The TV executive Ted Harbert has called “Cut!” on his downtown Manhattan loft. The duplex condo in the SoHo neighborhood is on the market for $10 million. The spacious three-bedroom residence is also being offered as a rental, for $25,000 a month. The rental listing notes that the unit is available furnished, or unfurnished, for a short-term or long-term rental. Harbert’s spread is a combination of two units, in a five-floor building dating to 1900.
“This magnificent duplex condo is the perfect home for entertaining on a massive scale in the heart of SoHo,” says the listing agent, Joshua Judge with Sotheby’s International Realty-Downtown Manhattan. Judge cited the designer renovation and the large space as key factors in the loft’s desirability.
The unit has 14-foot ceilings and is accessed by a key-locked elevator. The two-level layout features an oversized double living room and glass wet bar, and a separate media room, with entertainment memorabilia on the walls. The primary bedroom suite, which includes an en suite marble bath and a custom walk-in closet, is on the lower level. That level also has wine storage and two laundry rooms. Connected by a walnut-and-glass staircase, the second level of the unit includes an open chef’s kitchen, state-of-the-art appliances, a dining area, family room, office, and two more en suite bedrooms. The “exquisitely decorated” duplex features such details as floors with radiant heat, a Creston home automation system, marble slab floors, silk wall coverings, and furnishings chosen by a designer. The white gallery walls display an extensive art collection. Harbert, who spent 40 years as a broadcast and cable TV executive, made real estate headlines over a decade ago, when he and his girlfriend at the time, the comedian Chelsea Handler, bought a beachy condo together in Marina del Rey, CA, in 2008. After the two parted ways, the star sold her share of the SoCal condo to him, and he eventually attempted to unload the posh penthouse in 2013 for $3.95 million. The apartment finally sold, over a year later, for $3.4 million. The native New Yorker stepped down from his role as chairman of NBC Broadcasting in 2016. He had previously served as president and CEO of the Comcast Entertainment Group, as well as chairman of ABC Entertainment. The post TV Executive Ted Harbert Selling His SoHo Loft for $10M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/tv-exec-ted-harbert-selling-soho-loft/
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Millions of renters could soon lose the roof over their heads in the midst of a deadly pandemic, now that the clock has run out on a federal rule shielding them. The Coronavirus Aid, Relief, and Economic Security (CARES) Act moratorium on evictions, which protected about 1 in 4 renters, expired last week, prompting fears that a tsunami of evictions may not be far behind. Landlords had previously been prohibited from evicting tenants from homes with federally backed mortgages. The prospect of back rent coming due is happening against a backdrop of an economy battered by new rounds of business closures, as coronavirus cases pile up throughout the country resulting in the highest unemployment since the Great Depression. It’s also occurring in tandem with local eviction bans and the extra $600 a week in unemployment benefits running out. (Senate Republicans on Monday appeared to favor extending the eviction ban, but it’s unclear if that will make it into the final version of the bill.) “We’re talking about millions of households who are in this deep, deep hole, who are therefore at increased risk of evictions,” says Aaron Shroyer, a policy associate at the Urban Institute, a nonpartisan research group based in Washington, DC. “This extra $600 has been a lifeline. Without that, renters who have lost their jobs could be staring down the beginnings of mass evictions.” Even before the pandemic, many tenants were struggling to get by as home and rental prices have soared in recent years. About 1 million renters were considered severely rent burdened, where they paid at least half of their income—or more—on housing. That doesn’t leave much left over for other essentials, such as food, transportation, or medications, let alone emergencies. (Renters typically earn less than homeowners. They brought in a median $40,500 in 2018—almost half of the $78,000 for homeowner households, according to 2018 U.S. Census Bureau data.) At the height of the coronavirus crisis, about 8.9 million renter households had at least one person out of work, according to the Urban Institute. That’s fallen to 6 million households in June. Unsurprisingly, this led to about 1 in 3 renters not making a full rent payment in July, according to a recent report from Apartment List, a rental website. About 19% made no payment, while 13% made only partial payment. Without additional assistance, such as the extra $600 a week in unemployment payments, it could become even harder for many renters to muster up the money to pay their landlords. Congress is still working on a new coronavirus stimulus plan, but President Donald Trump has supported replacing the $600 boost with unemployment benefits totaling 70% of a worker’s former wages. The nation could experience a 40% to 45% surge in homelessness compared with last year, according to an analysis by Columbia University economics professor Brendan O’Flaherty. That translates to about 250,000 people losing their homes. (The analysis was based on unemployment rates and a similar federal government response to the Great Recession. During this crisis, the government has provided more assistance.) It isn’t likely to get that bad—not every landlord will be rushing to housing court. Many will recognize the pool of potential renters with good jobs has shrunk. “Landlords are not going to evict if they don’t think they’re going to get another tenant,” says O’Flaherty. In June, the federal government extended mortgage forbearance for landlords for an additional three months—as long as they don’t kick out tenants affected by the coronavirus crisis during that time. But that applies to only about 1 in 10 renters, according to the Urban Institute. Only landlords with federally backed mortgages for multifamily properties with five or more units are eligible for the program. Prominent Democrats recently unveiled legislation that would extend the eviction bans. Former presidential hopeful Sen. Elizabeth Warren‘s bill would add eight more months to the eviction moratorium on properties with federally backed mortgages and prohibit landlords from charging fees for missed payments. Sen. Kamala Harris, who had also launched a presidential bid, would ban both evictions and foreclosures for a year. “Experts are predicting an avalanche of evictions if we don’t institute new protections. We are already seeing a rise in evictions in cities where local eviction bans have lapsed,” Warren said at a press conference last week. “Failing to put a safeguard in place to keep people in their homes is most likely to harm the most vulnerable Americans, and to harm communities of color.” That legislation has yet to be passed. But there is a patchwork of protections in cities and states across the country. They’re on hold in the state of Illinois until Aug. 22, while most San Francisco evictions are banned until Jan. 31, 2021. In a typical year, about 3.7 million evictions are filed—roughly one every seven minutes, Matthew Desmond, author of “Evicted: Poverty and Profit in the American City,” told National Public Radio. Roughly 1 in 20 renters faces eviction each year, he said. That rate is nearly double for Black tenants, at 1 in 11. Throw in a pandemic, recession, and what could be multiple rounds of business closures, and “there’s going to be a very large number of renters at risk,” says Samantha Batko, a senior research associate at the Urban Institute. The post Millions of Americans Could Soon Become Homeless as Protections Expire appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/renters-struggle-with-evictions-coronavirus-pandemic/ A new listing in Boulder, CO, embodies the best of both worlds. It has nature views, yet sits close to downtown. It’s also an intriguing blend of vintage and modern materials. This four-bedroom residence, which boasts mountain views from every room, is listed for $3,150,000 with Zach Zeldner of Compass. The current owners, who bought the place in 2005, finished work on a second-story addition in 2018. They took two 53-foot shipping containers from Chicago and paired them with reclaimed wood from an Indiana barn. The wood now clads the side exterior and can be found on the ceiling of the main floor. Perhaps the home’s greatest example of ingenuity is in the four bathrooms, whether it’s the conversion of a vintage dresser into a vanity or the placement of a Union Jack flag motif between two farmhouse-style sinks. “Both he and his partner are extremely creative,” says Zeldner of the sellers. “Technically, it was a remodel, but little remains [of the original 1954 single-family home]. The lines in the design are modern, but a lot of the materials are rustic.” Natural light floods the home thanks to walls of glass. A retractable garage-type door on the second floor opens to a spacious deck. And the position of the home on the large lot was intentional. “You get views in nearly every direction,” says Zeldner. The views include the Red Rocks, foothills, and Flatirons. Another perk? “Extremely low utility bills,” he says, citing the home’s sustainability features. The whimsical and one-of-a-kind dwelling has attracted an outsize amount of interest. “In the past 24 hours [since the listing became active], the views we’ve seen online are off the charts,” says Zeldner. “What we’re seeing over the last three months in Boulder are buyers coming into the market from Los Angeles and New York trying to find extra space,” says Zeldner. “Boulder is a small city surrounded by open space. Google has a presence here. They just built their fifth-largest campus in the world.” The University of Colorado-Boulder is also nearby, and downtown Boulder is a 15-minute walk or five-minute car ride. “Our market is mainly primary-home owners, but there are some second-home owners,” says Zeldner. He thinks the “functional layout” will appeal to families with young kids: “There’s space to work from home and also for a family to spread out. It’s also fairly ‘lock and leave.’ I could see it attracting a young couple and empty nesters, and everyone between. “There’s just great energy and a great vibe in that house,” he says. “The buyer will appreciate it as a work of art.” The post The Award for Most Artful Use of a Shipping Container Goes to This Boulder Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/artfully-fabricated-shipping-container-house-in-boulder/ We see right through this house made of glass in Downers Grove, IL—and we love what we see. The modern marvel on Wallbank Avenue is on the market for $850,000. That price is a steal—if you consider what it would take to replicate this gem. “To build this house today would be $1.2 million,” says the listing agent, Elaine Pagels. In 1974, a local architect, Richard Marker, built the home for his own use in the modernist style of Ludwig Mies van der Rohe. Although the home is almost 50 years old, there are no cracks in the facade of this gorgeous glass residence. “There have been a few owners since [Marker], but much of the house is original. People lived in this home with great respect,” Pagels says. The exterior walls on the main level of the 2,016-square-foot home are all glass, but according to the agent, the home is remarkably private. “If you drive by, you cannot see in the home just by the glass. From the outside [looking] inside, you can’t see anything, but from the inside [looking] outside, you can,” she says. Simple yet stunning, the home is composed of just a few key building blocks. “There’s a blend of metal, glass, wood, and stone in the house, so you have all the elements,” says Pagels. At night, a lookie-loo might be able to see inside the four-bedroom home, but window coverings are in place, and the houses on either side do not have windows that face the glass house. A large brick garage sits between the road and the house, adding an additional barrier. Trees also provide privacy. “The glass house is completely surrounded by forest—it’s a very natural setting,” Pagels says. “It’s gorgeous. Any window you look out of, any wall you look out of, you have a view.” The white oak floors are original, as are the home’s wood ceilings, and it has a few vintage decor and design touches throughout. “There’s this really fabulous green toilet, and of course Richard [Marker] thought ahead and left a brand-new toilet seat cover. It’s still in the box,” Pagels says of one of the home’s quirky highlights. The kitchen is galley-style, with a small bar space for eating. It’s close to a dining room area and to an enclosed, three-season porch, where the current owners usually enjoyed their meals, Pagels explains. The porch has glass walls and a glass ceiling, with fabulous views. Pagels tells of a time she was inside the house during a snowfall of heavy, wet flakes. “It was the kind of snow where the snowflakes are huge, and each one really has a personality,” she says. “It was like the opposite of being inside a snow globe. The snow was coming on the outside, rather than on the inside. … It was magical.” The primary suite is in the back of the house, separated from the living areas. The primary bathroom also has glass walls. From the living area, a metal spiral staircase leads down to a finished basement with laundry, a bar, a theater area, a workroom, a storage area, and a bathroom with the standout green toilet and sink. If you take the square footage of the basement into consideration, you have double the living space, at 4,032 square feet. The house is only a couple of blocks from two train stations, for a half-hour commute into Chicago. It’s also close to schools and the downtown area of Downers Grove, with shops and restaurants. The home is getting a lot of interest, including from some international buyers. “We’re not selling your typical four-bedroom, two-and-a-half-bath house,” Pagels says. “We’re selling a work of art.” The post Could You See Yourself Living in This Gorgeous Glass House in Illinois? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/glass-house-downers-grove-illinois/ Record-low interest rates are helping home buyers lock in years of savings on future mortgage payments. But those searching for larger homes or in expensive markets aren’t reaping the same rewards. The average rate on a 30-year jumbo mortgage was 3.77% in mid-July, more than 0.4 percentage point above the average rate on smaller, conforming loans, according to Bankrate.com, a personal-finance website. From mid-2015 until this spring, jumbo rates had been consistently lower than or equal to the rates on conforming loans. The reversal is just one of the ways the coronavirus crisis has wreaked havoc on the mortgage market. The same force pushing most mortgage rates to record lows—investors piling into safe-haven assets like government bonds—has pushed jumbo loans out of favor. A jumbo loan is one considered too big to be sold to government-backed mortgage giants Fannie Mae and Freddie Mac. In most markets, it must be larger than $510,400 this year, but in the highest-cost areas it must be larger than $765,600. Conforming loans meet the guidelines for government backing. In recent years, banks have favored jumbo mortgages for their relatively low risk level, since jumbo borrowers tend to be wealthier. Banks generally keep jumbo loans on their own books, betting that the borrowers are less likely to default. But the Federal Reserve has taken extraordinary steps to intervene in the mortgage market during the coronavirus pandemic, including agreeing in March to buy an essentially unlimited amount of mortgage-backed securities. “The loans that get made are those that have a ready buyer for them,” said Greg McBride, chief financial analyst at Bankrate.com. “Government-backed loans are really the only game in town.” What is more, jumbo loans aren’t entitled to forbearance under the Cares Act. That law, meant to prop up the economy during the coronavirus pandemic, allows homeowners to request up to 12 months of postponed mortgage payments. If the loan is backed by the government, the mortgage servicer is generally supposed to grant the request. If the loan is a jumbo, the servicer has more freedom to say no. Still, mortgage companies seem to be saying yes. The share of jumbo loans in forbearance stood at 10.2% in mid-July, higher than the 7.8% rate among all mortgages, according to mortgage-data firm Black Knight Inc. Some banks might be quick to grant relief on jumbo loans since they are often holding those loans rather than selling them to investors, leaving the banks more exposed if the loans go bad. Lenders have been raising credit standards for all sorts of loans since the coronavirus hit. They started doing so for would-be jumbo borrowers shortly after the Fed’s decision, ensuring that only the upper echelon of potential buyers could access jumbo credit. Wells Fargo & Co., for example, said in early April that it would refinance jumbo mortgages only for customers who hold at least $250,000 in liquid assets with the bank. The bank removed that requirement in early July. Rick Dreyer was turned down by several lenders when he went looking for a jumbo loan this summer in northwest Arkansas to buy another investment property. Mr. Dreyer and his girlfriend previously used one lender to purchase four different properties. But that lender wouldn’t take the couple’s rental income into consideration because of the risk that tenants might not pay rent, Mr. Dreyer said. Another lender said the pair would need about $11,000 of additional income a month to qualify for the larger loan. In the time that he was searching for a jumbo loan, his first-choice home went off the market. The couple decided to forgo the jumbo, and found a property where a 20% down payment would put the mortgage a few thousand dollars below the jumbo threshold. Jumbos weren’t always so hard to come by. Originations peaked at $650 billion a few years before the financial crisis, according to industry-research group Inside Mortgage Finance, when aggressive lenders lent many borrowers more than they could afford. Jumbo originations fell off sharply during the crisis and its aftermath, though they hit a postcrisis high of $392 billion in 2019. Applications for loans of at least $625,000 filed in May were down about 5% from the same time last year, according to the Mortgage Bankers Association. Still, there have been recent signs of life in the jumbo market. First-quarter originations reached $80 billion, down about 22% from late 2019 but up 25% from the same time last year, according to Inside Mortgage Finance. But the recent activity doesn’t mean the spread between jumbo and conforming rates will narrow soon, Mr. McBride said. The gap lasted for about five years after the financial crisis. The post Jumbo Mortgage Rates Are No Longer the Cheapest Mortgages Around appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/jumbo-mortgage-rates-are-no-longer-the-cheapest-mortgages-around/ The actress Roma Downey and her husband, the television producer Mark Burnett, have put their beach home in Malibu, CA, up for rent. If you’re in search of a short-term SoCal getaway, this beach retreat is available and ready for move-in. Pricing is seasonal: The home is $35,000 a month in the winter, or $100,000 per month during the current summer months. Described as a “Cape Cod gem” in the listing details, the five-bedroom, four-bathroom home is within the celeb-filled and gated enclave known as Malibu Colony. The 3,829-square-foot residence is situated on an exclusive stretch of beach overlooking the Pacific Ocean. Relatively small by celebrity standards, the home packs quite a punch, thanks to its prestigious location. Best of all for prospective tenants? The home is being offered fully furnished, with “casual, yet elegant shabby chic decor.” The luxurious owner’s suite faces out to the ocean and provides breathtaking views. The large space offers two roomy sitting areas, an office area, a balcony, and a spacious bathroom. The home’s other bedrooms include a guest suite on the upper level with skylights and gorgeous views of the Pacific Ocean. Out back is a large patio and a petite swimming pool for soaking up the abundant Southern California sun. There’s also an outdoor dining area and barbecue where you can enjoy meals al fresco. Malibu Colony is the home of a number of celebrities, including Pamela Anderson, Ed Norton, and the tennis great John McEnroe. Burnett, 60, is the creator and producer of reality TV hits including “Survivor” and “The Apprentice.” Downey starred for years in the CBS show “Touched by an Angel,” and married Burnett in 2007. Downey and Burnett are represented by Susan Monus with Coldwell Banker Realty-Malibu West. The post Mark Burnett and Roma Downey Renting Out Their Malibu Beach Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/mark-burnett-and-roma-downey-renting-out-malibu-beach-home/ You’re on a Zoom call for work and the kids are frantically racing around the sofa where you’re stationed. You’re trying to relax while reading a book in the living room, but your roommate is cranking Netflix and chomping on nachos. And going out for a walk in the city streets is no stress reliever. Far from it! It’s been a long spring and summer, in which most of us have spent way too much time indoors—and longing for more space. These days, the idea of a home office or backyard playground sounds just as exciting as a hot new neighborhood bar or tropical vacation used to be. So we decided it was the perfect time to crunch the data to find out where in America you can get the most house for your money. Because, as we learned from a recent realtor.com survey of home shoppers, buyers’ most-wanted home feature in this age of COVID-19 is more space—indoors and out. We’re here to help, friends! “With many working from home now, it’s nice to have space to separate from children, spouses, or roommates to get some quiet and focus,” says Danielle Hale, chief economist for realtor.com®. “Even if you’re not contending with others at home, having extra space can enable you to change your scenery to give you the fresh perspective you need to tackle challenges.” But if the last housing collapse taught us anything, it’s that overleveraging—especially in a recession—is never a good idea. Fortunately there are plenty of U.S. cities that offer home buyers expansive space at an affordable price. To figure out where wannabe home buyers can spread out without draining their life savings, the data crunchers at realtor.com looked at the median list price per square foot in the top 100 metros to find the ones that offer the most beds and baths for the buck. (Metro areas include nearby suburbs and smaller towns.) To keep it diverse, they capped the rankings to one place per state. Ready to find your giant dream home? Let’s go. 1. Youngstown, OHMedian listing price: $129,950 Youngstown is home to the Pro Football Hall of Fame, the world’s top business incubator—and the most affordable real estate of any metro in the nation. About 67% of locals can afford to buy a median-priced home in town. It seems like those locals are taking advantage of the prices right now, as the market has been scorching hot, according to Gina Shutrump, vice president and managing broker at Howard Hanna Real Estate. “Even homes that were never as desirable due to school districts are selling as long as it has the right colors and updates,” she says. “They want it done, and they’re paying over asking.” Though the city proper isn’t quite as popular with buyers due to limited inventory and high crime rates, in suburbs like Canfield and Salem, buyers are gravitating toward remodeled abodes with swimming pools—which were considered a liability in the pre-COVID-19 times. They include this three-bedroom ranch on a 2-acre lot listed at $199,000 and this large four-bedroom listed for $199,900. 2. Pittsburgh, PAMedian listing price: $247,450 It’s no secret that Steel City offers some serious real estate steals. In scorching-hot neighborhoods like Polish Hill, buyers have been snapping up sweet-sized homes with nice yards, like this 2,000-square-foot, fully renovated three-bedroom Colonial for $472,500, within walking distance to the Strip District and downtown. However, since the novel coronavirus showed up, demand has shifted to the burbs. Space seekers have become increasingly interested in the rural towns to the north of the city, where one can purchase a house on multiple acres of land just 30 minutes from downtown. The options run from $200,000 to $5 million, but you could get this $215,000 four-bedroom on nearly 10 acres in Economy and this three-bedroom ranch on 5 acres in desirable Sewickly for $599,000. “People want to be on the front porch and not see the neighbors,” says Bobby West, real estate agent with Coldwell Banker Pittsburgh. 3. Wichita, KSMedian listing price: $248,028 No matter which way you look, it’s not hard to find a large home in this former cow town. From the century-old mansions listed on the National Register of Historic Places in College Hill (like this four-bedroom, 4,000-square-foot Victorian for $399,000) to larger homes erected in the mid-2000s in Wilson Estates (like this five-bedroom with a decked-out family room in the basement for $509,900), Wichita offers buyers serious space at a fraction of the price of similar cities. Plus, it’s got great museums, restaurants, breweries, and attractions such as the seventh-largest zoo in the United States. And for buyers who don’t mind being farther from the center of town can score even better deals 25 minutes east in Andover, where a 3,000-square-foot house with four bedrooms and a rec room can be had for $327,900—or even less. 4. McAllen, TXMedian listing price: $215,000 Californians and Midwesterners have been packing up the minivans in droves and migrating south to this family-friendly border town. The population has increased 9% in the past decade, with a staggering 30% of the city’s residents being under the age of 18. Why the surge? Aside from its close proximity to the serene beaches of South Padre Island, McAllen offers families plenty of room to spread out without having to fork over the kids’ entire college fund. For just $249,000, one can buy a six-bedroom—yes, six!—home on 1.42 acres, and if you’re willing to put in some elbow grease, it’s possible to purchase an even bigger four-bedroom on nearly an acre for as little as $190,000. 5. Columbia, SCMedian listing price: $249,750 South Carolina’s state capital boasts a thriving cultural scene (in non-COVID-19 times) and a diverse job market with opportunities ranging from global companies like Blue Cross Blue Shield, educational and administrative positions at the University of South Carolina, as well as roles at a large military base and state and local government. Unfortunately, the city also has a high crime rate—ranked as the 25th most dangerous city in the U.S.—so a lot of families tend to gravitate toward burbs such as Lexington and Elgin. The latter is a popular pick for folks who work at Shaw Air Force Base or just want to keep horses out back. There, buyers seeking land can pick up a three-bedroom house on an acre for around $229,900 or a sprawling three-bedroom on three-quarters of an acre just outside of town for $300,000. “It’s kind of a rural town, yet only five to 10 minutes away from Columbia,” says Sherry Chesnutt with Coldwell Banker Residential. 6. Little Rock, ARMedian list price: $235,050 Little Rock has no shortage of affordable land for those who want to custom-build their dream abode—and there are plenty of deals on already built giant homes. “New construction is selling high, but mansions built five, 10, 20 years ago are selling for next to nothing,” says iRealty Arkansas real estate broker Chase Rackley. That’s why this four-bedroom with an office and game room less than 20 minutes from downtown is on the market for just $374,900, and this newer Craftsman-inspired four-bedroom on 5 acres in the middle of town is listed for $594,900. Just think about all the places you can hide from the S.O. and kids with a set-up like that! 7. Augusta, GAMedian listing price:$242,500 You’d think the hometown of the prestigious Masters Tournament would be exorbitantly expensive, but it’s actually not. The historic city on the banks of the Savannah River, halfway between Atlanta and the coast, is one of the most affordable metros in booming Georgia. Hopefully, someday residents will again be able to enjoy its lively downtown shops, restaurants, and bars. In the meantime, there’s still a well-maintained stock of affordable homes. Right on the walkable “Hill,” buyers can get into a fully updated three-bedroom Colonial with a large yard for $295,000. In nearby Woodlawn Historic District, it’s possible to buy an even larger four-bedroom Dutch Colonial for $215,000. Those sweet front porches are just begging for a socially distant neighborhood happy hour. 8. Tulsa, OKMedian listing price: $282,500 Ever dream of living in a palatial mansion befitting an oil baron? No, you still probably can’t afford one of the many Rockefeller estates in the Northeast or a Getty ranch in California. But it is possible to take over a bespoke mansion built by the richest oil families of the 1920s and 1930s in the former Oil Capital of the World for less than $1 million. Tulsa’s historic Midtown neighborhood offers stunning Colonial, art deco, and traditional homes on large lots, including this $725,000 four-bedroom, on prestigious streets for less than the cost of a tiny home in upscale enclaves like New York’s Westchester County or Malibu, CA. And for those who can’t take out a jumbo loan, it’s possible to land a large home and yard in the coveted hood such as this four-bedroom ranch, listed at $374,900. 9. Syracuse, NYMedian listing price: $207,500 Since Syracuse began pumping money into its former industrial center in the early 2000s, overhauling what had been crime-ridden neighborhoods into safe communities with all the amenities needed to attract recent college graduates, its remodeled condos became the home of choice for many young professionals and empty nesters. But the increased demand for single-family homes has made a tight housing market even tighter. The university town consistently ranks as one of the most affordable and fastest-appreciating metros as well as a top place to buy a starter home. While a lot of sellers aren’t ready to have strangers walking through their homes right now, buyers with a bit of patience can still jump on the mind-boggling deals that do pop up. On the desirable Northside in elegant Sedgewick Hills, this five-bedroom brick Colonial with studies and dens—yes, plural—is on the market for $279,000 and, a short drive away, this large four-bedroom California bungalow is going for just $184,900. 10. Indianapolis, INMedian listing price: $299,950 Indianapolis is known for its iconic motor speedway and its world-class zoo, but it really should be hailed for its incredible real estate. All across Indy, buyers can find nice-size homes that could make coastal denizens forget about the beach. In the thriving Herron-Morton Place neighborhood, house hunters can pick and choose from gorgeous historic homes for less than the price of a tiny co-op apartment in Boston, New York City, or Washington, DC. This fully renovated three-bedroom with a third-floor office is on the market for just $465,000, and those who want it all right in downtown can snap up this sprawling Frank Lloyd Wright–inspired, six-bedroom estate with a home gym, sauna, and two-story living room for $1,750,000—you know, the same amount that’ll get you a condo in San Francisco. “We have a low cost of living,” says local real estate broker Melanie Scheetz, of Century 21. “You get a larger house with a smaller dollar.” The post Breathing Room: Where Home Buyers Can Get the Most Space for Their Money appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/pandemic-home-buying-most-space-for-money/ It’s been over a year since the estate of George Steinbrenner, the late owner of the New York Yankees, went on the market. In May 2019, the Boss’s massive, 13,500-square-foot home was listed for sale with a price of $5.75 million. The opulent mansion has all the luxury features you’d expect with a multimillion dollar price point. It’s in posh, desirable South Tampa, offers seven bedrooms—two of which are fully appointed main suites—more than nine bathrooms, a game room complete with a wet bar, a media room, and a library. It’s located right on the private Palma Ceia Golf and Country Club, which should attract buyers looking for easy access to the links and a country club lifestyle. However, the months have flown by, and the baseball mogul’s family home still hasn’t budged. This isn’t for lack of offers, according to the listing agent, Toni Everett. She told the Tampa Bay Times that offers have been coming through, but they just haven’t been quite right. In an attempt to coax out an acceptable offer, a hefty $1.3 million was slashed from the price in mid-July, and the mansion is now listed at $4.4 million. Judging from the listing photos, a buyer may consider some of the home’s design elements a little dated. The Steinbrenners built the large home in 2001, and not much has changed since. Potential buyers may be factoring in the cash they’d have to spend on bringing the kitchen and living areas up to date. Meanwhile, local housing preferences have been emphasizing walkability. Sleek luxury downtown condos have attracted well-off buyers in the Tampa Bay area, which suggests that a traditional, formal estate may not be a top draw for wealthy buyers. That doesn’t mean, though, that this property won’t hit it out of the park for the right person of means. The 600-square-foot closet in the upstairs main suite is stellar. Add in a glittering pool, a perfectly manicured, gated yard, an elevator for ease and convenience, and a fully equipped one-bedroom apartment, and the estate is a definite home run. It’s now discounted and ready for a new Boss to strike a deal. The post Steinbrenner Estate in Tampa Pitches $1.3M Price Cut to Entice the Right Buyer appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/steinbrenner-estate-in-tampa-price-cut/ A huge lakefront mansion in Coeur d’Alene, ID, has landed on the market for the first time. With an asking price of $27 million, the custom home known as Copper Rock Estate is now Idaho’s most expensive home. “It’s an entirely new market segment in North Idaho. Nothing like this has ever gone on the market,” says the listing agent, Greg Rowley, adding that the term “trophy home” can now be applied to about half a dozen large, high-end homes clustered around Coeur d’Alene Lake. Rowley says this luxe residence is a standout, given how recently it was built. “There are not that many trophy homes that are modern mountain, lodge-style homes that are newer construction,” he says. Built in 2012, the home covers 8,731 square feet and includes almost 30 acres of waterfront on Mica Bay. It also offers over 700 feet of sandy beach frontage. On the lake, Rowley explains, “A lot of the shoreline is steep and rocky.” Locations “where you can walk out to sand,” he says, “are pretty rare and sought-after.” The main house has four bedrooms, 4.5 bathrooms, and high-end finishes throughout. Rowley says the La Cornue stove in the kitchen is worth about $80,000 alone. Highlights include imported timbers and handpicked stones. “It’s got some things you just don’t see, a very intentional use of unique materials,” he says. Luxury entertainment features include a wine cellar, a full gym, game room, bar area, and an outdoor kitchen with a pizza oven. For a buyer who wants to slide right into luxury without worrying about decor or design choices, this is a prime opportunity. “It’s not just being sold furnished, it’s being sold fully equipped,” Rowley notes. In addition to all the decor and furnishings, a buyer will also acquire kayaks, canoes, ATVs, and paddle boards. “It’s being sold well beyond furnished,” says the agent. The only item not included in the sale price is the boat on the two-slip dock, but the watercraft is also subject to negotiation. Rowley says a buyer will probably want the boat—after all, it’s the primary method of transportation around the lake. “One thing that’s really neat about Lake Coeur d’Alene is there are 13 restaurants you can get to by boat,” Rowley says. “In the summer, you don’t ever need start your car once you get to the house. You can get to town, you can get to the grocery store, you can get to several restaurants—all by boat.” Many rooms in the home have lake views, and the home has a enviable indoor/outdoor flow, thanks to retractable glass walls. The primary bedroom has a fireplace, and the attached bathroom a soaking tub and walk-in shower. The walk-in closet in the suite is enormous. There’s also a guesthouse with two bedrooms, as well as a caretaker’s house with a couple of bedrooms above the boat storage area. The seller has used the estate as a vacation home, and Rowley expects that the new owner is likely to follow suit. The town of Coeur d’Alene really comes to life in the summer, he says. “With the unique combination of world-class golf resorts, perfect water temperature, clean air, clean water, [and] a perfect elevation of 2,600 feet above sea level,” Rowley says, the spot is a prime destination, adding, “And we don’t tend to have bugs here in the summer.” There’s a small airstrip in town, and the airport in Spokane, WA, is about 45 minutes away. Highway access is close to the house. For a wealthy buyer in search of ultimate lakefront luxury, this Idaho mansion makes perfect sense. The post Fully Furnished $27M Lakefront Mansion Is Idaho’s Most Expensive Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/fully-furnished-lakefront-mansion-idaho-most-expensive/ The numbers: Sales of new single-family homes rose sharply for the second straight month in June, pushing the sales rate to its highest level in 13 years, according to data released Friday. The annual sales pace for U.S. new-home sales rose 13.8% last month to 776,000, the Commerce Department said Friday. That’s above the prior cycle high of 774,000 hit in January and is the strongest since July 2007, according to the Mortgage Bankers Association. Economists polled by MarketWatch had expected a June sales rate of 710,000, compared with an original May estimate of 676,000. On Friday, the government revised May’s rate to 682,000. That pushed the May rise in new home sales to 19.4% What happened: Sales rose in all four regions, with the largest gain of 89.7% coming in the Northeast. June’s sales pace is 6.9% above a year earlier. The median price of new homes was $329,200 in June. That is 5.6% above the price one year ago. There were 307,000 new homes estimated to be up for sale, which equates to a tight 4.7-month supply. A 6-month supply of homes is generally considered to be indicative of a balanced market. Big picture: Only last month, one economist said it might take two years for new home sales to rise above January’s level. Housing is leading the recovery fueled by low mortgage interest rates. Some analysts also see an boost from workers deciding to move to the suburbs now that they can work from home. Mortgage applications for home purchases hit 11-year highs earlier this month. Still, the spread of the coronavirus in July adds some downside risk to the sector. What are they saying? “The impact of falling mortgage rates – down 80 basis points this year – is more than offsetting the wave of Covid-induced job losses, which seem to be hitting younger renters rather than would-be homebuyers; the median buyer is 47 years of age, while the median restaurant employee is 29,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Market reaction: Stocks opened lower Friday on renewed tension between the Trump administration and China. The Dow Jones Industrial Average was down about 60 points in early trading, off earlier lows. The post New U.S. Home Sales Surge in June to Strongest Rate in 13 Years appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/new-u-s-home-sales-surge-in-june-to-strongest-rate-in-13-years/ |