by Jim the Realtor | Nov 16, 2013 | Interesting Houses |
Interior Designer, Len Cotsovolos, unveils his latest contemporary architectural design at the Yellowstone Club- a private residential ski resort community in Big Sky, Montana, where he designed a custom 11,000 square foot vacation retreat that epitomizes comfort. “To understand this home, you must start from the inside,” explains Cotsovolos, “the home was designed from the inside out, while trying to bring the outside in”.
Although this property shares the mountainside with classic American vernacular log cabin estates, Cotsovolos, with LC² Design Services has styled this dream home to express modern mountain luxury…with just the right amount of Vegas “bling”. Nestled among the tall pines of the Rocky Mountains at an elevation of 10,500 feet, this custom home reflects characteristics of Modernist architecture, which typically features glass walls, post-and-beam construction, exposed steel, and open floor plans; however, Cotsovolos also introduced unique finishes, opulent furnishings, and other details, which he sourced worldwide to create a warm, dark and mysterious home that is internationally inspired.
See 25 photos here:
http://www.contemporist.com/2013/11/12/big-sky-vacation-home-by-len-cotsovolos-and-lc%c2%b2design-services/
by Jim the Realtor | Nov 16, 2013 | Same-House Sales |
With home prices soaring in many U.S. metropolitan areas, there’s already talk of another home price bubble.
Just last week, researchers at Trulia Inc. identified more than a dozen markets around the country where home prices are slightly ahead of fundamentals — including the Dallas area.
Most economists say that new worries about the recent rate of U.S. home price appreciation are overblown.
And that’s the view of probably the foremost expert on housing bubbles, Robert Shiller.
Shiller — co-creator of the closely followed S&P/Case-Shiller Home Price Index and a newly minted Nobel laureate in economics — attended a housing conference Friday at the Federal Reserve Bank of Dallas.
“Expectations have been gradually going up; they haven’t reached bubble-level expectations yet,” he told the group.
Shiller said price bubbles in housing and other commodities have more to do with psychology than economics.
“A speculative bubble is a kind of social epidemic of enthusiasm,” he said. “The contagion is spread by word of mouth and media-driven and also partly price-driven.
“In a speculative bubble, the price increases and the media stories generate attention.”
That’s certainly what happened starting a decade ago when the U.S. saw a record jump in housing prices.
“In 2004 and 2003, people thought they had a money machine” because of home price appreciation in many markets, Shiller said. “They were wrong about those expectations.”
Shiller was one of the first economists to warn of a dramatic home price correction, and, of course, he was right.
Nationally, home values plunged more than 40 percent, with some cities taking especially big hits.
With housing prices across the country up more than 12 percent this year, it’s understandable that some consumers are starting to fret about where housing is headed.
“Lots of people are worried that home prices in their city will outpace them,” Shiller said. “Maybe a housing bubble is more damaging than the others.
“We have a policy that encourages people to put their life savings into one undiversified investment.”
Shiller said his fame with regard to housing research has garnered invitations from around the world to discuss housing price trends.
“I tend to get invited to places that have bubbles,” he said. “Ever since I won that Nobel Prize my life has been busier than it’s ever been. You wouldn’t imagine.
“I’m really freaked out when people say, ‘I’m honored to meet you.’”
http://www.dallasnews.com/business/residential-real-estate/20131115-fears-of-housing-bubble-are-overblown-new-nobel-laureate-says-in-dallas-visit.ece
by Jim the Realtor | Nov 15, 2013 | Foreclosures/REOs, Short Sales, Short Selling |
From the wsj.com:
Troubled homeowners who get a break from their mortgage lenders could face a hefty tax bill next year if a key provision expires at the end of the year, though state laws could determine which borrowers will have to write a check to Uncle Sam.
Homeowners who live in states where mortgages are non-recourse—that is, where they aren’t personally liable for the unpaid balance—may avoid the potential tax hit even if Congress doesn’t act, according to a letter sent by the Internal Revenue Service released by Sen. Barbara Boxer (D., Calif.) on Friday.
In the letter to Sen. Boxer, the IRS clarified that certain non-recourse debt forgiven by lenders wouldn’t typically be considered taxable income by the IRS. This means that for most California borrowers, the expiration of the tax provision may not have a meaningful effect.
“California homeowners have struggled through years of economic hardships during the Great Recession,” said Ms. Boxer in a statement Friday. “I am relieved that these families will not face a burdensome tax penalty just as they are trying to rebuild their lives with a short sale.”
In the letter, the IRS wrote that “if a property owner cannot be held personally liable for the difference between the loan balance and the sales price, we would consider the obligation a non-recourse obligation.” As a result, the owner would not have to count that forgiven debt as income.
Other states with laws that prevent lenders from seeking so-called “deficiency judgments” to recoup defaulted debts from borrowers would likely be in the same camp as California, the letter said.
Short sales have fallen sharply as a share of overall sales over the past year as the housing market has rebounded and fewer homeowners have found themselves underwater. In California, short sales accounted for around 12.6% of homes that were resold last month, down from 26.7% one year earlier, according to research firm DataQuick.
Read full article here:
http://blogs.wsj.com/developments/2013/11/15/why-california-homeowners-could-avoid-tax-forgiveness-hit/
by Jim the Realtor | Nov 15, 2013 | North County Coastal, Sales and Price Check |
For those who are beating themselves up for not buying a year ago, don’t feel too bad – the frenzy exploded. As recently as the third quarter of 2012, the pricing in most areas was still stagnant or trending down.
But look at how the number of sales popped in the 3rd quarter last year – that was the sign that the frenzy was building:
| Area |
3Q11 #Sales/Avg.$/sf |
3Q12 #Sales/Avg.$/sf |
3Q13 #Sales/Avg.$/sf |
| Cardiff |
31/$436 |
10/$436 |
22/$544 |
| NW Carlsbad |
51/$312 |
46/$313 |
49/$389 |
| SE Carlsbad |
147/$250 |
165/$256 |
163/$297 |
| NE Carlsbad |
43/$241 |
38/$238 |
36/$291 |
| SW Carlsbad |
48/$290 |
88/$280 |
89/$329 |
| Del Mar |
48/$780 |
42/$714 |
56/$649 |
| Encinitas |
102/$371 |
131/$377 |
138/$441 |
| RSF |
42/$415 |
64/$461 |
75/$497 |
| Solana Bch |
16/$471 |
29/$466 |
34/$604 |
| Carmel Vly |
105/$329 |
146/$338 |
134/$379 |
| All Above |
699/$383 |
845/$373 |
881/$440 |
| SD County |
5,727/$236 |
6,683/$244 |
6,594/$302 |
Sales are the precursor – they increased 21% year-over-year between 3Q11 and 3Q12, and were a sign that the market was changing.
But this year’s 3rd-quarter stats include the sales rushed by the rise in mortgage rates. Let’s monitor the 4Q13 numbers very carefully.
Here’s how NSDCC sales look for Oct 1st – Nov. 10th:
2011: 254 sales, averaging $379/sf.
2012: 382 sales, averaging $401/sf.
2013: 328 sales, averaging $496/sf.
Sales were -14%, and pricing +24% year-over-year, which probably means 2014 won’t be as hot as 2013. The third component is inventory, and will make the difference in how 2014 goes in your neighborhood.
by Jim the Realtor | Nov 14, 2013 | Bubbleinfo TV, Builders, Davidson, Thinking of Building?, Thinking of Buying?, Why You Should Hire Jim as your Buyer's Agent |
People are clamoring for more on the La Costa Town Square:
Arterro is the name of the Davidson tract. From their website:
Located off Rancho Santa Fe Road just east of La Costa Avenue, Arterro is a 22-acre residential element of La Costa Town Square, a planned 285,000-square-foot shopping center being developed by the Safeway division on 83 acres.
“A big plus for our homeowners is the ability to walk to several markets and other specialty services,” said Davidson, who noted that the anchor tenant is a 60,000 square foot Von’s store. La Costa Town Square is scheduled to open in mid-2014.
Arterro is on track for a Early 2014 opening.
by Jim the Realtor | Nov 14, 2013 | Frenzy, Market Conditions |
Curbed L.A. on Trulia’s bubble analysis (San Diego is +3% overvalued)
http://la.curbed.com/archives/2013/11/the_us_isnt_in_a_housing_bubble_but_southern_california_is.php
Hey, great news: US housing prices are NOT in a bubble.
Oh, except here in Southern California, where they are.
Trulia’s Bubble Watch report, out today, relies on a lot of crazy-sounding concepts like “fundamental value” and “undervalued,” but then housing prices and bubbles and money are all just inventions based on shared delusions anyway and what are we talking about again?
Disorienting terminology aside, the report at least makes some comparisons that can tell us something–it looks at “the price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trends, using multiple data sources.”
So if houses are going for a lot more than what those numbers might predict, Trulia declares a bubble; a lot less, no bubble.
Nationwide, housing prices are four percent under what Trulia thinks they should be, so there’s no bubble (compare to 39 percent above at the beginning of 2006 and 13 percent below at the end of last year). But in Los Angeles County, prices are 12 percent above where Trulia thinks they should be. BUBBLE. Of the 100 largest metro areas, LA is second most bubbly only to Orange County, which is 13 percent above.
by Jim the Realtor | Nov 14, 2013 | Thinking of Selling?, Tips, Advice & Links, Why You Should List With Jim |
This got fouled up last night but it’s fixed now:
by Jim the Realtor | Nov 13, 2013 | Wednesday Rock Blogging |
From the Concert for George in 2002, on the 1st anniversary of Harrison’s death – a rousing version sung by Billy Preston:
Paul McCartney, piano
Ringo Starr, drums
The late Billy Preston, lead vocal and keyboards
Eric Clapton, 12-string acoustic guitar
Jeff Lynne, acoustic guitar
Tom Petty, acoustic guitar
The late Ravi Shanker from Encinitas, percussion
Albert Lee, electric guitar
Marc Mann, lead guitar (from Oingo Boingo and ELO)
Dhani Harrison, acoustic guitar
by Jim the Realtor | Nov 13, 2013 | Jim's Take on the Market, Local Flavor, Market Conditions, Sales and Price Check |
From our friends at Fidelity Title regarding all property types in SD County. Signs of some slowdown currently but the San Diego market still looks fairly healthy, considering how hot the frenzy was earlier in the year:
by Jim the Realtor | Nov 12, 2013 | Bubbleinfo TV, Flips, La Jolla, Real Estate Investing, Remodel Projects |
This had been on the MLS for less than 24 hours when I went by around lunchtime today, and people were already all over it. Compared to the rest of the recent offerings around La Jolla, it looks like a deal:
