Trend 2000 Real Estate

11/25/2021

https://www.ctinsider.com/realestate/article/Column-The-real-estate-boom-will-end-and-16454838.php

Real estate in Connecticut has been booming, but how long will it last?

03/26/2017

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04/14/2012

Source: Extell
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The Northeast residential real estate market is enjoying a resurgence, thanks to low prices and even lower interest rates, but the sectors experiencing the biggest boosts vary by metropolitan area, according to industry experts.

While the entry-level homebuyers market is making a comeback in Boston, high-end luxury properties are once again the object of bidding wars in New York, with demand outpacing supply for the first time in five years.

Manhattan

When it comes to the Big Apple’s housing market, it’s starting to feel like old times, according to Pamela Liebman, president and CEO of The Corcoran Group.

“If buyer demand is a clear indication of market strength, then the Manhattan housing market is definitely in recovery and some could say experiencing a highly robust return,” Liebman says. “Marketwide, Manhattan residential sales transactions have risen 60 percent since the bottom of the market in the first quarter 2009. Prices, which declined approximately 20 percent in first quarter 2009, stabilized quickly and are now increasing incrementally.”

Liebman says she has not seen a market like this since 2007. She attributes the comeback to foreign buyers who find Manhattan’s properties highly attractive as a safe haven for investing assets and diversifying portfolios.

“Foreign buyers are back in force after a period of diminished buying activity in the Manhattan market,” she says. “Buyers from China, Russia, South America and the Middle East are busy shopping for Manhattan real estate."

“The biggest challenge is a lack of inventory, with buyers snapping up quality product. We have returned to an era of bidding wars with properties selling quickly and transactions going into contract in as fast as one week’s time.”

Liebman says the “go-to” building for high net worth international buyers is One57. Located at 157 W. 57th St., the tall, glass residential condominium tower was designed by Christian de Portzamparc and is being built by Extell Property Development.

“Twenty-million is the new $10 million and $40 million is the new $30 million,” Liebman insists. “The Manhattan market is not in recovery, it's ready to run a marathon.”

Boston

It’s a different story in Boston, where first-time buyers are taking advantage of affordable prices and falling interest rates to kiss the days of paying steep rents goodbye.

Mark Pearlstein, owner of Boston-based Metro Realty, says the combination represents “a once-in-a lifetime buying opportunity” for those handing over checks to a landlord in the third-most-expensive rental market in the nation.

“My advice to all my clients and customers is ‘you’re not going to see this again,’” he says. “If you take a look at it, as long as you’ve got a down payment and you feel you’ve got a stable job, why rent? Rents are going up and up and up. Let’s think about buying."

The broker, with more than 25 years of experience, says prices have increased in the prime markets: Cambridge, Brookline, Somerville and Newton.

“Because of its size, Boston, especially the prime locations inside of Route 128, is always one of the first cities to begin the recovery nationwide,” Pearlstein says.


Source: Metro Reality
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Homes in Cambridge have appreciated as much as 10 percent over the past six years, while Brookline properties are up six percent in value over the same period.

Pearlstein says because of abundance of hospitals and universities, the area is practically “recession-proof,” and the current lack of foreclosures doesn’t hurt either.

While he says the luxury-home market has started to stabilize, it hasn’t improved as much as the mid-range market.

For Brookline and Cambridge that represents a home priced between $700,000-$800,000. In a town like Weston, where the median price is $1.1 million, the market has come down, Pearlstein says.

“This is really the first time we are seeing multiple offers on properties like back to the old days, back to 2005, for the first-time to mid-range luxury market,” he says.

Though he’s optimist that the upswing will continue, Pearlstein anticipates “a whole slew of foreclosures” coming up that could impede the recovery.

“The amount of foreclosures that will be coming up in the next 12 to 18 months will not allow the market to make any exponential improvement,” he says. “Even these hot towns are affected by the foreclosures, that, or even if these interest rates creep up a bit. But the good news is the job market is improving. Companies are moving here and those companies are hiring and in Boston, there’s only so much land. You can’t make any more of it.”

Fairfield County, Conn.

Paul E. Breunich, president and chief executive officer of William Pitt Sotheby's International Realty and Litchfield Hills Sotheby's International Realty in Connecticut, says it’s too soon to tell if a recovery is under way in ex-urban Fairfield County, but it looks promising.

Breunich notes that while year-to-date closed sales (sales that were contracted in fourth quarter of 2011) are down 15 percent when compared to last year for the same period, there is some positive news.



“The key leading indicator is the ‘under contract’ transactions (deals that will close in the future) that have taken place year-to-date when compared to the same period last year. That number is up 47 percent. New listings taken are up 19 percent year-to-date when compared to last year,” he says.

New home sales are still struggling, with under-contract transactions down 54 percent when compared to the same period last year. The luxury home market, consisting of properties valued at at least $1.5 million, continues to stabilize. Year-to-date under contract transactions are up 4 percent when compared with the period last year and new listings taken are up 14 percent, according the Greater Fairfield County Multiple Listing Service.

Much like Boston, the entry-level market, with homes priced at less than $500,000, is seeing the strongest comeback. Year-to-date under contacts are up 97 percent compared to the year-ago period, and new listings have seen a 20 percent increase.

“The recovery is starting to edge up through all price categories of existing single family homes,” Breunich says.

So whether you’re filthy rich or just starting out, now may be the time to take advantage of buying opportunities in the Northeast real estate market.

03/31/2012

Home sales are slowly recovering, but it’s still a buyer’s market. Before you put your house on the market, you need to do a few things to make it more attractive to potential buyers.

“Most buyers aren’t going to have a lot of extra money, so they’re not looking for a fixer-upper,” says Angie Hicks, founder of Angie’s List. “Take care of the little things to get your house in tip-top shape.”

Hicks says there are five areas where you should concentrate your efforts.

Paint the place
“This is a great thing to do and it will really freshen-up the house,” Hicks says. “It will make it seem a lot brighter and potentially bigger, especially if you’re transitioning away from dark colored walls.” When choosing a color, don’t go too wild. Hicks says earth tones are popular choices for both the interior and exterior walls.

Use landscaping to boost curb appeal
Most of us don’t go in our front door anymore. Potential buyers do. You don’t need to spend thousands of dollars to create a whole new landscaping plan. But make sure the grass and flower beds in the front yard look really nice. Add mulch. Remove weeds. Hicks' advice is to keep it “simple, clean and neat.” She says a well-landscaped yard can add 7 to 14 percent to the value of your home.

Spruce up the kitchen
If you’re going to make improvements to the house, this is a good place to start. Hicks says you can typically get an 80 percent return on investment for kitchen remodeling. But again, keep it simple. You don’t want spend tens of thousands of dollars on a lavish kitchen makeover. She suggests updating cabinets and countertops. New cabinet fronts are about 30 percent less than replacing the cabinets.

Bathroom makeover
This is another area that can turn off potential buyers because a bathroom remodel is expensive. Consider making simple improvements that have a good payback. For example, re-glaze an old tub. “That can make the bathtub look like new again without having to replace it,” Hicks says. And it should only cost a couple of hundred dollars.

Clean or replace carpets
Obviously, you’ll want to clean a dirty carpet. But if it’s badly worn or there are stains that won’t come out, you need to consider replacing it.

The bottom line
You want your house to be as good as or slightly better than the neighbors’ houses. But don’t go overboard. The most expensive house on the block is often the hardest to sell. In this market, a house that appears to be neglected is even worse.

03/31/2012

Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.99 percent from 4.08 percent last week. Last month, the rate touched 3.87 percent, the lowest since long-term mortgages began in the 1950s.

03/31/2012

The average U.S. rate on the 30-year fixed mortgage fell back below 4 percent this week, staying near historic lows.

02/23/2012

Why Should I Buy Real Estate Now?

Is that a trick question??? There are too many reasons to list… but I’ll try to list a few:
■Mortgage interest rates are below 4%! That’s almost free money!!!
■Selection! The market is flooded with homes which means the choices are almost countless and the deals are unprecedented!
■The number of buyers in the market right now is very low. This means that you have less competition and are more likely to get the house you want for the price you want.
■2011 and 2012 will rank as the years with the highest number of distressed properties to hit the market. This translates into more deals and lower prices.
■Builders are just now starting to get back in the market and build some new houses. Because the number of buyers in the market is still low, there are some great builder incentives right now.
■We have just bottomed out. Don’t be the buyer that chases the market on the way up. Be the one that buys at the bottom!

If you have been toying with the idea of buying real estate…NOW IS THE TIME!!!

02/23/2012

NEW YORK (CNNMoney) -- Buying a home is now more affordable than it has been in the last twenty years. Thanks to continued declines in home prices and rock-bottom mortgage rates, the National Association of Home Builders/Wells Fargo Housing Opportunity Index hit a record level of affordability. According to the index, 75.9% of all new and existing homes sold during the three months ended Dec. 31 could have been comfortably purchased by families earning the national median income of $64,200. That was the highest percentage recorded in the 20-year history of the index, and a sharp increase from just three months earlier when 72.9% of all homes sold were considered affordable.

02/16/2012

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87%. That's the lowest level since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage was also unchanged at 3.16%. That's up from a record low of 3.14% reached two weeks ago.

02/09/2012

People working in the real estate industry expect business to pick up now that 2012 prices dropped to rock bottom. Realtors have been waiting for news that the start of 2012 would see a recovery in the area. One agent remarked that it is busier than it has been in decades.

02/09/2012

Interest Rates will never be as low as they are now 3.8% WOW! Stop thinking and do something that will protect your future.........