This contemporary residence is designed to seamlessly open unto the panoramic coastal ridge-top site via expansive operable glazed walls. The glazed transparency is balanced and the home is anchored in place by substantial cut native sandstone walls. The architectural design evolved from our client’s desire for a home that is a tranquil place for living, art and retreat.
The project site is located on a ridge in the foothills of Carpinteria, ten miles down the coast from Santa Barbara. The program asked for a master suite, one guest room, a study for two, a more contained den and an informal open living space they could share with their children and grand children. The site strategy was to separate the guesthouse, pool and pool house from the main house, by locating them amongst the oaks on a lower terrace. The smaller structures were easier to place around the mature oak trees without disturbing their root systems. Each structure has its own orientation and privacy.
I grew up on the outskirts of Phoenix, Arizona, not far from Taliesin West. Back in the 1970s, it was still wide open desert all the way to Reata Pass, a steak house where they cut your tie off – it was a real cowboy existence.
Even though I’m a city slicker now, those roots had me appreciate this:
The year-over-year change still looks great considering it’s compared to April, 2013 which already had some frenzy-boost in it. The month-over-month trend is probably the most relevant, and one to watch.
These are the Case-Shiller Index NSA changes below for San Diego:
Month
M-O-M
Y-O-Y
Jan ’13
-1.0%
+9.8%
Feb ’13
+1.0%
+10.2%
March ’13
+2.0%
+12.1%
April ’13
+2.8%
+14.7%
May ’13
+3.2%
+17.3%
June ’13
+2.8%
+19.3%
July ’13
+2.0%
+20.4%
August ’13
+1.8%
+21.5%
September ’13
+0.9%
+20.9%
October ’13
+0.3%
+19.7%
November ’13
+0.0%
+18.7%
December ’13
-0.1%
+18.0%
January ’14
+0.6%
+19.4%
February ’14
+1.0%
+19.9%
March ’14
+1.3%
+18.9%
April ’14
+0.76%
+15.34%
Robert Shiller, co-founder of the Case-Shiller index and a professor of economics at Yale University, said on “Squawk on the Street” that he remains bullish on the housing recovery.”The housing market is actually better than public perception,” he said. “There has been a lot of momentum, upward momentum, and I’m not sure that that’s gone.”
He added: “The market is going up faster than people perceive it. It’s actually a better market than people think and expectations are not really very high yet for home price increases.”
Prof. Shiller told CNBC he felt prices “went up way too high in 2006 and they came down like 50 percent, and now they’re going up. They look about right and you know, I hope people just don’t get so worked up about them.”
In July 2013, we wrote an FM Commentary about the impact of rising mortgage rates on the housing recovery. At that point, rates had risen to 4.51 percent.
We examined the impact of rising rates on home prices and home sales during the two periods since 1990 when the market had experienced a sharp rise in mortgage rates.
The first instance was a 14-month period from October 1993 to December 1994, when mortgage rates increased by 237 basis points (from 6.83 percent to 9.20 percent).
The second instance of a meaningful rise in rates was longer and the rate rise was smaller – a 19-month period from October 1998 to May 2000, when mortgage rates increased by 180 basis points (from 6.71 percent to 8.51 percent).
Based on these past experiences, we suggested that rising rates were more likely to lead to a slowdown in home purchases rather than a decline in prices.
Widely watched measures of existing home sales and new home sales this week, as well as the latest release of the S&P Case-Shiller Housing Price Index, are expected to shed fresh light on the state of the housing market in America. And with the housing market appearing to lag the rest of the economy, that could have a big effect on where equities are heading.
“These housing numbers are the granddaddy of all numbers, if you ask me,” said Anthony Grisanti of GRZ Energy. “If these numbers do not come out good this week, you’re going to look at an S&P that’s going to be a lot weaker. … I don’t think the market or economy can sustain a few more months of weak housing.”
Summertime is the season for real estate, so if you’re looking to put your home on the market, make sure it’s ready to sell. Host of HGTV’s “Rehab Addict” Nicole Curtis is dishing on four inexpensive insider tricks to help market your home and get the best price.
