San Diego Padres pitcher Blake Snell has tossed his St. Petersburg, FL, home to a new owner. The All-Star lefty was dealt to the Padres from the Tampa Bay Rays at the tail end of 2020. He’s since departed for the West Coast, and he’s moved on from his splashy, waterfront home as well. Listed for $1.4 million in late January, Snell’s abode quickly went into pending sale status. He purchased the place in July 2019 for $875,000, while anchoring the Rays’ rotation. According to records and listing details, Snell proceeded to spend $200,000 to renovate much of the home, which was built in 1956. The home’s highlight is clearly the outdoor space. The new owner will enjoy the brand-new pool deck and pool with custom sun shelf, in-pool lounge chairs, waterfall, multicolor pool lighting, never-used hot tub, and outdoor surround sound. The waterfront home with views of Tampa Bay also boasts an updated interior. You enter into a 12-foot foyer that opens up to the family area, showcasing walls of glass and water views. The well-appointed kitchen offers a natural gas cooktop, plus ample cabinetry for storage. New carpet has been installed in the home’s four bedrooms. The 2,952-square-foot floor plan has a master bedroom with bay views, a walk-in closet with custom built-ins, and a master bathroom with dual vanities and a large shower. Other updates include custom built-in closets in every bedroom, fresh paint, new pull-down blackout blinds, and impact glass windows. The outdoor space is built for entertaining. A covered patio allows for lounging around the gas fire pit and outdoor TV. It’s easy to whip up a feast at the outdoor kitchen, with its bar and gas grill. Out back, a private boat dock stores a boat or Jet Ski, and comes with a new boatlift. The three-car garage includes an extra room for a work area. The new owner could potentially add a second story, according to the listing, and the location is convenient to downtown St. Pete and the Tampa International Airport. Snell was selected in the first round of the 2011 MLB draft by the Tampa Bay Rays, and made his Major League debut in 2016. 2018 was his breakthrough season: He was selected to the MLB All-Star team, won the American League Cy Young Award, and led the league in wins and ERA. Liane Jamason with Dwell Florida Real Estate has the listing. The post San Diego Padres Pitcher Blake Snell Close to Sale of $1.4M Florida Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/blake-snell-selling-st-petersburg-home/
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An odd-looking house along an Oregon highway has attracted a ton of attention. On the market for $269,000, the home on Lorane Highway in Eugene, OR, looks as if it just alighted from a far-off galaxy. “It really gets a great reaction from people. It does look like a flying saucer that’s landed out in the woods,” says the listing agent, John Davis. “I would say the folks that look at it just love it. They’re just intrigued by the shape of it. When you’re inside it, it just gives you a whole different feeling than any other kind of structure.” The curved home has a single bedroom and a single bathroom in a compact 855 square feet. The agent says the measurement is quite deceptive. “It feels bigger than I think you would imagine,” Davis says. “The ceiling is about 12 or 13 feet high. When you go inside, it’s really quite spacious for the square footage.” The shape means that the structure has some strange interior angles and not much wall space for hanging things. Davis tells us you need to be a few feet away from the edge to truly stand up. He says a company called Mortar Sprayer built the house in 2009, using nontraditional building techniques. Essentially, it involves taking a big balloon, filling it with water, and using a sprayer to coat it with a stuccolike concrete product. “It ends up creating a really hard shell,” Davis explains. “Then they come in with some reinforcement materials. After that, they cover it with more concrete material, and from there, they use a sort of a vinyl covering that makes it waterproof.” He says a home inspector has assured him that the house’s visible cracks are simply cosmetic and not structural. While the house is different, it blends right in with the free-wheeling area. “Eugene is known for its innovative approach to building,” says Davis, who grew up in the area. “People have always been interested in geodesic domes and yurts and things,” he says. He says the local culture is “heavily influenced by the ’60s and all the hippies that moved up here.” Speaking of the counterculture, the home’s kitchen is small, and Davis says it could use a bit of a face-lift and update. “The folks that were staying there before, I think they were living fairly simply. There might need to be some renovation,” he adds. The seller is updating the house’s electrical system. It is outfitted with high-speed internet, thanks to the cable along the nearby highway. While the dome home is small, the property it sits on isn’t. The offering comes with 5.28 acres of sloping land. Plus, the location near amenities and several of the area’s wineries is a key selling point. “This price is a great value when you consider the acreage and the livability. It’s hard to find anything that is this close to town with this much room,” Davis says. “People are looking to garden and be outdoors, and just get away from their apartment-style living.” The post This Oregon Home Isn’t a Spaceship—Although It Sure Looks Like One appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/oregon-dome-home-spaceship/ The numbers: Existing-home sales fell in February, following two consecutive months of gains in the volume of homes sold. Total existing-home sales dropped 6.6% from January to a seasonally-adjusted annual rate of 6.22 million, the National Association of Realtors reported Monday. Compared with a year ago, home sales were up 9.1%. “Despite the drop in home sales for February — which I would attribute to historically-low inventory — the market is still outperforming pre-pandemic levels,” said Lawrence Yun, chief economist at the National Association of Realtors. What happened: Regionally, home sales decreased the most in the Midwest (down 14.4% from January), followed by the Northeast (down 11.5%). Sales actually increased 4.6% in the West on a monthly basis. Compared to a year, sales were up in every region of the country. The median existing-home price in February came in at $313,000, which is nearly 16% higher than a year ago. The inventory of homes for sale remained roughly even between January and February, but was down nearly 30% from a year ago. As of February, the market had 2-month supply of homes for sale based on the current sales pace, close to an all-time low. A 6-month supply is generally viewed as indicative of a balanced market. The big picture: As with new-home construction, the disruptive winter weather in February caused a significant slowdown in home sales, economists noted. “While underlying demand factors remain strong for home sales, the winter storms from last month likely had a negative impact on transactions,” Nationwide senior economist Ben Ayers and economist Daniel Vielhaber said in a research note ahead of the existing-home sales report’s release. While the weather events last month were a blip in the scheme of things, there are broader issues that could contribute to slower-than-expected sales activity in the months to come. To start, inventory remains a serious constraint on the housing market. A recent report from Realtor.com estimated that some 200,000 home sellers have stayed out of the market so far this year, constraining the options buyers have. “Buyers are facing an ultra-competitive spring market, and prices continue to rise,” said Danielle Hale, chief economist at Realtor.com. And now that mortgage rates are on the rise, the question becomes whether buyers are willing to spend more to become homeowners or if they will wait on the sidelines. What they’re saying: “The monthly repetition of record-low homes available for sale is another major constraint on turnover,” said Michael Gregory, deputy chief economist at BMO Capital Markets, in a research note. The post Existing-Home Sales Fall as Inventory Remains a Challenge for Buyers appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/existing-home-sales-fall-as-inventory-remains-a-challenge-for-buyers/ The Maroon 5 frontman Adam Levine and his wife, the supermodel Behati Prinsloo, have purchased a storied estate in the ever more crowded celebrity enclave of Montecito, CA. The couple paid $22.7 million for the expansive compound, known as El Miraval, Variety reported. The estate had been and off the market for years, and its asking price had never budged from $2reThe spread includes a total of nine bedrooms, eight full bathrooms, and three half-bathrooms, in a series of buildings including a Spanish Revival main house, a two-bedroom guesthouse, a one-bedroom cottage, and an apartment over the detached, five-car garage. The 12,000-square-foot main building features European-style interiors with wood beams and arched windows, and offers large living spaces built for grand entertaining. The living room, with a fireplace and exposed beams, opens outside from French doors. Multiple al fresco options include a lovely loggia with a fireplace and seating, a picturesque terrace, patio, and garden. A large kitchen contains a huge island, dark wood cabinets, and built-in storage shelves. The master bedroom features a fireplace, a balcony, and an en suite bathrooom with a separate tub. Other perks include a home theater and wine cellar. In addition, the grounds include a tennis pavilion, pool, pool terrace, putting greens, and manicured lawns. The listing also offers some renderings to suggest updates to the interiors—which could use a refresh. Suggestions include trendy light fixtures, a white palette, sleek furniture, and voilà! Quite possibly, the longtime coach for “The Voice” will be tempted to put his signature stamp on the place. The “Moves Like Jagger” singer does have some real estate moves of his own. After picking up a Beverly Hills mansion in 2018 for $34 million, and reportedly sinking $7 million into a remodel, he sold the updated estate to his fellow luxury real estate aficionado Ellen DeGeneres in 2019 for $45 million. She and her wife, Portia de Rossi, then made some further changes, and recently listed the same home for $53.5 million. After a little more than two weeks on the open market, the property has already found a buyer. Levine also owns a resortlike residence he purchased in an off-market deal in 2019 for $32 million from Ben Affleck and Jennifer Garner, after their divorce. The post Adam Levine Joins the Crowd in Montecito, Buys $22.7M Mansion appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/adam-levine-montecito-buys-mansion/ As home buyers already know full well, the residential real estate market has been on a wild tear for the past few years—and the pandemic has pushed things to new, uncharted extremes. Buyers who had been cooped up indoors for months rushed into the market seeking larger homes in suburban and even remote locations. They were spurred on by record-low mortgage interest rates. And what have those masses of would-be buyers found? A fiercely competitive housing market marked by soaring prices and not nearly enough homes to go around. So now everyone wants to know: What’s going to happen with housing in 2021? Even as COVID-19 vaccines become more widely available and more homes go up for sale, buyers on a tight budget may not get much of a break this year. Those basement-scraping mortgage rates, which put more expensive properties within reach, are beginning to rise again. And while higher rates are expected to slow the out-of-control, double-digit price growth the nation has experienced over the past year, home prices are predicted to continue rising in most metros—albeit at a slower pace. “The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans,” says George Ratiu, senior economist at realtor.com®. “In a sense, it has elevated real estate markets as a centerpiece of our lives.” But this newfound obsession with homes has created severe stress points, Ratiu says. “Even with more sellers coming to market, we are undersupplied on the new homes front significantly.” Still, there may be hope for some normalization on the horizon. While prices aren’t expected to come tumbling down, experts believe the market will loosen up a bit. As more people are vaccinated and can socialize again, more sellers will feel comfortable listing their homes. And, just maybe, buyers may no longer be pressured to do things that over a year ago would have seemed ludicrous: waiving inspections, agreeing to pay closing costs, and sometimes buying homes across the country via video calls, sight unseen. Frenzied, take-no-prisoners bidding wars might even quiet down into mere skirmishes. This could all lead to an increase in home sales. Sales dipped in the early months of the crisis as stay-at-home orders were issued across the nation, but began picking up again in May. From May to July, the number of completed home sales jumped from a little more than 307,000 to nearly 500,000. They dipped in the fall heading into the holidays as buyers paused their searches and whatever inventory was left on the market seemed to shrivel up. As more homes come onto the market, sales will likely rise. But buyers shouldn’t get their hopes up too high. “The market may provide a few more opportunities toward the end of the year as the vaccine rollout really hits people across the country and the world goes back to normal,” says Ali Wolf, chief economist at building consultancy Zonda. But that doesn’t mean buying a home will be easy. “Scant inventory is definitely here to stay for the spring selling season.” So let’s take a deeper dive into what led to this unprecedented, fast-moving, thrill-a-minute real estate market—and how it’s likely to play out this year. Buckle up! Mortgage rates expected to remain low in 2021You can’t talk about what’s happening in the housing market without talking about mortgage rates. In early March 2020, before the rest of the world knew exactly how bad the pandemic would become, the Federal Reserve agreed to cut interest rates in order to stave off an economic disaster. It was the first time the Central Bank had made such a move since the 2008 financial crisis. At the same time, investors became spooked from the uncertainty of a looming global health crisis and, predicting a crash, pulled out of the stock market. What resulted was the lowest interest rates we’ve ever seen. By July, the 30-year fixed-rate mortgage—the most common for new homebuyers—had fallen below 3% for the first time since the 1970s. “People started running the numbers of how much it costs to rent versus buying a home,” says Zonda’s Wolf. “Low interest rates made buying a home a really viable option for more people.” With interest rates so low, savvy buyers moved quickly to lock them in. That increase in demand depleted already slim inventory and pushed up prices to new highs. Rates have since begun to climb, hitting 3.09% for 30-year fixed-rate mortgages in the week ending on Thursday, according to Freddie Mac. They’re expected to continue rising through 2021, eventually hitting at least 3.4% by end of the year, according to the realtor.com economics team. That could price out some buyers as well as slow the double-digit home price growth that has become a hallmark of the pandemic. “People are beginning to realize that rates are on their way back up and they’re no longer searching for the bottom,” says mortgage broker Rocke Andrews, of Lending Arizona in Tucson, AZ. “It’s created a rush of activity.” Fewer homes on the market equal way more competitionBefore the coronavirus upended the world, the nation was already suffering from a severe housing shortage. At the beginning of the year, the number of active listings hovered above 1 million. By April that number began to plunge as buyers scooped up whatever inventory there was. Meanwhile, sellers, especially older ones or those with preexisting conditions, were afraid to put their homes on the market and have strangers in their homes during a global pandemic. Last month the number of homes on the market was nearly halved from where it was a year ago—to fewer than 525,000—the lowest level in years. “Normally we talk about how many homes are on the market in terms of how many months of supply we have,” Wolf says. “Now we’re talking about weeks in some markets.” The fear of contracting the coronavirus isn’t the only reason sellers have been hesitant to plant “For Sale” signs in their yards. Sellers, of course, are typically buyers, too—and people don’t want to sell their homes until they have another place to live. In a Catch-22, there isn’t enough inventory now for them to find new homes. So, even if they want to sell in order to take advantage of the overheated housing market, they’re often stuck where they are. Others have refinanced their mortgages to such low rates that they’re choosing to stay put and remodel their way into their dream residences. And some are waiting for prices to hit a peak before listing so they don’t leave even a cent on the table. But buyers may get some relief soon, as sellers become more comfortable putting their homes on the market. In fact, the number of new homes coming to market has already started to increase in the past couple of months, but still far below where things were a year ago. The number of new listings coming onto the market fell to nearly 288,000 in February nationwide—a 24% drop compared with February 2020, before the pandemic became a crisis in America. One grim note: Once the foreclosure moratorium ends, homeowners who haven’t been able to financially rebound from the crisis may be forced to sell their homes. This could also add to the supply of properties on the market. “That will help alleviate scarcity concerns,” says lender Andrews. Homebuilders are struggling to keep up with demandThe lack of existing homes was only part of the problem, though. Builders have struggled to ramp up construction on new homes, particularly the most popular single-family models. A lack of available land and skilled construction labor, soaring lumber and materials costs, and cumbersome laws have stood in the way of more new homes coming online to ease the housing crunch. What buyers wanted also shifted during the pandemic. It became all about extra square footage for home offices, gyms, and schooling areas for the kids—which were all more readily available outside of the big cities. “Buyers suddenly wanted [to live in areas with] lower population density, lower costs, and markets with lower restrictions,” says Robert Dietz, chief economist of the National Association of Home Builders. “The markets that grew the fastest were medium-sized suburbs.” In order to keep up with demand, homebuilders began ramping up new construction starting in April and early May. By January, the number of new home starts rose by more than 76%—from an April low of about 1 million to 1.9 million. (A decline in February was mostly due to unexpected snowstorms in the South last month.) But even that jump wasn’t enough to sustain demand, and new homes have become about $24,000 more expensive thanks to lumber costs skyrocketing nearly 200% due to Canadian tariffs. Looking ahead, Dietz says the pace of construction of single-family homes may start to cool off, but construction should still expand in 2021 due to continued demand. “The acceleration we’ve had is not a sustainable pattern, but it will still continue to grow because we simply do not have enough housing in the United States,” Dietz says. Home prices will continue rising—just not as fastIt doesn’t take an economist to realize that overwhelming demand (helped by record-low mortgage rates) plus a dearth of homes on the market equals skyrocketing prices. Prices had already been rising over the past few years, but by April, things began moving at an accelerated pace. From February 2020 to February 2021, the median listing price in the United States jumped from $310,000 to $352,500—an increase of almost 14%! While a boon for sellers, that kind of meteoric rise hurt buyers whose incomes weren’t growing at the same pace. Some perspective: The national median family income rose just 4% from 2019 to 2020, according to the U.S. Department of Housing and Urban Development. At the same time, buyers from ultraexpensive cities like New York City and San Francisco who could suddenly work from anywhere with a stable internet connection entered less expensive markets. And you guessed it: That pushed up prices in those markets, too. In some cases, way up. This phenomenon caused some longstanding local residents to be forced out of their markets where they were hoping to move from renters to homeowners, or looking to trade up their homes—or even downsize. “This shift does pose a risk to someone born and raised in the area, especially if they don’t have the same salary, or the same wealth built up,” Wolf says. “It’s creating its own version of winners and losers, because of how high these relocation buyers can push prices.” In the end, sellers will continue to have the upper hand in 2021. Home prices are expected to hit newer highs as demand remains strong and inventory continues to be tight. More inventory hitting the market will also take some of the pressure off, but not a lot. Not this year, anyway. The post How the U.S. Housing Market Was Rocked by COVID-19—and Where We Go From Here appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/housing-market-was-rocked-by-covid-19-where-we-go-from-here/ The former Atlanta Falcons head coach Dan Quinn is selling his Suwanee, GA, mansion for $2.2 million. It was initially listed for $2.4 million in January, but the price was cut by $200,000 earlier this month. Quinn purchased the home for $1.99 million in 2015, shortly after being named the Falcons’ leader. After a rough start to the 2020 season, Quinn was dismissed last fall, in the middle of his sixth season at the helm. After the firing, he took the role of defensive coordinator for the Dallas Cowboys. Set on just under an acre on a cul-de-sac, the luxurious estate was built in 2009, and is located inside the gated enclave of The River Club. It includes five bedrooms, five full bathrooms, and four half-bathrooms, on 8,356 square feet of living space. The entry features a two-story foyer with paneling that extends up the soaring ceilings. With high-end details throughout, the home has a large dining area with a wall of windows. Inside the formal living room, there’s a fireplace and coffered ceilings. A family room with a stone fireplace and vaulted ceilings opens to the outdoor spaces. A chef’s gourmet kitchen includes custom cabinets, two steel sinks, a large island, and a walk-in pantry. The suite of appliances include a Wolf range, Sub-Zero refrigerator, two Bosch dishwashers, a wine fridge, and a beverage cooler. A nearby breakfast area provides spectacular views of the private and scenic backyard. The home’s master suite is located on the main level. The desirable design includes a sitting area complete with a morning bar with sink and fridge. The master offers a spalike bathroom with dual walk-in showers, dual water closets, marble counters, and a custom closet. The main level has a home office, laundry room, and two powder rooms. On the upper level, there’s a second option for a master suite with dual closets, a large shower, and a custom shelving system. The floor also includes three more bedroom suites, with a second laundry. A terrace level offers an exercise room with a half-bathroom. The property also includes a wood-paneled library, game room, media room, and a four-car garage. Outdoors, the living area includes a walk-out pool, covered patio with timbered ceiling, fireplace, and a custom, built-in barbecue. The exclusive gated community has been the home of many athletes and celebrities, including the newly retired quarterback Matt Schaub, who recently listed his home. Other residents have included the former baseball player Brian McCann, Jeff Francoeur, formerly of the Atlanta Braves, who has had his home on and off the market in recent years, and the comedian Ron White. Quinn, 50, worked his way up through the coaching ranks beginning in the mid-1990s. He eventually became the defensive coordinator for the Seattle Seahawks and coached that unit to a Super Bowl win in 2013. During his tenure with the Atlanta Falcons, Quinn led his squad to Super Bowl LI in his second season as boss. That accomplishment, however, will probably be overshadowed by the final score. After the Falcons had built up the largest lead in Super Bowl history, the team lost to the New England Patriots, 34-28. Stacy DeRogatis with Keller Williams has the listing. The post Former Atlanta Falcons Coach Dan Quinn Cuts Price of Georgia Mansion to $2.2M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/former-atlanta-falcons-coach-dan-quinn-cuts-price-of-georgia-mansion/ It wasn’t enough for Rick Ross to own a Georgia mansion so grand that it was used for the royal palace of Zamunda in Eddie Murphy‘s “Coming 2 America.” The Maybach Music impresario also wanted another place in Florida. So he acted fast on Amar’e Stoudemire’s South Florida estate, paying the $3.5 million asking price in cash, after it had been a mere four days on the market. It was the fastest closing in the history of Landmark Ranch Estates, where Stoudemire’s six-bedroom, seven-bathroom, 2.3-acre spread is located. Ross knows a bargain when he sees it. The $3.5 million list price was actually $200,000 less than the $3.7 million Stoudemire paid for the Southwest Ranches, FL, estate in 2011. And it wasn’t as if Stoudemire left the place untouched. The former NBA All-Star made a series of fancy upgrades, including a hidden movie theater, a lounge with a lavish bar and pool table, a nine-car garage, and a luxurious main suite. But as grand as Stoudemire’s former estate is—with coffered ceilings and an abundance of crystal chandeliers, in 8,675 square feet of living space—it doesn’t quite compare to Ross’ 235-acre spread in Fayetteville, GA. Built by the boxing legend Evander Holyfield in 1994, it’s the largest private residence in the entire state, with 45,000 square feet of living space. It also boasts one of the largest swimming pools in the United States, able to contain over 350,000 gallons of water. It’s a fitting palace for rap royalty—and Zamundan royalty as well. Which is why the producers of “Coming 2 America” were attracted to Ross’ 109-room, 12-bedroom, 21-bathroom mansion. Ross, meanwhile, wasn’t shy about charging them for their interest. In an Instagram Live post, he revealed that dozens of people wanted to see his estate multiple times, so he made them pay for the privilege. After all, giving tours to that many people is a bit of a hassle. It seems the producers were so impressed by the place they chose to use five rooms, including the grand foyer (seen quite a few times in the film), the dining room that seats up to 100 guests, two other lavish rooms with 18-foot ceilings, and Ross’ own bedroom. Of course, set designers had their way with the rooms, adding blue tones and gold leaf to rooms that had been primarily in a pristine designer white. Ross is reported to have liked the new decor so much he kept it that way—in particular the wallpaper in the living room, and the new table they built specially for the banquet scenes, which seated up to 60 diners. Other interiors and exteriors were shot on sets in large studios. Ross, 45, is a rapper and founder of the record label Maybach Music Group. He released his first his studio album, “Port of Miami,” in 2006, and followed it up with huge hits, like “Teflon Don” and “Mastermind.” He’s set to release his 11th album, appropriately titled “Richer Than I’ve Ever Been,” sometime this year. Kim Knausz of ONE Sotheby’s International Realty represented Stoudemire in the most recent real estate deal, while Ross was represented by his sister, Tawanda Roberts with Florida Realty of Miami. The post Rick Ross Adds the Amar’e Stoudemire Mansion to His Property Portfolio appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/rick-ross-adds-amare-stoudemire-mansion-to-property-portfolio/ Amid flux on Florida’s priciest property leaderboard, the title of most expensive home in the Sunshine State has a new titleholder. For now. Listed at $115 million, this mansion on South Ocean Drive in Palm Beach is currently the Sunshine State’s priciest property for sale. However, that honor may be fleeting, given the rapid pace of Florida’s high-end housing market. We chronicled the 10 most expensive properties in Florida less than a month ago—and the top two from that list are now off the market. As for the latest entrant, this huge house on Billionaire’s Row was built in 2015 and sits on 2.66 acres. The Atlantic Ocean is on one side of the lot and the Intracoastal Waterway on the other. The sprawling estate has room to spread out—it offers a total of nearly 30,000 square feet of living space. The decor is ornate and punctuated by columns, arches, and ironwork. The muted palette of the interiors includes mostly white and other neutral shades. There are nine bedrooms and more than 10 bathrooms on three levels. The bathrooms are huge, and one of them features an island just as big as a typical kitchen island. Speaking of the kitchen, the main cooking space has two islands, plus built-in appliances. There’s also a large butler’s pantry and other storage close to the main kitchen. Outside, there are several outdoor kitchens and multiple dining and sitting spaces where guests can congregate. Choices include spots for lounging by the pool, as well as other areas set aside for gazing out at the ocean or the Intracoastal. The outdoor pool and spa are covered, to avoid the direct Florida sun, but are open on all sides. Several of the outdoor spaces feature fireplaces, as a hedge against any unseasonably cool evenings in Florida. The house has huge windows and glass doors to take advantage of the water views on both sides. The dock on the waterway has deepwater access, ideal for a yacht. Other high-end amenities include a gym with room for all kinds of equipment. Luxury autos are protected in an air-conditioned garage with four spaces, plus a bathroom. A studio guesthouse has a kitchenette and place for a bed and living space. The property made headlines in 2019, after a landscaper accidentally broke a natural gas line while tending to the extensive, manicured landscaping. Several mature trees and art dot the lawn. Public records list the current owner as a trust based in Hamburg, Germany. Records show that the tax bill for 2020 was $549,928.44—one of the highest in the county. When the property sold back in May 2012, it was the largest sale that year, at $23.5 million. The previous owners were the socialite Ruby Rinker and her husband Andrew Bytnar. The house on the land at that time was a 12,000-square-foot home built in 1971, which was demolished to make way for this estate. The Addison Development Group built the home and is responsible for several other mansions along Billionaire’s Row. The listing agent is Lawrence Moens, who frequently holds the listings for Palm Beach’s most prestigious properties. Moens recently sold a property that was previously the state’s most expensive listing, at $140 million. The sale price of $122.7 million probably set a nice comp for this new competitor in Palm Beach’s mansion mania. The post Florida’s Most Expensive Home Is $115M—How Long Will This One Last? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/florida-most-expensive-how-long-will-this-one-last/ As Americans reconsider their home-buying priorities amid the pressures of the pandemic and lockdowns, a sweet spot has emerged when it comes to square footage. At the highest end, midsize homes are selling faster than both larger and smaller ones, according to realtor.com. Last year, homes in the top 1% by price nationwide that measured between 5,000 and 10,000 square feet were on the market for an average of 97 days before selling. Homes measuring between 2,000 and 5,000 square feet, by contrast, took 102 days to sell, and homes larger than 10,000 square feet took 126 days. This trend has continued in early 2021: Luxury midsize homes take an average of 110 days to sell, while larger ones require 127 days, and smaller ones 113 days. It seems that there is a sweet spot for selling a luxury property quickly, as buyers are taking a cue from Goldilocks and seeking homes that are not too big and not too small. The data also drive home a point for affluent buyers and developers that even in the luxury market, bigger is not always better when it comes to securing a quick sale. “The data supports our experience,” said Brett Dickinson of Pacific Sotheby’s International Realty in the San Diego area. “In La Jolla right now, with our 5,000-square foot homes, we can sell one a week. They’re just flying off the market.” One factor behind this trend is that many luxury buyers are relocating from major cities to suburbs. Having become accustomed to living in apartments, these buyers are seeking more space but can feel daunted by the idea of managing a large house with ample acreage. “Our buyers are largely coming out of Manhattan, but also the West Coast and London, and they definitely want more elbow room,” said Robin Kencel, a broker at Compass in Connecticut. “But when they’re coming out of 3,000-square-foot apartments in the city, and they’re looking at 9,000-square-foot homes, they don’t know what to do with all that space and land.” Price point is also a major part of buyers’ calculus as they decide what size home is the right fit for them. In South Florida, buyers are relocating from urban areas like Miami to suburban ones where they can have more space, but they don’t want to go too big. “We’re seeing demand for midsize homes, at 5,000 to 10,000 square feet, which is also a more approachable price point,” said David Martin, CEO of the Miami-based development firm Terra, which is developing a community of luxury homes in Weston. “Most people don’t see a necessity for 10 bedroom homes right now.” Sellers of midsize luxury homes—particularly ones that are turnkey—are well-positioned now, and buyers should anticipate competition and bidding wars. But even in this hot market, correct pricing is still critical. “Whether your home is smaller or larger, it’s definitely an important time to have an experienced Realtor,” said Kim Bancroft of Daniel Gale Sotheby’s International Realty on Long Island. “Even though we have an exodus of buyers, being priced correctly is key, because buyers are price sensitive and very educated as to whether something is properly priced.” The appeal of midsize homesThe Covid-19 pandemic has sparked a migration from cities to suburbs, with wealthy buyers purchasing primary or vacation properties that offer more space for working, learning and playing at home. These buyers want more square footage than urban apartments provide, but it seems that for many, there is such a thing as too large. “There is a sweet spot when it comes to square footage,” Ms. Bancroft said. “People are valuing experience over luxury goods, and putting their money toward homes with land and room for kids to play. But they want a manageable space that is not overwhelming.” And demand for midsize homes has become so intense in some areas that new buyers are driving up average sales prices substantially. “We have a lot of buyers [in San Diego] coming from Los Angeles and San Francisco, and they’ve pushed up prices because they get less house for more money where they’re coming from,” Mr. Dickinson said. “Here, we’re 25% cheaper and we have all this space, plus new homes with incredible views, so everyone’s flocking to San Diego.” Ms. Kencel said she has also seen buyers from the city driving up prices on homes. In the Greenwich area, 70 midsize properties have sold so far this year for an average price of $2 million; during the same time frame last year, 57 midsize homes sold for an average of $1.8 million. “The story to me is the average price going up, which is a big shift,” she said. The relative affordability of larger homes is also driving buyers from the West Coast to Las Vegas, where inventory is now especially tight. “You can sell a 2,000 square foot home in California and buy a 5,000 square foot home here,” said Scott Acton, CEO with Forte Specialty Contractors in Las Vegas. “A big driver of demand now is Baby Boomers retiring, and with their liquidity they can buy the home of their dreams.” A lighter tax burden is another motivator for buyers moving from high-tax states like New York and California to lower-tax ones like Florida and Nevada. Property taxes, too, are a significant factor behind the appeal of midsize properties in suburban areas like Connecticut and Long Island. “Taxes affect buyers even at the luxury end,” Ms. Bancroft said. “On a huge, magnificent home, the taxes can be $90,000 a year, and buyers may be able to afford that but don’t want to pay so much. Midrange homes are more manageable not only from a property and acreage perspective but also from a tax perspective.” Advice for buyers and sellers of midsize homesThe market is hot for midsize homes, particularly those in turnkey condition on sizable lots, and buyers should anticipate competition. “All but one of my sales this year have gotten multiple bids, so buyers have to come into the market knowledgeable,” Ms. Kencel said. “Make sure you’ve seen enough with your agent so that you’re ready to bid when you see what you want. The cleaner your bid can be, the better, and if you don’t need financing, that’s great.” Having a smaller property doesn’t necessarily mean the home will linger long on the market: 2,000 to 5,000 square foot homes are always appealing to entry-level buyers, agents say. And for homes larger than 10,000 square feet, selling quickly depends on local inventory and pricing. “In our area, there are not a ton of properties on the market over 10,000 square feet, so as long as the house is in great condition, the seller is still in a strong position,” Mr. Dickinson said. “It’s also very price-driven. If you’re selling a home of that size for $10 million, you’re fine.” Sellers of homes in that midsize sweet spot can expect plenty of interest, but it’s still important to make sure the property looks pristine for showings, and above all, that it is priced correctly. Today’s luxury buyers are well-informed about the markets they’re purchasing in, and though they may be eager to make lifestyle changes, they are still price-sensitive. “It’s a hot market, so if your house hasn’t sold, it’s probably not priced correctly,” Ms. Bancroft said. “If you take the advice of an experienced Realtor, do whatever you can visually to enhance the buyer’s experience, and price it correctly, that will translate to actual dollars in your pocket.” The post Not Too Big, Not Too Small: The Sweet Spot for Luxury Home Sellers appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/not-too-big-not-too-small-the-sweet-spot-for-luxury-home-sellers/ Doja Cat is moooving into a new home. The pop star just purchased a stylish, midcentury modern abode in Beverly Hills, Variety reported. The 25-year-old phenom paid $2,185,000 last month for her purr-fect pad. Built in 1960 and renovated over the decades, the home initially came on the market in 2018, with an asking price of $2.8 million. But the home sat on the market for years and the price continued to drop, until a last discount to $2,225,000 million last fall. That price appeared to be in the right range for the singer, who pounced on the place. The four-bedroom gem measures 2,404 square feet and is set in the hills between two parks. Concrete stairs lead up to the double-door entry and decorative designs on the exterior. A private drive with a wood-clad garage leads to the front of the house, which is perched on a hill. Surrounded by thick landscaping, the greenery provides plenty of privacy. Noted for its “bohemian chic” mixing of modern and traditional elements, the open plan features soaring ceilings, polished porcelain floors, and a concrete fireplace. The snazzy kitchen with high-end appliances includes contrasting white and dark oak cabinets, white quartz counters, and a mod curved island with seating. The kitchen looks out to dining area with walls of glass. The floor plan also includes a wine cellar and laundry in the garage. Upstairs, the master suite includes a walk-in closet, dressing area with built-in shelves, and spalike bathroom with dual vanities and Japanese cement soaking tub. A balcony over looks the stylish backyard. Outside, the compact outdoor space offers various sitting areas and a long, curving swimming pool. Born and raised in L.A., the rapper Amala Ratna Zandile Dlamini, who is known professionally as Doja Cat, sprang to internet fame with her quirky video “Mooo.” Her album “Hot Pink” climbed to the Top 10 of the U.S. Billboard 200. And her single “Say So” topped the Billboard Hot 100. She has collaborated with superstars Ariana Grande and Megan Thee Stallion, and received three Grammy Award nominations. Now, Doja Cat can curl up in her new pad. Monica Barragan with Keller Williams Beverly Hills represented the seller. Angel Salvador of The Agency represented the buyer. The post Doja Cat Purchases Purr-fect Midcentury Modern Home for $2.2M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/doja-cat-buys-purrfect-midcentury-modern-home/ |