Renter Nation: There Are More Renters Than Buyers Now in Some of the Biggest Cities

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The recession of the past decade put the American dream of homeownership on hold.

Renters became the majority over homeowners in 22 of the largest U.S. cities from 2006 to 2016, according to a recent RENTCafé report. That brought the total of cities with more residents leasing their homes instead of owning them up to 42 during that decade. The shift is one of the primary after-effects from the housing bust a decade ago, which precipitated the financial crisis and left scores of folks out of work or underemployed.

The apartment listings website analyzed U.S. Census data for its report.

“In the late 2000s when the crisis hit, due to the huge wave of foreclosures, many people were forced into renting,” says Balazs Szekely, a writer for RENTCafé. “That’s the main reason for this huge paradigm shift.”

The poor economy with so many folks out of work, worried about losing their jobs, underemployed, or earning stagnant wages also made it hard—or downright impossible—for many aspiring homeowners to enter the market. Some of those who had the means to buy, particularly millennials, chose to rent instead.

Toledo, OH, topped the list of the 22 cities that went from majority homeowners to majority renters from 2006 to 2016. It saw a 31.3% rise in the number of renters during that time. Toledo was followed by Memphis, TN, with 27%; Tampa, FL, with 26.8%; Hialeah, FL, with 26.5%; Stockton, CA, with 26.2%; Honolulu, with 25.7%; Anaheim, CA, with 25.1%; Baton Rouge, LA, with 22.4%; Santa Ana, CA, with 17.5%; and Columbus, OH, with 17.5%.

Meanwhile, Newark, NJ; Jersey City, NJ; Miami; New York City; and Boston had the highest overall percentages of renters. However, they’ve been renter cities for quite some time—not just during the financial crisis.

That’s because these cities tend to have plenty of jobs and attract folks from all over the world—and can be prohibitively expensive to buy in. New residents with money to burn may not want to become homeowners as they might not stay over the long term. (The two New Jersey cities topping the list are just outside of New York City, so many residents commute into the Big Apple for work.)

Still, many of these cities may not remain renter-dominated for long. Since 2015, the scales have started tipping back toward folks owning their abodes once more, says Szekely.

“Homeownership is gaining more popularity again,” says Szekely. “The economy is simply recovering. … People started to have enough money for a down payment, and people started to think about buying a house again because they could afford it at last.”

The post Renter Nation: There Are More Renters Than Buyers Now in Some of the Biggest Cities appeared first on Real Estate News & Insights | realtor.com®.

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Meet Jacksonville's $1Bn residential realtors

Berkshire Hathaway HomeServices Florida Network Realty had sales greater than $1 billion in 2017. A company led by Sherrer and Budnick blew by that figure in 2005.

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President Lyndon Johnson’s Former Central Texas Ranch Is Listed for $2.8M

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Once the beloved home of President Lyndon Johnson, this charming Central Texas ranch located in what’s now called Johnson City is now on the market for $2.8 million.

The 140-acre spread includes a 3,980-square-foot main house, an 1,100-square-foot guesthouse, and a 12,000-square-foot hangar that’s current being used as an art gallery.

Italian artist Benini has owned the ranch since 1999, using the property to display his work and operating the Sculpture Ranch.

“We responded to the beauty and high energy of the landscape, the feeling of living on top of the world—as well as the easy access to Austin and San Antonio international airports,” Lorraine Benini, the artist’s wife, told the Dallas Morning News. The couple currently live 25 miles north of the property, and the ranch sits vacant.

Art gallery

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Exterior

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Johnson bought the property in 1963, just one week after he took the oath of office, and used the secluded place to escape the media and ease the stress of the White House. And although the four-bedroom, 4.5-bathroom main house was rebuilt in 1999 and the original parcel of land has since shrunk, Johnson’s bedroom and bathroom remain as they were when he lived there.

LBJ’s bedroom

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LBJ’s bathroom

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The Secret Service took up residence in the one-bedroom, one-bathroom guesthouse when Johnson stayed at the ranch.

Guesthouse

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After Johnson announced he wouldn’t seek another term, he retreated to this ranch. He owned the property until 1971, according to the Dallas Morning News.

There’s no doubt he spent much of his time there taking in the picture-perfect views.

Views

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“Aside from the incredible history behind the ranch, the property is in a prime location with beautiful surroundings,” listing agent Dave Murray told the Dallas Morning News. “It offers the perfect retreat, while still only 20 minutes to Fredericksburg, less than an hour from Austin, and in the heart of the vineyard region. This is a true Texas Hill Country treasure.”

The post President Lyndon Johnson’s Former Central Texas Ranch Is Listed for $2.8M appeared first on Real Estate News & Insights | realtor.com®.

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GAAR introduces 2018 board of directors

The Greater Albuquerque Association of Realtors announced its board of directors for 2018. Danny Wm. Vigil of Coldwell Banker Legacy has been named the 2018 GAAR president. The organization installed its new board of directors at its Dec. 6 meeting. View the accompanying slideshow to GAAR's 2018 board and directors. The Greater Albuquerque Association of Realtors serves the central New Mexico region, which includes the counties of Bernalillo, Valencia, Sandoval, Torrance, Socorro and Santa Fe.…

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Designed by Richard Meier, the Smith Home Is a Waterfront Wonder on the Market for $14.5M

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Architect Richard Meier is famed for his designs, including the Getty Center in Los Angeles and the Barcelona Museum of Contemporary Art.

But before he rose to prominence designing huge structures on the world stage, Meier had his start building residences. One of his first, from 1967, the Smith House in Darien, CT, is now on the market for the first time in 50 years. The iconic home sitting on prime waterfront property is listed for a cool $14.5 million.

“Just like [with] a famous painting, you react to it because of the incredible artistry that went into it,” says listing agent Jack Trifero, a preservationist who leads tours of the area’s Mid-Century Modern homes.

With its vertical grid of glass that fronts Long Island Sound, the house works as well from the outside as it does on the inside, he says. “You walk in, and every single inch of this place sings. It’s just very powerful.”

The Smith house designed by architect Richard Meier

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Living room with dramatic views

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Dining room with fireplace

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Wall of windows

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Only 31 at the time, Meier was commissioned to design the home for Frederick and Carole Smith in the 1960s. Architecture critic and author Paul Goldberger noted that the Smith house helped “set a career in motion and defined the American domestic architecture of an era.”

Located just an hour from Manhattan, the 1.5-acre waterfront property comes with a private beach. The four-bedroom, three-bath home is built from white-painted redwood, and held up by steel columns. The design expands upward rather than outward and offers three levels of living space totaling 2,874 square feet.

The living and dining rooms, both with fireplaces, are at the back of the house, where walls of glass show off the dramatic water views. The bedrooms are on the opposite side, and face the woods and the road.

A slate walkway leads to a ramped entrance which opens to the two-story living room on the main level, where you’re greeted with stunning views of sea and sky.

“First-time visitors are usually astounded upon entering the living room,” recounted the owner, Carole Littlefield (formerly Smith), for Goldberger’s book, “Richard Meier Houses.” She added that she received compliments time and again on the view. “Of course,” she said, “the view is the same from all the other sites along the waterfront; the house, however, is not.”

The home has been well-maintained and is in pristine condition after five decades, the agent notes. “The family has been incredible  stewards of the property,” Trifero says. They’re looking for the next owner to do the same, without much to do once the sale closes.

“It’s been completely livable. You don’t have to do any updates,” he adds. Instead, the next owner can look forward to simply enjoying the view.

The post Designed by Richard Meier, the Smith Home Is a Waterfront Wonder on the Market for $14.5M appeared first on Real Estate News & Insights | realtor.com®.

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Despite $13M Price Cut, Bel Air Mansion Is Most Expensive New Listing

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In one of the most expensive real estate areas of the country, on one of the priciest, most sought-after streets in Bel Air, CA, lies this week’s priciest new listing.

While not technically new, Le Belvedere re-emerged on the market this week with a steep $13 million price cut. Now available for $72 million, it captured the crown of this week’s most expensive listing on realtor.com®.

The French-style chateau initially went on the market for $85 million in December 2016, when it was the most expensive listing of the week. At the time we argued the place was a “serious steal,” since a home down the road was going for $250 million.

Buyers didn’t agree with the bargain theory, but those with massive bank accounts may decide to flock to the lower price. The home also has new representation in Richard Hilton of Hilton & Hyland.

Living room

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Eat-in kitchen

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Family room

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Moroccan room

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Aerial view of the pool

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The 35,000-square-foot megamansion on 2.2 acres was built by developer Mohamed Hadid, who’s also the father of supermodels Gigi and Bella Hadid. Completed in 2007, the property was sold for $50 million in 2010.

With magnificent views from the city to the ocean, the property offers “a scale and size no longer allowed in Bel Air,” the listing notes. It has two master suites, eight additional bedrooms, and 15 bathrooms. Entertainment spaces include the living room, library, ballroom, dining room, and wine cellar. Outdoors, there are terraces, a loggia, and a pool. Other amenities include 14 fireplaces, an elevator, and a large commercial kitchen.

The home features intricate interiors and details such as wood paneling and hand-painted ceilings. It offers every possible room you could imagine, including a screening room, gym, card room, Moroccan room, and Turkish hammam.

And here’s another perk of moving in: You could really be the next “Fresh Prince,” or Princess, of Bel Air.

The post Despite $13M Price Cut, Bel Air Mansion Is Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.

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10 Home Products Under $25 That Top Amazon’s Wish Lists

Amazon is a one-stop shop for pretty much any household item you can imagine—great ones, lousy ones, overpriced ones, cheap ones, and every variation in between. So with thousands of products in every category, how do you find the ones you really want? Rather than wade through all the zillions of reviews, there’s a far easier way to find the jewels among the dross: Amazon’s “Most Wished For” page, probably the best-kept secret on this site.

For the uninitiated, when you find an item you like, you can either buy it or click the “Add to List” button, which sends it to your own virtual wish list. You can keep this list private or open it to the public to give people ideas of what you’d love to get as a gift.

Individual wish lists are highly personal, of course, but when you lump thousands of wish lists together, you leverage the power of crowdsourcing to pinpoint what people are pining for most.

As it turns out, the “Most Wished For” pages have been gaining major props of late as great places to go for ideas—all broken down into handy categories from “Tools & Home Improvement” to “Kitchen & Dining” and beyond.

So what are people wishing they can get for their homes? Look no further than the list of clever products below, all under $25.

1. Wineglass markers These markers will make sure you never lose your wineglass again.

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Wine charms are great for keeping tabs on whose wineglass is whose, but that involves remembering which charm is yours. Problem solved with these wineglass markers ($7.99, amazon.com). Just write your name on your glass, then easily wash it off at the end of the night.

2. Garden gloves with claws These garden gloves have claws to help you dig.

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Durable garden gloves ($9.89, amazon.com) are a must for any green thumb, but these have extra-handy claws so you can easily dig through soil.

3. Two-in-one shower head Use these shower heads separately, or together for total luxury.

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Could this inexpensive two-in-one shower head ($24.99, amazon.com) give you the best shower of your life? The 4,176 people who gave it a five-star review seem to think so.

4. Stainless-steel bar to remove odors Banish the smell of garlic or other odors on your hands with a stainless-steel bar.

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It’s hard to chop garlic, onions, or any other aromatic food without having the odor stick to your hands and follow you around all day. But rubbing this stainless-steel bar ($11.47, amazon.com) between your hands, like you would a bar of soap, allows the metal to neutralize foul odors so they disappear.

5. Overflow bath drain cover Add more water to your bath with this overflow drain cover.

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The key to a good bath is a full tub, but that’s not possible if you have an overflow drain limiting the water level. This simple drain cover ($8.59, amazon.com) allows you to fill up the bath as high as you want so you’re totally submerged. Ahhh.

6. Handheld heat bag sealer Reuse the original bags and keep food fresh with a heat bag sealer.

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Put down the chip clips and freezer bags! Reseal snack bags in a couple of seconds with a brilliant bag sealer ($14.99, amazon.com) that uses heat to close any openings.

7. Himalayan salt lamp This lamp made of Himalayan salt crystals can help you relax at home.

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Aside from their groovy vibe, salt lamps ($21.99, amazon.com) are said to increase blood flow, improve sleep, and filter the air to quell allergy symptoms and headaches. How? They absorb water vapor carrying dust, pet dander, pollen, and smoke particles. Think of it as a natural air purifier. Anyway, we like the way it looks.

8. Digital timer outlet This digital timer outlet automatically turns on and off electronics in your home.

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Let’s say you go on vacation but want to make it look like someone’s still home. Plug a couple of lights into this digital timer outlet ($15.95, amazon.com), which you can program to switch on and off whenever you please.

9. Globe string lights with clear bulbs Globe string lights add a whimsical touch to your patio area.

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Do you know how long it takes to spruce up your backyard? About as long as it takes to hang a couple of strands of these globe string lights ($13.95, amazon.com). String the lights across the perimeter of your patio or lawn to create a charming hangout.

10. Essential oil diffuser Fill your home with the calming scent of essential oils.

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This electric essential oil diffuser ($18.95, amazon.com) will have your favorite fragrance like lavender or sandalwood wafting through your home for up to six continuous hours (before you have to refill it). Bonus: It’s also a humidifier!

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