AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Buying a Home Won't Get Much Cheaperhttp://realestate.aol.com/blog/2012/05/03/buying-a-home-wont-get-much-cheaper/http://realestate.aol.com/blog/2012/05/03/buying-a-home-wont-get-much-cheaper/http://realestate.aol.com/blog/2012/05/03/buying-a-home-wont-get-much-cheaper/#commentsFiled under:



By Les Christie

Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

"This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer," he said.

Prospective homebuyers who've been sitting on the fence shouldn't worry if they aren't quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

Read more at CNNMoney.

Also from CNNMoney:
Selling America's Bunkers
Airbnb: More Than a Place to Crash
Malls Are Alive and Kicking

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Find out how to calculate mortgage payments.
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]]>affordable homesbuying home wont get cheapercheap homeshomebuyinghomes never cheaperCNNMoney2012-05-03T13:02:00+00:00Best Places To Buy a Fixer-Upperhttp://realestate.aol.com/blog/2012/04/18/best-places-to-buy-a-fixer-upper/http://realestate.aol.com/blog/2012/04/18/best-places-to-buy-a-fixer-upper/http://realestate.aol.com/blog/2012/04/18/best-places-to-buy-a-fixer-upper/#commentsFiled under:

This old house
Ever dream about snagging a great old house with good bones, fixing it up by the sweat of your brow, and transforming it into a period showplace? Well, you're in luck. This Old House is out with its 2012 list of the country's "Best Old House Neighborhoods" -- which includes dozens of places where you can find -- and afford -- "a diamond in the rough that you can polish into a lasting gem."

Here's the inside scoop on a few of the neighborhoods that deliver the best return on your investment.

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More on This Old House:
Best Neighborhoods 2012: For First-Timers
Best Neighborhoods 2012: Family Friendly
Best Neighborhoods 2012: Retirees

See also:
First-Time Homebuyer's Guide
How to Shop for Your First Home
How to Get a Low Mortgage Rate

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Find out how to calculate mortgage payments.
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]]>best neighborhoods for buying a fixer upperBest Old House NeighborhoodsEast Row Newport Ky homesfixer upper neighborhoodsfixer-upperJamaica Plain Boston homesMerrimack Mill VillageOld Highland Minneapolis homesrose park long beach homesWest Washington homes South BendAOL Real Estate Editors2012-04-18T09:00:00+00:0030-Year Mortgage Rate Again Nears Record Lowhttp://realestate.aol.com/blog/2012/04/13/30-year-mortgage-again-nears-record-low/http://realestate.aol.com/blog/2012/04/13/30-year-mortgage-again-nears-record-low/http://realestate.aol.com/blog/2012/04/13/30-year-mortgage-again-nears-record-low/#commentsFiled under: , ,

WASHINGTON -- The average rate on the 30-year fixed mortgage dropped near its all-time low this week, making homebuying and refinancing a bargain for those who can qualify. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That's just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record of 3.13 percent was hit last month.

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note. Last week's disappointing report on March job growth led more investors to sell stocks and buy Treasurys, which are considered safer investments. As demand for Treasurys increases, the yield falls.

Yet the low rates are unlikely to draw in many more people looking to buy a home or to refinance their mortgage.

Waiting, As Home Prices Keep Falling

Some would-be buyers are still skeptical about purchasing a home with prices still falling. Home appraisals that are higher or lower than the sales price have scuttled a rising number of home contracts. Many Americans are struggling with damaged credit and unstable finances.

And mortgage rates have been below 4 percent for all but one week since early December, leaving some potential buyers and refinancers unimpressed by new record lows.

"The rates have been very attractive for some time," said Bill Armstrong, vice president of Mackintosh Realtors in Damascus, Md. "Rates going a little higher or lower is not going to have much of an impact."

Still, the mild winter has helped lift expectations for the housing market after four years of sluggish sales.

January and February made up the best winter for re-sales in five years, when the housing crisis began. And builders in February requested the most permits to construct homes in more than three years.

Fewer Apply

Applications for new mortgages have fallen over the past month, according to the Mortgage Bankers Association. But there has been a sharp rise in the average mortgage size, suggesting an appetite for bigger loans. The average size of mortgage applications has increased by $20,000 since December, to about $235,000 last month.

Home prices continue to fall. Prices tend to lag sales and millions of foreclosures and short sales -- when a lender accepts less than what is owed on a mortgage - remain on the market. And the housing crisis and recession have also persuaded many Americans to rent instead of buy, which has led to a drop in homeownership.

To calculate the average rates, Freddie Mac surveys lenders across the country on just Monday through Wednesday of each week.

The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fees for the 30-year and 15-year fixed loans were unchanged at 0.7.

For the five-year adjustable loan, the average rate fell to 2.85 percent from 2.86 percent, and the average fee fell to 0.7 from 0.8.

The average on the one-year adjustable loan rose to 2.80 percent from 2.78 percent, and the average fee was unchanged at 0.6.<

Copyright 2012 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

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See also:
Homebuying: 5 Key Steps to Your 1st Real Estate Purchase
Banks Neglect REO Homes in Minority Areas, Study Says
Home Costs: 4 Crucial Questions Reveal Hidden Expenses

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Find out how to calculate mortgage payments.
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The Mortgage Process

 

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]]>30 year mortgage ratefreddie maclower mortgage ratesnewsrecord 15 year mortgage raterecord low mortgage ratesrefinancing 15 year mortgageThe Associated Press2012-04-13T11:59:00+00:00NAR: February's Pending Home Sales Up Sharply From 2011http://realestate.aol.com/blog/2012/03/26/nar-pending-home-sales-dip-in-february-but-are-much-higher-tha/http://realestate.aol.com/blog/2012/03/26/nar-pending-home-sales-dip-in-february-but-are-much-higher-tha/http://realestate.aol.com/blog/2012/03/26/nar-pending-home-sales-dip-in-february-but-are-much-higher-tha/#commentsFiled under: , ,

Contract signings for home sales dipped slightly in February from January, but were significantly higher than February of last year, continuing a recent statistical trend that suggests a real estate recovery may be underway.

The National Association of Realtors pending home index fell 0.5 percent in February 2012 from January, but last month's index number, 96.5 percent, is still 9.2 percent above February 2011, when it was 88.4 percent.

"The spring home buying season looks bright because of an elevated level of contract offers so far this year," NAR chief economist Lawrence Yun said. "If activity is sustained near present levels, existing-home sales will see their best performance in five years."

The moderately positive data comes on the heels of other numbers that hint that the housing market is finally slogging toward a recovery. Home sales have risen by 13 percent in the last six months, according to Capital Economics, and home builders confidence is at its highest level since 2007.

A recent study also found a leap in real estate agent confidence, with the number of agents who say they expect home values to rise in the next six months more than doubling in just one quarter.

Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.

See also:
Home Value Survey Sees Sharp Rise in Realtor Optimism
Homebuilders Survey: More Confidence About Housing Sales

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Home Sales: Buy Now, Says Investor

 

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]]>economist Lawrence YunNARnar february home salesnar home sales downnar pending home salespending home sales februaryTeke Wiggin2012-03-26T11:15:00+00:00Buying Cheaper Than Renting in Nearly 100 Major U.S. Marketshttp://realestate.aol.com/blog/2012/03/21/buying-cheaper-than-renting-in-nearly-100-major-u-s-markets/http://realestate.aol.com/blog/2012/03/21/buying-cheaper-than-renting-in-nearly-100-major-u-s-markets/http://realestate.aol.com/blog/2012/03/21/buying-cheaper-than-renting-in-nearly-100-major-u-s-markets/#commentsFiled under: , ,



By Justin T. Hilley

Buying is more affordable than renting in 98 out of the nation's 100 largest metropolitan areas -- even in New York, Los Angeles and Boston, according to real estate company Trulia's rent vs. buy index.

The index is based on asking prices for rental units and homes for sale on the company's website between Dec. 1, 2011, and Feb. 29.

"As rents rise and prices stagnate, homeownership is becoming even more affordable, but rising rents create a dilemma for people who can't afford to buy yet," says Jed Kolko, Trulia's chief economist. "Rising rents make it harder for people to save for a down payment, which is the biggest barrier to buying a home that aspiring homeowners face."

Homeowners are choosing, or being forced, to rent rather than buy even though the latter is cheaper in key markets Trulia reviewed.

But as they turn to renting, the influx of demand squeezes the nation's rental supply, pushing monthly rents higher.

The nation's median rent stands at $712 per month -- well above the average monthly mortgage cost of $647, Paul Dales, senior economist at Capital Economics, recently found. He estimated decreased vacancies in the home-rental market will push average rental rates up as much as 5 percent by early 2013, compared to 2.4 percent in January.

As a consequence of less willingness and ability to buy a home, households in rentals will rise by at least 850,000 a year over the next few years, Dales said.

He expects rents to rise at an annual rate of 3 percent this year and remain at that level in 2013. "Assuming that the economic recovery gains firmer footing, in future years there is scope for rents to rise by around 4 percent a year," Dales said.

Only in Honolulu and San Francisco is renting often a better deal than buying. However, Trulia points out that buying a home in these markets might make sense for people who plan to stay in their next home for at least five years and can benefit from the mortgage-interest tax deduction.

"Metros where homeownership is expensive tend to have stronger long-term economic growth and little room to build new homes, like Boston and the San Francisco Bay Area, where people expect home prices to increase over time," Kolko says.

"Buying is much cheaper than renting in slow-growing places with high vacancy rates and land to spare, like Detroit and Cleveland, where prices are unlikely to improve much in the future," he says.

Top 10 metros in which to buy versus renting, according to Trulia:



Read more on HousingWire:
Existing Home Sales Dip 0.9% in February
Home Prices Expected to Fall 0.7% in 2012
San Franciscon Home Sales Rise 14% in February

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Find homes for sale in your area.
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The Pros and Cons of Renting or Buying a Home

 

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]]>buying vs rentingcities cheaper to buy than renthome rental marketJed Kolkomarkets where cheaper to buy than rentPaul Dalesrenting vs buyingTrulia buy rent indexwhere buying is cheaper than rentingHousingWire2012-03-21T12:55:00+00:00Home Value Survey Sees Sharp Rise in Realtor Optimismhttp://realestate.aol.com/blog/2012/03/21/optimism-among-realtors-and-brokers-leaps-in-1st-quarter-of-2012/http://realestate.aol.com/blog/2012/03/21/optimism-among-realtors-and-brokers-leaps-in-1st-quarter-of-2012/http://realestate.aol.com/blog/2012/03/21/optimism-among-realtors-and-brokers-leaps-in-1st-quarter-of-2012/#commentsFiled under: ,

With signs that a real estate recovery may be kicking into gear, a new survey shows a sharp increase in optimism among real estate professionals about the direction of home values.

A survey conducted by home valuation website HomeGain found that the number of real estate professionals who expect home values to increase has more than doubled over just one quarter. Thirty-seven percent of respondents surveyed so far in 2012 said they anticipate that home values will rise in the next six months, up from 15 percent in the fourth quarter of 2011.

"The trend has been stay the same or decrease. And here it flipped for the first time," HomeGain General Manager Louis Cammarosano told AOL Real Estate. He added that since HomeGain began administering the survey in the second quarter of 2009, the percentage of respondents who have expressed a bullish outlook on the market has never risen above 25 percent, and for much of the time, has sputtered around 15 percent.

The spike in optimism about home values follows recent reports that corroborate the view that the housing market is stabilizing. Home sales are trending upward and homebuilders are reportedly more optimistic than they've been in many years. Home prices continue to fall, but a number of industry observers say that price direction isn't necessarily the most important bellwether of a recovery.

Budge Huskey, president and chief operating officer of Coldwell Banker Real Estate, says he sees confidence among real estate agents that he hasn't observed since the housing meltdown. "What is consistently being represented out there today is that there is a sense of optimism in the real estate business that has not been seen in the last five to six years," he told AOL Real Estate.

While cautioning that real estate agents "tend to always be optimists," Huskey stressed that "this time it's based on what we believe to be some clear trends."



Prominent among the hopeful signs, Huskey says, is the state of the housing inventory, which had fallen to 2.3 million homes, or approximately a six-month supply of for-sale homes, as of January. That's the lowest level of inventory since March 2005, according to the National Association of Realtors, which released the statistic.

Meanwhile, total home sales have risen by 13 percent in the last six months, Capital Economics says. And while construction of new homes, dropped marginally in February, they still were at the second-highest level since October 2008, the National Association of Homebuilders says.

A last sign, much ballyhooed by industry optimists, is the state of homebuilders' confidence: The National Association of Home Builders sentiment index reached 28 in February and remained at that level in March. Not since 2007 have homebuilders expressed such confidence in the housing industry.

Despite sprouting green shoots in the market, home prices continue to slide, and even when they do eventually trend upward, many economists say, the increase will be gradual. That fact has led some industry observers to call for a rethinking of what actually constitutes a housing recovery, and to avoid treating price movement as the all-important indicator of a recovery.

Capital Economics, for instance, recently stated that even though prices declined last year (around 4 percent according to various estimates) and mortgage rates are finally ticking up, the economic analysis firm still believes that the real estate market is making inroads.

But CoreLogic senior economist Sam Khater advises against buying too much into the hype. "I would be cautious about folks getting too optimistic," he says.

The 1.6 million homes that are in a state of foreclosure are about to hit the market at a faster pace in the wake of an agreement reached between the government and major mortgage servicers over acceptable foreclosure practices, Khater says. That'll drive down prices, he says, as banks begin to push through foreclosures that they previously halted during negotiations of the $25 billion settlement reached last month.

"There's going to be a really long tail to this," he cautions. Still, Khater says that rising sales and the fact that fewer homes are flowing into the "shadow inventory" -- homes in a state of foreclosure -- are positive signs for the real estate market.

Huskey says the next healthy housing era will be a more "traditional market" that will stand in stark contrast to what he calls the "steroid years," when prices rose at an unsustainable pace.

As CNNMoney recently put it, "If you're waiting for home prices to go up, then you're missing signs the troubled housing market has finally turned around."

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Real estate professionals also stress that a housing recovery should not be judged from a birds-eye view, since market conditions vary dramatically from state-to-state and city-to-city. In states walloped by the real estate market collapse, real estate agents are significantly more optimistic that home prices will rise in the next six months.

Eighty percent of Arizona real estate agents and homeowners, 75 percent of Nevada agents and homeowners and 51 percent of Florida agents and homeowners told HomeGain that they believe home values will rise in the next six months. The optimism in Florida dovetails with dramatic price gains recently reported by Realtor.com. The online marketplace reports that out of the 10 metropolitan areas that saw the highest price increases in their database in February of 2011, seven were in Florida. Miami median home prices increased by 26.19 percent, the listing service says.

Meanwhile, in states that weathered the housing crisis relatively well, a much higher percentage of real estate agents and homeowners believe that prices will drop. In Connecticut, 60 percent of agents surveyed said that they thought prices would continue to fall.

Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.

See also:
Strategic Default: Would Half of Homeowners Walk Away?
Foreclosure Starts and Sales Spiked in January, Report Says

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Find out how to calculate mortgage payments.
Find homes for sale in your area.
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U.S. Mortgage Rates Rise With Improving Job Market

 

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]]>But CoreLogic economist Sam Khaterhome value surveyhome valueshomegainhomegain real estateLouis Cammarosanorealtor confidencerealtor optimismrealtor pollrealtor surveyTeke Wiggin2012-03-21T12:15:00+00:00House of the Day: Malibu's Million-Dollar Viewhttp://realestate.aol.com/blog/2012/03/19/house-of-the-day-malibus-million-dollar-view/http://realestate.aol.com/blog/2012/03/19/house-of-the-day-malibus-million-dollar-view/http://realestate.aol.com/blog/2012/03/19/house-of-the-day-malibus-million-dollar-view/#commentsFiled under: ,



It's been a while since we've visited Malibu (the disproportionately large number of multi-million dollar homes in this small corner of America is almost unfair to the rest of the country) but here's a home that's dragged us, voluntarily, back to the West Coast.

First, there's that pool. You already know we're a sucker for a pool with a waterfront view. Then, there's that sexy, almost severe geometric architecture. You know we're a sucker for that, too. There's the sleek, glistening modern decor. So, bachelor-style isn't really our thing, but we can overlook that because you get an incredible sprawling balcony with the type of million-dollar, blindingly-blue view you can only enjoy in Malibu.

$13.5 million dollars, to be exact. But if you're sitting on that kind of bankroll, we'd say these digs are worth it. At 5,500 square feet, with four bedrooms, six bathrooms, a movie theater and an outdoor-entertaining area decked out with plush lounges, a fire pit and a sound system, it's a winner -- and so, so California. But we're not complaining.

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David Kramer at Hilton and Hyland has the listing.

Click on the images below to see more homes for sale in Malibu, Calif.



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Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Visit the Beaches of Malibu, California

 

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]]>beachfront propertyhome of the dayHouse of the DayMalibu beach propertyMalibu homes for salemalibu real estatewaterview poolsKrisanne Alcantara2012-03-19T06:00:00+00:00Open Houses of the Week: March 10-11http://realestate.aol.com/blog/2012/03/09/open-houses-of-the-week-march-9-11/http://realestate.aol.com/blog/2012/03/09/open-houses-of-the-week-march-9-11/http://realestate.aol.com/blog/2012/03/09/open-houses-of-the-week-march-9-11/#commentsFiled under: ,

open houseThere's nothing quite like the lure of an open house sign. Granted, you might not be in the neighborhood (or tax bracket) for many of these outstanding properties, but there's still plenty to admire -- even from the comfort of your swivel chair.

From coast to coast, and everything in-between, we lay down the welcome mat at some of the most enticing open houses in the nation. So wipe your feet at the door and scroll right on through.


Open Houses for March 10-11


Tucson, Ariz.



Open house: Sun., March 11
Location: Tucson, Ariz.
Price: $1.795 million
Property details: This sleek, minimalist contemporary in the Foothills gated community of Tucson blends seamlessly into its stunning desert setting. Boasting views of the Catalina Mountains from its sprawling patio and pool area, you get a front-row seat to admire Arizona's jaw-dropping natural beauty. The 5,721-square-foot home features four bedrooms, six bathrooms, 16-foot ceilings, cherrywood and limestone finishes, and a gourmet kitchen.

See inside this property.

See more Tucson homes for sale.

Edina, Minn.



Open house: Sat., March 10
Location: Edina, Minn.
Price: $1.750 million
Property details: Located in one of the great, classic neighborhoods of East Edina, this splendid four-bedroom home is a rare find. The stately Hennepin County home features a spacious living room decked out with an antique-style, gas-burning fireplace, a huge office, a gym and a dazzling chef's kitchen. With its generous backyard and lawn, and proximity to an impressive selection of elementary and middle schools in the Edina district, it's perfect for families with young kids.

See inside this property.

See more Edina homes for sale.

Eagle, Colo.



Open house: Sun., March 11
Location: Eagle, Colo.
Price: $1.1 million
Property details: This is luxury ranch living that's an homage to Colorado's natural beauty. Boasting wooden floors, stone walls, soaring wood-beamed ceilings and snow-capped views from every window, this Eagle Ranch mansion's earthy aesthetic serves to highlight its breathtaking surrounds. The 4,680-square-foot home features five bedrooms, three bathrooms and a walk-out basement complete with wet bar and stone fireplace.

See inside this property.

See more Eagle homes for sale.

Worthington, Ohio



Open house: Sun., March 11
Location: Worthington, Ohio
Price: $699,900
Property details: This modernist midcentury classic home, built on a three-quarter-acre lot, boasts an innovative round design by Theodore van Fossen. With quarry-tile floors, custom woodwork, insulated glass windows and Miele appliances, this stunning three-bedroom home is for those who are detail-oriented and accept nothing but the best.

See inside this property.

See more Worthington homes for sale.

Princeton, N.J.



Open house: Sun., March 11
Location: Princeton, N.J.
Price: $1.495 million
Property details: "Picture perfect" is all we can think when we look at this idyllic Colonial-style home built in 1965. The five-bedroom, four-bathroom property strikes the perfect balance between "classic grace and livability," its listing boasts, and we agree. With standard practicalities like state-of-the-art HVAC and roofing, coupled with stunning wood detail, sun-splashed stone floor bridges, and cherry-wood, granite and marble decor, the home seamlessly blends beauty with functionality. We love its sprawling free-form backyard pool flanked by rolling green lawns, perfect for enjoying warm Princeton summers.

See inside this property.

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Los Angeles



Open House: Sun., March 11
Location: Los Angeles
Price: $5.995 million
Property details: Perched high on a private promontory, this stunning, 4,044-square-foot estate overlooks the Stone Canyon Reservoir and is a tranquil haven tucked away from the bright lights of Hollywood and the Sunset Strip. Surrounded by greenery, boasting serene views of Bel Air and a sprawling lawn, the spacious five-bedroom, five-bathroom beauty is perfect for growing families. It features a contemporary kitchen, a media room, pool, spa and a gorgeous gazebo -- perfect for enjoying those picturesque California sunsets.

See inside this property.

See more Los Angeles homes for sale.

Dallas



Open house: Sun., March 11
Location: Dallas
Price: $699,000
Property details: This charming 3,476-square-foot home is located on the leafy Sprucewood Drive and boasts 14 of its own willowy trees -- and some rolling green lawns. Nature aside, the four-bedroom, four-bathroom property features polished wood floors, antique-style fireplaces, exposed brick, a spacious, open kitchen with granite countertops, and massive windows throughout.

See inside this property.

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Miami Beach, Fla.



Open house: Sun., March 11
Location: Miami Beach, Fla.
Price: $8.65 million
Property details: There's no denying that this 8,284-square-foot "Villa Tiamo" is Miami luxury through and through, with its rooftop terrace, infinity pool and water views from every room. It's located inside the gated Sunset Island IV community and is a stone's throw from South Beach and the bustling, fashionable stores and cafes of Lincoln Road. Location aside, the home itself is impressive. We're talking soaring double-volume ceilings, exquisite high-end finishes and generous windows that fill the museum-like home with sunlight. The majestic home features nine bedrooms, eight bathrooms and a stunning Italian kitchen.

See inside this property.

See more Miami Beach homes for sale.

More great AOL Real Estate galleries:
Buy a Decent Home for Less Than $10,000
Midcentury Modern Homes: The Cool That's Still Hot
Million-Dollar Foreclosures

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Find out how to calculate mortgage payments.
Find homes for sale in your area.
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Finds homes for rent in your area.

 

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]]>Dallas real estateEagle Colo real estateEdinaLos Angeles real estateMiami Beach real estateMinn real estateopen houses this weekendPrinceton NJ real estateTucson real estateWorthington Ohio real estateAOL Real Estate Editors2012-03-09T06:00:00+00:00House of the Day: Bringing Home the Exotic Tropicshttp://realestate.aol.com/blog/2012/01/10/house-of-the-day-bringing-home-the-exotic-tropics/http://realestate.aol.com/blog/2012/01/10/house-of-the-day-bringing-home-the-exotic-tropics/http://realestate.aol.com/blog/2012/01/10/house-of-the-day-bringing-home-the-exotic-tropics/#commentsFiled under: ,



You can't always escape on exotic getaways to Puerto Rico or Cabo San Lucas, but if you lived in this dazzling waterfront home you'd never need to.

This stunningly colorful and luxurious $6.875 million home in Naples, Fla., is like a tropical resort, but better. Nestled in the exclusive Port Royal subdivision by the sparkling turquoise waters of Southwest Florida's Gulf Coast, the coral-colored mansion is flanked by lush palm trees and bodies of water (where you can yacht, fish, Jet Ski and swim to your heart's content). The 6,407-square-foot home also boasts soaring ceilings, an oversized gourmet kitchen, a 3,000-bottle wine cellar and a glass-tiled pool with 21-jet spa.

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Why do we love this home? It's not your typical, vanilla-colored Miami McMansion. Each of its four massive bedrooms boasts a playful, vibrant color scheme that gives the sprawling manse a warmth and character that many traditional luxury homes lack. (We're talking bright red, yellow and green walls, with bold, tropical decor that almost borders on chintzy, but not quite.) Plus, there's a gorgeous Honolulu-esque lanai on which you can lazily perch, Mai Tai in hand, while you take in the lush Port Royal landscape and serene waterfront views. Who needs Cabo?

Nicholas Potestio of John R. Wood Realtors has the listing.

Click on the images below to see more homes for sale in Naples, Fla.



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Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Find out how to calculate mortgage payments.
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]]>Florida Gulf CoastGulf Coast luxury homesGulf Coast real estateHouse of the DayJohn R. Wood RealtorsNaples Florida real estateNicholas Potestio John R. Wood Realtorstropical decorKrisanne Alcantara2012-01-10T06:00:00+00:00Open Houses of the Week: Jan. 7-8http://realestate.aol.com/blog/2012/01/06/open-houses-of-the-week-jan-7-8/http://realestate.aol.com/blog/2012/01/06/open-houses-of-the-week-jan-7-8/http://realestate.aol.com/blog/2012/01/06/open-houses-of-the-week-jan-7-8/#commentsFiled under: , ,

open houses of the weekThere's something about that "Open House" sign that acts like a magnet. Whether you're looking for a new place to live, keeping tabs on real estate in your neighborhood, or just angling for a sneak peek at someone else's private domain, the lure of an open door is strong indeed.

Kick off the new year with a bang, as we crisscross the country in search of some of the most interesting open houses around. From a modern marvel in Miami to a sprawling mansion near Minneapolis, we skim the cream of the crop in our first feature of the year. Come along for the ride!



Open Houses for Jan. 7-8


Ann Arbor, Mich.



Open house: Sun., Jan. 8
Location: Ann Arbor
Price: $435,000
Property details: Nestled among vibrant perennial gardens at the end of a scenic tree-lined lane, this delightfully quaint four-bedroom home is straight out of a classic storybook. The charming house has glossy hardwood floors, a spacious living room with wood-burning fireplace, a regal formal dining room, and a unique circular sun room with slate flooring and panoramic views of a landscaped backyard and its gorgeous mature trees.

See inside this property.

See more Ann Arbor homes for sale.

Atlanta



Open house: Sun., Jan. 8
Location: Atlanta
Price: $950,000
Property details: You can enjoy the classic beauty of this traditional, "clean-lined" Americana architecture with all the contemporary trimmings in this picturesque Sagamore Hills home, located on a sprawling 1.3 acre lot. The open floor plan features five bedrooms and spacious living areas, including a stunning great room and a formal living room with fireplaces, a gourmet chef's kitchen, a wet bar and wine fridge, and generous children's suites.

See inside this property.

See more Atlanta homes for sale.

Boston



Open house: Sun., Jan. 8
Location: Boston
Price: $619,000
Property details: A colorful, two-bedroom home filled with character in a renovated brownstone that's perfect for couples or small families. The upper level's spacious open layout has gleaming hardwood floors, and a state-of-the-art kitchen with granite countertops and a breakfast bar. On its lower level are marble floors and spacious bedrooms. There are plenty of places to relax, including a generous living room with wood-burning fireplace, a stunning private rear deck and sunken patio -- or in that lovely Jacuzzi tub. This wistfully romantic, beautifully-redone, four-bedroom brick home on Lover's Lane is perfect for twosomes; with its pair of balconies, antique chandeliers and cozy, rustic detailing throughout, this home is an homage to old New England beauty.

See inside this property.

See more Boston homes for sale.

Des Moines, Iowa



Open house: Sun., Jan. 8
Location: Des Moines, Iowa
Price: $260,000
Property details: This two-story brick beauty in the idyllic Waterbury neighborhood is the epitome of classic, understated Des Moines style. Rolling green lawns, gardens and leafy shade trees offer delightful views from your porch, where you'll find yourself easily thinking that you're living in the picturesque countryside. The four-bedroom, two-bathroom home includes a stunning fireplace, elegant natural woodwork and solid hardwood floors throughout.

See inside this property.

See more Des Moines homes for sale.

Edina, Minn.



Open house: Sun., Jan. 8
Location: Edina, Minn.
Price: $1.975 million
Property description: This sprawling mansion features timeless architectural craftsmanship on the outside, and luxurious, state-of-the-art 21st century amenities inside. Redefining the art of "row house" living, this custom-built home offers an English-style courtyard and the shops at 50th and France. Perfect for house hunters looking for move-in ready features with Old World charm.

See inside this property.

See more homes for sale near Edina.

Miami



Open House: Tues., Jan. 10
Location: Miami
Price: $5.495 million
Property description: This award-winning, four-bedroom, waterfront contemporary offers wide, unobstructed bay views from almost every room. It's luxury manifested -- with floor-to-ceiling windows, a heated infinity pool, elevators to all three floors, rooftop terraces and a boat dock with a large boat slip and lift. Need we say more?


See inside this property.


See more Miami homes for sale.

San Francisco



Open house: Sun., Jan. 8
Location: San Francisco
Price: $3.3 million
Property description: This beautifully-renovated corner home on Liberty Hill was designed to capture the eastern, southern and western lights. Make this stunning mansion your home and enjoy daily, unobstructed views of the bay, hills and valley from your south-facing view garden and deck (cocktail in hand, perhaps?). Cook up a storm in your high-end chef's kitchen decked out with Gaggenau appliances, catch a movie or two in your massive media room, or simply relax with a glass of wine by the fireplace. Yes, this home truly has something for everyone.

See inside this property.

See more San Francisco homes for sale.

Oro Valley, Ariz.



Open house: Fri.-Sat., Jan. 6-7
Location: Oro Valley, Ariz.
Price: $795,000
Property description: Enjoy quiet privacy coupled with stunning panoramas of city lights and five mountain ranges from this captivating 3.97-acre retreat at the end of a remote cul-de-sac. This glamorous yet refreshingly intimate four-bedroom hilltop home features polished and scored concrete floors, a designer chef's kitchen with stainless steel commercial appliances, and a luxurious pool and hot tub that can be accessed from a lavish master suite.

See inside this property.

See more homes for sale in the Oro Valley area.

More great AOL Real Estate galleries:
Buy a Decent Home for Less Than $10,000
Midcentury Modern Homes: The Cool That's Still Hot
Million-Dollar Foreclosures

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More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area

 

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]]>Ann Arbor real estateatlanta real estateBoston real estateDes Moines real estateEdina real estateMiami real estateopen house of the weekopen housesopen houses of the weekOro Valley real estateSan Francisco real estateAOL Real Estate Editors2012-01-06T07:00:00+00:00House of the Day: NYC Loft Is Lush Paradisehttp://realestate.aol.com/blog/2012/01/05/house-of-the-day-nyc-loft-is-lush-paradise/http://realestate.aol.com/blog/2012/01/05/house-of-the-day-nyc-loft-is-lush-paradise/http://realestate.aol.com/blog/2012/01/05/house-of-the-day-nyc-loft-is-lush-paradise/#commentsFiled under: ,



New York apartments, like New Yorkers themselves, like to be different -- for better or for worse. From in-home movie theaters, indoor swimming pools, waterfalls and even saltwater aquariums, it seems like Manhattan homes are getting excessively flashy and overly indulgent.

We will, however, make exceptions for certain frivolities, especially those that encourage social interaction and, um, general well-being. Take for example the this $3.395 million loft in New York's Flatiron District. You can keep your waterfalls and aquariums, because this stunning apartment boasts its very own tiki bar. The colorful tiki-style space, decked out with bright, floral prints, a coral-painted countertop, and flanked with miniature framed photographs, is actually hidden within a polished wood built-in living/storage space -- one of many that line the den of this 2,500-square-foot loft -- but no matter. It's still there and Mai Tai-ready, all year-round.

If you're more into wine than tropical cocktails, that's fine too. Oenophiles will delight in a custom-designed wine closet that holds up to 900 bottles of vino. Like the tiki bar, the generous wine closet slides discreetly out of the wall from a pocket door so that temptation can be easily tucked away if necessary.

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Aside from its boozy amenities, you'll find 11-foot-high ceilings, four rooms, two spacious bedrooms, two bathrooms and a state-of-the-art kitchen boasting Miele, Gaggenau and Sub-Zero appliances. The floors are bleached Swedish maple and sunlight streams in through the loft's generous windows into its museum-like space. It's no wonder that the stunning loft has been featured in a number of "renowned publications," its listing agent vaguely reveals.

William Hilliard and Donna Senko from Sotheby's New York have the listing.

Click on the images below to see more homes for sale in New York, N.Y.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

More on AOL Real Estate:
Find out how to calculate mortgage payments.
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]]>Flatiron District propertieshome of the dayHouse of the DayNew York City loftsnew york city real estateSothebys New Yorktiki barWilliam Hilliard Sothebys New YorkKrisanne Alcantara2012-01-05T06:00:00+00:00House of the Day: Where Utah's Hills Meet Hollywood'shttp://realestate.aol.com/blog/2011/12/14/house-of-the-day-where-utahs-hills-meet-hollywoods/http://realestate.aol.com/blog/2011/12/14/house-of-the-day-where-utahs-hills-meet-hollywoods/http://realestate.aol.com/blog/2011/12/14/house-of-the-day-where-utahs-hills-meet-hollywoods/#commentsFiled under: , , ,



One look at this sprawling contemporary and you can't help but think Hollywood. Floor-to-ceiling windows, marble-tiled floors, wet/dry bars, a huge jetted tub, swimming pool and even meditation area -- so LA, right? Think again.

This 8,100-square-foot stunner is located in the charmingly small community of Arlington Hills in Salt Lake City, Utah. Although Utah is not particularly renowned for its cutting-edge modern homes, this $2.9 million property may be at the forefront of a new trend: bringing swanky, California-style contemporaries to the Beehive State (check out this similar $6.9 million glass-and-steel masterpiece designed by California architect Guy Dreier, and this 10,211-square-foot, $2.15 million contemporary, both in Salt Lake City).

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Best of all, this five-bedroom, 3&frac12; bathroom contemporary boasts sweeping views of Salt Lake City and the mountains, and is located very close to parks, walking trails and the University of Utah. Plus, it's just minutes away from New City Creek Center, where you can take in jazz shows, go shopping, or indulge in some art and fine dining.

California luxury without moving to Hollyweird? Sounds good to us.

Lee White at Summit Sotheby's International Realty has the listing.

Click on the images below to see other homes for sale in Salt Lake City, Utah.



See more Houses of the Day and homes for sale in Salt Lake City, Utah, on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

More on AOL Real Estate:
Find out how to calculate mortgage payments.
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Find foreclosures in your area.
See celebrity real estate.

 

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]]>Arlington Hillscontemporary architectural homescontemporary design homeshome of the dayhouse of the daySalt Lake City architectural homesSalt Lake City real estateUtah real estateKrisanne Alcantara2011-12-14T06:00:00+00:00House Flippers Inflated the Housing Bubble, Report Sayshttp://realestate.aol.com/blog/2011/12/13/house-flippers-pumped-up-the-housing-bubble-report-says/http://realestate.aol.com/blog/2011/12/13/house-flippers-pumped-up-the-housing-bubble-report-says/http://realestate.aol.com/blog/2011/12/13/house-flippers-pumped-up-the-housing-bubble-report-says/#commentsFiled under: ,

nevada foreclosureLAS VEGAS -- A new federal report shows that speculative real estate investors played a larger role than originally thought in driving the housing bubble that led to record foreclosures and sent economies plummeting in Nevada, California, Arizona, Florida and other states.

Researchers with the Federal Reserve Bank of New York found that investors who used low-down-payment, subprime credit to purchase multiple residential properties helped inflate home prices and are largely to blame for the recession. The researchers said their findings focused on an "undocumented" dimension of the housing market crisis that had been previously overlooked as officials focused on how to contain the financial crisis, not what caused it.

More than a third of all U.S. home mortgages granted in 2006 went to people who already owned at least one house, according to the report. In Arizona, California, Florida and Nevada, where average home prices more than doubled from 2000 to 2006, investors made up nearly half of all mortgage-backed purchases during the housing bubble. Buyers owning three or more properties represented the fastest-growing segment of homeowners during that time.

"This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if they wanted to buy a home for their family," the researchers noted.

Investors defaulted in large numbers after home values began to drop in 2006. They accounted for more than 25 percent of seriously delinquent mortgage balances nationwide, and more than a third in Arizona, California, Florida and Nevada from 2007 to 2009.

As a result, millions of homeowners saw their home values decline so that they were worth less than the original purchase price. Foreclosures skyrocketed as people couldn't or refused to pay their underwater mortgages. Residential construction also languished, putting hundreds of construction workers in the hardest-hit states out of work.

The report concludes that lenders and regulators must limit speculative borrowing to avoid future housing busts. For example, in China, government officials are now requiring higher down-payments and mortgage rates on investment homes, according to the report.

'Blame to Go Around'

In Nevada, which has the nation's highest foreclosure rate, the housing market remains weak, with home prices continuing to fall in the Las Vegas area, where most of the state lives.

Home prices were down 7.3 percent in November compared to a year before, according to the Greater Las Vegas Association of Realtors. That means the median price dropped from $134,900 to $125,000 in one year. More than half of all home sales were purchased with cash.

Paul Bell, president of the real estate association, said amateur investors were behind the soaring home values seen during the first half of the last decade, but noted that those buyers were simply taking advantage of how easy it was to buy homes at the time because of questionable lending practices and government pressure on banks to promote homeownership.

"There was blame to go around for everybody," Bell said.

The market has now shifted so that cash investors are helping Las Vegas recover by buying multiple vacant homes, fixing them up and selling them, Bell said.

"If we did not have the serious investors in the market ... we would have many neighborhoods in a very run-down condition," he said.

Copyright 2011 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

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Also see:
Squatters Claim $2.7 Million Texas Mansion
BofA Plans to Rent Foreclosed Homes to Former Owners
Detroit Mom Trades $96,000 House for Used Minivan

 

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]]>house flippershousing bubblehousing crisissubprime mortgagesThe Associated Press2011-12-13T09:00:00+00:00FHA Loans: What 3.5% Down Can Buy in This Housing Markethttp://realestate.aol.com/blog/2011/12/09/fha-loans-what-3-5-down-can-buy-in-this-housing-market/http://realestate.aol.com/blog/2011/12/09/fha-loans-what-3-5-down-can-buy-in-this-housing-market/http://realestate.aol.com/blog/2011/12/09/fha-loans-what-3-5-down-can-buy-in-this-housing-market/#commentsFiled under: , ,



In today's Scrooge-like lending market, many borrowers are under the impression that they simply don't have the balance sheets or resumes necessary to buy a home. But while it's true that banks now hold borrowers to much stricter income standards, many homeowners can still pull off a home purchase with a startlingly low down payment: Only 3.5 percent through the Federal Housing Administration. Meanwhile, typical down payments in today's market can range anywhere from 10 to 20 percent and beyond. (Learn more about mortgage types in this AOL Real Estate video.)

Just recently, Congress raised the ceiling on FHA loans in more than 600 of the costlier counties in America. After factoring in at least a 3.5 percent down payment, borrowers in these upper-limit cities can now now qualify for an FHA home purchase of around $750,000.

Looking at housing markets around the nation that include some of these pricier enclaves, like New York City, Los Angeles and San Jose, we've compiled a list of homes for sale that push the FHA to the limit. Click the gallery below to see just how much the FHA can do for you.

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]]>Congress FHA loan ceilingfederal home loansFederal Housing AdministrationFHA down paymentFHA loan limitFHA loansgovernment housing loanloan ceiling fhaNew loan limitsTeke Wiggin2011-12-09T19:49:00+00:00Open Houses of the Week: Dec. 10-11http://realestate.aol.com/blog/2011/12/08/open-houses-of-the-week-dec-10-11/http://realestate.aol.com/blog/2011/12/08/open-houses-of-the-week-dec-10-11/http://realestate.aol.com/blog/2011/12/08/open-houses-of-the-week-dec-10-11/#commentsFiled under: , ,

open houses of the weekThere's something about that "Open House" sign that acts like a magnet. Whether you're looking for a new place to live, keeping tabs on real estate in your neighborhood, or just angling for a sneak peek at someone else's private domain, the lure of an open door is strong indeed.

This week, we take a tour through the most eye-catching listings in some of the most popular cities. Remember to click the listing details to see dozens of additional photos!



Open Houses for Dec. 10-11


Atlanta



Open house: Sun., Dec. 11
Location: Atlanta
Price: $2.299 million
Property details: This French chateau-style home includes 7 bedrooms, 8 bathrooms and 8,225 square feet of European elegance. Designed by Bill Harrison, the house boasts oak hardwood floors and fireplaces across three finished levels. There's even a pool and spa flanked by a linear fire feature to keep you toasty warm while taking a dip during those Georgia cold snaps.

See inside this property.

See more Atlanta homes for sale

Austin, Texas



Open house: Sun., Dec. 11
Location: Austin
Price: $1.125 million
Property details: If you're big on family gatherings, this may be the perfect home for you. A wide, spacious design, coupled with warm stone and stucco highlighting the home's unpretentious and simple aesthetic, make this property ideal for entertaining. If that doesn't get you, then the country hill views and luxe swimming pool surely will.

See inside this property.

See more Austin homes for sale.

Los Angeles area



Open house: Sun., Dec. 11
Location: Malibu
Price: $17 million
Property details: The Pacific Coast Building Conference awarded MariSol the 2011 "House of the Year" award and it's no wonder. This strikingly modern blufftop estate is the epitome of California luxury: a trophy home in the middle of a restored native coastal garden that overlooks a popular surfing beach, with spectacular whitewater, island and mountain views.

See inside this property.

See more Los Angeles homes for sale.

Miami area



Open house: Sun., Dec. 11
Location: Pinecrest
Price: $1.95 million
Property details: This isn't your run-of-the-mill Miami McMansion -- we're talking character to boot! Soaring 20-foot ceilings. Floor-to-ceiling windows offering stunning ocean views. An outdoor oasis featuring flowing fountains and tropical landscaping. Plus, with five bedrooms, four bathrooms and a deep, covered brick patio, it's the perfect home for entertaining in luxury.

See inside this property.

See more Miami-area homes for sale.

Denver



Open house: Sun., Dec. 11
Location: Denver
Price: $515,000
Property description: It's not just a pretty face: this stunning, three-bedroom, 2,283-square-foot contemporary boasts LEED certification, is solar-energy equipped and was designed with sustainability in mind... So, you can breathe easy while you're lounging around on your spacious deck, enjoying gorgeous panoramic views of downtown Denver.

See inside this property.

See more Denver homes for sale.


St. Louis area



Open House: Sun., Dec. 11
Location: Town and Country
Price: $1.25 million
Property description: This 5,722-square-foot masterpiece is the perfect fusion of contemporary and classic. With an exceptional, winding three-story staircase and soaring ceilings, this Town and Country home is an homage to traditional American beauty. Yet you also get an in-house theater, billiard room, game room, bar and patio. What more could you ask for?

See inside this property.

See more St. Louis-area homes for sale.

Paradise Valley, Ariz.



Open house: Sun., Dec. 11
Location: Paradise Valley
Price: $1.5 million
Property description: If you love the outdoors, then this one is for you: The elegant Spanish-style home boasts wondrous views of Camelback Mountain from every room and is flanked by stunning botanical landscaping. Step inside, and you can enjoy soft, Santa Fe architectural detailing that includes vaulted ceilings with peeled-pole beams and charming fireplaces. A true testament to natural Arizona beauty, sprawled across 4,181 square feet.

See inside this property.

See more Paradise Valley homes for sale.

Edina, Minn.



Open house: Sun., Dec. 11
Location: Edina
Price: $1.289 million
Property description: If contemporary isn't your thing and you're yearning for a slice of classic Americana, then you'll love this handsome, five-bedroom home. This grand, 4,000-square-foot Tudor boasts beautiful woodwork throughout, polished hardwood floors, fireplaces and a year-round sun room featuring a generous bay window. Located on a charming, tree-lined street and boasting a sprawling lawn, this idyllic Edina home is perfect for families with children.

See inside this property.

See more Edina homes for sale.

More great AOL Real Estate galleries:
Buy a Decent Home for Less Than $10,000
Midcentury Modern Homes: The Cool That's Still Hot
Million-Dollar Foreclosures

%Gallery-138078%
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area.

 

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]]>Atlanta open housesAustin open housesDenver open housesEdina open housesLos Angeles open housesMalibu open housesMiami open housesOpen Houses of the Week:Paradise Valley open housesPinecrest open housesSt Louis open housesTown and Country open housesAOL Real Estate Editors2011-12-08T15:25:00+00:00House of the Day: Nestled Into a Bay Area Hillsidehttp://realestate.aol.com/blog/2011/12/07/house-of-the-day-nestled-into-a-bay-area-hillside/http://realestate.aol.com/blog/2011/12/07/house-of-the-day-nestled-into-a-bay-area-hillside/http://realestate.aol.com/blog/2011/12/07/house-of-the-day-nestled-into-a-bay-area-hillside/#commentsFiled under: , ,



Many architects strive to marry man-made and natural beauty so that the two, like mom and pop of an enduring mom-and-pop store, bring out the best in each other. Franklin Lloyd Wright was a huge fan of the idea.

"No house should ever be on a hill or anything. It should be of a hill. Belonging to it," he proclaimed.

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This stunning contemporary, listed for a whopping $22.25 million in Belvedere, Calif., hits the jackpot in that regard. It truly seems to "belong" to its waterside perch on 220 square feet of prime California coastline. The site's trees, reaching over the home's roof, nearly envelope it while shrubs and rocks line paths that weave about the property. Stunning panoramas of San Francisco, the city's bay and Mount Tamalpais can be viewed through the home's glass walls or from its seaside terrace.

Sitting on 1.2 acres, the residence offers seven bedrooms, six bathrooms and 8,000 total square feet. Two of those bedrooms are in a separate guesthouse. Special features include a spa and wine cellar.

William Bullock and Lydia Sarkissian of Decker Bullock Sotheby's International Realty have the listing.

Click on the images below to see other stunning waterfront mansions in Belvedere, Calif.:



See more Houses of the Day and other homes for sale Belvedere, Calif., on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email teke.wiggin@teamaol.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

 

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]]>Belvedere homesBelvedere mansionsBelvedere real estateDecker Bullock Sothebys International Realtyhome of the dayhouse of the daySan Francisco Bay homesSan Francisco Bay housesSan Francisco Bay real estateWilliam Bullock Lydia Sarkissian Decker Bullock Sothebys InternaTeke Wiggin2011-12-07T06:00:00+00:00Detroit Mom Trades $96,000 House for Used Minivanhttp://realestate.aol.com/blog/2011/12/06/detroit-mom-trades-96-000-house-for-used-minivan/http://realestate.aol.com/blog/2011/12/06/detroit-mom-trades-96-000-house-for-used-minivan/http://realestate.aol.com/blog/2011/12/06/detroit-mom-trades-96-000-house-for-used-minivan/#commentsFiled under: , ,



A disabled mother of six who took to Craigslist last month to swap her family home for a car has finally gotten what she wanted: trading her four-bedroom house in the Detroit neighborhood of Russell Woods for a 6-year-old minivan.

The city values the house (pictured above), located in an area where Diana Ross and the Supremes once lived, at $96,000. The vehicle valuation company, Kelley Blue Book, puts the worth of this kind of van, a silver 2006 Chevrolet Uplander with 85,000 miles, at between $5,000 and $8,500.

Despite a number of perhaps better offers that flooded in from across the nation -- including a 1996 Chevrolet Corvette and a 1996 Bentley Brooklands -- LaWanda Flake, 36, said that she made the decision from her heart.

"I took one of the first offers I got because I felt like it helped us both," Flake told The Detroit News. "They needed the house more than anyone I spoke with. I really feel like I made a good decision."

Though some might beg to differ, it seems that the unique deal may have worked for Flake, whose "desperation" for a vehicle to drive her kids around in led her to post the Nov. 7 Craigslist ad. Additionally, though Flake had purchased the 2,000-square-foot, four-bedroom, three-bathroom home for a mere $3,500 at a tax foreclosure sale, she claimed that she had no more money to invest in the repairs and renovations necessary for the home.

Flake says that the new owners are "excited" to begin renovating the house, which lacks a water heater and furnace.

Since the swap, Flake and her family have moved into another house in Detroit, a three-bedroom which she picked up on a bargain $4,000 land contract.

Also see:
Detroit Mom Offers to Trade Her House for a Car
Vacant House Yields Late Owner's Stash of Cash
Vacant Home Targeted By Squatters, Scammers and Thieves

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More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

 

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]]>Detroit Mom Trades House for Used MinivanDiana Ross and the Supremeshouse for carHouse for Used Minivanhouse swapLaWanda FlakeLaWanda Flake trading house for carKrisanne Alcantara2011-12-06T12:38:00+00:00Viewpoint: Is Housing Crisis Just a State of Mind?http://realestate.aol.com/blog/2011/11/30/viewpoint-is-housing-crisis-just-a-state-of-mind/http://realestate.aol.com/blog/2011/11/30/viewpoint-is-housing-crisis-just-a-state-of-mind/http://realestate.aol.com/blog/2011/11/30/viewpoint-is-housing-crisis-just-a-state-of-mind/#commentsFiled under: , , , , , ,

Is it possible that the housing crisis is really just a problem caused by our state of mind, not the state of the economy? Is the thing stopping people from buying houses nothing more than their perceptions? Apparently, to some extent, yes.

We are having what, if economists talked like this, could be described as an irrational fear of commitment.

The facts: The recession is considered over, the country's gross domestic product is growing, unemployment is down and consumer spending is up. Yet, the housing market remains comatose. The only explanation is that we are either all still unemployed and not being counted or we're scared out of our boots.

Want some more evidence that we're just one giant anti-anxiety pill away from fixing what ails the housing market?

1. The number of applications for mortgages is down.

It's becoming a broken record: Interest rates are at all-time lows yet nobody is applying for loans. Yes, lending standards are tighter now -- tight enough to put the kibosh on almost 16 percent of all home deals that open escrow -- but the bigger problem is that potential buyers are afraid to even try to get a loan. Loan applications for home purchases were down 10 percent in a week, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

Buyers are just plain scared that banks won't approve their loan. This is the grownup equivalent of hiding in the playground bushes during recess because you think the cool kids won't pick you for their team.

2. People don't believe the worst is over.

They are afraid that home prices might fall further. They are afraid that they could lose their jobs tomorrow. They are afraid of looking like a chump, buying when nobody else is buying.

Without question, the days of house-flipping are over. If you are buying, you are buying for the long haul. Remember this: Rents will most certainly go up -- that's why investors are buying properties like mad nowadays; but mortgages that are locked into the current record-low rates will not. If you are planning on staying put, doesn't it make sense to buy?

As for losing your job tomorrow, ask yourself this: Really? Do you really think that's likely? While new jobs aren't being created with anything close to wanton abandon, neither are they being eliminated with the gusto of three years ago. Do you really want to put your life on hold while you wait to see if The Man sneezes in your direction?

Looking like a chump is a tough one. No one wants to be the last soldier killed before the war ends and no one wants to be a homebuyer who bought when prices were still falling. But that gets back to the long-term strategy. You aren't buying for now, you are buying for the many years to come.

Fear can be paralyzing, but so can group-think. If you read how nobody is buying, you figure all those nobodies must know something. Yeah, they know how to be lemmings.

3. Consumer confidence has plunged, yet we are spending again -- just not on houses.

A recent Nielsen poll found that nine of 10 Americans think the country is still in a recession. The memo went out a while ago that the recession officially ended in June of 2009. Pain and misery have clearly lingered and depressed consumers don't spend money. But if we're all so depressed, how do you explain why consumer spending rose in the third quarter by 2 percent. We're even back to our old ways regarding charging and not saving: Consumer credit is back up to 2009 levels and our savings rate has dropped to 3.6 percent, the lowest level in four years. I see our old ways creeping back, don't you?

We may not be happy, but we're spending again. I have but one question: If you are willing to hit Macy's with enthusiasm, why not the housing market?

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Also see:
Survey: Most Boomers Would Cover Kids' Down Payment
Will FHA Be the Go-To Source for High-Cost Mortgages?
When It Comes to Mortgages, Women Don't Shop Enough

 

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]]>consumer spendingconsumer spending patternsAnn Brenoff2011-11-30T11:00:00+00:00House of the Day: Malibu Short Sale With a Steep Price Drophttp://realestate.aol.com/blog/2011/11/30/house-of-the-day-malibu-short-sale-with-a-steep-price-drop/http://realestate.aol.com/blog/2011/11/30/house-of-the-day-malibu-short-sale-with-a-steep-price-drop/http://realestate.aol.com/blog/2011/11/30/house-of-the-day-malibu-short-sale-with-a-steep-price-drop/#commentsFiled under: , , , ,



Think the high-end of the market hasn't been felled by the economic downturn? Guess again. Here's a lovely four-bedroom contemporary home in Malibu, Calif., that is now being offered as a short sale with a recent price drop of $1 million. Ouch.

The 5,000-square-foot home is now listed at $2.85 million, subject to the lender's short sale approval. So what does this really mean? It means the lender could say no to that price or it could mean someone is going to pick up a bargain. The home has been listed at $4.2 million.

The home has whitewater ocean views, top-of-the-line finishes that include Viking and Miele appliances, granite counter tops, Brazilian walnut floors and high wood-beamed ceilings. There is a fossil stone wine cellar and an 1,800-square-foot balcony made of Chinese slate stone. The property is an easy walk to the beach and membership in a private tennis club is included.

Click on the images below to see other premium homes for sale in Malibu, Calif.:



See more Houses of the Day and more homes for sale in Malibu, Calif. on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email ann.brenoff@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to respond to each submission.)

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

 

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]]>high-end luxury markethome of the dayHouse of the Dayluxury real estateMalibuMalibu real estateshort salesAnn Brenoff2011-11-30T06:00:00+00:0010 Top Markets for Bargain Huntershttp://realestate.aol.com/blog/2011/11/18/10-top-markets-for-bargain-hunters/http://realestate.aol.com/blog/2011/11/18/10-top-markets-for-bargain-hunters/http://realestate.aol.com/blog/2011/11/18/10-top-markets-for-bargain-hunters/#commentsFiled under: ,

Many Americans are planning to buy homes in the areas that have been hardest-hit by the real estate crisis, according to housing data released this week. Real estate research agency Trulia reported that there are a number of major metropolitan areas in the U.S. where people from around the country -- many of them retiring baby boomers -- are looking for bargains. 24/7 Wall St. has identified the 10 with the highest rate of "inbound" searches.

Eight out of the 10 areas on our list had a more severe decline in home prices than the U.S. average from pre-recession levels. In six of them, median prices are less than half what they were five years ago. In the Cape Coral-Fort Myers region of Florida, home prices are down nearly 60 percent.

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Dramatic declines in home prices, coupled with rising unemployment, led to a financial crisis for millions of Americans as their homes became worth less than their mortgages. Seven of the 20 regions in the country with the highest rate of underwater mortgages appear on our list.

A consequence has been high foreclosure and vacancy rates. Some areas are still seeing extremely high foreclosure rates, including the Sarasota-Bradenton-Venice area, which had a 57 percent increase in foreclosures from the second quarter of this year to the third.

The large volume of foreclosures has led to a massive inventory of homes that are now being offered for a fraction of their original prices. "Inventory puts downward pressure on prices," says Jed Kolko, chief economist at Trulia. According to Kolko, with a huge quantity of foreclosed homes worth very little, the 10 areas on our list will be buyers' markets for the foreseeable future.

In addition to Trulia's list of the regions with the highest metro movers score -- the ratio of inbound searches to outbound searches -- we included former, current and projected home price information from Fiserv, as well as unemployment rates from the Bureau of Labor Statistics. We also included, from CoreLogic, information on underwater mortgages and the percentage of regional sales that have been on formerly-foreclosed-upon homes.

Click through the above gallery to see the 10 metropolitan areas where people want to buy homes.

Also see:
Open Houses of the Week: Golden Opportunities for Retirees
FHA Loan Limit Raised, Despite Opposition
When It Comes to Mortgages, Women Don't Shop Enough

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Finds homes for rent in your area.

 

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]]>buyers marketcities where people want to buy homesforeclosure crisisForeclosureshome buyinghot housing markets24/7 Wall St.2011-11-18T18:30:00+00:00