from historically low mortgage rates for much of last year. Sales of previously occupied homes totaled 5.1 million in 2013, the highest in seven years, the trade group said last week.
http://www.cbsnews.com/news/fewer-signed-contracts-to-buy-us-homes-in-december/
Walker Tower PH Sells For $50.9M, Sets Downtown Record | Bedford NY Real Estate
[Inside Penthouse One, photo via NY YIMBY]
As expected, the penthouse of Chelsea’s highly-acclaimed Walker Tower sold for more than $50 million, setting a new record for the most expensive home ever sold in Downtown Manhattan. The Journal reports that the all-cash deal closed for $50.9 million, and, evidently, the unnamed buyer was in the space “less than five minutes” before stating “I’ll take it.” Because $50M spur-of-the-moment decisions are never a bad idea.
The full-floor, nearly 6,000-square-foot unit was listed last September for $55 million, and by the end of October, the Times reported that it entered contract for “slightly less than ask.” Can $4 million be defined as “slightly”? No matter, the sale takes the title away from the penthouse of 18 Gramercy Park, which sold for $42 million to the owner of the Houston Rockets in 2012.
http://ny.curbed.com/archives/2014/01/27/walker_tower_ph_sells_for_509m_sets_downtown_record.php