Home Trends - What's hot and what's not?
HOT - Cozy, small homes on a big lot.
NOT HOT - McMansions.
HOT - Earth colors - brown, green & hand made accessories.
NOT HOT - The cold look of modern.
HOT - Informal living spaces like an oversized family room and an open kitchen.
NOT HOT - Formal dining rooms.
HOT - Exotic hardwood floors like bamboo and Brazilian cherry.
NOT HOT - Carpeting.
HOT - Mudrooms with cubbies, chests and benches for kids.
NOT HOT - Leaving all your junk in the foyer or the coat closet.
HOT - Marble, limestone, and concrete kitchen countertops.
NOT HOT - Granite countertops.
Lifestyle Trends: Greyfields
- a play on brownfields - referring to obsolete, old, underused retail sites that have prime locations but are no longer correctly configured to meet today's retailing needs.
What's the trend: Changing demographics and the continual need for retailers to innovate are just some of the factors that continue to turn once viable malls into greyfields, says Lee Sobel, author of Greyfields Into Goldfields, published by Congress for the New Urbanism and PricewaterhouseCoopers. Developers are breathing new life into some greyfields converting them into mixed-use projects often with a transit component.
What it means to you: Today both consumers and real estate developers are embracing more walkable, interrelated forms of building, from lifestyle centers with a Main Street feel to mixed-use properties with apartments and condos over shops, says John Norquist, president and CEO of the Congress for the New Urbanism. Investors, too, are finally recognizing that mixed-use and lifestyle developments offer more long-term value than many traditional malls, according to the latest ULI/PricewaterhouseCoopers Emerging Trends in Real Estate survey.
This is just such a cool concept to me. It feels like going back in time. It seems so simple, so convenient and a very stylish way to live and work.
This report is taken from Realtor Magazine, March 2007
Saturday, March 17, 2007
Eminent Domain - What's the buzz???
If you read nothing else in this blog, read this. It affects you!
Eminent Domain allows governmental entities to take (and pay a fair market price for) private property to serve the pubic good, such as building roads and schools.
OK, so you knew that. Did you know...
...this long established governmental power has been used in recent years to take land for private development? Recent takings of private homes have drawn the ire of owners and real estate practitioners and prompted efforts by the National Association of Realtors to support home owner's rights over government powers.
...why does this matter to you?...
...Until Kelo vs. the City of New London (Conn.) the vast majority of the population didn't realize that municipalities were taking land for private development. Once people found out, the overwhelming majority found it deeply offensive," says Dana Berliner, senior attorney at the Institute for Justice and an advocate for home owner's rights in eminent domain cases. The result is new laws limiting the use of eminant domain in 34 states. If you're in one of the states that haven't changed their laws, be aware that Kelo makes it even easier for developers to take your dream home for public use.
Realtors are working hard to protect the rights of Home Owners!
Eminent Domain allows governmental entities to take (and pay a fair market price for) private property to serve the pubic good, such as building roads and schools.
OK, so you knew that. Did you know...
...this long established governmental power has been used in recent years to take land for private development? Recent takings of private homes have drawn the ire of owners and real estate practitioners and prompted efforts by the National Association of Realtors to support home owner's rights over government powers.
...why does this matter to you?...
...Until Kelo vs. the City of New London (Conn.) the vast majority of the population didn't realize that municipalities were taking land for private development. Once people found out, the overwhelming majority found it deeply offensive," says Dana Berliner, senior attorney at the Institute for Justice and an advocate for home owner's rights in eminent domain cases. The result is new laws limiting the use of eminant domain in 34 states. If you're in one of the states that haven't changed their laws, be aware that Kelo makes it even easier for developers to take your dream home for public use.
Realtors are working hard to protect the rights of Home Owners!
Market Stability
Final reports from 2007 as reported in Realtor Magazine by David Lereah from economic data povided by the National Association of Realtors.
"The sky never fell in 2006. There were no bursting bubbles. But air came out of some over-inflated balloons -those markets that experienced frothy appreciation. Final 2006 figures show existing home sales down 8.4 percent for the year, new-home sales down 17.3 percent and housing starts down 12.9 percent.
This year will be better. Home sales appear to have bottomed out, reaching a cyclical low in September 2006. Since then, home sales have been inching up, albeit modestly. Inventories have stabilized, with the national months' supply hovering around 7.3 months since July 2006."
The NAR forecast calls for modest quarterly gains. However new-home sales are not expected to rebound until 3rd quarter. The five year feeding frenzy has been neutralized and 2007 should leave residential real estate quite stable and positioned to once again take its place as a major economic driver for 2008.
"The sky never fell in 2006. There were no bursting bubbles. But air came out of some over-inflated balloons -those markets that experienced frothy appreciation. Final 2006 figures show existing home sales down 8.4 percent for the year, new-home sales down 17.3 percent and housing starts down 12.9 percent.
This year will be better. Home sales appear to have bottomed out, reaching a cyclical low in September 2006. Since then, home sales have been inching up, albeit modestly. Inventories have stabilized, with the national months' supply hovering around 7.3 months since July 2006."
The NAR forecast calls for modest quarterly gains. However new-home sales are not expected to rebound until 3rd quarter. The five year feeding frenzy has been neutralized and 2007 should leave residential real estate quite stable and positioned to once again take its place as a major economic driver for 2008.
Friday, March 2, 2007
Indiana Legislative Affairs Issues: Increased Taxes or Fees on Housing
Imagine a property transfer tax, a sales tax when you decide to sell your home. Can you imagine what this would mean for our Real Estate market? REALTORS oppose undue fees or taxes being imposed on Indiana's housing industry. Some legislators have called for new fees on housing to support new spending! Indiana's housing market has struggled in recent years. Our foreclosure rate remains among the highest in the nation. Our rate of home price appreciation is among the lowest in the nation. Indiana homeowners have more mortgage debt, and thus are more leveraged, than their counterparts nationally. Sales activity has slowed in recent months.
In this climate, we are fearful of the state starting down a policy road of adding new layers of taxes or fees to housing. These fees become a target for increases in the future and for adoption at the local level. As we have seen in many other states, these additional layers of cost can have significant impact on market health as they grow over time.
In this climate, we are fearful of the state starting down a policy road of adding new layers of taxes or fees to housing. These fees become a target for increases in the future and for adoption at the local level. As we have seen in many other states, these additional layers of cost can have significant impact on market health as they grow over time.
Did you know?
Real estate accounted for nearly 9% of Indiana's total state economic output in 2003, making it the third largest sector behind manufacturing and government.
Total property taxes paid by owners of real estate were greater than $4.2 billion in 2005.
A strong real estate sector means job creation and income growth.
Home equity is the primary source of asset wealth for most households which means financial security for Hoosier families.
Realtors are working everyday to improve our communities and create value for Hoosiers. We are committed to making Indiana the number one state to do business.
Total property taxes paid by owners of real estate were greater than $4.2 billion in 2005.
A strong real estate sector means job creation and income growth.
Home equity is the primary source of asset wealth for most households which means financial security for Hoosier families.
Realtors are working everyday to improve our communities and create value for Hoosiers. We are committed to making Indiana the number one state to do business.
Naples!
Someone left an article on my desk today from The New-Press Business & Money Section published in Naples, Fla. The headline "Sales of new homes rebound" and what a lovely headline that is. Especially coming from the Florida coastal areas. In Indiana we tend to experience national trends months after they hit the larger cities and the coastal areas. While we really didn't experience a bubble here in Indiana, we did see the new homes market slow down. This article makes me believe that our market is going to experience the same rebound in new home sales and that March could be the month for that to begin. I'll keep you posted as we watch the market place here.
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