What Happens to the House That Secures a Reverse Mortgage?

My answer to this question applies to the HECM program administered by HUD, with investors in the mortgages insured against loss by the Federal Housing Administration (FHA). On the many private reverse mortgage programs that have come and gone over the years, the answers would be very different. The private programs have had many fewer consumer protections.

Owner/Borrower Remains Alive and Kicking

Owner/Borrower Sells the House: In some cases, reverse mortgage borrowers change their minds about aging in place. They may decide to downsize, or move to a retirement community, or to a nursing home. In all such cases, they sell their existing home, which requires that they pay off the reverse mortgage balance. The net proceeds from the sale belong to them.

Owner/Borrower Retains the House But Repays the HECM: Occasionally, homeowners treat a reverse mortgage in the same way they treat a forward mortgage: they pay it off. There are no prepayment penalties on a HECM so the borrower who wins a lottery can eliminate her debt with no hassle. They can also pay down the balance but leave the HECM in place in case they need to access it in the future.

Borrower Dies With Significant Equity in the House

When a HECM borrower dies, all known heirs receive a condolence letter from the servicer that tells them what their options are. If there is significant equity in the house (meaning that property value is well in excess of the HECM loan balance), the relevant option is to pay off the balance.

Heirs Want the House: In this case, the heirs acquire title by repaying the HECM loan balance. If the heirs keep the servicer informed regarding their intentions and their status, and document their intention to acquire the property, they may have up to a year to repay the balance. They have an incentive to move quickly, since interest and insurance premiums accrue until the loan is entirely paid off.

Heirs Don't Want the House: This case is the same except that the heirs can obtain the funds needed to pay off the HECM by selling the house. The heirs will retain the difference between the HECM loan balance and the net sale proceeds.

Borrower Dies With a House That Is Underwater

If it is very clear that the reverse mortgage loan balance exceeds the value of the home, one option relevant to the heirs is to do nothing. This will trigger a foreclosure action by the servicer. In some cases, the heirs might be asked to complete a deed in lieu of foreclosure, but as far as the heirs are concerned, the result is the same. The borrower's estate is not in any way liable for the excess debt, which becomes a charge against the insurance reserve fund.

If the heirs want the house, they can get it without being stuck for the excess debt. HUD offers heirs the option of paying 95% of HUD appraised value, less closing costs and Realtor commission. For example, if the HECM debt is $200,000 but the HUD appraised value is only $100,000, HUD will accept $95,000 less documented costs.

Borrower Dies But Leaves an Eligible Non-Borrowing Spouse

HUD made some rule changes beginning in 2014, designed to protect non-borrowing spouses (NBSs) from being forcibly evicted on the death of the borrowing spouse. These rules have weakened the position of the borrower's heirs in cases where the borrower has an eligible NBS. An eligible NBS was less than 62 and married to the borrower when the reverse mortgage was taken out, remained married until the borrower died, and has lived in the home as her permanent residence.

The existence of an eligible NBS creates a deferral period of unknown length. So long as they pay the property taxes and insurance, the NBS can remain in the property until they die. Meanwhile, the HECM loan balance continues to increase. One potential heir I know, who has a parent looking to marry a much younger spouse before taking out a reverse mortgage, is talking up the benefits of a permanent liaison instead of marriage.

Thanks to Ryan LaRose of Celink, a HECM servicer.

You can use my Kosher Reverse Mortgage Calculator to shop for a reverse mortgage using my built in consumer protections for seniors

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What’s Life Like in a Real Haunted House? Read This With Lights On

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Residing in a turn-of-the-20th century plantation outside a quaint village seems like perfect slow-lane living, right? Just like stepping back to a simpler time, but with all the modern-day conveniences fully intact.

But what if the past wasn’t quite ready to let you enjoy the present? What if your perfect-in-every-way home was actually occupied by a restless spirit or two?

We set out to discover what everyday life is really like in a haunted house. And to answer the eternal question: When you discover your place is haunted, why on Earth would you choose to continue living there?

Just a trick of the light?

In 2006, Tony McMurtrie purchased the circa 1880 Pillars Estate with the hopes of restoring it as an event venue and private home.

During the restoration, family friend Cora Goyette moved in as caretaker because of McMurtrie’s frequent travel schedule. It wasn’t long after the renovation that the duo realized they weren’t alone.

McMurtrie “had gotten up late at night to get a glass of milk,” Goyette recalls. “When he passed by one of the bedrooms he saw a woman dressed in white, lying in the bed. It was late. He was tired. He assumed it was just a trick of the light.”

McMurtie was unavailable to comment on this story.

The Pillars … beware the Pillars!

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According to Goyette, when McMurtrie came back down the hall, the vision was still there. He then ran to his room, locked the door, and kept the dogs nearby for his safety. (Pro tip: That might be insufficient when it comes to ghostly guests.)

“Ghosts don’t care about locked doors,” Goyette says.

‘I’ve heard things now’

“There was no greater skeptic than myself,” Goyette explains. “I think that if you believe in ghosts, you’re going to see a ghost. When Tony first told me about it, I thought, ‘Oh come on, you must have had too much to drink last night.'”

But it wasn’t long before Goyette started experiencing things, too. One night during a dinner party, the ghost decided to make an appearance. While the 10 guests sat around the table talking, a butter knife suddenly lifted off a plate, flipped over, and landed back down, dangling off the plate.

“Everyone saw it. No one was touching the knife or anywhere near it at the time,” she recalls. “It couldn’t have been anything else.”

Goyette doesn’t believe the spirits in the home are purposefully harmful. It feels like a friendly entity, but that doesn’t make things easier.

“I’ve heard things now,” she says. “When I’m working in the office, footsteps come down the hall. Something walks by overhead.”

Swapping ghost stories

The home is rented out for events and occasionally used as a bed-and-breakfast, so the longtime residents initially kept mum on their spooky sightings. But it turns out that where ghosts are concerned, you might as well fess up—or they’ll introduce themselves anyway.

“The next person to see the ghost was the chef,” Goyette says. “He was standing at the bar, looked up into a mirror, and saw the reflection of a woman in a white dress holding a white parasol standing outside.”

But when he turned to see who it was, no one was there.

If you’ve seen “The Shining,” you know this is a fine place to hang with spirits of all types.

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Voices keeping you up at night?

Seeing things is scary enough, but that might not be your only problem—you could end up hearing a freaky soundtrack, too.

Since the start of the ghostly activity at the Pillars, many people reported hearing something they couldn’t quite explain.

More than once, Goyette—and others—have heard the grand piano playing in the parlor, even when no one was in the room.

“It just made the same note over and over,” Goyette says.

“Bong.”

“Bong.”

The piano that plays itself. Or does it?

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And it isn’t just residents who get the chills.

“Once we had a handyman come in to do some work in the basement,” Goyette recalls. “While he was down there he heard a childlike voice saying, ‘We’re over here. We’re over here.’ But when he went to look, no one was in the basement with him.”

Working from home is a scary prospect in this place.

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So why continue to stay when you’re, quite literally, haunted on a regular basis?

“There’s no question in my mind that there is a good spirit,” Goyette says. “It is absolutely gorgeous. And the location here is fabulous and absolutely heaven. Haunted normally implies scary, but I’m not scared to be here.”

—————

Watch: 4 Real-Life Haunted Houses You Can Buy—If You Dare

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Where Are the Best Small Cities in America?

Princeton, NJ: Aimin Tang/iStock

Big-city living isn’t for everyone. High housing costs, congested streets and sidewalks, and a fast pace of life can take a toll on residents’ stress levels, as well as their wallets. But at the other extreme, country living can be deadly dull, with not a peep from anyone but the birds for miles around on a Saturday night.

So why not try something in the middle, like a small city?

The Indianapolis suburb of Westfield was crowned the best small city in the country, according to a recent WalletHub report. The personal finance website ranked 1,268 small cities, with between 25,000 and 100,000 residents, based on 30 livability factors.

“Consumers have shown interest in these cities that fall in between midsize cities and tiny towns,” says WalletHub data analyst Jill Gonzalez, adding that most of the places on the list are near big cities. “Many times, they’re more affordable [and provide] the best of both worlds with things like great education and health care systems and widespread job opportunities.”

Cities were judged on criteria that included housing costs, quality of the local public schools, and violent crime rates. They also took into account the things that make living in a city (even a small one) enjoyable, such as the number of restaurants, cafes, and museums, as well as average commute times.

It is worth noting, however, that the median home prices for all of the small cities on the list were significantly higher than the $227,700 national median price,  according to a recent National Association of Realtors® report.

WalletHub took into account the cities’ median incomes and whether residents could afford to buy a home of their own when it came up with its rankings.

For example, median list prices in Westfield are $330,000, according to realtor.com®. But the median household income in the city was $85,071 in 2014, according to U.S. Census data.

“They can actually buy a good amount of home especially because Indiana has a lower cost of living,” Gonzalez says. “People can still spend a lot of time with their families because of lower commute times and shorter work hours.”

Westfield, a former stop on the Underground Railroad, is now home to Grand Park, a 400-acre sports complex with 31 fields used for soccer, football, rugby, field hockey, and lacrosse and 26 baseball diamonds.

“It has very easy access to Indianapolis and other areas for employment. The schools are great,” says local Realtor® Craig Kaiser of Coldwell Banker Kaiser. And it has “a true community atmosphere.”

The area also has walking and biking trails that connect the city (population nearly 37,000) to other towns in the area.

Coming in second was the scenic college town of Princeton, NJ. The median home price in the city that is home to Princeton University is a whopping $699,000, according to realtor.com.

Leawood, a Kansas City, MO, suburb, took third place. Littleton, CO, and Brookfield, WI, rounded out the top five.

Leawood had the highest high school graduation rate, with 99.2% of residents receiving a diploma, according to Gonzalez.

“It’s a very highly educated workforce that leads to a lot more job opportunities,” she says.

Most of the homes for sale in the small Kansas city are single-family houses in subdivisions, says local Realtor Tamra Trickey of ReeceNichols

“It has all of the charm of a small town, but it has wonderful entertainment and is very close to Kansas City,” Trickey says. “We benefit from both sides of the state line.”

The top 10 Small Cities in America and Their Median Home Prices

1. Westfield, IN: $330,000

2. Princeton, NJ: $699,000

3. Leawood, KS: $500,000

4. Littleton, CO: $515,000

5. Brookfield, WI: $330,000

6. Kirkland, WA: $990,000

7. Holly Springs, NC: $390,000

8. Milton, MA: $619,000

9. Brentwood, TN: $731,000

10. Southlake, TX: $600,000

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We Beg You to Stay Away From These 5 Famous Haunted Properties

Jennifer Kirkland/Flickr

We’ve strapped on our proton packs and got out our best ghost-seeking gear to review these haunted (or stigmatized, if you’re being technical and euphemistic) properties. While we’re not big believers in the supernatural, all five of these homes all carry some sort of scary rep. Perhaps deservedly so?

If you aren’t easily spooked by the occasional cold spot or shadowy figure, these five homes might call for further inspection. However, if they do live up to their reputations, you may not want to stay for long…

108 Ocean Ave, Amityville, NY

Price: $850,000
Scary scoop: Depending on whom you ask, this six-bedroom Dutch Colonial home is either one of the most haunted in the entire country, or just a perfectly nice suburban home to raise a family.

It’s well-known that a man brutally killed his family here in 1974, but it’s what happened post-murder that’s given the Amityville house its legendary reputation.

When the Lutz family moved into the house in 1975, they reported seeing and hearing all sorts of paranormal phenomena, including a piglike demon. So terrifying were their experiences, that they became the basis for the long-running “Amityville Horror” film franchise.

The Lutzes moved out in 1976, and subsequent owners have not reported any unusual activity in the home.

The “Amityville Horror Home” garnered its fair share of popularity this summer, but the home remains unsold.

Amityville, NY

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148 Washington St, Salem, MA

Price: Listed for $900,000 in 2014
Scary scoop: The Joshua Ward House is a sprawling 14-bedroom mansion in the heart of downtown Salem.

It’s built on the land where, in the late 17th century, Sheriff George “The Strangler” Corwin conducted some of the most brutal interrogations of the Salem Witch Trials. Corwin reportedly tortured and killed 19 men and women where the house now stands, often finishing off his victims with a large rock.

Visitors to the home have reported cold spots, objects moved without explanation, and candles burned down to puddles of wax even though they were never lit. Some have reported being choked by unseen hands—presumably Corwin’s.

The home was last on the market for $900,000 in 2014, which isn’t a bad price if you’re not bothered by its history.

Salem, MA

Wikimedia Commons

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1140 Royal St, New Orleans, LA

Price: Sold in 2009 for $3.5 million
Scary scoop: The LaLaurie Mansion was originally built for French royalty, but when Dr. Louis LaLaurie and his wife, Delphine, moved into the home in 1832, it forever became known as a house of horrors.

Legend has it that Mrs. LaLaurie was especially vicious toward the family’s slaves. In 1834, after a fire broke out in the home, firefighters reported finding a dozen slaves chained to the walls of a secret room in the attic. Some had holes drilled in their heads and their mouths sewn shut, among other horrific tortures.

The mansion’s purported history formed part of the storyline for Season 3 of “American Horror Story.”

After the home was converted into apartments in the late 19th century, residents reported hearing chains clanking and screams at all hours. Shadowy figures have also been seen in the home’s halls. The building eventually fell into the hands of actor Nicolas Cage—yet another shadowy, scary figure!—but the actor lost it in foreclosure proceedings to a group of investors in 2009, for an estimated $3.5 million.

While closed to the public, the home is still a popular destination for ghost hunters passing through the French Quarter.

LaLaurie Mansion

Wikimedia Commons

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508 E. Second St, Villisca, IA

Price: Currently not for sale, but available for rent at $428 per night. (Or is it per fright?)
Scary scoop: This unassuming home in southwestern Iowa is the location of one of the most horrific unsolved crimes in American history.

Sometime during the night of June 9, 1912, an unknown individual entered the home and murdered eight people, including six children, with an ax. All the victims suffered devastating head wounds. Although police had several suspects at the time, the killer has never been definitively identified.

In the years since the murders, visitors to the property have reported hearing children crying and doors slamming by themselves. Objects like lamps will fall without any explanation.

Feel free to book the Villisca Ax Murder House for tours or overnight stays, to see if it lives up to its reputation. Let us know, OK?

Villisca Ax Murder House

Jennifer Kirkland/Flickr

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3860 Carolina St, Gary, IN

Price: Sold for $35,000 in 2014
Scary scoop: An unassuming two-bedroom in northwest Indiana received national attention in 2014, when the Indianapolis Star broke the story of the strange circumstances that followed a woman and her three children after moving into the home.

The woman and her children reported tenebrous creatures in the home and an inexplicable infestation of large black flies. Most terrifying, the woman’s children apparently became possessed by demonic creatures, uttering curses in deep, unnatural voices and gaining supernatural strength.

Some of the phenomena were witnessed by police and social workers. At one point, a nurse reported seeing one of the children walk backward up a wall onto the ceiling with a “weird grin” on his face. (You’d likely have a weird grin, too, if you walked backward up a wall.)

The home was purchased by “Ghost Adventurers” star Zak Bagans soon after the story broke. Bagans is still listed as the property owner, but the home was demolished earlier this year. However, the lot is ready for someone to build a new house over what’s been nicknamed the “portal to hell.”

Gary, IN

Google Street View

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Detroit Pistons’ Owner Tom Gores Scores $100 Million L.A. Mansion

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Detroit Pistons owner Tom Gores, who also founded a prominent Beverly Hills equity firm, closed on a deal for a grand spec home that hit the market for $150 million in April. And billionaires don’t stay billionaires by paying full asking price: Gores spent approximately $100 million on the Los Angeles mansion, in a deal involving multiple properties and cash.

For the price, an über-rich buyer would enjoy glamorous amenities, including a theater complex with a valet entrance; a beauty salon with hair, makeup, manicure, and pedicure stations; a spa with a water wall and steam and massage rooms; and a 5,300-square-foot master suite, which dwarfs most American homes.

There are a total of 10 bedrooms and 20 bathrooms in 38,000 square feet spread across a main residence and several guesthouses. Private hiking trails traverse the lush, mature foliage on the property’s 2.17 acres.

$150 million spec home in Holmby Hills

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Spectacular interior

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Grand dining room

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Then there’s the property’s pedigree. It was known as Barbra Streisand’s Mon Rêve estate until it was demolished in 2000. A tech mogul used the land as his own personal and private park until he sold it to developer Gala Asher for $13.25 million. Asher then built this estate and listed it for $150 million in April 2016.

If the street, Carolwood Drive, sounds familiar, that’s because it’s the site of some of the area’s biggest sales over the past several years, including the mansion known as Fleur de Lys, which sold for $88.3 million; the old Walt Disney estate for $74 million; and Sonny and Cher’s Owlwood estate, also owned by Tony Curtis, for $90 million. Gregory Peck, Clark Gable, Frank Sinatra, Rod Stewart, and Elvis Presley are all reported to have lived on the street.

Outdoor fire pits galore

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This particular deal was complicated, even by billionaire standards. The Los Angeles Times reports that it included the trade of a number of other L.A.-area properties, including a 3.2-acre site listed at $47.9 million that owned belonged to Herbert Kalmus, the co-founder and president of Technicolor.

The 52-year-old Gores is said to be worth about $3.3 billion, according to Forbes. He founded the private equity firm known as Platinum Equity in 1995, and purchased most of the shares in the Pistons in 2011 for $325 million. Last year, he bought the rest of the team. So now he owns 100% equity in the Pistons, as well as one of Holmby Hills’ priciest properties. If you’re keeping score, he wins.

What you get for $100 million in Holmby Hills

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Final October Surprise: Clintons Make Untimely Mistake Renovating Their New Home

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This is proving to be the year that redefines the notion of the presidential campaigns’ “October Surprise.” First Donald Trump‘s hot mic/hot mess “Access Hollywood” tape surfaced, followed by the ugly afteraffects. Then with just over a week to go before Election Day, Hillary Clinton‘s email woes returned, this time on Anthony Weiner‘s computer. Talk about lousy timing! Now, on the final day of October, one last surprise is rearing its head. Remember when the Clintons bought the home next door to their own in Chappaqua, NY, a few months back? Well, it turns out they renovated it without permits.

Breaking news alert!

According to public records, government officials received a complaint in early October about excavation happening at the Clintons’ new home. When an inspector arrived, he saw that a number of unpermitted upgrades were taking place, including a kitchen remodel and the installation of a new HVAC system.

Conspiracy theorists take note: Once the Clintons learned of this oversight, they took steps to fix it. And to be fair, the inspector on the case, William Maskiell, concedes that architects or contractors typically file for permits rather than the homeowners themselves. Still, he points out, “If you own the house, you’re responsible on everything that goes on with that house.”

In other words, the buck stops with the Clintons.

Granted, this blooper might seem small compared with the much larger problems on Hillary Clinton’s plate right now. Still, it can serve as an important lesson to all homeowners—many of whom might be tempted to sneakily sidestep those annoying permits before they start renovating. Honestly, are those little pieces of paperwork all that important?

It turns out they really are.

“I can’t believe a contractor working on a multimillion-dollar home wouldn’t pull permits,” says Mark Clements, a contractor at MyFixItUpLife.com. “It’s very much the contractor’s responsibility to gain those permits, and nearly unthinkably stupid not to.”

Here’s why: “On the surface, permits are inconvenient, but their value vastly outweighs what it takes to obtain them,” Clements explains. “They ensure everything from zoning variances to proper building practices are followed. And they make sure there is another set of expert eyes on the work being done, checking for everything from proper structure to code-approved electric to fire stops are safely installed.”

Once that’s done, a final inspection and certificate of occupancy, or “C of O,” is issued. The home may be reappraised—which could raise property taxes—”but it will also mean that when you list it for sale with three bathrooms, you can do so legally,” Clements adds.

A stronger America, one permit at a time

So what’s the worst that could happen if you don’t bother with permits before you embark on a home improvement project? For one, if you’re caught, you could face fines.

“In some jurisdictions the penalties can be heavy, but it’s the stop-work order than can really hurt,” says David Reiss, a professor of Law at Brooklyn Law School and editor of REFinBlog.com. “Not only does it delay the completion of the work, but it may lead to additional costs from the contractor and subcontractors working on the project. And to top it off, it may interfere with the homeowners’ plans to leave their current home and move into their new one. The cascade effect among the affected parties can be painful.”

And even if you’ve already completed your renovation off the radar, you aren’t in the clear. If you decide to sell your home one day, unpermitted renovations can discourage buyers from biting—if they’re discovered.

“When buying a home, you always want to pay attention to any signs that there was unpermitted work done on the house,” says Reiss. “Is the certificate of occupancy for a one-family home, but there is a mother-in-law unit in the back? Are all of the houses on the block one story but your house is two stories? In such cases, you definitely want to dig a little deeper so you are not left holding the bag.”

All of this amounts to a whole lot of reasons to get those permits, guys! They can be obtained even after the renovation is complete, although Clements warns, “that’s 10 times the headache of just getting them in the first place.”

In other words, it’s best to tackle this permit red tape sooner rather than later lest you end up in your own Clinton-esque case of renovation gridlock.

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EXCLUSIVE: Here’s every $1M+ home sold in Central Ohio this year

Dozens of homes with price tags over $1 million have sold in Central Ohio this year, representing high-end living ranging from country estates to a three-story downtown renovated loft/warehouse and a German Village home built in 1890. We recently showed you the most-expensive home sales of the third quarter, based on data from Columbus Realtors Multiple Listing Service. The trade group also has provided us with a list of every home sale in the seven figures through the first three quarters of this…

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Ashley Olsen Pays Nearly $7M for Greenwich Village Condo

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Ashley Olsen, half of the child-star-turned-fashion designer twin set, has bought a full-floor unit in Greenwich Village, says the Observer.

The third-floor apartment on East 12th Street features two bedrooms and 2.5 baths. Officially, it is owned by the 37 East 12th Street LLC, which paid $6.75 million for the condo. However, after the Wall Street Journal reported in May that Olsen was in contract to buy the condo, the Observer did some sleuthing and discovered that the lawyers signing documents for this sale “are the very ones who also handled Olsen’s previous real estate transactions in the city at 1 Morton Square.”

37 East 12th St.

Douglas Elliman

The 3,028-square-foot condo reportedly has white oak interior doors, arched ceilings, and a white kitchen with honed marble counters. It has a private elevator—there are only six apartments in the building–walnut floors, steel and restoration glass doors, and northern and southern exposures.

Olsen began her acting career at 9 months old, when she and her twin, Mary-Kate, shared the role of Michelle Tanner on the hit TV series “Full House,” which debuted in 1987.

In the 1990s and early 2000s, the sisters became ubiquitous, appearing in a host of straight-to-video tween movies and on everything from T-shirts to lunch boxes. As adults, they’ve designed clothing, beauty, shoe, and perfume lines.

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Haunted houses: How do real estate agents deal with the supernatural?

Unclaimed footsteps coming up the stairs. Doors and cupboards randomly opening and shutting. Unseen children giggling in the night. This may sound like fun notions around Halloween time, but what if it's activity in your house? With the spooky season upon us, Business First wanted to ask Realtors what they do if they're selling a haunted house? The first person we turned to was Marsha Adams of Sotheby's International Realty, who is selling a Corrales home with a colorful past and a reported live-in…

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Opportunity Knocks in the Best Cities for Home Flippers

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It’s the housing industry’s own special recipe for the American Dream. It goes like this: Buy a distressed place for a song. Mix in some sweat, a whole lot of paint, and loads of improvements. Shake well. Relist, sell hard, and then make a big profit off your investment in no time flat!

Take a nice vacation. Rinse and repeat.

In a strikingly short time, home flipping has made a remarkable transition from a vaguely sketchy get-rich-quick plan to a way of life for ever-increasing numbers of Americans. Back in the hazy, crazy days preceding the housing collapse, it was all about swooping in to buy properties on low or no credit, and reselling them fast without adding much value—or adding them to already swollen housing portfolios. Now it’s turned into a sustainable, value-driven business, one with proven methodologies, a handful of national superstars, and a seemingly endless number of bingeworthy shows like “Rehab Addict” and “Beach Flip.”

Flipping is back, better than ever. And more and more people are again getting into the game. The number of flipped properties this year reached its highest level since pre-crash 2007.

“Flipping activity is hot again, due  to the fact that we are seeing strong price appreciation, driven by strong economic and demographic demand,” says realtor.com®’s chief economist, Jonathan Smoke. “It’s up in markets where prices are at new record highs. It’s also up in markets where there remain undervalued homes.”

Flip, don’t flop

But where can you find these diamonds in the rough—and polish them up without burning through too much cash in the process?

To find out, we put our flip-tastic data team on the case.

We started by ranking the largest 100 markets by the ratio of flips to all home sales. We defined a flip as any home—single-family, townhome, or condo—that was bought and resold within a 3- to 12-month period.  We excluded the deals that ended in foreclosure or had a negative profit compared to the original purchase price. We filtered out homes that were bought and sold by banks or other government entities. And we ruled out active markets where the renovation costs eat up all the profit (we’re looking at you, Bakersfield, CA!).

And we wound up with Americas most flipworthy areas!

We chose to feature no more than two cities per state, because otherwise, these hot spots would be clustered in only a couple of states (cough, Florida; cough, California). Along with the map, we pulled out the key metrics for each top market and painted a picture of the real estate scene. We also interviewed expert investors and Realtors® to find out the top features that local buyers want.

Got it? Ready, set … flip!

1. Deltona, FL

Ratio of flips to all home sales: 4.0%

Median flip profit: $45,830

Median list price of all homes: $262,000

What buyers want: New roofs, new air conditioning

Home flippers are returning to Southern Florida en masse. Since many homes during the last burst of housing speculation ended up in foreclosure in the subsequent bust, Deltona has no shortage of fixer-uppers that could use some—or a lot of—TLC.

“Many of those homes need intensive rehab work throughout the house. Flippers who are looking for a serious fixer-upper, generally with a concomitant discount on price, will find more of that kind of inventory in Deltona,” says Brad Hunter, chief economist of HomeAdvisor.

2. Stockton, CA

Ratio of flips to all home sales: 3.9%

Median flip profit: $71,050

Median list price of all homes: $355,000

What buyers want: Granite countertops, granite countertops, granite countertops! (Did we mention granite countertops?)

Stockton was ground zero for the foreclosure crisis, but the market has made a 180-degree turn since the city emerged from bankruptcy last year. For 18 months straight, Stockton has been ranked among the 20 hottest markets in the country. Because it’s within striking distance of the Bay Area—about a 1.5-hour drive from either San Francisco or San Jose—it’s a reasonably priced alternative to those cities for home buyers. The wide swaths of foreclosure homes translate into opportunities for investors and affordability for median income earners. In September, a typical home took only 41 days to find a buyer.

3. Nashville, TN

Ratio of flips to all home sales: 3.8%

Median flip profit: $48,500

Median list price of all homes: $330,000

What buyers want: Hardwood floors, stone countertops, classic design details

The booming job market and swelling home prices in Nashville have reignited the love for fixer culture in this Southern mecca. In a nutshell: Nashville is totally flipping out. The epicenter for the movement has been East Nashville, which, not so coincidentally, is also the city’s cultural heart. In just a few years, the neighborhood has been completely transformed.

“In areas nearby, you can still find bargain homes and historical homes that are good for flipping,” says Troy Dean Shafer, a professional renovator and star of “Nashville Flipped.” “The appeal of Nashville is that you have these little pockets of homes that are spread out in the city.”

4. Tampa, FL

Ratio of flips to all home sales: 3.6%

Median flip profit: $50,500

Median list price of all homes: $240,000

What buyers want: A complete turnkey property that doesn’t need any work at all

In Tampa, steadily climbing home prices + distressed homes left over from the recession = a big spurt of flipping activity in 2015.

The beautiful oceanside location, mild weather, plus a steadily improving job market (the 4.6% unemployment rate is well below the national average), have helped to make Tampa a top relocation city. Baby boomers are moving there in hordes, and so are millennials. As the number of homes for sale declines, investors have regained  confidence in rehabbing homes for profit.

5. New Orleans, LA

Ratio of flips to all home sales: 3.5%

Median flip profit: $78,300

Median list price of all homes: $252,000

What buyers want: “Wow” factor

The city’s many flooded, abandoned, vandalized, and gutted homes after Hurricane Katrina in 2005 have become magnets for investment. Prices have rocketed up 26% in a single year. On HGTV”s “Small House, Big Easy”, star investor Sarah Martzolf is on a mission to revive New Orleans’ signature “shotgun” homes—the narrow, rectangular houses that often date back to the 1920s. There are plenty of other types of homes to revive here as well, and the demand is so huge that there’s even a Meetup group dedicated to teaching novice investors about home flipping.

6. Los Angeles, CA

Ratio of flips to all home sales: 3.0%

Median flip profit: $89,000

Median list price of all homes: $675,000

What buyers want: Everything new—from the bathroom vanity to the sprinkler system

You know flipping is good business when celebs are getting in the game. Corbin Bernsen, who played a rakish divorce lawyer on “L.A. Law,” now plays a flipper in real life, with 20 homes under his belt, according to the Los Angeles Times. His most recent gig, a Mid-Century Modern home in Sherman Oaks, was sold for $1.65 million in June—$375,000 more than what he paid for it a year ago. Good one, Corb!

With a median home price of $673,000, L.A. is not typically a place where badly distressed homes abound. But as veteran investor Nick Manfredi with the Manfredi Group points out, it’s not the price, but the market trend that really matters.

“When prices go up, people’s perception is that the market is doing well, so demand will go up,” Manfredi says. “If a neighborhood has a lot of buying and selling activity going on, I don’t care if it’s $1 million or $2 million, I know it will move along quickly.”

7. Knoxville, TN

Ratio of flips to all home sales: 2.8%

Median flip profit: $58,450

Median list price of all homes: $223,000

What buyers want: Easily accessible neighborhoods, top-notch heating and air-conditioning systems

As Tennessee beats the national average in job growth, Knoxville is riding the crest of an economic recovery. In the past year, home prices have gone up 13%, and the number of homes for sale dropped 20%—a cue for real estate investors to get busy again!

“In 2010, when the market crashed, I was sitting on 38 properties thinking: What am I going to do?” says Chuck Ward, owner of Chuck Ward Real Estate Investments. “The market has come back strong since 2014, and has been good for two years now.” Ward says his six-member crew remodels between 30 to 40 properties a year.

8. Providence, RI

Ratio of flips to all home sales: 2.7%

Median flip profit: $76,000

Median list price of all homes: $311,000

What buyers want: Historical homes rich in architectural details, given a new life

When housing competition in Boston went from bad to horrendous, homeowners and investors turned their attention to the Rhode Island market. The Acela express train takes commuters from Providence to Boston in just 33 minutes. The median list price in Providence is $311,000, only two-thirds of what Bostonians pay. Providence also has a good supply of foreclosures, although the number has already started to drop, according to Realtor Joseph McCarthy.

“In the past nine months, flipping investors are willing to pay more on a property, with the fear that they won’t be available in the future,” McCarthy says.

9. Phoenix, AZ

Ratio of flips to all home sales: 2.6%

Median price gain: $42,500

Median list price of all homes: $300,000

What buyers want: Starter homes with a neutral color scheme

In 2016, three global firms—hardware manufacturer Kudelski Group, specialty materials company Rogers Corp., and construction material producer Carlisle Companies—all announced plans to move to Phoenix. It’s further proof of the transformation of this city from the land of back-office and customer-care centers to a new mecca for corporate headquarters. As new jobs bring in more people, more homes will be needed. Hello, investors!

“New home builders in Phoenix are building luxury homes; they don’t build homes that are smaller than 1,500 square feet,” says real estate analyst Tina Tamboer with the Cromford Report, a residential real estate publication. “So it’s a good opportunity for flipping investors to fix up older, smaller homes and sell them to first-time home buyers.” Those flips are usually located in West and South Phoenix.

10. Denver, CO

Ratio of flips to all home sales: 2.5%

Median flip profit: $42,500

Median list price of all homes: $480,000

What buyers want: Nice kitchens and bathrooms

Denver’s housing market is blazing. A three-year run of double-digit gains had many real estate investors chasing the rainbow into north Denver. Now they’re on the prowl for more untapped areas. In southwest Denver, which is the last haven for those seeking urban affordability, newly renovated homes have been popping up everywhere.

Much of the low-hanging fruit—those cut-rate foreclosure homes—is gone, and investors have to reinvent their game, says local broker Steve Weaver. “Now you see quicker flips with less work,” he says. “Many are taking homes that are unlivable into just livable. They are investing less.”

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Second home market regains traction

In 2003, Kim Knutzen and her husband and two sons purchased a second home in Blue Ridge, Ga., to use as a vacation getaway from their Suwanee-area Gwinnett County home. Two years later, the couple moved to Blue Ridge full time and now Knutzen’s job as managing broker of Harry Norman Realtors’ Blue Ridge office is helping other couples and families find their dream vacation or permanent home in the area. “Our downtown area has grown into a destination for vacationers from both Atlanta and…

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Alpharetta offers housing variety

Alpharetta’s reputation as a tech hub in metro Atlanta means a diverse workforce needs to find a range of housing options in the city. “Alpharetta has become a hub for technology companies and people are relocating from out of state for job opportunities,” said Dany Drouin, a Realtor at Century 21 Results Realty Services. “With reasonable distance to Atlanta and easy access to major highways, many people working for big companies in the metro Atlanta area also choose to live in Alpharetta.” In…

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Bucks’ Matthew Dellavedova Buys Vintage Tudor Mansion in Milwaukee

Mike McGinnis/Getty Images

Newly signed Milwaukee Bucks point guard Matthew Dellavedova is now settled into his new home state of Wisconsin, buying a $1.36 million home on the shores of Lake Michigan.

The 3,725-square-foot, five-bedroom, Tudor-style home has three full bathrooms and two half-baths on nearly half an acre. The home was originally built in 1934, but underwent a top-to-bottom renovation that kept much of the home’s original character intact.

It’s located in the Milwaukee suburb of Shorewood, about 15 minutes north of BMO Harris Bradley Center, current home of the team. In June, the Bucks broke ground on a new stadium in downtown Milwaukee.

Exterior

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Sitting room

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Dellavedova’s new home features hardwood flooring, custom woodwork and metalwork, built-ins, original arched doorways, and an open-concept floor plan. Picture windows on the home’s lower level look out onto the lake.

Kitchen

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The updated kitchen has white stone countertops, custom cabinetry, a large chef’s island, a Wolf range, stainless steel appliances, and a full subway-tile backsplash. A mud room with heated tiles, built-in lockers, and a second refrigerator will be key to getting through the Wisconsin winter.

The home’s bedrooms and bathrooms retain much of their original character. Classic custom tile work anchors updated showers, sinks, and vanities. Some of the bedrooms include their original, angled ceilings, hardwood floors, and leaded glass windows.

Downstairs, a carpeted basement rec room has rich wood paneling, a fireplace, and plenty of room for a pool table.

Lakeside backyard

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The home is at the upper end of comparable homes in Shorewood. Of the 158 properties currently listed for sale there, just one, located a couple of blocks away from Dellavedova’s home, is listed for a higher price. The home, a French chateau-style mansion originally built in 1917, is being listed for $1.5 million.

“Shorewood is a great community and very walkable,” listing agent Jay Schmidt told us via email. “Buyers like the proximity to downtown and the strong schools. Great restaurants, bars and shopping are popping up along Oakland Avenue.” Dellavedova’s home had originally been listed for $1.5 million in May. He purchased the home for $1.36 million in September.

Dellavedova, 26, was born in Australia, played college basketball in California and signed with the Cleveland Cavaliers in 2013. He helped the team advance to the 2015 NBA Finals (the Cavs lost to the Warriors) and the 2016 NBA Finals (the Cavs beat the Warriors). In July, the guard signed a four-year, $38.5 million contract with the Bucks.

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A Queen Anne Victorian Rules Over This Week’s Most Popular Homes

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This week’s most popular home on realtor.com® doesn’t come with a bonkers backstory, thousands of used beer cans, or some kind of crazy construction quirk. In fact, you could say the Queen Anne Victorian topping our list is a return to comforting normalcy. Which we could all use right about now. Thanks, Anne!

Built in 1902, the Victorian in Bristol, CT, was only on the market for three days before an offer was accepted. The listing agent wasn’t exactly surprised when we called, considering she’s still receiving multiple inquiries on the home every day. It’s a rare combination of price point, vintage charm, and location that propelled this awesome old-timer to the tippy-top of our list.

Aside from the Connecticut charmer, you also loved our story on the nation’s oldest home for sale. Your interest pushed the Massachusetts home built in 1650 into the runner-up spot. A familiar Texas twosome also made appearances—the biggest fixer-upper and, yes, our favorite beer can-infested nightmare. New faces include a short sale bargain in Tampa, a couple of joints in Jersey, and a cool Louisiana Colonial with an imposing facade.

Don’t be scared! Simply scroll down for a full look at the week’s most popular homes.

10. 2 Farnham Pl, Metairie, LA

Price: $2,750,000
Why it’s here: While it resembles a home straight out of the 1800s, this classic Colonial was built in 1942. Even though it’s not exactly historic, the stately mansion looks the part, thanks to its red-brick and column facade.

Metairie, LA

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9. 512 Egg Harbor Rd, Sewell, NJ

Price: $475,000
Why it’s here: This home has been on the market for a week, and it’s obvious the sellers are looking for a quick deal. The house is priced at $75,000 below its mortgage appraisal and being sold as is. At only $77 per square foot, it might be a prime candidate for flipping.

Sewell, NJ

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8. 16 Harness Way, Chesterfield, NJ

Price: $489,900
Why it’s here: If it’s privacy you’re after, this Colonial sits at the end of a cul-de-sac. Only four years old, the four-bedroom is a perfect place for a family ready to move on up.

Chesterfield, NJ

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7. 3313 Cedar Hill Dr NE, Solon, IA

Price: $469,900
Why it’s here: We love this Midwest spread on nearly 3 acres due south of Cedar Rapids. Or maybe we just love the four-bedroom home’s basement bar—which features a kegerator!

Solon, IA

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6. 11112 Ancient Futures Dr, Tampa, FL

Price: $150,000
Why it’s here: On the market for over a month, this Tampa home might please a bargain hunter. According to the listing details, it’s a short sale, and a buyer must bring all cash to close the deal. It was last sold in 2008 for $264,700, and there’s probably an opportunity here for a smart shopper.

Tampa, FL

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5. 2354 County Road 59, Manvel, TX

Price: $3,600,000
Why it’s here: The country’s largest fixer-upper won’t shrivel up and go away. Week after week, the huge home soaks up a substantial amount of click activity.

Manvel, TX

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4. 1052 Xenophon St, Golden, CO

Price: $500,000
Why it’s here: Curb appeal, curb appeal, and more curb appeal. From the outside, we love the contrast of the red door and the grey home. The distinctive roofline and fall foliage don’t hurt either. Inside the four-bedroom home, we love the gleaming hickory wood floors.

Golden, CO

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3. 108 Freese Dr, Sanger, TX

Price: $89,900
Why it’s here: Last week’s winner attracted attention from a number of news outlets. We see you, Daily Mail. Still no word on the mysterious lover of Natty Light who littered the place with prodigious amounts of empties. The mystery lives on!

Sanger, TX

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2. 319 North St, Hingham, MA

Price: $429,900
Why it’s here: It’s the oldest home in the entire country available for purchase. Built in 1650 (!), the Thomas Lincoln House benefited from our in-depth look at the antique home.

Hingham, MA

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1. 209 Center St, Bristol, CT

Price: $259,900
Why it’s here: According to listing agent Chloe White, this home was so popular, it sold in three days. She told us the “extremely charming” home snagged an offer from the second group to visit it, and added that she’s still fielding calls about the property.

White also said there aren’t a ton of older homes in the city, so when a vintage Victorian hits the market at a mid-level price point, buyers move fast.

This classic Queen Anne features a wraparound porch screaming out for tall adult beverages. Once you get past the porch, the four-bedroom home has classic style (the staircase!) and updated amenities (the kitchen!). We hope the new owners entertain guests in the formal parlor and work on converting the third-floor attic into a sweet studio.

Bristol, CT

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The post A Queen Anne Victorian Rules Over This Week’s Most Popular Homes appeared first on Real Estate News and Advice - realtor.com.

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Storied Tarrytown Is More Than a Halloween Spot

Enid Alvarez

Long a lure for tourists, Tarrytown, N.Y., has become a popular destination for New Yorkers driven out of the city by high home prices.

The Westchester County village, famous as the home of Washington Irving, author of “The Legend of Sleepy Hollow,” offers easy walkability, low-key charm and a vibrant downtown.

“This past year, the real-estate market has been super-hot, very desirable, with people moving up from Manhattan, from Brooklyn,” said Karen Stroub, a licensed broker and one of the owners of William Raveis Legends Realty Group.

Washington Irving began building Sunnyside in 1835.

Enid Alvarez

Tarrytown, with a population of about 11,500 and an attractive hilly terrain, is in the town of Greenburgh on the eastern shore of the Hudson River about 25 miles north of Midtown Manhattan.

“Buyers want to be in the country but still walk to great restaurants,” said Ms. Stroub, who has lived in Tarrytown for more than 15 years.

Linda Zeltner and her husband, Peter, moved to the waterfront Hudson Harbor townhome and condominium complex two years ago.

“We have four or five restaurants we like that are very close, and another 14 or 15 on Main Street,” said Ms. Zeltner. “We like the blend of it being somewhat urbanesque and the ability to walk everywhere. We walk to the train, and it’s a three- or four-minute walk to the river.”

So far this year, 52 single-family homes in Tarrytown have been sold, with a median price of $676,500, according to the Hudson Gateway Multiple Listing Service. For the same period last year, 60 homes were sold, with a median price of $598,250.

This time of year, Tarrytown and Sleepy Hollow, its neighboring village to the north, are overrun with Halloween tourists.

“It gets much busier—foot traffic, car traffic, and big buses, especially near the Sleepy Hollow Cemetery,” said David Davenport, a 23-year Tarrytown resident.

Ghosts and Halloween decorations at Lyndhurst. Halloween is a particularly busy time in Tarrytown and the neighboring village of Sleepy Hollow. ‘Basically, the whole month of October there is a lot of tourism, a lot of events,’ says Tarrytown Mayor Drew Fixell

Enid Alvarez

Throughout October, Sleepy Hollow Cemetery has daytime and evening lantern tours, spooky stories series and other events. The cemetery is the resting place for Irving and industrialist Andrew Carnegie, as well as local citizens who may have inspired Irving’s characters of Ichabod Crane, Katrina Van Tassel and others in “The Legend of Sleepy Hollow.”

Next door, the Old Dutch Church of Sleepy Hollow is also open for tours. Sunnyside, Irving’s well-preserved home in Tarrytown, is also a popular spot for tourists in the fall.

“I think the TV show ‘Sleepy Hollow’ and the Johnny Depp movie really put it on the map,” Ms. Stroub said.

Tarrytown Mayor Drew Fixell said the village is a busy place in the weeks before Halloween. “Basically, the whole month of October there is a lot of tourism, a lot of events.” This year, the festivities culminate on Saturday in the annual Tarrytown Halloween Parade.

Tarrytown is also home to Lyndhurst, the Gothic Revival mansion owned by Gilded Age financier and railroad developer Jay Gould. It is surrounded by a 67-acre park that is about a half-mile below the Tappan Zee Bridge on Route 9.

Also located in Tarrytown is Lyndhurst, the home of the Gilded Age financier and railroad developer Jay Gould. The Gothic Revival mansion sits in its own 67-acre park.

Enid Alvarez

Construction of a new span to replace the 1955 Tappan Zee Bridge began in 2013, and portions of the new bridge are expected to open to traffic next year, Mr. Fixell said. “The construction has created some major traffic backups in the village, but overall it hasn’t been a huge imposition on the village.”

Broadway and Main Street form the commercial heart of Tarrytown, with storefront restaurants, antique shops and local businesses, many with apartments above them.

“It has the feel of a village with a lot of fun social activity,” Mr. Davenport said. “Whenever I walk the three blocks into town, I run into neighbors and friends.”

“I love the sense of community—it’s very friendly,” Ms. Stroub said. “And the proximity to the city, so you have great cultural opportunities as well as a close-knit community.”

And that easy walkability and social connectedness extends into the evening hours.

“If you spend time in other Hudson Valley river villages, you see that there’s no nightlife, nobody is on the streets,” Mr. Davenport said. “Tarrytown has a nightlife.”

Schools: There are five schools in the Tarrytown Union Free School District, which includes students from Tarrytown and Sleepy Hollow. Sleepy Hollow High School, which serves both villages, has an overall grade of A+ from the ratings site niche.com, with a reading proficiency of 93% and 95% in math. Tarrytown children who live south of Route 119 attend public schools in Irvington. Tarrytown is also home to the private Hackley School, which has students in kindergarten through 12th grade.

Parks: Pierson Park has basketball, a picnic area with pavilion, playground and tennis courts. The Scenic Hudson RiverWalk Park runs along the river. The Old Croton Aqueduct trail, which crosses the grounds of Lyndhurst, is popular with joggers, walkers and cyclists.

Transportation: The commute on Metro-North’s Hudson Line to Grand Central Terminal takes about 35 minutes. The Tappan Zee Bridge crosses the Hudson at Tarrytown, carrying the New York Thruway (Interstates 287 and 87) across the river to Rockland County and points upstate.

Dining: The Twisted Oak offers farm-to-table fare with a menu that changes daily depending on what’s in season. RiverMarket Bar and Kitchen also depends on local farms for its New American fare, with a gourmet shop near the front. The waterfront Sunset Cove features continental cuisine with an Asian/Mediterranean flair—and spectacular views of the Hudson and Tappan Zee Bridge. Muddy Water Coffee & Café is known for its coffees, baked goods and light meals.

Entertainment: The 843-seat Tarrytown Music Hall, which dates to 1885 and is Westchester’s oldest theater, has a wide variety of theater, dance and film programs. Coffee Labs Roasters has live music on weekends. In summer, Pierson Park hosts free musical events, and there are outdoor jazz nights at Lyndhurst. A farmers market is open on Saturdays from May through November in Patriot’s Park, where a statue commemorates the Revolutionary War capture of the British spy Maj. John André.

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Feeling house proud, are you? Check out the 30 most expensive residences in Bucks County

We've put together a list of the 30 most expensive residencies in Bucks County thanks to our friends at Realtor.com. The area north of Philadelphia is rich with history encompassing Washington Crossing Historic Park in addition to lavish estates and manor homes. Best Philadelphia apartments for swimming Check out our gallery to pick out your next dream house.

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18,000 Square Foot Newly Built Limestone Mansion In Ontario, Canada

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LOCATION: 111 Woodland Acres Crescent, Vaughan, Ontario, Canada

SQUARE FOOTAGE: 18,600

BEDROOMS & BATHROOMS: 8 bedrooms & 14 bathrooms

PRICE: $9,786,000

This newly built limestone mansion is located at 111 Woodland Acres Crescent in Vaughan, Ontario, Canada.

It features approximately 18,600 square feet of living space with 8 bedrooms, 14 bathrooms, 2-story foyer with floating staircase, 2-story great room, formal dining room, gourmet kitchen, breakfast room, separate guest quarters with 2nd kitchen, home theater, gym, golf simulator room, indoor swimming pool and hot tub, garage and more.

Outdoor features include terraces/patios, 2 kitchens, 3 fire pits and a spa.

It is listed at $9,786,000.

CLICK HERE FOR THE LISTING

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