Source: The Business Journal
Written by
LISA LEFF, Associated Press
(AP) — San Francisco Association of Realtors President Betty Taisch has two words of advice for those who want to live here and think $1 million will buy them their dream house: think again.
In the souped-up world of San Francisco real estate, where the median selling price for houses and condominiums last month hit seven figures for the first time, the cool million that would fetch a mansion on a few acres elsewhere will now barely cover the cost of an 800-square foot starter home that needs work and may or may not include private parking.
Taisch, a veteran broker who is used to managing her clients' expectations, has experienced first-hand the heartbreak and hair-pulling inherent to house-hunting in what she considers one of the world's "most desirable, fabulous cities." She put her professional skills to work this summer on behalf of her adult son and his family, who had outgrown their one-bedroom apartment. After three unsuccessful offers, they ended up paying $913,000 for a two-bedroom, one-bath house with an outdated kitchen, a yard that can charitably be called overgrown, and a big basement that Taisch counts as its most attractive feature.
"It certainly is a milestone. It's like, 'Wow!'''," she said of the city's new million-dollar median. "Everybody thinks San Francisco is all Pacific Heights Victorians, and it's not.
There are many areas of the city that are just normal, single-family homes that are small and not posh at all."
The technology's industry's rapid growth coupled with 49-square-mile San Francisco's constrained supply of housing is a big part of the story behind the city's ascension to a rarified real estate bracket already occupied by New York City, but Silicon Valley wealth also is stoking the market in the greater San Francisco Bay Area, according to Andrew LePage, an analyst with CoreLogic DataQuick, a real estate research firm in Irvine, California.
Between April and June, the Bay Area saw a record number of homes and condos going for $1 million and above, and they accounted for one-quarter of all sales in the region, CoreLogic DataQuick said in a report released Thursday. During the same three-month period, six of the Bay Area's nine counties set records for the number of homes and condos selling for over $2 million, as did California as a whole, the report said.
"The robust tech economy and the overall economy mean the Bay Area has been doing better than most for years now," LePage said. "It already was expensive, and a lot of these high-end markets weren't hammered as hard during the downturn because they weren't exposed to subprime mortgages, so they had less ground to recover in the first place."
George Limperis, an agent with Paragon Real Estate Group in San Francisco, agrees that freshly minted technology millionaires who can afford to bid up a property until they win it with an all-cash offer are helping to drive up demand. But unlike during the city's first tech boom in the late 1990s, the buyers prepared to lay down more than $1 million on a fixer-upper in a neighborhood within walking distance of shops and restaurants also include Asian investors and retirees from other major cities who already are accustomed to skyscraper prices for shoebox dwellings, Limperis said.
"It feels like a very different city than it certainly did even 15 years ago. There is money coming from so many places now," he said. "So many of these buyers today, they have lived in London, they have lived in Hong Kong, they have lived in New York, and to them these prices are parallel. We can't compare San Francisco with median housing prices even elsewhere in California because this is an international level we are dealing with."
Limperis this month represented the sellers of a 1,200-square-foot, two-bedroom home "in poor condition" that had been in their family for generations. Located on a commercial street in San Francisco's Noe Valley neighborhood, an area prized for its modest Victorians, the home was listed for a little under $1.2 million. By the end of its first week on the market, 10 people had submitted all-cash offers. The house sold for $1.8 million to a developer who plans to convert it into condos.
"Everyone is aghast at what these things sell for, but as long as the economy keeps going it like it does, these numbers do make sense," Limperis said.
Being prepared to go well over a home's asking price and willing to sacrifice style or a second bathroom are some of the pointers that Kelly Kang, a colleague of Limperis' at Paragon, gives to buyers.
Kang just represented a young couple with a child who were interested in a 756-square-foot, two-bedroom, one-bath row house built in 1950 in a newly hot neighborhood near a park and public transit that was listed at a little more than $1 million after having sold for $710,000 five years ago. The couple offered $1.2 million and wrote a "love letter" about the house explaining why it was just right for their family. They got the house.
"People that want to stay in San Francisco really love the city, so what they are buying is the city more than the property," Kang said.
URL to original article: http://www.thebusinessjournal.com/news/state/13240-in-san-francisco-real-estate-1m-won-t-buy-much
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, July 31, 2014
Wednesday, July 30, 2014
Zillow buying Trulia to build real estate titan
Source: The Business Journal
Written by MAE ANDERSON, AP Technology Writer
(AP) — Zillow and Trulia, two companies that changed the way people shop for homes, are combining. Real estate website operator Zillow Inc. is buying its rival in a $3.5 billion deal that will make the biggest player in the online real estate information market. Zillow will also become king of real estate listings available on smartphones and tablets — the fastest growing area for listings. Both Zillow and Trulia were founded nearly a decade ago and have capitalized on Americans' increasing preference for researching purchases, including homes, online, rather than relying solely on a real estate agent. "It's a very sound business move by Zillow. They wiped out their closest competitor," said Benchmark analyst Daniel Kurnos. According to Benchmark estimates, Zillow and Trulia are No. 1 and 2 in the online real estate market, followed by No. 3 Move Inc. Zillow reported nearly 83 million monthly unique visitors in June. Trulia reported 54 million. "We're moving away from word of mouth, or calling an agent to try to find a home," Kurnos said. "Now people realize, 'Hey, I can go look for houses online, and use the Internet to start searching for a home.'" Zillow, which debuted in late 2004, became well known for its "Zestimate" housing price estimate for 100 million homes nationwide. The number is based on geographic data, user-submitted information and public records. Zillow says the "Zestimate" has a 6.9 percent median error rate, and should be used as a starting point in determining a home's value. Both Zillow, which went public in 2011 and Trulia, which had its stock market debut in 2012, offer similar information like neighborhood school and crime reports and mortgage calculators. Both Zillow and San Francisco-based Trulia generate revenue through advertising and subscription software and services sold to real estate agents. Trulia shareholders will receive 0.444 shares of Zillow common stock for each share they hold, and will own approximately 33 percent of the combined company. Zillow Inc. shareholders will receive one comparable share of the combined company and own the other two-thirds of the business. The combined company will keep both the Trulia and Zillow brands. The companies said that there is limited consumer overlap of their brands, as about half of Trulia.com's monthly visitors don't visit Zillow.com. It's not Zillow's first expansion through acquisition. The company bought New York City-focused real estate website StreetEasy in 2013 for $50 million. Zillow, based in Seattle, plans to save $100 million in cost cutting once the Trulia purchase is complete. Trulia Inc. CEO Pete Flint will stay in his post and join the board of the combined business. He will report to Zillow CEO Spencer Rascoff. Another Trulia director will join the combined company's board after the transaction is finalized. Both companies' boards approved the deal. Both companies' shareholders still must approve it. The transaction is targeted to close next year. Shares of Zillow fell $3.97, or 2.5 percent to $154.89 in midday trading. Shares of Trulia jumped $6.84, or 12 percent, to $63.19.
URL to original article: http://www.thebusinessjournal.com/news/national/13180-zillow-buying-trulia-to-build-real-estate-titan
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by MAE ANDERSON, AP Technology Writer
(AP) — Zillow and Trulia, two companies that changed the way people shop for homes, are combining. Real estate website operator Zillow Inc. is buying its rival in a $3.5 billion deal that will make the biggest player in the online real estate information market. Zillow will also become king of real estate listings available on smartphones and tablets — the fastest growing area for listings. Both Zillow and Trulia were founded nearly a decade ago and have capitalized on Americans' increasing preference for researching purchases, including homes, online, rather than relying solely on a real estate agent. "It's a very sound business move by Zillow. They wiped out their closest competitor," said Benchmark analyst Daniel Kurnos. According to Benchmark estimates, Zillow and Trulia are No. 1 and 2 in the online real estate market, followed by No. 3 Move Inc. Zillow reported nearly 83 million monthly unique visitors in June. Trulia reported 54 million. "We're moving away from word of mouth, or calling an agent to try to find a home," Kurnos said. "Now people realize, 'Hey, I can go look for houses online, and use the Internet to start searching for a home.'" Zillow, which debuted in late 2004, became well known for its "Zestimate" housing price estimate for 100 million homes nationwide. The number is based on geographic data, user-submitted information and public records. Zillow says the "Zestimate" has a 6.9 percent median error rate, and should be used as a starting point in determining a home's value. Both Zillow, which went public in 2011 and Trulia, which had its stock market debut in 2012, offer similar information like neighborhood school and crime reports and mortgage calculators. Both Zillow and San Francisco-based Trulia generate revenue through advertising and subscription software and services sold to real estate agents. Trulia shareholders will receive 0.444 shares of Zillow common stock for each share they hold, and will own approximately 33 percent of the combined company. Zillow Inc. shareholders will receive one comparable share of the combined company and own the other two-thirds of the business. The combined company will keep both the Trulia and Zillow brands. The companies said that there is limited consumer overlap of their brands, as about half of Trulia.com's monthly visitors don't visit Zillow.com. It's not Zillow's first expansion through acquisition. The company bought New York City-focused real estate website StreetEasy in 2013 for $50 million. Zillow, based in Seattle, plans to save $100 million in cost cutting once the Trulia purchase is complete. Trulia Inc. CEO Pete Flint will stay in his post and join the board of the combined business. He will report to Zillow CEO Spencer Rascoff. Another Trulia director will join the combined company's board after the transaction is finalized. Both companies' boards approved the deal. Both companies' shareholders still must approve it. The transaction is targeted to close next year. Shares of Zillow fell $3.97, or 2.5 percent to $154.89 in midday trading. Shares of Trulia jumped $6.84, or 12 percent, to $63.19.
URL to original article: http://www.thebusinessjournal.com/news/national/13180-zillow-buying-trulia-to-build-real-estate-titan
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, July 28, 2014
Property management firms enjoy brighter days
Source: The Business Journal
Written by Chuck Harvey
Property management took a blow during the real estate crash, but has since been a steady income business for specialists like Manco Abbott and Robert L. Jensen & Associates as the rental housing, office and retail market bounces back. After 26 years in the same location, Manco Abbott will move its operations in late September from 6051 N Fresno St. in Fresno to a new energy-efficient building being developed near Herndon and Fruit avenues in Fresno. Ginder Development Corp. is developing the business park where Manco Abbott will be situated. Manco’s offices will occupy 11,000 square feet of the 20,500 square foot building. Leases are being negotiated for the remainder of the building, which is flanked by offices of Bonadelle Development Corp. to the west and Granville Homes to the east. Robert L. Jensen & Associates is another growth story in the property management business. The company’s residential division manages 28 community associations. The largest is a 2,258-unit master association. The commercial division manages ten multi-story office buildings, the largest of which is a 100,000 square-foot complex. Robert L. Jensen has 58 employees and manages 15.1 million square feet of apartments and commercial buildings. Jensen said his business is doing well and he has been able to keep his employee numbers steady. He said construction in the Valley has been pretty low, but there has been some activity. And new buildings coming on line help fuel growth in the property management business, he said. Property management services fell off some following the collapse of the real estate market in 2007. However, since then the Valley has seen resurgence in commercial and retail building leases along with strong growth in the apartment and rental housing markets. The top 10 property managers in the central San Joaquin Valley managed 657.2 million square feet of properties in 2009. By 2013, the number had grown to 703.5 million square feet, according to information provided by the companies for The Business Journal’s annual Book of Lists. As home foreclosures grew, more people moved into apartments and rental homes. That boosted demand for property management firms to handle the expanding rental market. “Our business is starting to grow,” said Michael Goldfarb, chief operating officer of Manco Abbott. “There was a slow time in 2008 and 2009, but business was better in 2011,” he said. A growing rental housing business boosted Manco Abbott’s business further. “The apartment sector is doing well,” Goldfarb said. “It helped us.” He said the office market is starting to come back and as vacancies get filled, it will help property management companies. Most retail activity has been in Visalia and Dinuba, Goldfarb said. Although new retail construction has picked up some, most of the recent growth in property management has been in rental housing. “We have seen some growth,” said Terry Fox, owner of Fox Property Management. His company recently picked up about 100 single-family units. Fox’s portfolio is single-family homes and small apartments. Fox Property Management currently has 12 employees. As a small company, it is doing very well, Fox added. It has 9.8 million square feet of residential and commercial buildings that it manages. Overall, Fresno has 473 units of rental housing under construction or renovation, according to the Fresno Housing Authority. It has 345 units of rental housing in development and construction. The largest is Parc Grove Commons South at Clinton Avenue and Fresno Street, with 215 units of family housing under construction. With more apartments being built in Fresno, property management firms should see continued opportunities. They will also see challenges as home prices rise and some rental housing owners put single-family rental homes up for sale. Still property management growth is expected at least in the near term. Both developers and real estate companies have found property management to be a profitable sideline. Membership in the National Association of Residential Property Managers nearly doubled following the real estate market collapse. The U.S. Census Bureau reports that renter household formation surpassed new owner-occupied homes in 2007 and has held the lead since then. That is in response to more people wanting to rent homes than buy them. IBISWorld.com a global business intelligence specialist providing procurement and purchasing research reports, reports that declining home ownership will continue to support property management industry growth though 2018. Hiring professional management has become more attractive as regulations governing landlords becomes more complex. And once rental prices start rising, it will make property management more affordable and attractive. In rental housing, property managers handle tasks like screening tenants, helping determine rents, resolving disputes and handling landscape maintenance. Manco Abbott has an IT department that helps monitor the systems that provide tenants and residents with rapid response to maintenance requests, accounting questions or any other issues that arise. Its technology-enabled services, including online work orders and rent payment with Manco Connect, help speed information to its customers. Additionally, the majority of the property management team uses iPads for access to real-time data from any location. Manco Abbott oversees nearly 200 properties including apartment communities, office buildings, shopping centers and industrial properties. The firm's services span 10 counties from the San Joaquin Valley to the Central Coast and includes a Monterey branch. Founded in 1972 the company has approximately 150 employees. Along with rental housing, retail leases have also been growing, leading to more opportunities for property management. ShoppingCenterBusiness.com reports that new tenants are turning the once-dark vacancies into new opportunities. That has also helped the property management companies. Real estate giants like Lance Kashian & Co. and Colliers International have made property management part of their lineup of services. For commercial buildings, services include support of a building’s operations, physical maintenance, tenant relations, accounting, leasing and marketing and sales.
URL to original article: http://thebusinessjournal.com/news/real-estate/13156-property-management-firms-enjoy-brighter-days
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Chuck Harvey
Property management took a blow during the real estate crash, but has since been a steady income business for specialists like Manco Abbott and Robert L. Jensen & Associates as the rental housing, office and retail market bounces back. After 26 years in the same location, Manco Abbott will move its operations in late September from 6051 N Fresno St. in Fresno to a new energy-efficient building being developed near Herndon and Fruit avenues in Fresno. Ginder Development Corp. is developing the business park where Manco Abbott will be situated. Manco’s offices will occupy 11,000 square feet of the 20,500 square foot building. Leases are being negotiated for the remainder of the building, which is flanked by offices of Bonadelle Development Corp. to the west and Granville Homes to the east. Robert L. Jensen & Associates is another growth story in the property management business. The company’s residential division manages 28 community associations. The largest is a 2,258-unit master association. The commercial division manages ten multi-story office buildings, the largest of which is a 100,000 square-foot complex. Robert L. Jensen has 58 employees and manages 15.1 million square feet of apartments and commercial buildings. Jensen said his business is doing well and he has been able to keep his employee numbers steady. He said construction in the Valley has been pretty low, but there has been some activity. And new buildings coming on line help fuel growth in the property management business, he said. Property management services fell off some following the collapse of the real estate market in 2007. However, since then the Valley has seen resurgence in commercial and retail building leases along with strong growth in the apartment and rental housing markets. The top 10 property managers in the central San Joaquin Valley managed 657.2 million square feet of properties in 2009. By 2013, the number had grown to 703.5 million square feet, according to information provided by the companies for The Business Journal’s annual Book of Lists. As home foreclosures grew, more people moved into apartments and rental homes. That boosted demand for property management firms to handle the expanding rental market. “Our business is starting to grow,” said Michael Goldfarb, chief operating officer of Manco Abbott. “There was a slow time in 2008 and 2009, but business was better in 2011,” he said. A growing rental housing business boosted Manco Abbott’s business further. “The apartment sector is doing well,” Goldfarb said. “It helped us.” He said the office market is starting to come back and as vacancies get filled, it will help property management companies. Most retail activity has been in Visalia and Dinuba, Goldfarb said. Although new retail construction has picked up some, most of the recent growth in property management has been in rental housing. “We have seen some growth,” said Terry Fox, owner of Fox Property Management. His company recently picked up about 100 single-family units. Fox’s portfolio is single-family homes and small apartments. Fox Property Management currently has 12 employees. As a small company, it is doing very well, Fox added. It has 9.8 million square feet of residential and commercial buildings that it manages. Overall, Fresno has 473 units of rental housing under construction or renovation, according to the Fresno Housing Authority. It has 345 units of rental housing in development and construction. The largest is Parc Grove Commons South at Clinton Avenue and Fresno Street, with 215 units of family housing under construction. With more apartments being built in Fresno, property management firms should see continued opportunities. They will also see challenges as home prices rise and some rental housing owners put single-family rental homes up for sale. Still property management growth is expected at least in the near term. Both developers and real estate companies have found property management to be a profitable sideline. Membership in the National Association of Residential Property Managers nearly doubled following the real estate market collapse. The U.S. Census Bureau reports that renter household formation surpassed new owner-occupied homes in 2007 and has held the lead since then. That is in response to more people wanting to rent homes than buy them. IBISWorld.com a global business intelligence specialist providing procurement and purchasing research reports, reports that declining home ownership will continue to support property management industry growth though 2018. Hiring professional management has become more attractive as regulations governing landlords becomes more complex. And once rental prices start rising, it will make property management more affordable and attractive. In rental housing, property managers handle tasks like screening tenants, helping determine rents, resolving disputes and handling landscape maintenance. Manco Abbott has an IT department that helps monitor the systems that provide tenants and residents with rapid response to maintenance requests, accounting questions or any other issues that arise. Its technology-enabled services, including online work orders and rent payment with Manco Connect, help speed information to its customers. Additionally, the majority of the property management team uses iPads for access to real-time data from any location. Manco Abbott oversees nearly 200 properties including apartment communities, office buildings, shopping centers and industrial properties. The firm's services span 10 counties from the San Joaquin Valley to the Central Coast and includes a Monterey branch. Founded in 1972 the company has approximately 150 employees. Along with rental housing, retail leases have also been growing, leading to more opportunities for property management. ShoppingCenterBusiness.com reports that new tenants are turning the once-dark vacancies into new opportunities. That has also helped the property management companies. Real estate giants like Lance Kashian & Co. and Colliers International have made property management part of their lineup of services. For commercial buildings, services include support of a building’s operations, physical maintenance, tenant relations, accounting, leasing and marketing and sales.
URL to original article: http://thebusinessjournal.com/news/real-estate/13156-property-management-firms-enjoy-brighter-days
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, July 24, 2014
New downtown Fresno apartments in works
Source: The Business Journal
Written by Ben Keller, Business Journal staff writer
Another vacant lot is getting new life in downtown Fresno as Pyramid Homes makes progress on a 16-studio apartment project at Divisadero Street and College Avenue. Pyramid Homes began construction around eight weeks ago on the 6,000 square-foot project sited on a dirt lot at 1102 E. Divisadero Street. The apartments, dubbed Courtyard Studios, will feature a pair of two-story studios near the street and another 14 single-level units measuring 400 square feet each toward the back. Massoud Assemi, president of Pyramid Homes, said he is expecting a lot of interest from downtown Fresno's creative and tech-oriented class when the new studios finish up some time before the end of the year. "It's meant for singles," Assemi said. "I think we need to do stuff like this to build downtown up." The apartments will be managed by Granville Realty. Assemi said each unit will rent for around $600 to $700 a month. Pyramid Homes and Assemi's son, Reza Assemi, were also the developers behind several other residential projects in downtown Fresno's cultural arts district, including the Pearl Building, Vagabond Lofts, H Street Lofts, the Iron Bird Lofts and Studio 64.
URL to original article: http://www.thebusinessjournal.com/news/construction/13133-new-downtown-fresno-apartments-in-works
For further information on Fresno Real Estate check http://www.londonproperties.com
Written by Ben Keller, Business Journal staff writer
Another vacant lot is getting new life in downtown Fresno as Pyramid Homes makes progress on a 16-studio apartment project at Divisadero Street and College Avenue. Pyramid Homes began construction around eight weeks ago on the 6,000 square-foot project sited on a dirt lot at 1102 E. Divisadero Street. The apartments, dubbed Courtyard Studios, will feature a pair of two-story studios near the street and another 14 single-level units measuring 400 square feet each toward the back. Massoud Assemi, president of Pyramid Homes, said he is expecting a lot of interest from downtown Fresno's creative and tech-oriented class when the new studios finish up some time before the end of the year. "It's meant for singles," Assemi said. "I think we need to do stuff like this to build downtown up." The apartments will be managed by Granville Realty. Assemi said each unit will rent for around $600 to $700 a month. Pyramid Homes and Assemi's son, Reza Assemi, were also the developers behind several other residential projects in downtown Fresno's cultural arts district, including the Pearl Building, Vagabond Lofts, H Street Lofts, the Iron Bird Lofts and Studio 64.
URL to original article: http://www.thebusinessjournal.com/news/construction/13133-new-downtown-fresno-apartments-in-works
For further information on Fresno Real Estate check http://www.londonproperties.com
Wednesday, July 23, 2014
Distressed sales unchanged in Fresno, Tulare counties
Source: The Business Journal
Distressed home sales in the Valley changed relatively little in June, but the rate was down significantly from what it was this time last year. According to the California Association of Realtors, distressed sales, which includes short sales, sales of bank-owned properties and other foreclosures sales, stood at 17 percent of all home sales in Fresno County in June. That's flat from May but down from 36 percent a year ago. Distressed sales were also unchanged in Tulare County at 21 percent, slightly below 27 percent in June 2013. Madera County saw its distressed sales drop from 19 percent in May to 15 percent in June, both well below the 33-percent share last year. Kings County also had a drop, with distressed sales falling from 44 percent a year ago and 31 percent in May to 25 percent in the latest month. Statewide, distressed sales made up 9.7 percent of all homes sales in June, down from 10.8 percent in May and 20.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 4.4 percent compared to 4.7 percent in May and 6.8 percent in June 2013. Short sales dropped from 5.6 percent in May and 12.9 percent a year ago to 5 percent in the latest month. Equity sales, or non-distressed home sales, stood at 90.3 percent in June, up from 89.2 percent the prior month and 79.7 percent last year. Housing inventory increased for all homes in June. The unsold inventory index or real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.3 months in May to 2.4 months in June. The index for short sales rose from 4.3 months in May to 4.8 months in June, while the index for equity sales rose from 3.7 months to 3.8 months.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/13108-distressed-sales-unchanged-in-fresno-tulare-counties
For further information on Fresno Real Estate check: http://www.londonproperties.com
Distressed home sales in the Valley changed relatively little in June, but the rate was down significantly from what it was this time last year. According to the California Association of Realtors, distressed sales, which includes short sales, sales of bank-owned properties and other foreclosures sales, stood at 17 percent of all home sales in Fresno County in June. That's flat from May but down from 36 percent a year ago. Distressed sales were also unchanged in Tulare County at 21 percent, slightly below 27 percent in June 2013. Madera County saw its distressed sales drop from 19 percent in May to 15 percent in June, both well below the 33-percent share last year. Kings County also had a drop, with distressed sales falling from 44 percent a year ago and 31 percent in May to 25 percent in the latest month. Statewide, distressed sales made up 9.7 percent of all homes sales in June, down from 10.8 percent in May and 20.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 4.4 percent compared to 4.7 percent in May and 6.8 percent in June 2013. Short sales dropped from 5.6 percent in May and 12.9 percent a year ago to 5 percent in the latest month. Equity sales, or non-distressed home sales, stood at 90.3 percent in June, up from 89.2 percent the prior month and 79.7 percent last year. Housing inventory increased for all homes in June. The unsold inventory index or real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.3 months in May to 2.4 months in June. The index for short sales rose from 4.3 months in May to 4.8 months in June, while the index for equity sales rose from 3.7 months to 3.8 months.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/13108-distressed-sales-unchanged-in-fresno-tulare-counties
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, July 21, 2014
Pets' amenities rising trend for homebuilders
Source: The Business Journal
Written by SUE MANNING, Associated Press
(AP) — These homes are set apart by their amenities — for dogs. Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one. The suite is a 170-square-foot pet paradise with a step-in wash station, handheld sprayer and leash lead; tile walls and floors; a designated drying area with a commercial sized pet dryer; a water station; automated feeders; a large bunk-style bed; cabinets for toys, treats and food; a stackable washer and dryer; a French door that opens to a puppy run; and a flat-screen television set. Standard Pacific, based in Irvine, decided to offer pet suites after conducting livability studies with homeowners. Pets were a constant theme, said Jeffrey Lake, vice president and national director of architecture for Standard Pacific. "Devotion to pets is second-to-none," he added. "They are family." The American Pet Products Association reports that 68 percent of Americans own pets and contribute to an industry worth more than $55 billion annually. Real estate officials say building homes designed to cater to pets is a new concept, but that remodels for pet owners have been available for some time. Adam Cowherd Construction in Ozark, Missouri, installs pet-friendly additions to homes. Cowherd said he recently finished a job where there was an open shelf on the end of a kitchen island to hold pet bowls. "Owners want it uniquely functional, very contemporary and something that catches the eye," Cowherd said. However, only once in the last 10 years has he been asked to build a whole room for a pet, he added. Melanie Dean lives with her family near Dallas in a Standard Pacific home with a pet package for their dog, Lola. Lola's room "makes life much easier," Dean said. "We don't have to use the kitchen sink to wash yucky stuff anymore." Standard Pacific Homes' newest community, called Avignon at Blackstone in Brea, about 25 miles south of Los Angeles, features homes that start at $710,000. The pet spa option adds $35,000 to the price, Lake said. Only the largest suite is available in Brea, but in some of the other communities, there are smaller sizes and prices, starting at 60 square feet for $8,000, he said. During some of the model grand openings at different communities, several potential buyers brought their dogs to look at the homes, said Danielle Tocco, the company's director of communications. Around 70 percent of those looking for a home have pets, said Mollie Carmichael, principal at the John Burns Real Estate Consulting firm in Irvine. Pet adoptions were also held at some model grand openings, she said, just in case somebody didn't have a dog but wanted one. For cat owners, things can be rearranged and swapped out, like a scratching post for the dryer. And if no one is using the bath, it can be used for sporting equipment, like golf clubs. Those looking to sell their homes may find their pet additions to be a benefit. Laundry rooms and mud rooms toward the back of homes are popular, said Amy Bohutinsky, chief marketing officer at Chicago-based Zillow. Pet washrooms can also be used as multipurpose mud rooms, which may attract buyers.
URL to original article: http://www.thebusinessjournal.com/news/state/12981-pets-amenities-rising-trend-for-homebuilders
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by SUE MANNING, Associated Press
(AP) — These homes are set apart by their amenities — for dogs. Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one. The suite is a 170-square-foot pet paradise with a step-in wash station, handheld sprayer and leash lead; tile walls and floors; a designated drying area with a commercial sized pet dryer; a water station; automated feeders; a large bunk-style bed; cabinets for toys, treats and food; a stackable washer and dryer; a French door that opens to a puppy run; and a flat-screen television set. Standard Pacific, based in Irvine, decided to offer pet suites after conducting livability studies with homeowners. Pets were a constant theme, said Jeffrey Lake, vice president and national director of architecture for Standard Pacific. "Devotion to pets is second-to-none," he added. "They are family." The American Pet Products Association reports that 68 percent of Americans own pets and contribute to an industry worth more than $55 billion annually. Real estate officials say building homes designed to cater to pets is a new concept, but that remodels for pet owners have been available for some time. Adam Cowherd Construction in Ozark, Missouri, installs pet-friendly additions to homes. Cowherd said he recently finished a job where there was an open shelf on the end of a kitchen island to hold pet bowls. "Owners want it uniquely functional, very contemporary and something that catches the eye," Cowherd said. However, only once in the last 10 years has he been asked to build a whole room for a pet, he added. Melanie Dean lives with her family near Dallas in a Standard Pacific home with a pet package for their dog, Lola. Lola's room "makes life much easier," Dean said. "We don't have to use the kitchen sink to wash yucky stuff anymore." Standard Pacific Homes' newest community, called Avignon at Blackstone in Brea, about 25 miles south of Los Angeles, features homes that start at $710,000. The pet spa option adds $35,000 to the price, Lake said. Only the largest suite is available in Brea, but in some of the other communities, there are smaller sizes and prices, starting at 60 square feet for $8,000, he said. During some of the model grand openings at different communities, several potential buyers brought their dogs to look at the homes, said Danielle Tocco, the company's director of communications. Around 70 percent of those looking for a home have pets, said Mollie Carmichael, principal at the John Burns Real Estate Consulting firm in Irvine. Pet adoptions were also held at some model grand openings, she said, just in case somebody didn't have a dog but wanted one. For cat owners, things can be rearranged and swapped out, like a scratching post for the dryer. And if no one is using the bath, it can be used for sporting equipment, like golf clubs. Those looking to sell their homes may find their pet additions to be a benefit. Laundry rooms and mud rooms toward the back of homes are popular, said Amy Bohutinsky, chief marketing officer at Chicago-based Zillow. Pet washrooms can also be used as multipurpose mud rooms, which may attract buyers.
URL to original article: http://www.thebusinessjournal.com/news/state/12981-pets-amenities-rising-trend-for-homebuilders
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, July 17, 2014
Valley home sales, prices see uptick
Source: The Business Journal
Home sales grew throughout the Valley in June, albeit slowly, as housing inventory also inched up over last year's supply. According to a new report from the California Association of Realtors, home sales increased just 0.4 percent in Fresno County during the month and 7.4 percent compared to June 2013. The price of a median home in Fresno County stood at $201,080 in June, up 0.8 percent from $199,540 the prior month and up 14.4 percent from $175,820 a year ago. Sales in Tulare County fell 0.7 percent during the month but grew 4.7 percent in the year-over-year comparison. The county's median home price fell 0.4 percent in June to $176,520 from May's price of $177,140. That's still up 11.2 percent from $158,710 a year ago. Kings County saw its home sales increase 1.3 percent in June but fall 2.5 percent compared to a year earlier. The average home price in the county stood at $194,440 in the month, up 13.3 percent from $171,670 in May and 31.6 percent from $147,780 in June 2013. Home sales in Madera County increased 23.8 percent compared to May but fell 21.2 percent year-over-year. The county's median home price was up 16.7 in the month, going from $176,670 in May to $206,250 in June. That's also 37.5 percent higher than $150,000 last year. Prices aren't the only thing that picked up in the month as housing supply increased throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.5 months in June, up from 4.4 months in May and 3.4 months in June 2013. Tulare County's index was up to 3.9 months in June compared to 3.8 months in May and 3.2 months a year ago. Kings County's index went from 3.1 months a year ago to 3.3 months in May and 3.5 months in June. Madera County's index was flat at 3.6 months in June but higher than the 2.6 month supply last year. Statewide, home sales totaled 394,930 units in June, up 1.5 percent from 389,060 in May but down 4.8 percent from 414,830 in June 2013. "While June home sales rose at the statewide level, the market is still constrained by tight supply and low housing affordability in areas of high demand, where job growth is robust and international buyers have a strong presence," said C.A.R. President Kevin Brown. "Overall, however, with inventory improving and home sales slowly moving back up, the market is more balance, and we could see further market normalization in the upcoming months as interest rates remain at the lowest levels we've seen so far this year."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/12989-valley-home-sales-prices-see-uptick
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home sales grew throughout the Valley in June, albeit slowly, as housing inventory also inched up over last year's supply. According to a new report from the California Association of Realtors, home sales increased just 0.4 percent in Fresno County during the month and 7.4 percent compared to June 2013. The price of a median home in Fresno County stood at $201,080 in June, up 0.8 percent from $199,540 the prior month and up 14.4 percent from $175,820 a year ago. Sales in Tulare County fell 0.7 percent during the month but grew 4.7 percent in the year-over-year comparison. The county's median home price fell 0.4 percent in June to $176,520 from May's price of $177,140. That's still up 11.2 percent from $158,710 a year ago. Kings County saw its home sales increase 1.3 percent in June but fall 2.5 percent compared to a year earlier. The average home price in the county stood at $194,440 in the month, up 13.3 percent from $171,670 in May and 31.6 percent from $147,780 in June 2013. Home sales in Madera County increased 23.8 percent compared to May but fell 21.2 percent year-over-year. The county's median home price was up 16.7 in the month, going from $176,670 in May to $206,250 in June. That's also 37.5 percent higher than $150,000 last year. Prices aren't the only thing that picked up in the month as housing supply increased throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.5 months in June, up from 4.4 months in May and 3.4 months in June 2013. Tulare County's index was up to 3.9 months in June compared to 3.8 months in May and 3.2 months a year ago. Kings County's index went from 3.1 months a year ago to 3.3 months in May and 3.5 months in June. Madera County's index was flat at 3.6 months in June but higher than the 2.6 month supply last year. Statewide, home sales totaled 394,930 units in June, up 1.5 percent from 389,060 in May but down 4.8 percent from 414,830 in June 2013. "While June home sales rose at the statewide level, the market is still constrained by tight supply and low housing affordability in areas of high demand, where job growth is robust and international buyers have a strong presence," said C.A.R. President Kevin Brown. "Overall, however, with inventory improving and home sales slowly moving back up, the market is more balance, and we could see further market normalization in the upcoming months as interest rates remain at the lowest levels we've seen so far this year."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/12989-valley-home-sales-prices-see-uptick
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, July 11, 2014
Freddie Mac: 3 ways to improve your credit score right now
Source: Housingwire
By: Jacob Gaffney
Next year's homebuyers need to start today Believe it or not, the mortgage business is showing signs of life again. Wells Fargo earnings show mortgage originations increased by 20%, compared to negative growth the quarter prior, and they expect that to grow. So signs point to a gradual loosening of credit standards for potential mortgage borrowers, but most people still think they won’t qualify, which is a large part of the reason people aren't trying to get a mortgage in the first place. But will you want to try to get a mortgage next month? Next year? If so, mortgage securitizer Freddie Mac recently posted a blog on three ways to improve your credit score, starting today. As the blog states: “If you're thinking about buying a home, you need to be aware of your credit because it can affect your ability to qualify for a mortgage.” I take that one step further. While you may or may not be interested in refinancing or even entering home ownership, tips to improve one’s credit score are helpful across the board. An improved credit score does offer more leverage when engaging the debt markets, in terms of choosing better deals from multiple lenders — that is true. More importantly, a higher FICO [credit] score indicates better financial acumen in individuals and shows a greater prowess when managing money. In short, the better the credit score, the greater the financial freedom. “Don't despair if your credit is low, there are ways to repair your credit and improve your score,” the Freddie Mac blog states. “As Fair Isaac [the company that provides the FICO] points out, the best advice for rebuilding credit is to manage it responsibly over time.” So here is Freddie Mac’s way to start today, taken from the more comprehensive advice on the Fair Isaac website: 1. Check Your Credit Report Annually "Your credit report contains the data used to calculate your score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct," FICO advises. If there are errors, you can dispute them with the credit bureau. 2. Set up Payment Reminders "Making your credit payments on time is one of the biggest contributing factors to your credit score. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due," FICO states. Automatic payments are also a great option for those on a salary. The down side in this case is that auto payments are not actively made by you, so may not instill a greater satisfaction of money management. 3. Reduce the Amount of Debt You Owe "This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards," FICO reports. OK, wait — so stop using my credit cards so that I can get more credit? That may not make sense, on the surface, but you can't put the cart before the horse when building your credit. And you'll never qualify for a mortgage (secured debt) if you can't manage short term credit cards (unsecured debt). So what's a good attack plan if you owe big time on multiple cards? "Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts." Want more tips on how to fix your credit score and maintain good credit? Hit up the Fair Isaac site for 5 more FICO tips.
URL to the original article: http://www.housingwire.com/blogs/1-rewired/post/30624-freddie-mac-3-ways-to-improve-your-credit-score-right-now
For further information on Fresno Real Estate check: http://www.londonproperties.com
By: Jacob Gaffney
Next year's homebuyers need to start today Believe it or not, the mortgage business is showing signs of life again. Wells Fargo earnings show mortgage originations increased by 20%, compared to negative growth the quarter prior, and they expect that to grow. So signs point to a gradual loosening of credit standards for potential mortgage borrowers, but most people still think they won’t qualify, which is a large part of the reason people aren't trying to get a mortgage in the first place. But will you want to try to get a mortgage next month? Next year? If so, mortgage securitizer Freddie Mac recently posted a blog on three ways to improve your credit score, starting today. As the blog states: “If you're thinking about buying a home, you need to be aware of your credit because it can affect your ability to qualify for a mortgage.” I take that one step further. While you may or may not be interested in refinancing or even entering home ownership, tips to improve one’s credit score are helpful across the board. An improved credit score does offer more leverage when engaging the debt markets, in terms of choosing better deals from multiple lenders — that is true. More importantly, a higher FICO [credit] score indicates better financial acumen in individuals and shows a greater prowess when managing money. In short, the better the credit score, the greater the financial freedom. “Don't despair if your credit is low, there are ways to repair your credit and improve your score,” the Freddie Mac blog states. “As Fair Isaac [the company that provides the FICO] points out, the best advice for rebuilding credit is to manage it responsibly over time.” So here is Freddie Mac’s way to start today, taken from the more comprehensive advice on the Fair Isaac website: 1. Check Your Credit Report Annually "Your credit report contains the data used to calculate your score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct," FICO advises. If there are errors, you can dispute them with the credit bureau. 2. Set up Payment Reminders "Making your credit payments on time is one of the biggest contributing factors to your credit score. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due," FICO states. Automatic payments are also a great option for those on a salary. The down side in this case is that auto payments are not actively made by you, so may not instill a greater satisfaction of money management. 3. Reduce the Amount of Debt You Owe "This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards," FICO reports. OK, wait — so stop using my credit cards so that I can get more credit? That may not make sense, on the surface, but you can't put the cart before the horse when building your credit. And you'll never qualify for a mortgage (secured debt) if you can't manage short term credit cards (unsecured debt). So what's a good attack plan if you owe big time on multiple cards? "Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts." Want more tips on how to fix your credit score and maintain good credit? Hit up the Fair Isaac site for 5 more FICO tips.
URL to the original article: http://www.housingwire.com/blogs/1-rewired/post/30624-freddie-mac-3-ways-to-improve-your-credit-score-right-now
For further information on Fresno Real Estate check: http://www.londonproperties.com
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