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Mission Viejo Real Estate

May 29th, 2010 · Real Estate Markets

Saddleback Mountain unusually covered in snow ...
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A large city in the southern portion of Orange County, the city of Mission Viejo, California, lies in the Saddleback Valley and is one of the largest master-planned communities ever constructed via a single project nationwide. In 2009, the city was home to a population of more than 100,000 and it is mostly a suburban, residential community, with mostly single-family homes but also a number of condos. The city has a high median household income level, measured at more than $93,000 in 2008, and Mission Viejo real estate prices are correspondingly high, though they are considered in the low to mid range compared with other Orange County cities.

At the end of last year, the median price for homes sold in Mission Viejo was $425,000 in one zip code and slightly higher at $463,500 in its second zip code. These figures were both down annually from the medians at the end of 2008 by 9.5% and 9.1%, respectively. However, sales levels were up in both areas as homebuyers moved in to snatch up the many deals on Mission Viejo homes for sale available. There were 567 homes sold in the city’s first zip code, an increase year-over-year of 4.4%, and 610 home sold in the second zip code, an 18.4% yearly increase.

More recently, the Orange County Register’s monthly chart for March showed more positive signs in the Mission Viejo market. The median prices for homes sold in the month was $475,000 in one zip code, a 30% increase yearly, and $440,000 in the other zip code, a 5.5% rise. Meanwhile, sales continued to stay strong, with 50 and 53 in each zip code, rises of 10.4% and 4%, respectively, in Mission Viejo during March.

That trend continued for one zip code but fell back for another more recently. According to the OC Register’s real estate blog, statistics for the most recent three-week period ended April 27 showed the median prices at $440,000 and $410,000, a rise of 24% in the first case but a decline in 2.4% in the latter. Sales are continuing to surge, with 44 and 57 homes, rises of 42% and 21% annually, respectively.

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Cincinnati real estate market

May 5th, 2010 · Real Estate Markets

Cincinnati Enquirer headquarters building at 3...
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The Cincinnati real estate market is starting to make a recovery, at least according to some of the most important indicators of economic health in the real estate sector. According to an April 22, 1010 article in the Business Courier of Cincinnati, “Home sales in Greater Cincinnati and Northern Kentucky set an energetic pace in March, helped along by an extended federal tax credit for buyers. The Cincinnati Area Board of Realtors reported 1,583 closings in March, up almost 14 percent from 1,389 in March 2009. Gross volume improved 26 percent, to $241.1 million from $191.2 million, and the average sale price grew almost 11 percent, to $152,287 from $137,648.” The piece continued to note that “…gross volume is up 12 percent, to $510.4 million from $455.2 million, and the average sale price rose 14 percent, to $150,999 from $132,300.”

This same good news for Cincinnati homes for sale was reported by an April 22, 2010 article in the Cincinnati Enquirer. This piece found that “Home sales rose across the region in March – jumping nearly 14 percent in Southwest Ohio and roughly 3 percent in Northern Kentucky, according to reports out today. All told, 1,583 homes were sold in March, up 13.9 percent compared to the same month last year, according to the Cincinnati Area Board of Realtors. In Northern Kentucky, sales climbed 3.2 percent with 388 sales compared to 376 sales in March 2009.” The article, written by Lisa Bernard-Kuhn, continued to state that “Realtors credit the boost in March to federal tax credits for first-time buyers worth up to $8,000 and up to $6,500 for repeat buyers.”

Foreclosures in the Cincinnati real estate market are less of a problem recently, thanks to a series of local, community, and government efforts, according to another article in the Enquirer by Gregory Korte. This piece, released on April 19, 2010, found that “The city is also helping to buy and fix up homes in the neighborhoods of Avondale, Bond Hill, College Hill, Madisonville, Northside and Westwood. In South Fairmount, the federal money is tearing down blighted homes, and in Evanston it’s being used to build affordable housing.”

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Pasatiempo, California Real Estate

April 10th, 2010 · Real Estate Markets

Alicante: Santa Cruz
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An unincorporated community in the Santa Cruz Valley, Pasatiempo, California, is located between Scotts Valley and Santa Cruz. It is home to the Pasatiempo Golf Club, a Top 100 Golf Club, and its residential real estate consists of many luxurious homes on the course. Like so many neighborhoods in California, the Pasatiempo real estate market has suffered in recent years as it tries to deal with the effects of the struggling U.S. economy.

Residents have lost jobs and seen their assets and investments fall in value, some have been forced into foreclosure and most have seen their home values fall. Sales volume was up in 2009 versus 2008 as many buyers looked to take advantage of low-priced foreclosed Pasatiempo homes for sale while others simply wanted to buy at a good time, while the government was offering tax rebate incentives of up to $8,000 for qualified homebuyers.

Trends of the Santa Cruz city market can be viewed to get an idea of Pasatiempo’s market, since the community is not incorporated and is thus considered a part of Santa Cruz. In February, the median price for homes sold in Santa Cruz was $500,000, an increase from January when it was just $480,000, and an increase from one year ago, when it was just $425,000. There were 92 homes sold in February in Santa Cruz versus 94 homes in January and versus only 87 one year ago.
The Pasatiempo neighborhood will be better off than many other Santa Cruz neighborhoods because it has something most communities don’t: a world-class golf course, and that fact will continue to draw interest and buyers despite tightened credit

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Lawrence Real Estate Market

April 1st, 2010 · Real Estate Markets

Downtown Indianapolis from the air.
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Lawrence, a suburban community located just northeast of Indianapolis, the state’s capital, is located in Marion County, the same county as the capital, and is one of the county’s four “excluded cities,”  that is, not considered part of Indianapolis. It is home to a population of around 40,000. Though the Indianapolis area real estate sector didn’t see pre-crisis price rices on the same level that many overinflated real estate markets across the country did, nonetheless the Lawrence real estate has been affected by the downturn in the economy and has seen values of homes fall and inventory and foreclosures rise.

Statistics available from the Metropolitan Indianapolis Board of Realtors show that the greater region has seen mostly improvement in the market in the period ending Feb. 28. Sales volume were down slightly over three months, but up 10% over six months and down just 1% for the year. Pending units were up in each time interval, up 19% in three months, 17% in six and 6% year-over-year. Even median sales prices in the region seemed to be stabilizing: The price was up 11% in three months, up 8% over six months and flat over the year.

Marion County, specifically, shows mixed signals. The number of homes sold was down over three months 8%, from 2,172 to 1,990. It was up 6% over six months though, and down 3% for the year. Average sale prices in Marion County, unlike many city across the nations, saw rises over the past year. The three-month average was up 18% to more than $101,000 from around $86,000; the six-month average was up 10% to more than $104,000, and the one-year average was at more than $105,500, 2% higher than in 2009.

The amount of Lawrence homes for sale still has increased only slightly. At the end of February, Marion County had a 10.3-months‘ supply worth of homes for sale, up slightly from 2009′s 8.8 months’ and 2008′s 9.6 months’. The homes with the longest durations on the market, unsurprisingly, are those in the upper ends. There are 56 months’ worth of supply of homes priced at $750,000 to $1 million, while those more than one million have a 54.5 months’ supply.

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Boulder Creek Real Estate

March 26th, 2010 · Real Estate Markets

Downtown of San Jose, California, USA. View fr...
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Boulder Creek is a smaller community nestled in the Santa Cruz Mountains near San Jose in Northern California in the San Lorenzo Valley. The area has seen the U.S. financial crisis and recession take a toll on its economy, including the Boulder Creek real estate market, which has seen prices adversely affected. Despite the troubles, the market has been slowly crawling back and 2010 may be the year it stabilizes.

According to Boulder Creek realtors Jessica Wallace, the Boulder Creek market saw prices decline seven times in 2009 and rise five times, making following the market last year a bit like taking a ride on a roller coaster: lots of unpredictable ups and downs. The overall median price for the year was $320,000, down from 2008′s median of $428,000, and monthly prices ranged from as high as about $430,000 in March to as low as about $230,000 in April.

However, as prices of homes fell, sales activity picked up considerably in 2009 as buyers who previously thought themselves unable to afford Boulder Creek homes for sale found themselves able to take advantage of the lower prices. Many buyers were also encouraged by stimulating government policies offering hefty tax rebates for home buyers who met specific qualifications.  There were 104 homes sold in Boulder Creek in 2009, versus just 76 in 2008.

According to fellow local realtor Mary Wold, the median price in Boulder Creek in February 2010 was $400,000, up more than 30% from figures from a year ago, when the price was just over $306,000. The average price was just under $382,000, up from over $308,000 a year ago. These figures were based on the seven homes sold in February. In February, there were 23 pending sales and 36 active listings, which were spending an average of 123 days on the market, an increase of more than 23% from a year ago, when that average was just 100 days.

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Saint Louis Real Estate Update

March 19th, 2010 · Real Estate Markets

City of St.
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As a midsized Midwestern metropolis, St. Louis has seen its real estate market bounce around quite a bit over the past couple of years during the ongoing recession and the continuing effects from the financial crisis. Foreclosures have risen, and prices have fallen, like most markets across the country. Recently, however, some signs have pointed to the positive in St. Louis.

According to an article in St. Louis Today, in January, the city’s home sales saw a fall in volume, but an increase in prices. There were just over 1,300 St. Louis homes for sale closed upon in January, a more than 14% dip from volume at the same period last year, when there were more than 1,500 sales. Nationwide, sales dropped 7.2%, so the St. Louis real estate does not find itself alone in this predicament.

Home prices, on the other hand, showed more sign of improvement, as median prices rose in almost every county in the region. In the city of St. Louis, the median price in January was $68,500, up nearly 35% from last year’s figure of $50,900, the highest rise of any of the local areas/counties. In St. Louis County, the median price was $168,500, up a slight 2% from 2009′s figure of $164,900. Clinton County saw the worst struggles in housing prices, with its January median price of $72,500 off by more than 52% from last year’s price.

According to a February article in St. Louis today, “IHS Global Insight’s forecast calls for St. Louis home prices to fall by less than 2.5 percent between the 3rd quarter of 2009 and the third quarter of 2010. From their peak a couple of years ago, prices in this part of the country will have fallen somewhere between 5 percent and 15 percent.”

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The Denver Home Sales Market

March 15th, 2010 · Real Estate Markets, Real Estate Portals

Denver Homes for Sale Inventory
In the never ending attempt to understand and predict the market for the benefit of our clients, the available inventory is an important statistical marker.  The inventory continues to remain low in relation to immediately previous years. However, the “market” is bifurcated with regard to price range, and split into many other geographic sub-markets.  The bifurcation is present because of the large number of first time buyers taking advantage of the tax credit and low interest rates, and investors buying while prices are low.  In general, the Metro Denver market is very much a seller’s market for most areas priced under $300,000, and a buyer’s market for properties priced above $300,000.

denver-cheesman-kristalkraft2009While Denver homes are selling better than in recent years, condo sales are lagging behind.  Historically, the condo market recovers later than the single family market, and that will remain true in this recovery as well.

Average Days to Sell and Average Prices
The average days it takes to sell a home in Denver remains low in comparison to the previous 3 years.  Although home sales in the upper price ranges are slow, the prices under $300,000 are selling briskly.  At least for now, the Denver real estate market is as healthy as it has been since 2007.

The average price of single family homes in the Metro Denver area continues to rise.  The January low point was consistent with previous years, and early anecdotal information indicates that March prices will continue to show improving averages.

Case-Shiller
While average prices in the Denver market continue to improve, the market has a ways to go to reach the high of  June 2006. The Case-Shiller report released in late February of 2010, showing comparative sales through 2009, indicates that Denver was only one of 6 cities surveyed by their index that showed a gain in property values during 2009. The index for Denver stands at 127.2, down from the high of 140 in June of 2006. Of course, for home owners that bought in January of 2000, when the index stood at its base of 100, a rise in value of 27.2 is very good indeed.

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San Jose Real Estate Update

March 8th, 2010 · Real Estate Markets

City of San Jose

Since San Jose serves as the county seat of Santa Clara County, the San Jose real estate market depends heavily on the trends affecting the larger area of Santa Clara County. The Santa Clara County Association of Realtors reported especially strong home sales during the month of January, according to a press release issued on February 16, 2010. The article noted that “Sellers in Santa Clara County continue to benefit from intense buyer demand and lower volume of homes for sale. Sellers and buyers closed escrow on 825 homes in January, a 15.06 percent jump over the 717 in the same period last year, according to data from MLS Listings, Inc. Home sales have gone up in month-to-month comparisons for several consecutive months.” The piece continued to cite Karl Lee, the President of the Santa Clara County Association of Realtors, who stated that “Multiple offers appear to be spreading into most price ranges and neighborhoods…We expect buying activity to continue intensifying.”

A reminder of the precarious state of San Jose homes for sale came in a February 18, 2010 article in the Mercury News, which found that “After months of double-digit growth, South Bay home sales leveled off in January, a new report released Thursday showed, in a sign the housing market remains fragile. But most experts interviewed said the recovery that started last year is likely to continue later this year, citing an increase in home prices in the same report and a shift to a more sustainable mix of homes on the market, with fewer foreclosures.” In the words of Andrew LePage of MDA DataQuick, “We could easily see a lot of things change come spring.”

Another important indicator for San Jose real estate – foreclosures – was commented on in another article by the Mercury News. According to the February 16, 2010 article by Sue McAllister and Pete Carey, “After taking a break for the holidays, foreclosures spiked in Santa Clara and San Mateo counties in January. Despite efforts by the federal government and lenders to help people stay in their homes, foreclosures rose 37 percent in Santa Clara County last month from December…”

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Chandler real estate report

March 1st, 2010 · Real Estate Markets

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Chandler real estate is linked to the larger trend of the Phoenix metropolitan area as well as the rest of Maricopa County. Chandler is facing mixed messages, starting with a drop in real estate prices for December 2009. According to a February 5, 2010 article in DQ News, “Sales of existing homes in the Phoenix region (including Chandler) rose to the highest level for a December in four years as home price measures trended lower and investor activity rose. The percentage of sales involving a foreclosure held steady after declining for eight consecutive months, a real estate information service reported.” The article, republished in the NuWire Investor, continued to note that “In December, 52.2 percent of the houses and condos that resold had been foreclosed on in the prior 12 months, the same as in November but down from 61.9 percent in December 2008.”

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Owners of Chandler homes for sale are particularly imperiled by property values, which continue to fall while property taxes rise. This was noted by a February 14, 2010 article in the Arizona Republic, which found that “Most Maricopa County homeowners will see another significant decline in their homes’ value when they open their 2011 property-assessment notices in the next few days. But property taxes for the coming year still may go up as the state, cities, and school districts struggle to close huge budget deficits…During 2009, the overall median value of homes in the county fell 15.2 percent, from $155,300 to $131,700…”

One particular example of both trouble and hope facing Chandler homes for sale was recounted in a February 19, 2010 article in the Arizona Republic, which followed the progress of a housing project. The article, composed by Luci Scott, found that “Desert Viking, the developer of a big townhome project in downtown Chandler, has resumed construction after receiving a $10.2 million loan from Wells Fargo. Work stopped last summer…Chandler is seeing an uptick in home-building activity, more than in some other areas, giving rise to the idea that Chandler may climb out of the recession sooner than other parts of metro Phoenix.”

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Bradenton Real Estate Market

February 2nd, 2010 · Real Estate Markets

Bradenton Beach
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Bradenton, Florida, located on the state’s western Gulf shores just south of Tampa, has, like most markets in the Sunshine State, seen a struggling real estate market throughout most of 2009. The city has seen houses lose thousands of dollars in value and many homes have been lost due to foreclosure.

Though many markets in the U.S. have seen figures slowly begin to trickle back up as signs of improvement spring up, the market for real estate in Bradenton still shows signs of trouble, according to statistics made available by the local realtors association. Prices have shown no significant signs of improvement either. The median sale price in November was just $174,000, down from $206,300 at the same time last year for a decline of more than 15%.

The number of homes sold from the Bradenton real estate market in November was 283, up from just 186 at the same time last year, though down slightly from October and September’s clip of more than 300. Many buyers have likely been moved to jump into the market by the government’s stimulus tax program, offering irresistible rebates of up to $8,000 to select home buyers who meet qualifications.

The number of homes on the market has fallen, though there are still many homes for sale in Bradenton sitting unmovable on the market, awaiting a buyer. In November, there were just under 3,500 homes for sale, down by more than 5,250 from the same time last year, a fall of 34% as some of that inventory clears out.

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