The fate of the 2020 baseball season is in some doubt, but in addition to his potential duties behind the dish for the Washington Nationals, the catcher Kurt Suzuki has other distractions. Suzuki’s SoCal home in Redondo Beach, CA, is now on the market for $2.68 million. The custom-built, Craftsman-style home is located “in the most sought-after neighborhood of South Redondo” and was completed by the local builder Gary Lane in 2007. Suzuki and his wife, Renee, snagged the home eight years ago for $1,575,000. Measuring in at 3,800 square feet, the two-story, five-bedroom home sits on a large lot with a detached guesthouse out back. The lot also offers enough space to add a swimming pool if a buyer desires. The entire home has high ceilings that lend it an airy, open feel. Gorgeous walnut hardwood floors in the living room, family room, and bedrooms truly shine. An open concept kitchen features luxury appliances, double ovens, Caesarstone counters, and a walk-in pantry. Each of the four current bedrooms is located upstairs. The fifth bedroom is located on the main floor and has been used as an office/study area with built-in desks. Solar panels are conveniently located on the roof, to keep the electronic costs low and efficient. French doors open from the family room onto the large backyard, where you’ll find a built-in barbecue. After a workout or day at the beach, there’s an outdoor shower to cool off. The one-bedroom guesthouse has a kitchen and bathroom. It’s ideal for overnight guests or could be converted into additional office space. Suzuki and his wife own another home in the area that they purchased in 2018 for $2.9 million. After starring in college at nearby Cal State Fullerton, Suzuki’s big league career began with the Oakland A’s in 2007. He bounced around with a few different clubs, before becoming a key member of the Nationals’ 2019 World Series-winning squad. He made history during Game 2 of the World Series, when he became the first Hawaiian-born player to homer in a World Series game. Kathy Morris with Compass has the listing. The post Washington Nationals Catcher Kurt Suzuki Selling $2.68M Redondo Beach Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/kurt-suzuki-selling-redondo-beach-home/
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The numbers: The index of pending home sales rose 16.6% in June as compared with May, the National Association of Realtors reported Wednesday. The increase comes after pending home sales experienced the largest monthly rise on record last month, the trade group said. Compared with a year ago, contract signings were up 6.3%, a sign of how sharply the market has rebounded from its coronavirus-related low. “It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago,” Lawrence Yun, the National Association of Realtors’ chief economist, said in the report. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.” The index measures real-estate transactions where a contract was signed for a previously-owned homes but the sale had not yet closed, benchmarked to contract-signing activity in 2001. What happened: Every region experienced a monthly increase in pending home sales, led by the Northeast (up 54.4%). However, the Northeast was the only region that did not experience a year-over-year uptick in contract signings, a reflection of the longer pandemic-related lockdowns in those states. The trade group now expects that existing-home sales will only drop by 3% for all of 2020. The big picture: The continued rebound in pending home sales suggests that the real-estate market is thriving in spite of the continued rise in COVID-19 cases across the country. Two main factors are driving the surge in home-buying activity. Many buyers appear to be entering the market looking to make up for lost time — as such, the rise in sales is a reflection of the delays caused by the coronavirus outbreak. The low mortgage rate environment has also created a sense of urgency among Americans looking to purchase a home and lock in an attractive interest rate. Nevertheless, headwinds remain for the nation’s housing market. There’s still a shortage of homes available for sale, and some sellers continue to stay on the side lines rather than list their properties. The supply situation will inherently limit how many deals can close. “The impacts of social distancing seem to have more lasting impacts on supply, as new listings remain well below the 2019 levels despite the resurgence of demand we saw in May and June,” said Ruben Gonzalez, chief economist at real-estate brokerage Keller Williams. And while low mortgage rates are popular, if they stay this low for an extended period of time, the novelty will likely wear off, experts say. Once Americans get used to sub-3% rates, they may not act as the same catalyst driving sales volumes as they are now, Realtor.com chief economist Danielle Hale told MarketWatch when the 30-year mortgage dropped below 3% on average for the first time earlier in July. Finally, coronavirus cases have continued to increase across much of the country throughout the summer, including in Sunbelt states with some of the largest real-estate markets in the country. It’s not fully clear yet how that rise in cases may affect consumer confidence and people’s interest in buying a home in those areas. And the quick adoption of virtual home-showing technology across the real-estate industry should stave off some of the negative effects from the rise in COVID-19 cases, Gonzalez said. What they’re saying: ”The numbers tend to trend broadly in line with mortgage applications, which have fully recovered from their COVID-induced drop in the early spring,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a research note. Market reaction: The Dow Jones Industrial Average and the S&P 500 were both up slightly in Wednesday morning trading ahead of an antitrust hearing with tech giants Apple, Amazon, Facebook and Alphabet. The 10-year Treasury note’s yield was down as traders waited for a policy update from the Fed. The post Pending Home Sales Continued to Rebound Across the Country in June (for Now) appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/pending-home-sales-continued-to-rebound-across-the-country-in-june-for-now/ Former Cincinnati Bengals quarterback Andy Dalton is looking to score a sale of his home in Cincinnati. Now that the longtime Bengal signal-caller has signed on with the Dallas Cowboys, he’s vacated the Ohio abode. The traditional-style residence is now available for $2.5 million, the Cincinnati Enquirer reported. For Bengals fans, moving into a piece of sports history might be an added amenity. Dalton purchased the place for $1.05 million in 2016—and scored a bargain in the process. The home had been on the market for over a year and was initially listed for $1,425,000. While a sale at Dalton’s current asking price would be a big win, he did invest in a significant renovation, which may cut into his profit. For the next owner, though, the turnkey option is a “buyer’s dream,” according to the listing details. The listing also notes that the home has been “impeccably designed and completely renovated.” The charming home features five bedrooms, 4.5 bathrooms, and 5,654 square feet of living space. From the front of the house, a large, covered porch is spacious enough for some outdoor furniture. Inside, the formal living room with a fireplace is surrounded by built-in shelving. A formal dining area features a chandelier and a bar cart. The stylish open kitchen includes an island, casual dining area, open shelving, and a herringbone backsplash. The kitchen opens onto a family room and French doors that open to the backyard. An adjacent space includes a built-in desk. Upstairs, the master bedroom has a walk-in closet and a large bathroom with separate shower, tub, and dual vanities. Most of the other bedrooms can be found on the second floor. However, a guest bedroom and bath are located on the home’s lower level. That bottom floor also includes a game room and lounge area with a flat-screen TV. Sharp-eyed fans may spot some sports memorabilia decorating the space. A yoga or exercise area with a mirrored wall is also set up. Outside, a covered deck features a seating area with an outdoor fireplace and TV, as well as a grassy lawn. The property also includes a three-car garage. Dalton, 32, was drafted by the Bengals in 2011, and starred as quarterback for nine seasons, making the Pro Bowl three times and reaching the playoffs four times. After his release from Cincy, he signed a one-year deal with the Cowboys worth up to $7 million. Here’s a bonus for the Texas native. He has no need to go house-hunting, since he already owns property in Dallas. Dalton has roots in the area, as he starred in college at Texas Christian University, in nearby Fort Worth. Drew Homan with Coldwell Banker West Shell-Hyde Park holds the listing. The post Now a Cowboy, Former Bengals QB Andy Dalton Is Selling His Cincinnati Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/andy-dalton-selling-cincinnati-home/ These days, we’re all in on guilty pleasures. In search of dreamy real estate, we cast our eyes to the apex of the market—the rare air of America’s most expensive homes on the market right now. When we last looked in summer 2019, the nation’s most expensive home was Chartwell, the renowned Bel-Air estate, priced at $195 million. However, it’s no longer on our list, thanks to its $150 million sale late last year. It’s a new cast of eye-popping places, with a few familiar faces from our sojourns into seriously expensive mansions. And while it may seem counterintuitive to have a $100 million-plus listing on the market at this moment in history, the time might be exactly right for a rarified group. Major pieces of property with lots of land and high-end amenities are quite appealing in this era of sheltering at home. And what better way to encase yourself in a bubble than in one of these 10 regal residences? Scroll on down for a full look at the priciest properties for sale in America. 1. 67 Beverly Park Ct, Beverly Hills, CAPrice: $160 million Seven years in the making, the property is the “largest assemblage in Beverly Park.” Set on 9 acres and accessed by its own street, the gated compound includes a 30-car courtyard, surrounded by 40-foot-tall palms. The setting will make you think you’ve been transported to Europe. The 20,000-square-foot mansion, designed by William Hablinski Architecture, has 20 beds and 23 baths. The interior boasts “every possible amenity,” including high ceilings, large formal gathering spaces, and arched doorways. Out back, there’s 4 landscaped acres, which include a pool and pool house, two-story guesthouse, tennis court, and a walking/jogging trail. Not enough space? A separate lot comes with room for additional development. The area is home to such celebs as Mark Wahlberg and Eddie Murphy. This pricey property is reportedly owned by the CEO of Air Lease Corp., Steven F. Udvar-Házy, and his wife, Christine. The couple listed the mansion three years ago for $165 million. The price was reduced this month. ——-- 2. 1080 Meadow Ln, Southampton, NYPrice: $150 million The 14-acre parcel with 700 feet of beachfront includes three contiguous lots with opportunities to build. There’s a 12,000-square-foot main residence with indoor pool, a tennis court with tennis house, pool and spa, pool house, and two golf greens with golf houses. The sprawling coastal property was purchased in three separate transactions, and the buyer had big plans to build a family compound. Instead, he placed the entire property back on the market in 2017 for $150 million, where it has sat ever since. ——-- 3. 2000 S Ocean Blvd, Manalapan, FLPrice: $137.5 million The South Florida showstopper comes with a 12-bedroom, 62,200-square-foot main residence; a couple of four-bedroom cottages; a seven-bedroom Mango House; and guest/staff quarters comprising four studios and apartments. You’ll never need to leave the premises. The recreational perks include a swimming pool, PGA-standard golf area, regulation tennis court, half-basketball court, fitness center, and spa. Paths lead to the ocean and the lake, which features a dock and pier. It made a splashy debut in 2016 with a whopping $195 million list price. The price was reduced by $30 million the following year. It was reduced to its current price in 2017. ——-- 4. 27560 Pacific Coast Highway, Malibu, CAPrice: $125 million The 3-acre property is located in Malibu’s Paradise Cove. It includes a main house, guesthouse, pool, and 256 feet of beach frontage. The current owner is Diana Jenkins, founder of the health drinks company Neuro Drinks, according to the Wall Street Journal. The main residence features vaulted ceilings, herringbone-patterned floors, an entertainment room, chef’s kitchen, wine room, recording room, and staff office. The three-story guesthouse includes three rooms, a kitchen, and a patio with an aquarium wall. ——-- 5. 1011 N Beverly Dr, Beverly Hills, CAPrice: $125 million The legendary home set on 3.5 acres has 18 bedrooms and 22.5 baths. The grounds include walkways, fountains, waterfalls, a tennis court, as well as a swimming pool and pool house. Known as the Beverly House, the property was stuck in a “tangled financial web” in 2016. It’s bounced on and off the market for a few years and was priced as high as $195 million in 2016. It was relisted two years ago for $135 million. ——-- 6. 141 S Carolwood Dr, Los Angeles, CAPrice: $115 million Designed by architect Robert D. Farquhar in 1936, the European-style estate is set behind tall hedges and includes 10 acres of rolling lawns, a tennis court, pool, and pool house. The 12,000-square-foot residence has 10 bedrooms and nine baths. According to the listing, the property is the largest compound in Holmby Hills and comprises three contiguous lots, which offers a buyer “endless opportunities.” Renderings of a modern mansion with luxurious finishes and a sleek interior suggest what the next owner could do to bring it into this century. ——-- 7. 27930 Pacific Coast Highway, Malibu, CAPrice: $115 million The 10,646-square-foot modern residence set on 2.5 acres comprises two wings that face each other. They’re connected by a two-story entry with a floor-to-ceiling chandelier, a spiral staircase, and walls of windows. It first surfaced on the market in February. The 12-bedroom, 14-bathroom home features an open floor plan. Out back, the dramatic infinity pool seems to float over the coastline. There’s also a tennis court, eight-car underground garage, and private beach. ——-- 8. 1341 S Ocean Blvd, Palm Beach, FLPrice: $110 million Called Pietra Mare, it first came on the market for $109.5 million in 2018. It was recently relisted with a slightly higher price tag. The 28,399-square-foot residence has seven bedrooms, nine bathrooms, and six half-baths. The home features soaring ceilings, stone floors, and walls of arched windows. Landscaped grounds include a pool and spa, guesthouse, and 170 feet of beach frontage. There’s also covered outdoor space for dining and lounging. ——-- 9.14000 Calle Real, Goleta, CAPrice: $110 million Each home has five bedrooms, a guesthouse, wine cellar, home theater, pool, and helipad. Originally a land grant from Carlos III, the King of Spain, the breathtaking property includes hillsides, coastal meadows, orchards, and grassland, along with farmlands and a cattle range. The secluded property is close to the affluent hubs of Santa Barbara and Montecito. ——-- 10. 10697 Somma Way, Los Angeles, CAPrice: $100 million There’s a full-size basketball court, as well as a wellness center with a 75-foot indoor lap pool, a sauna, steam room, and gym. To relax, there’s a 36-seat home theater, wine cellars, and a recording studio. If you’d like to kick back outside, there’s a resortlike yard, multilevel patios, infinity pool and spa, weather-proof Samsung wall, and kitchen. You can easily host guests with eight bedrooms, 21 bathrooms, and a 20-car auto gallery. The post $100M-Plus Club: The 10 Most Expensive Homes in the U.S. appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/100-million-plus-club-10-most-expensive-homes-in-america/ The pro golfer Corey Pavin hopes to line up a buyer for his longtime Los Angeles abode. Pavin’s place is now on the market for $3,599,000. Pavin purchased the Brentwood-area home for $3 million at the end of 2007. When he bought it, the gated property was said to have been recently renovated, and it has remained in pristine shape. The current listing details note that the space is “well-maintained and move-in ready.” The modern residence features walls of glass with multiple access points outside, soaring ceilings, and plenty of natural light. “The Zen indoor/outdoor flow behind the gates brings in a sense of tranquility instantly,” says the listing agent, Jesse W. Morton of Douglas Elliman. “Surrounded by tall trees and beautiful wildflowers, this compound delivers both peace and serenity and transports you to another time.” Built in 1961, the single-story home offers an open floor plan with three bedrooms, 3.5 bathrooms, and 2,908 square feet. The living room features vaulted ceilings, a fireplace, and glass walls that lead out to the backyard. The large, updated kitchen could easily fit an island or breakfast table. A formal dining room looks out to the patio. The master bedroom suite contains dual walk-in closets, a large soaking tub, and an oversized shower. It also offers access to a private sideyard. The home also includes a gym that could be used as an office or nursery. Set on over a half-acre, the grounds feature mature landscaping that offers scenic, private surroundings. A spacious patio incorporates a water feature with space for entertaining and dining. The single-level home also includes two more en suite bedrooms with French doors, and an office with French doors. Parking is plentiful, with a two-car garage, as well as a circular drive with room for more vehicles. Dual security gates ensure privacy. Pavin, 60, a native of Oxnard, CA, has reportedly also owned homes in the Dallas and San Diego area. He has won 15 events on the PGA Tour, including the U.S. Open in 1995. His career earnings in pro golf top $16 million, and he’s currently on the on the PGA Champions Tour. The post PGA Star Corey Pavin Swings for a Sale of His $3.6M Brentwood Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/corey-pavin-selling-brentwood-home/ San Francisco is known for its postcard-perfect “Painted Ladies,” those colorful Victorians with ornate facades. But there’s actually a wild melange of housing styles packed within its 49 square miles. And it is possible to find a midcentury modern gem if you sift through the housing stock. On one of the highest peaks in the city, we’ve spotted one of these midcentury marvels. It’s on the market for the first time since it was built in the late 1950s, and the custom-designed residence is now available for $6 million. Commissioned by the family that has lived in the home since 1958, it was built in a San Francisco that’s just a faint memory today. “There were few homes on Clarendon Heights at the time,” says the listing agent, Dona Crowder with Coldwell Banker, who also lives in the neighborhood. She notes that utilities for the street didn’t go up until the 1930s. The centrally located hillside features about 100 houses and dead-end streets, and is surrounded by nature. Each home built in the area is the reflection of an owner’s personal vision and the vision of the architect hired to execute on that vision. The modernist firm Campbell and Wong came up with an ingenious way to accommodate the steep slope of this lot close to Twin Peaks. The two-car garage was built street side, with the canopied and terraced entrance leading into a large center courtyard. The residence was placed at the rear of the downhill slope and features six bedrooms and 3.5 baths on three floors. The front door opens to the middle level of the home, with a wall of windows that look out to jaw-dropping views of the city. On the main level, the high-ceilings of the living and dining rooms include an original slatted-wood room divider. It can slide closed to define the spaces and also serves as an architectural feature. One floor up are the three family bedrooms, with a private deck that overlooks the garden courtyard. The bedrooms contain pocket doors that can be opened so all three rooms can be combined to make one large space. On the opposite side of the floor, a large double bedroom, walk-in closet, and en suite bath with an attached balcony serves as the main bedroom wing, with the second room used as an office, home gym, or sitting area. Downstairs, the bottom level features a rumpus room and a guest suite with its own set of unique views. The home, perched above the city, feels as if “you’re in your own resort,” according to Crowder. At the same time, she says, you feel that you’re in the city. The location is within walking distance to Cole Valley shops and restaurants, and equally close to Tower Market and the shops of Diamond Heights. It’s also a relatively easy commute to downtown or Silicon Valley, and a plenty nice place to set up a home office with views of the whole Bay Area. “It’s kind of an inspired design,” Crowder says. The idyllic home’s interiors rated publication in the 1961 House & Garden “Book of Building.” The mechanical systems—wiring, heating, and plumbing—have been updated along with the kitchen appliances, but other than that, the home looks as it did 60 years ago. “It’s very original, which is what is so appealing about it,” she says. “It’s a collector’s piece.” The post Built in 1958, a San Francisco Midcentury Modern Hits Market for the First Time appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/san-francisco-midcentury-modern-lists-for-first-time/ Are Jennifer Lopez and Alex Rodriguez suffering from a case of coronavirus-related home buyer’s remorse? It sure seems like it, since the celebrity power couple have decided to sell the beachfront property they bought less than two years ago in Malibu, CA. Lopez and Rodriguez have just listed the home for sale for $7.99 million—a mere 18 months after buying it for $6.6 million from “Entourage” actor Jeremy Piven. The 2,424-square-foot home, which was built in 1949, has been “reworked for a masterful redesign,” according to the listing. Though details about the home’s interior are scarce, the listing mentions that it has numerous terraces and walls of glass, and it sits on 50 feet of sandy beach. It’s not clear exactly how much renovation work has been completed on the home, as the listing includes only exterior photos, and Carl Gambino, the home’s listing agent with Compass, declined to be interviewed for this story. However, in the past, Lopez spoke openly about wanting to fix up the home—with the help of a very well-known home designer. Did Joanna Gaines help J. Lo renovate this house?During an interview on “The Ellen DeGeneres Show” last year, Lopez described the house as a “fixer-upper next to the water” and explained how Rodriguez surprised her on their two-year anniversary by commissioning Joanna Gaines of HGTV’s “Fixer Upper” to renovate the home. “It’s a house that needs work,” Lopez told DeGeneres. A few weeks later, Lopez and Gaines (along with baby Crew) were photographed standing on the beach in front of the home, with TV film crews in the background. So, after investing all that effort to fine-tune the home, why did the couple decide to drop it like a hot potato? Has COVID-19 turned this beach house into a potential money pit—or a cash cow?Some real estate experts speculate that the celebrity couple’s decision to sell may have been motivated by the coronavirus pandemic, since the home is very close to neighboring properties. Even with direct beach access, other beachgoers may have been too close for comfort for Lopez and Rodriguez. “While the beachfront is nice and convenient, the home is sandwiched between two other properties,” says Cedric Stewart, a real estate agent with Keller Williams Capital Properties in Washington, DC. “This setup doesn’t exactly lend itself well to social distancing. As soon as stay-at-home orders were lifted, people began flooding beach destinations and waterfront bookings soared,” says Stewart. “A crowded beach is not the best way to protect yourself during a pandemic.” The pair is reportedly part of a group of investors trying to buy the New York Mets, so it’s also possible they’re thinning out their real estate portfolio to free up some cash for that deal. But they may also be acting strategically in case the recession drags on, says Odest Riley Jr., president of WLM Financial, a real estate brokerage firm in Inglewood, CA. “They seem to be reading the tea leaves and the financial markets, and moving on from a property that could turn into a money pit in the middle of a national crisis,” he says. “By putting the property back on the market and hopefully making a nice profit, it allows them to free up cash and not be stuck with a possible investment that could likely be very hard for the next buyer to finance. And if the market takes a tumble in 2021, it allows them to have cash available to pick up different properties at a lower price point.” The COVID-19 pandemic may be affecting Lopez and Rodriguez in yet another way: With everyone working from home because of the pandemic, beachfront properties are a hot commodity right now, says Cara Ameer, a real estate agent with Coldwell Banker in California and Florida. “They scored a deal on this home when they purchased it and may want to take advantage of the hot market, particularly with second homes due to COVID-19,” she says. “Everyone is looking for that getaway property, and there is no better time to buy a beach house.” And despite Lopez’s very public gushing about Rodriguez’s sweet surprise, more than likely, the Malibu home is no more or less special to the couple than any of their other properties. After all, this isn’t their first joint foray into real estate. They’ve owned multimillion-dollar homes in Los Angeles; New York City; the Hamptons; Encino, CA; and Coral Gables, FL, among others. “Owning multiple properties is a business in and of itself, and given the number of real estate transactions this power couple is continually involved in, the decision to buy or sell is often nonemotional at this level and more about what makes sense business- and lifestyle-wise,” Ameer says. Gaines’ apparent involvement adds another layer of celebrity sheen to the home, which could ultimately boost the sale price. “The pricing strategy seems right on,” Ameer says. “Going just under $8 million is an aggressive approach and perhaps may create a multiple-offer situation.” The post Why Are Jennifer Lopez and Alex Rodriguez Unloading Their Malibu Dream Home So Fast? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/why-are-jennifer-lopez-and-alex-rodriguez-selling-their-malibu-dream-home-so-fast/ “There’s a bunch of things you can do with it,” says Justin Godsey, the listing agent for an Arizona ghost town that he’s representing. “It’s open to a lot of possibilities.” Listed for $1.25 million, the mostly defunct 40-acre town of Cleator, AZ, includes a functioning bar, general store, and 20 other structures—namely, the town’s original homes. “There are residents who live there and prefer to live off the grid,” says Godsey. Those hardy souls might pique the interest of a buyer in search of an income stream. The current tenants are renting on a month-to-month lease, and as the listing details put it, “The population is low, but it’s a friendly bunch.” Another potential income opportunity? The purchase also includes mining rights for the large expanse of desert acreage. “The federal rights do transfer with the sale of the property, along with the possibility of renaming the town,” says Godsey. Established in 1864 as a gold-mining town, it was called Turkey Creek, but its post office closed in 1954. “The population dwindled, and that’s when it became—for lack of a better word—a ghost town,” says Godsey. When James P. Cleator bought the town in 1925, the tiny desert burg took his name. Relatives of the founder still own Cleator, but are now ready to hand it over to a buyer with a vision, says Godsey. Locals may know Cleator as a stop en route to off-roading spots nearby. The city of Prescott lies an hour’s drive north, and Phoenix sits about 90 minutes south of Cleator. What could a seller do with this ghost town? Well, given the interest in off-roading in the area, Godsey suggests building an off-road park. “If it’s used for commercial [purposes], or as a destination, keeping the history of the ghost town” could be a great idea, he says. “Maybe turning it into a ghost-town bar? Or maybe somebody wants to turn it into a spa-getaway destination?” While the bar is currently operated by a third party, the town’s new owner could renegotiate the contract, and potentially, find a new operator. Godsey says that based on his research, he believes that “red tape” could surface for a buyer trying to incorporate an honest-to-goodness town. Resurrecting the city would require fire, police, and other municipal services. “I’m doing a lot of back-end work behind the scenes to answer those questions,” he says. Interest isn’t coming only from Arizona—or even just the Southwest. “I’m fielding questions from all over the country,” he says. “I’ve had some pretty exciting conversations with people.” Whoever snaps this up will already be in love with the idea of rural life—because there’s no city nearby. “It’s definitely remote. It’s 11 miles off I-17. You’re basically going down a dirt road. You’re surrounded by the Bradshaw Mountains and Prescott National Forest,” says the agent. What’s priceless is the chance to resurrect this slice of forgotten history. “The opportunity of owning a town is so rare,” says Godsey. In fact, a promotional video he created (his second career is in film production) has received nearly 100,000 views already. Could the town’s next owners have spotted their chance? We’ll keep an eye on it. The post A Real-Life ‘Schitt’s Creek’? Arizona Ghost Town Available for $1.25M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/arizona-ghost-town-cleator-for-sale/ In the middle of a recession and the worst public health crisis in a century, the U.S. homeownership rate surged to its highest point since the Great Recession. The homeownership rate reached 67.9% in the second quarter of 2020, according to a recent report from the U.S. Census Bureau. That’s up from 65.3% of Americans owning their residences in the first quarter of the year and 64.1% in the second quarter of last year. While on the surface the housing market appears to have recovered from the housing crash of more than a decade ago, the rate is a bit deceiving. The Census’ data collection efforts were affected by the novel coronavirus and ensuing shutdowns. “Part of the increase we’re seeing is likely due to changes in the way the U.S. Census Bureau collected data,” says realtor.com® Chief Economist Danielle Hale. “The housing market is doing really well. It’s likely the homeownership rose, but I don’t think it’s likely that it rose that much.” After a pause during stay-at-home orders, the housing market has rebounded—and then some. The lack of homes on the market hasn’t discouraged the hordes of buyers from descending en masse, seeking to escape small, city apartments and cramped starter homes while taking advantage of record-low mortgage interest rates. (Rates dipped just below 3% for the first time ever earlier this month.) “People still want to own homes, and with mortgage rates low, a lot of people are taking advantage of that even though there are lots of scary things going on in the economy,” says Hale. This has led median home prices to shoot up 9.1% year over year in the week ending July 18. That’s despite a recession and the most widespread unemployment since the Great Depression. Meanwhile, the number of homes for sale is down 33% compared with the previous year, when the nation was already experiencing a housing shortage. Homeownership also increased for all ages and races. The Black homeownership rate jumped to 47%, up from 40.6% a year earlier. However, those rates are still lower than those of other groups: About 51.4% of Hispanics, 61.4% of Asians, and 76% of whites were homeowners. “It’s not a new phenomenon that homeownership rates for Black and Hispanic Americans have lagged behind,” says Hale. “We did see their homeownership rates improve, but it’s not enough to close the gap.” The post The Surprising Reason Why the Homeownership Rate Surged in the Middle of a Pandemic appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/homeownership-rate-surged-pandemic/ Home-price growth slowed slightly in May, as home sales fell for a third straight month due to a widespread shutdown of economic activity in many parts of the country. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 4.5% in the year that ended in May, down from a 4.6% annual rate the prior month. Sales of previously owned homes, which make up the bulk of the housing market, dropped 9.7% in May from a month earlier, according to the National Association of Realtors, as the pandemic continued to keep potential buyers at home. Existing-home sales have since surged 20.7% in June. A shortage of homes for sale around the U.S. has kept home-price growth from slowing further, economists say. Record-low interest rates have boosted demand from home buyers, while the inventory of homes for sale has dropped from year-ago levels as sellers remain cautious. The Case-Shiller index reflects a three-month moving average. “You had the shutdowns in mid-March, you had the heart of the lockdown in April and some recovery in May,” said Mark Fleming, chief economist at First American Financial Corp. But given the current strong demand and supply shortage, “everything that I’m looking at suggests that house price appreciation is already reaccelerating,” he said. Also on Tuesday, the Commerce Department reported that the homeownership rate rose to 67.9% in the second quarter, up from 64.1% a year earlier and the highest level since mid-2008. However, the department said that its data collection was affected by the coronavirus pandemic and its survey response rates declined, which could affect the accuracy of its estimates. The Case-Shiller 10-city index gained 3.1% over the year ended in May, compared with a 3.3% increase in April. The 20-city index rose 3.7%, after an annual gain of 3.9% in April. Economists surveyed by The Wall Street Journal expected the 20-city index to gain 4.4%. The 20-city index has measured only 19 cities since March due to transaction reporting delays in Wayne County, Mich., according to S&P Dow Jones Indices. Price growth accelerated in three of the 19 cities. Phoenix had the fastest home-price growth in the country, at 9%, followed by Seattle at 6.8%. A separate measure of home-price growth by the Federal Housing Finance Agency released last week found a 4.9% increase in home prices in May from a year earlier. The homeownership-rate data showed that the number of owner households rose in the second quarter from a year earlier, while the number of renter households fell. A decline in renter households was largely expected, as many college graduates and other renters moved in with friends and family due to the pandemic. For households headed by someone under 35 years old, a key source of homebuying demand, the homeownership rate rose to 40.6% from 36.4% a year earlier, the data showed. The post U.S. Home-Price Growth Decelerated in May appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/u-s-home-price-growth-decelerated-in-may/ |