Mother Buys Toddler 6.5 Million Dollar NYC Apartment

Mother Buys Toddler $6.5 Million NYC Apartment

Daily Real Estate News | Friday, March 29, 2013

A mother from China has reportedly purchased a $6.5 million New York City apartment for her 2-year-old daughter. The woman has remained anonymous, but Sotheby’s senior vice president Kevin Brown said the woman purchased the apartment for her daughter’s future college years at an American university.
"[The woman] said, well, her daughter was going to go to Columbia, or NYU, or maybe Harvard, and so she needed to be in the center of the city and that was why she was picking this one particular apartment," Brown told the Chinese broadcaster CCTV. "So I said: 'Oh, how old is your daughter?' And she said: 'Well, she's 2.' And I was just shocked."
The apartment will be located inside the 90-floor glass skyscraper, One57 tower, which is to become the tallest residential building in New York when it is completed next year.
Source: “Chinese Mom Reportedly Buys $6.5 Million Apartment For Toddler,” AOL Real Estate (March 28, 2013)

Mortgage Delinquencies, Foreclosure Rates Fall

Daily Real Estate News | Thursday, March 28, 2013

The foreclosure picture continues to show year-over-year improvement, with delinquencies down and foreclosure inventories falling, according to a report of February data from Lender Processing Services (LPS), which provides technology and data for the mortgage and real estate industries.
The total U.S. loan delinquency rate — loans 30 or more days past due but not in foreclosure — dropped to 6.8 percent in February, according to LPS. The delinquency rate has fallen 6.51 percent in the past year.
The foreclosure pre-sale inventory rate has fallen nearly 20 percent in the past year to 1.7 million homes, according to LPS.
About 5.1 million homes in the U.S. are either in foreclosure or delinquent, according to LPS.
The states with the highest percentage of delinquent loans are:

• Florida
• New Jersey
• Mississippi
• Nevada
• New York

Meanwhile, the states with the lowest percentage of delinquent loans are:

• Montana
• Arkansas
• Wyoming
• South Dakota
• North Dakota

Source: Lender Processing Services

10 Places Where College Grads Can Settle

Daily Real Estate News | Tuesday, March 26, 2013

Rent.com, a rental housing listing site, recently ranked the top 25 markets for new college grads, factoring in unemployment, cost of living, and annual mean wages. The following are the top 10 cities on its list (in no particular order), where young grads would most likely find housing, work, and a suitable paycheck.
Atlanta, Ga.
Mean annual income: $46,600
Median price for a one-bedroom apartment: $800
Boston, Mass.
Mean annual income: $57,500
Median price for a one-bedroom apartment: $1,590
Houston, Texas
Mean annual income: $47,500
Median price for a one-bedroom apartment: $800
Denver, Colo.
Mean annual income: $50,300
Median price for a one-bedroom apartment: $970
Minneapolis/St. Paul, Minn.
Mean annual income: $49,800
Median price for a one-bedroom apartment: $900
Seattle, Wash.
Mean annual income: $54,800
Median price for a one-bedroom apartment: $1,300
Dallas, Texas
Mean annual income: $46,200
Median price for a one-bedroom apartment: $900
Raleigh, N.C.
Mean annual income: $45,200
Median price for a one-bedroom apartment: $800
Washington, D.C.
Mean annual income: $62,900
Median price for a one-bedroom apartment: $1,600
St. Louis, Mo.
Mean annual income: $44,200
Median price for a one-bedroom apartment: $960
Source: “The Best Cities for New College Grads in 2013,” Forbes (March 22, 2013)

The time to sell is a waiting game for some...

Sellers Who Delay May Miss Out

Daily Real Estate News | Monday, March 25, 2013

Some would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say.
The best time to move may depend on when the home owner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that home owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 may be their prime opportunity.
"Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace," Blomquist told HousingWire.
Home owners who wait much longer to sell their home may miss out.
"If you're selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you're leaving behind," says Redfin CEO Glenn Kelman.
Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home.
Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)

Real Estate World

Homes Near Public Transportation Hold Value Better

Daily Real Estate News | Friday, March 22, 2013

“Location, location, location near public transportation” may be the new real-estate mantra according to a new study released today by the American Public Transportation Association and the National Association of REALTORS®. Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.
“When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property,” APTA President and CEO Michael Melaniphy said. “This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas, and robust transportation choices.”
“Higher home values reflect greater market demand for areas near public transportation,” said NAR Chief Economist Lawrence Yun. “Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward. A sound transportation system not only benefits individual property owners, but also creates the foundation for a community’s long-term economic wellbeing.”
The study, The New Real-Estate Mantra: Location near Public Transportation, investigates how well residential properties located in a half-mile proximity to high-frequency public transportation or in the “public transit shed” have performed in holding their value during the recession compared to other properties in a given region.
While residential property values declined substantially between 2006 to 2011, properties close to public transit showed significantly stronger resiliency. In Boston, residential property in the rapid-transit area outperformed other properties in the region by 129 percent. In the Chicago public transit-area, home values performed 30 percent higher than other homes the region; in San Francisco, 37 percent higher; Minneapolis-St Paul, 48 percent; and in Phoenix, 37 percent.
“Stable property values in areas with public transit access have a number of policy implications,” Melaniphy said. “As Congress and state and local governments look for ways to accelerate economic growth, this study shows that investing in public transportation is a boon to revitalizing our economy.”
“When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas,” Yun said.
Source: NAR

Real Estate World

Fed to Keep Rates Low, But for How Much Longer?

Daily Real Estate News | Thursday, March 21, 2013

The Federal Reserve’s policy-making committee announced it will continue to hold down short-term interest rates, which in turn will help keep mortgage rates low. But there is question of how much longer the central bank will do this.
The Fed said it will continue to buy $85 billion a month in Treasuries and mortgage-backed securities, but would reduce its asset purchase — known as “quantitative easing” — if job growth continues at its current pace.
Last year, the Fed committed to holding short-term interest rates near zero for as long as unemployment remained above 6.5 percent. In February, the unemployment rate was 7.7 percent. Many economists don’t expect unemployment to drop to levels around 6.5 percent until 2015.
However, Fed Chairman Ben Bernanke noted Wednesday that there is not consensus among the policy-making committee on how much longer to continue quantitative easing.
The committee recognized progress in the economy and job growth in recent months, noting “a return to moderate economic growth following a pause late last year.”
Bernanke has testified to Congress that quantitative easing has helped revive the housing market. Mortgage rates have fallen near all-time lows, with the average 30-year fixed-rate mortgage averaging 3.63 percent on March 14, according to Freddie Mac. In November 2012, 30-year rates fell as low as 3.31 percent.
Housing is “coming back, it’s real, and it’s going to be a positive driver,” said Jeff Fettig, the chief executive officer of Whirlpool Corp., the world’s largest appliance maker. “For every 6 percent increase in existing-home sales you see a 1 percent demand increase in appliances.”
Source: “Fed to Maintain Stimulus Efforts Despite Job Growth,” The New York Times (March 20, 2013) and“Bernanke Seen Keeping Up Pace of QE Until Fourth Quarter,” Bloomberg (March 20, 2013)

9200 E 750 S Wolcottville IN

You will feel right at home in this 3 bedroom home nestled on 2.06 Acres. The Rural setting is perfect for those quiet nights. There's an additional room that can be a den or for those larger families you can make it an additional bedroom. And how about that garage? WOW, WOW, WOW. Walk into the garage and it will take your breath away. This home is a beauty. Call for your personal showing today!

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Real Estate World

Foreclosure Filings Fall 25% in February

Daily Real Estate News | Thursday, March 14, 2013

RealtyTrac counted a total of 154,281 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — last month. The number is up 2 percent from January, but is down a full 25 percent from February 2012.
The number of American homes entering the foreclosure pipeline also declined 25 percent from a year earlier, and bank repossessions tumbled 29 percent year-over-year to land at their lowest volume since September 2007.
“At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” RealtyTrac Vice President Daren Blomquist says. “But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system.”
The highest rates of foreclosure were documented in Florida, Nevada, and Illinois.
Source: “U.S. Foreclosure Filings Fall 25 Percent in February,” Fox Business (March 14, 2013)

404 E Randolph St Angola

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307 N High St Lagrange, IN

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