Realtor.com offers up the hottest housing markets for 2017 and other predictions for the new year.
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Thursday, December 1, 2016
Chicago's housing market predicted to be worst in America next year
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How Charlotte's housing market forecast shapes up for 2017
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Chicago Expands Program to Sell Residents Vacant Lots for $1
Melanie Stetson Freeman/The Christian Science Monitor via Getty Images
Chicago is expanding a program that will allow those living in less-wealthy neighborhoods to buy vacant city-owned land on their block for $1, in a bid to bolster struggling neighborhoods.
The program, which began in the largely African-American neighborhood of Englewood littered with foreclosed homes in 2014, has seen the sale of over 550 lots so far. Residents must maintain and pay taxes on the property once they buy it. The program, which has been expanded to over 30 neighborhoods in the hurting South and West sides of the city, will include about 4,000 lots.
“This expansion will create opportunities to strengthen neighborhoods throughout the entire city of Chicago,” Chicago Mayor Rahm Emanuel said in a press release Tuesday.
Known as the Large Lots program, the initiative is among several steps that cities are taking to reduce the psychological impact of foreclosed homes and vacant land on residents in these neighborhoods and to boost property values in all areas across the city. Other efforts include the land bank program, adopted by both Chicago and Detroit, where city officials buy and fix up abandoned homes, and then resell them either to potential homeowners or for community use.
Residents can qualify for the Large Lots program only if they already own a property on the same block as the vacant lot, are current on property taxes and owe no debts to the city, including parking tickets and water bills. The neighborhoods, city officials say, were chosen based on areas that had the most city-owned land as well as market demand.
Once a resident has purchased the lot, it has to be maintained by them according to the city code which includes the removal of weeds and setting up a fence. City officials say that many chose to build side yards, community gardens or landscaped open space in those once-empty lots. Among the sales to date, more than half are adjacent to the buyers’ existing home, and about 25% are less than five lots away.
Shacarra Westbrooks was among those who purchased lots in 2014 in her East Garfield Park neighborhood. The program, she said, “created some uproar” at first, as some in the community feared the initiative would open up their neighborhood to outside investors, raise property prices and displace them.
But Ms. Westbrooks “wanted to continue to invest in the area” and ended up buying two lots. She is in the process of turning one into a community garden showcasing the artistic and other talents of her neighbors and the other into a meeting place for East Garfield homeowners.
The program focuses on areas where property and land prices are significantly lower than the wealthy northern Chicago neighborhoods, and where violent crime—which has reached a grim tally not seen in over 15 years—plagues residents. A vacant lot in Englewood, for example, sells commercially for a 10th the cost of a similar-sized plot in the gentrified Wicker Park neighborhood.
“We have been having issues this past years with shootings, with unfortunate situations involving our youth,” Ms. Westbrooks said, adding that her garden plot has been designed as a safe space for children to play. “This is something that our community can be involved in.”
Applications will be accepted for the new plots through Jan. 31 of next year.
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Rent Louisville Head Coach Rick Pitino’s Florida Mansion for $18K a Month
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University of Louisville basketball coach Rick Pitino is renting out his 6,055-square-foot mansion in Bal Harbour, FL. The luxe property went up for sale in February 2016, but a buyer did not materialize.
The six-bedroom, 7.5-bath home is still available for purchase for $4.3 million. It could also be rented for a whopping $18,000 a month. Built in 2006, the two-story, Mediterranean-style mansion is located in a gated community just one block from Biscayne Bay, just north of Miami Beach.
Double doors with custom metalwork open to an impressive stone entryway. The home’s lower level has stone floors, cathedral ceilings, a stone fireplace and mantel, arched doorways, decorative columns, and chandeliers.
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The chef’s kitchen has white light-colored countertops, a chef’s island, double refrigerator, and Wolf range. A kitchen pass-through over the sink allows you to do dishes while watching TV in the adjoining family room.
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The home includes an entertainment area with a bar, wine fridge, and built-in bookcases. The master bedroom has a walk-in closet with custom storage, and a master bathroom with a gold-tiled tub enclosure, dual sinks, and a built-in vanity.
Outside, the tropical backyard is bordered by palm trees for privacy. There’s also a pool, waterfall, and stone elements. The home was last sold in 2013 for $3.75 million, according to public records.
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Pitino’s home is toward the upper end of asking prices in Bal Harbour, which has a median list price of $900,000. The most expensive home in the community is a $36 million mansion just a few blocks away. Other famous residents include Miami Heat majority owner Micky Arison.
Pitino has been the head coach of the Louisville Cardinals men’s basketball program since 2001. He began his coaching career in 1974 and has bounced between coaching college hoops and the NBA since then, winning NCAA titles in 1996 and 2013.
Earlier this year, Pitino put a second Florida mansion on the market, with an asking price of $25.9 million. Clearly, it’s good to be the coach.
The post Rent Louisville Head Coach Rick Pitino’s Florida Mansion for $18K a Month appeared first on Real Estate News and Advice - realtor.com.
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Top Real Estate Markets for 2017: The West Leads the Way
dszc/iStock; realtor.com
We’ve predicted a slight slowdown for the U.S. real estate market next year, but the realtor.com® economic team is forecasting that most of the nation’s hottest markets are going to keep blazing in 2017. And where will it be hottest? Head west! According to our forecasts, the western U.S. will continue to lead the nation in prices and sales.
“The top 10 markets all benefit from strong growth dynamics: population, jobs, and households,” says Jonathan Smoke, realtor.com’s chief economist, who analyzed the country’s 100 largest metropolitan markets for their growth potential. “They all have low unemployment that’s heading lower, which buoys consumer confidence.”
Western cities account for 11 of the top 25 metro markets on our list, including five in California. But whatever their location, all the top markets have in common relatively affordable rental prices, low unemployment, large populations of millennials and baby boomers, as well as a high number of listing views on realtor.com. The top 10 are forecast to see average price gains of 5.8% and sales growth of 6.3%, exceeding next year’s anticipated national growth of 3.9% and 1.9%, respectively.
And while the limited availability of homes for sale continues to be a problem for home buyers but a boon to homeowners, these markets are seeing growth in new construction that eases the supply shortage somewhat. Still, there isn’t enough new construction to keep up with the growth, Smoke says—and so prices continue to rise at above-average rates.
However, compared with last year, price growth in eight of the top 10 markets is expected to slow down, with only Los Angeles and Tucson, AZ, showing bigger increases over last year.
For all their commonalities, the top 10 metro markets have different buying patterns and price levels, Smoke notes. Millennials are more of a buying force in Boston and Los Angeles, while retiring boomers make their presence felt in Phoenix; Jacksonville and Orlando, FL; Raleigh, NC; Tucson; and Portland, OR. Veterans, meanwhile, come out in force in Jacksonville and Tucson.
See metrics for the top 20 markets below, and for the full list of 100 markets, check out the realtor.com 2017 housing forecast.
| Rank | Top Markets | Median Price | Price Growth | Sales Growth |
| 1 | Phoenix, AZ | $300,000 | 5.94% | 7.24% |
| 2 | Los Angeles, CA | $675,000 | 6.90% | 6.03% |
| 3 | Boston, MA | $480,000 | 6.09% | 6.32% |
| 4 | Sacramento, CA | $420,000 | 7.18% | 4.92% |
| 5 | Riverside, CA | $350,000 | 4.98% | 6.88% |
| 6 | Jacksonville, FL | $284,000 | 4.79% | 7.03% |
| 7 | Orlando, FL | $272,000 | 5.69% | 6.10% |
| 8 | Raleigh, NC | $312,000 | 4.16% | 7.55% |
| 9 | Tucson, AZ | $237,000 | 6.10% | 5.47% |
| 10 | Portland, OR | $420,000 | 6.55% | 5.02% |
| 11 | Durham, NC | $320,000 | 2.55% | 8.95% |
| 12 | Colorado Springs, CO | $335,000 | 4.77% | 6.71% |
| 13 | Jackson, MS | $207,000 | 1.98% | 9.44% |
| 14 | Detroit, MI | $195,000 | 5.17% | 6.22% |
| 15 | San Diego, CA | $620,000 | 6.47% | 4.89% |
| 16 | Salt Lake City, UT | $345,000 | 6.66% | 4.67% |
| 17 | Deltona, FL | $260,000 | 3.10% | 8.23% |
| 18 | Provo, UT | $334,000 | 5.16% | 5.84% |
| 19 | Austin, TX | $385,000 | 3.50% | 7.40% |
| 20 | Seattle, WA | $430,000 | 7.36% | 3.41% |
The post Top Real Estate Markets for 2017: The West Leads the Way appeared first on Real Estate News and Advice - realtor.com.
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Wednesday, November 30, 2016
Bargain-Basement Victorians: 7 Classic Homes Under $200K
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It’s the time of year when shoppers are on the hunt for bargain prices. Every day between now and Christmas will present a different must-have deal that’s too good to pass up—or so retailers try to make you think.
While homes can’t be snapped up with 1-Click ordering, homes with budget-friendly prices should galvanize shoppers to take quick and decisive action.
Dreaming of holidays around the hearth in classic style, we scoured our listings for Victorian homes for sale across the country. There are about 8,000 on the market, give or take a gable. Our aim was to turn up affordability, so we capped our cross-country search at $200,000—well below the country’s median list price of $250,000.
We found seven stunners worthy of a bargain hunter’s gaze. If you’re into scoring a deal this year, scroll down to see homes that should be on your holiday shopping list.
235 SW Woodlawn Ave, Topeka, KSPrice: $199,900
Victorian vitals: Located in the Potwin Place Historic District, this beautiful four-bedroom home has a number of nostalgic features: leaded glass doors, stained-glass windows, and and gleaming hardwood floors. It’s been on the market since April, and we’re shocked that a buyer has not stepped forward.
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1617 N Napa St, Spokane, WAPrice: $164,500
Victorian vitals: Pure Americana in the Pacific Northwest, it even has a white picket fence! Built in 1909, the five-bedroom charmer has a separate entrance, which means it could generate income for a smart buyer.
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3939 Shaffers Church Rd, Glen Rock, PAPrice: $190,000
Victorian vitals: Sitting on just over an acre of land, this three-bedroom cutie is nestled next to the Maryland state line. The two-story home offers spacious rooms, old-school charm, and a tire swing out back.
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3632 S 23rd St, Omaha, NEPrice: $150,000
Victorian vitals: This Queen Anne Victorian comes with one of our all-time favorite features: a turret! A buyer should negotiate some of the decor into the final sale, because the period touches in this place are on point.
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1311 Third St, Dudley, GAPrice: $178,000
Victorian vitals: We’re in love with the gingerbread look of this Georgia peach. The yellow paint on the exterior, not quite as much. But with the low list price, you can afford a few gallons of exterior paint.
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52 Brewster St, Kingston, NYPrice: $159,000
Victorian vitals: This slim three-bedroom home has over 1,000 square feet of space, which makes it the coziest spot on our list. While the inside is small, there’s a big patio out back that looks perfect for warm summer nights.
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289 N Broad St, Carlinville, ILPrice: $179,000
Victorian vitals: In the words of singer and songwriter John Mellencamp, little pink houses for you and me. We’re smitten with the shade of exterior paint on this gorgeous four-bedroom home. The listing mentions a mouthwatering room we’ve never heard of: a pie pantry! In which case, a slice of Key lime pie on the wraparound front porch would be heavenly.
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The post Bargain-Basement Victorians: 7 Classic Homes Under $200K appeared first on Real Estate News and Advice - realtor.com.
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