Category Archives: Real Estate

New Home Shoppers Want Useful Spaces

New home buyers are coming back, but they don’t want the same old McMansion. They want a house they can use.

That means a “great room” where everyone can gather — and a spalike bathroom to escape from the crowd.

But usefulness also extends to lots of storage space for big-box buys. It means “drop-off zones” for recharging smartphones and pet-friendly “puppy showers.” It means a home office actually designed for work and media centers made for play. It means big closets and little nooks.

These new homes combine practicality with the way we want to live now, builders say.

Have questions about the added value.  Contact the real estate appraisers at www.scappraisals.com for your value questions.

“We’re rolling out all new designs,” said Jeff Lake, national head of architecture for major builder Standard Pacific Homes, which has new tracts under construction in Rocklin and El Dorado Hills. “We completely redid our entire inventory with a huge emphasis on design.”

These designs are the culmination of a three-year process, Lake said.

“We did a lot of research,” he said. “We studied how people actually live in their homes. We found they’re more connected than ever — and not just texting.”

They want to feel connected to their family as well as to their media, Lake said. In some places, including California, they also want to feel connected to the great outdoors with windows everywhere and patio rooms.

“We realized it truly is different the way people live now,” Lake said. “(Buyers) are not as formal. They want life to be simplified.”

According to experts, today’s home buyers are much more budget conscious, a natural consequence of the recession. They demand more value per square foot. They’re not interested in rooms they will rarely use such as a formal dining room. Most of all, home buyers want a house that “works” for them.

“McMansions put a huge percentage (of square footage) into hallways and formal spaces that are used infrequently,” Lake said. “It adds up to a lot of square footage. We’re building homes with 1,000 less square feet but every room feels bigger because the house isn’t so cut up.”

A walk-through of new luxury home models in Rocklin at Standard Pacific’s Manzanita at Whitney Ranch illustrates his point. Priced at $454,000 to $504,000, each home featured a mammoth “great room” combining a large kitchen with family, dining and living room space into one large area without halls.

read more at: http://www.utsandiego.com/news/2013/dec/07/tp-new-home-shoppers-want-useful-spaces/all/?print

Disclaimer: for information and entertainment purposes only

San Diego – Home Prices Up but Pace Still Slowing

San Diego County housing prices rose again in October, but the pace of growth continued to slow.

The S&P/Case-Shiller Home Price Index showed Tuesday that from September to October, the index grew 0.3 percent. That’s down from the 0.9 percent gain from August to September, and the 1.8 percent boost from July to August.

“We’re in a slowing appreciation environment,” said Michael Lea, a real estate professor at San Diego State University. “That kind of reflects the market fundamentals that we see.”

Is your neighborhood slowing?  Contact the real estate appraisers at www.scappraisals.com for your home value questions.

Lea said although low inventory and fewer distressed sales are putting upward pressure on home prices, there’s a slowdown in demand, which is partially seasonal and also because interest rates have ticked up.

“Those factors have been in place for the last few months and I expect them to continue into spring,” Lea said.

The index compares repeat-sales prices of single-family homes. In October, it reached 194.07 for San Diego County, a 19.7 percent gain from October 2012. In September, the annual gain was 20.9 percent.

Lea said the market is returning to normal year-over-year appreciation levels, which he considers for San Diego to be in the 5 to 6 percent range. Annual 20 percent price gains are unsustainable and could lead to a bubble, he said.

read more at: http://www.utsandiego.com/news/2013/Dec/31/case-shiller-real-estate-october-mortgages/

Disclaimer: for information and entertainment purposes only

Protect Yourself When Buying a Foreclosure

Q: We are buying a house from an investor that buys homes after foreclosure and fixes them up. Is there anything extra we need to do to protect ourselves? — Kay

A: Yes. This is a popular investor strategy in South Florida and other areas hit hard by the housing crash. This can work out very well if it is properly done, resulting in a profit for the investor and a reasonably priced, newly upgraded home for you.

 

However, you as the buyer are smart to be extra cautious due to the dangers of both buying a foreclosed property and construction in general.

 

You will need to carefully review the title insurance commitment to make sure that the foreclosure was performed and concluded properly and that all issues have been cleared up. You will need to go to the city and county and make sure that all permits were properly obtained and closed out, both from this renovation and any from the previous owners. Make sure there are no code enforcement issues and that the homeowners’ association is paid up and the renovations are in compliance with community guidelines.

Pay particular attention if there are any additions to the house, making sure that they were permitted and are up to code. When the renovation is complete, ask for proof that all of the contractors and subcontractors were paid in full.

read more at: http://articles.sun-sentinel.com/2013-09-15/business/fl-ask-a-real-estate-pro-091613-20130915_1_renovation-investor-gary-m