Vancouver realtors say demand picking up as prices begin to rise again

Realtors in Canada’s most expensive city for housing predict prices will continue to rise amid a shortage of listings they maintain is stifling the market.

The Real Estate Board of Greater Vancouver said Tuesday that demand picked up in the condo and townhome segment of the market, something the group maintains coincides with a shortage of supply.

“Home prices will likely continue to increase until we see more housing supply coming on to the market,” said Jill Oudil, president of the board, in a statement.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $919,300 in March, a 1.4 increase from February but still a 0.8 decrease over the past six months.

Residential property sales in the region reached 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales a year earlier, a record breaking month. March, 2017 sales climbed 47.6 per cent compared to a month earlier and were 7.9 per cent above the 10-year sales average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” said Oudil. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

New listings for all properties in Metro Vancouver totalled 4,762 in March 2017, a 24.1 per cent decrease compared to the 6,278 units listed a year earlier. March new listings climbed 29.9 per cent from February but even with the increase it was the worst March for new product since 2009.

The total number of properties currently listed for sale on the MLS system in Metro Vancouver was 7,586, a 3.1 per cent increase compared to a year earlier and a 0.1 per cent decrease from February, 2017.

Related

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• Homebuyers priced out of Vancouver moving four and a half hours and two ferry rides from the Lower Mainland

The sales-to-active listings ratio for March, 2017 was 47.2 per cent, a 15-point jump from February. “Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months,” the board said in its release.

In the detached property segment, there were 1,150 sales in March, a 46 per cent decline from a year earlier. The benchmark price for detached properties was $1,489,400, a 5 per cent per cent decrease over the past six months but a one per cent increase compared to February, 2017.

Sales of apartment properties in March fell 18.3 per cent from a year ago. The benchmark price of an apartment property was $537,400, a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February, 2017.

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Melania Trump Now Has a White House Portrait: So What’s on Your Wall?

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Melania Trump might not be seen hanging around the White House much, but if there’s one event she made sure not to miss, it’s posing for her first official White House portrait. A quick look through the White House archives indicates that all first ladies get at least one official portrait (as do presidents—pick that long tie carefully, Donald Trump!), and Melania, a former model who’s no stranger to cozying up to the camera, did not disappoint.

The photographer, Regine Mahaux, has shot Melania before, so it makes sense that she’d turn to him again for this pivotal pic.

Reactions to the portrait have run the gamut. Some say it’s too airbrushed; others contend that it mimics Nancy Reagan‘s portrait with the same background and similar bow around her neck. Most marvel at the size of the rock on her finger.

Others are trying to guess where in the People’s Home the photo will reside. The Oval Office, perhaps?

Regardless of its final destination and whether you love it or hate it, we got to wondering: What does Melania’s White House portrait say about the kind of family pictures we hang in our very own homes?

Portraits: A forgotten art?

In this digital age, it seems almost like an old-fashioned notion to display a “portrait.” Still, plenty of people still hang pictures of themselves, their kids, or the whole family.

“People are still hanging portraits on their wall as much as ever,” says Jade Riviere, a professional photographer for TripShooter.com. “It’s just that the style of portraiture has changed.”

Does Melania’s portrait mirror the types of pics regular folks are choosing to put up in their own homes?

Well, no. If anything, Riviere thinks this photo stands in stark contrast to prevailing home trends. Melania’s portrait is a highly orchestrated studio shot, whereas the most popular current approaches trend toward candid and casual.

“A ‘trend for perfection’ is reflected in Melania’s portrait,” says Riviere. “Most people like their portrait to show their best selves, but what this means to an individual changes from person to person. For some it means removing imperfections, and for others, celebrating them.”

Adds Riviere, “Our clients nowadays often prefer fresh, dynamic photos that show them participating in life, rather than studio-style photography. It’s a response to the accessibility of digital images and their ease of creation, and people’s thirst for photos that show reality.”

Another current trend Melania’s photo bucks, most likely for reasons beyond her control (the White House has its traditions, after all), is that she’s photographed alone. Given how close Melania is to her 11-year-old son, Barron, one can’t help but wish he were there by her side in one of his little suits.

“In most homes, the idea of displaying a portrait of just one adult would seem strange to me,” says Laura Eckert at New Creation Photography. “I can’t imagine hanging a portrait of just myself in my home, even among a grouping of portraits with my family.”

While we understand why the White House might not want to loosen its portraiture standards too much, we can see how the official picture might further fuel the first lady’s enigmatic Mona Lisa reputation, rather than quell it.

“This portrait is certainly not warm and inviting,” observes Eckert. “I’m a little confused by her expression. Is she irritated? Is she wondering why the photographer is taking so long? Is that just her serious look and she is all business?”

The world may never know.

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Kevin Costner Asks $60M for a Chunk of Santa Barbara Coast

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A-list actor Kevin Costner, who owns a nice chunk of Santa Barbara County coastline, is jettisoning a 10-acre site where he once considered building a home. The price for this slice of paradise? $60 million.

The acreage is situated in the prestigious Padaro Lane enclave just minutes from the Santa Barbara airport and about 80 miles north of Los Angeles, according to the listing. It is one of six coastline lots Costner owns in the area, says Cathy Titus of Coldwell Banker Property Shoppe, Ojai, who is co-listing the property with Erik Wilde, also with Coldwell Banker.

“The land is amazing,” says Titus. “It’s oceanside with its own access to the beach, and it’s near a creek. He’s got an amazing view.”

Titus says the 10.25-acre parcel is the largest of Costner’s collection. It comes with a two-bedroom home built in the 1940s. The modest home can be razed and replaced with something a little more majestic.

View of the property

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View of the Pacific Ocean

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The actor was in the final stages of development on an estate of his own, but Titus says he decided it would take too much time away from parenting this three young children with his wife, Christine Baumgartner, a model and handbag designer.

The parcel includes 500 feet of ocean frontage and beach access, and views of the Pacific, nearby islands, and the Santa Barbara mountains. It’s a short ride to luxury boutiques and restaurants in Montecito Village.

Costner, 62, won two Academy Awards for directing and co-producing “Dances With Wolves” in 1991, in which he also starred. He recently had a memorable role in the Oscar-nominated “Hidden Figures,” but he’s best known for his run of success in the ’90s in films such as “Bull Durham,” “Field of Dreams,” and “The Untouchables.”

• For more photos and details, check out the full listing.
• Homes for sale in Santa Barbara County, CA

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Can You Buy a House Under $75K? Yes. Would You Want To? Definitely!

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How far does a dollar go these days? How about 75,000 of them?  When it comes to housing, we’re here to tell you it can go surprisingly far. To prove our point, we found 10 appealing options for ultra-affordable abodes. Lowering the pricing bar to a minuscule $75,000 does narrow your options, but it does not mean you have to sacrifice charm and livability.

After all, everyone (us included!) loves a bargain. These are homes priced two-thirds below the national median list price of $260,000—but they’re desirable dwellings just the same.

So journey with us into housing’s bargain bin, where what you find might tempt you to make an offer ASAP.

116 S Seventh St, Wyoming, IL

Price: $69,900
Bargain briefing: This building from the 1890s was converted into a grand single-family home. It retains its vintage charm, but offers modern updates bargain hunters love.

Wyoming, IL

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9005 Bancroft Ave, Cleveland, OH

Price: $50,000
Bargain briefing: This cute Cape Cod has been fully renovated.

Cleveland, OH

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401 Goddard Ave, Seneca, SC

Price: $60,000
Bargain briefing: It’s a beautiful bungalow located close to the Clemson campus. Hardwood floors have been refinished, and the home’s been updated a bunch over the past decade.

Seneca, SC

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918 First St, Jackson, MI

Price: $58,000
Bargain briefing: This three-bedroom Victorian is move-in ready and offers over 1,600 square feet of living space. We’re in love with the price, which is a mere $36 per square foot.

Jackson, MI

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4660 W Lagoon Rd, West Farmington, OH

Price: $50,000
Bargain briefing: In eastern Ohio, this awesome A-frame sits right along the water. Rustic yet renovated, this two-bedroom home awaits a storybook ending.

West Farmington, OH

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2016 Melrose St, Rockford, IL

Price: $74,900
Bargain briefing: A brick ranch with plenty of vintage charm, it has basement space that’s ideal for a massive man cave.

Rockford, IL

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3303 N 43rd St, Omaha, NE

Price: $72,500
Bargain briefing: Ready for you to move in, this brick beauty also comes with a big basement.

Omaha, NE

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1695 County Road 113, Lineville, AL

Price: $49,900
Bargain briefing: Built in 1829, this smokehouse was converted into a single-family home! It’s being sold furnished.

Lineville, AL

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4228 NW 14th St, Oklahoma City, OK

Price: $67,900
Bargain briefing: Close to midtown, this is an ideal home for a first-time buyer. The hardwood floors are in great shape, and the kitchen has been updated.

Oklahoma City, OK

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12034 Linderman Rd, Bear Lake, MI

Price: $64,500
Bargain briefing: It’s another adorable A-frame! We couldn’t resist the green-and-gold color scheme of this lake retreat. Most everything in the small home was updated in 2014, and it’s ready for a buyer to make a commitment to cute housing.

Bear Lake, MI

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Is the Rent Too High? Renters May Be in Luck in These Cities

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It might seem like the cost of just about everything, from train fares to interest rates, is going up these days. And yet the pace of rising rents, one of every tenant’s worst fears, is actually slowing down in many of the nation’s most expensive cities.

The slowdown can be seen nationwide, according to a pair of recently released reports from two rental websites. Rents rose only 0.4% from February to March, according to Apartment List. Meanwhile, they rose 0.2% on one-bedroom apartments from March to April, according to Abodo.

And those monthly bills are continuing to fall in such pricey metros as Silicon Valley’s San Jose and San Francisco, and New York City, even if it’s just a fraction of a percentage point. Hey, every little bit helps those cash-strapped tenants gleaning change from their couch cushions.

Why rents are flat—and going down in some cities

“There’s a large number of new apartment buildings and units which are now available,” says Abodo spokesman Sam Radbil. And with all those available units vying to lure residents, “that means prices are going to come down.”

Prices in the most expensive cities already began coming down in the second half of 2016, he says. That’s because there were about 285,000 more rental units available in 2016 than 2015. And now lower rents are spreading to cheaper areas in the Midwest and the Rust Belt, including Des Moines, IA; Cleveland; and Kansas City, KS.

“Oftentimes, trends like rent price decreases start on the coast or in the large markets, and those tend to trickle down,” he says.

Meanwhile, the cities seeing some of the largest bumps are located right outside even more expensive metros, according to Apartment List.

Many Silicon Valley renters are getting so sick of the sky-high costs of leasing an apartment that they’re becoming buyers, says Silicon Valley–area Realtor® Shahida Mehjabeen of Keller Williams Bay Area Estates in Los Gatos, CA. Or they’re moving farther away from the more expensive hubs.

“Two or three years ago, people were willing to pay anything to get into an apartment because there were a limited number,” she says. But “we already hit the threshold of what people are willing to pay for rents.”

The new hot spots for rising rents

Renters are now likely being priced out of places like San Francisco and are turning to places like Stockton, CA, about 80 miles away. Median prices have shot up in Stockton about 12.5% over the past year on two-bedroom apartments in the city, according to Apartment List. That might sound like a lot, but at a median $1,000 for a two-bedroom apartment, tenants are still paying less than a quarter of what they would in San Francisco.

Renters are also moving from Seattle to Tacoma, WA, about an hour away, where prices rose 10.2%, and from Dallas to Arlington, TX, just 30 minutes away, where prices went up 9.5%. Median rents are about $1,000 higher in Seattle than Tacoma and about $750 higher in Dallas than Arlington, according to Apartment List.

“The fact that people are having to move farther out and have longer commutes points to the issue of a lack of affordability in some of these bigger cities,” says Apartment List data analyst Chris Salviati. And unfortunately for renters who tend not to be bringing home a huge paycheck, “it seems likely that it’s a trend that will continue going forward.”

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Supermodel Tyra Banks Lists Manhattan Penthouse for $17.5M

Getty Images/Jason LaVeris; Evan Joseph

Supermodel Tyra Banks has just listed her plush Manhattan penthouse for $17.5 million.

The “America’s Next Top Model” creator and host has also listed it for rent for $50,000 per month, but told The New York Times that she would prefer to sell rather than continue renting it out.

The new co-host of “America’s Got Talent” paid just over $10 million for the 7,000-square-foot Battery Park City spread in 2010 through her Mi Casa Trust, property records showed.

The 43-year-old mother of one used it as a primary residence for about four years, but she’s spent most of her time lately on the West Coast, and so she’s been renting it out since 2015, for $50,000 a month fully furnished, according to the Times.

Tyra Banks’ apartment is being offered fully furnished.

Evan Joseph

The five-bedroom, eight-bathroom duplex penthouse is located on River Terrace, next to Rockefeller Park and the Hudson River.

The building’s amenities include 24-hour concierge, an on-site valet parking garage, a pool, a fitness center, a yoga studio, a landscaped outdoor terrace, and a private pet grooming area.

The penthouse that’s being sold has a library, a corner living room,  a chef’s kitchen with a massive center island, a gym, office, as well as a salon/barber shop with 360-degree mirrored dressing/fitting room, according to the listing. There are also full staff quarters and a staff kitchen.

Chef’s kitchen in Tyra Banks’ penthouse. There is also a staff kitchen.
Evan Joseph

All rooms showcase floor-to-ceiling wrap-around windows with direct south, west and north exposures and views of the Statue of Liberty and Hudson River.

“The Wolf of Wall Street” actor Leonardo DiCaprio also has a home in the building, but Ms. Banks said the two never ran into each other.

“He was always that elusive spirit that so many people talked about,” she told the Times. “Farewell, Leo. I’ll miss my houseguests trying to spot you in our building.”

A spokesperson for Ms. Banks did not immediately respond to a request for comment. Listing agent Adam Modlin of Modlin Group declined to comment.

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2 Architects Make Magic With This Mid-Century Modern Classic

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Sitting amid a grove of mature oak trees, a classic Mid-Century Modern property is back on the market for $2.25 million. Built in 1973, this secluded home has gone through two architects and two renovations.

You’ll find this real estate gem in the woodsy enclave of Monte Nido in Malibu Canyon, 10 minutes from the beach in Malibu.

“It’s understated and low-key,” listing agent Brian Linder says of the design. “And yet it’s gorgeous, classical Mid-Century Modern architecture.”

Local architect Doug Rucker was commissioned to build the original home, which was completed in 1973. In 1990, the home’s second owners brought Rucker back to expand the space, adding a bedroom wing, living room extension, and an outdoor lounge with fireplace.

This pristine remodel weathered the decades and renovations with grace, which isn’t always the case when a classic is updated.

“When someone does not hire the original architect, particularly in a Mid-Century house with a working philosophy, the mistake will usually be profound,” says Rucker.

House sits amid a grove of mature oak trees.

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Outdoor fireplace and lounge

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“Since I did all the remodeling, I like what I’ve done,” Rucker adds. “The original philosophy of ease and freedom has been maintained.” He notes that his favorite part of the home is the “sense of freedom, safety, and closeness to nature. Good homes respond to love of being there.”

Back patio and floor-to-ceiling windows

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The home was purchased two years ago by Dan Meis, architect of the Staples Center in Los Angeles, and his wife, Brandie Meis, who also has a background in architecture.

The two updated the interior to meld a bit of a contemporary vibe to the original design.

Custom bookshelves

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The update included replacing carpet with hardwood floors, renovating the guest bathroom, and adding custom shelving in the library. The lighting was also updated inside and out.

Open kitchen

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Describing the home as “magical,” Meis says, “The house was in great shape … so [it] didn’t need much renovation or change.”

According to Linder, Meis “respectfully renovated the home, preserving the original design and introducing new materials and finishes in keeping with a modern lifestyle.”

We can definitely get behind this California-modern lifestyle. The home exudes casual cool with its open floor plan and “seamless connection to the outdoors” thanks to floor-to-ceiling windows.

The focus on entertaining is evident with a space that spills outside and features a fireplace, decks, and built-in barbecue. Multiple living areas inside include two fireplaces, an office, living area, four bedrooms, and three baths. The 2,986-square-foot house sits on just over an acre.

With all the time he spends in New York and Europe, Meis concluded that keeping a home in L.A. didn’t make sense. He put the masterpiece back on the market with the intention of relocating to the East Coast, leaving behind a home that has withstood the test of architectural design.

“There’s a timelessness to it that still resonates,” Linder says.

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