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Real Estate News
Daily Real Estate News | May 2, 2008
Markets That Are Doing Just Fine, Thanks
Some cities aren’t feeling the pain of falling home prices or rising unemployment. Despite the national slowdown,
they're doing just fine.
To identify the economically healthiest cities, Forbes magazine examined key measures in the country’s 50 largest
metros. The magazine studied unemployment and job-growth data from the Bureau of Labor Statistics, home price
data from the NATIONAL ASSOCIATION REALTORS®, and information on gross metropolitan product growth
provided by the U.S. Conference of Mayors.
Here are the 10 cities that Forbes sees as practically recession-proof, along with the percentage of growth for median-
priced homes in the past year.
Oklahoma City, Okla. Median home price: +8.2 percent
San Antonio, Texas +7.9 percent
Austin, Texas +6.4 percent
San Jose, Calif. +11.2 percent
Raleigh, N.C. +4 percent
Salt Lake City +2.5 percent
Houston +1.1 percent
Seattle +1.2 percent
Charlotte, N.C. +3.3 percent
Dallas-Fort Worth +.5 percent
Source: Forbes, Matt Woolsey (04/29/2008)
Sunday, April 27, 2008
Bellevue's spending power
To persuade Neiman Marcus to open a department store in downtown Bellevue, Bravern developer Schnitzer West
presented demographic data two years ago comparing the spending power of residents within a 10-mile radius to
that of other upscale shopping destinations nationwide. Here's how the area stacked up:
No. 4: For average annual household income.
No. 4: For percentage of households with annual incomes of more than $100,000.
No. 5: For projected population growth from 2005 to 2010.
Neiman Marcus then commissioned its own study to find out if Bellevue-area shoppers were inclined to buy pricey
fashion merchandise. Here's how it ranked based on key "psychographic" measures:
No. 1: For Suburban Splendor, successful suburbanites of upward mobility living in growing neighborhoods of
affluent homes
No. 2: For Urban Chic, well-educated professionals living an urban, exclusive lifestyle, who tend to own expensive
single-family homes and are Internet-savvy and civic-minded
No. 3: For Wealthy Seaboard Suburbs, established quarters of affluence in coastal metro areas, where nearly half of
the people employed are managers or professionals
Note: Shopping destinations in the comparison group are Bal Harbour in Miami, Cherry Creek in Denver, Copley
Place in Boston, Fashion Island in Newport Beach, Calif., Fashion Valley in San Diego, The Galleria in Houston,
Lenox Square in Atlanta, Michigan Avenue in Chicago, Northpark Center in Dallas, Rodeo Drive in Beverly Hills,
Somerset Collection in Troy, Mich., and South Coast Plaza in Costa Mesa, Calif.
Source: Schnitzer West, citing data collected by Claritas and The Strategic Edge for Neiman Marcus
Friday, April 11, 2008
Luxury Niche Not Hit So Bad by Downturn
The housing economy may be on the skids in many markets, but don’t shed any tears for wealthy home owners. They
aren’t feeling the pain nearly as much as sellers of mid-price homes.
Some recent examples illustrate that point:
This week, an agreement of sale was signed on the oceanfront Palm Beach, Fla., estate of billionaire founder and
chairman of Jones Apparel Group (JNY), Sidney Kimmel. If the deal closes, the $81.5 million sale – 24 days after the
home was put on the market – will be the highest price ever paid in Palm Beach.
In March, the 29-room, Upper Eastside of Manhattan townhouse, which used to belong to the late publisher of
Penthouse, Bob Guccione, sold to the founder of Harbinger Capital Partners, Philip Falcone, for $49 million, up from
$29.99 million, its last selling price in 2003. That’s 67 percent appreciation. Not bad for a declining market.
In luxury markets, "Demand is remaining strong, and even if [prices] are going down they're not going down as much
as the overall market," says Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing in Dallas, which
trains real estate professionals to sell in the international property market.
Source: BusinessWeek.com, Prashant Gopal (04/11/2008)
Thursday, April 10, 2008
Top 10 Best Cities for Home Sellers
Four factors are widely seen as affecting whether a housing market is a good one for sellers: job growth, amount of
new construction, vacancy rates, and credit availability.
Forbes magazine used a variety of resources to determine how the country’s 40 largest metro areas fared according
to these measures. The result is this list of top 10 cities for sellers.
San Jose, Calif. Because of a tough regulatory environment, new home construction dropped 63 percent last year.
San Francisco. When the conforming loan limit recently jumped from $417,000 to the maximum $729,750, that made
credit much easier to get for many of the city's homebuyers.
Salt Lake City. The 3 percent annual job growth rate, paired with a declining inventory of existing homes and one of
the nation’s sharpest declines in construction made this market a good one for sellers.
Austin, Texas. Texas is very affordable, plus the city has the nation’s fastest job growth at 4.1 percent.
Kansas City, Mo. The number of unsold, vacant houses dropped by 40 percent last year.
San Antonio, Texas. Jobs are growing by 3 percent and construction starts have dropped by 42 percent.
Denver. The 49 percent drop in construction starts paired with the 2 percent rise in new jobs are good news for
sellers.
Providence, R.I. Vacancy rates at 1.6 percent combined with a 42 percent cut in inventory help sellers.
Charlotte, N.C. Moderate prices and strong job growth bode well for sellers.
Seattle, Wash. Strong job growth and a 42 percent decrease in new home construction are good news for sellers.
Source: Forbes, Matt Woolsey (04/07/2008)
Tuesday, April 8, 2008
Vegas Buyers Want New Homes
There’s a glut of glitzy and unsold houses in Las Vegas – about 50 percent of them empty.
Nearly 1,000 houses are listed for sale in Las Vegas for $1 million or more. More than 600 of them have been built
since 2004. But unless they’ve been constructed in the last year or two, they are hard to sell, practitioners and other
observers say.
Las Vegas isn't about stately trees, old lawns, and older money, says Gene Moehring, chairman of the University of
Nevada, Las Vegas, history department and a specialist in urban history. "In Vegas, new is the most important thing.”
Developer Christopher Homes recently opened a neighborhood of homes in the hills west of the Strip selling for $1.7
million to $3 million. Several houses have sold to residents of adjoining neighborhoods who lived in their houses for
less than five years, including homes built by the same developer, says Erika Geiser, the company's vice president.
"They feel their [current] residence is obsolete," she says. "They're looking for something more innovative, more
cutting-edge."
Michael Lemoine, an architect who specializes in custom houses for the wealthy, says he has clients who build
houses as often as some people buy cars.
"New neighborhoods pop up that become the place where these people want to live," he says. "They move from one
to another because they want to be with their friends, then in five to seven years' time they go to another community."
Source: The Los Angeles Times, Peter Y. Hong (04/08/08)
Monday, March 10, 2008
Luxury Market Keeps Moving Strong
People with money who can afford to pay big prices for houses continue to do so even though the housing market
may be slow for buyers with lesser resources.
Ron Baron, founder of the Baron Funds investment company, last year paid a record $103 million for an ocean-front
property in East Hampton, N.Y. He is currently building himself a mansion on the site.
Wall Street financier Philip Falcone recently paid $39 million for a 27-room Manhattan townhouse that was once
owned by Penthouse magazine publisher Bob Guccione.
On the West Coast, the 29-bedroom, 40-bath former home of William Randolph Hearst and actress Marion Davies is
on the market in Beverly Hills for $165 million, which might be the highest asking price for a home in U.S. history."
For the ultraluxury market to take a hit, there would have to be serious financial woes that went a lot deeper than what
we're seeing now," says Rick Goodwin, publisher of Unique Homes, a magazine and Web site about luxury
properties. "If they've got the money, it's not going to be a hardship to fork over cash for a $10 million house."
Source: BusinessWeek.com, Prashant Gopal (03/07/08)
Wednesday, March 5, 2008
Seattle-Luxury.com
Every day we get closer to the official launch of www.Seattle-Luxury.com. Keep checking in for updates and as always
keep an eye on www.shawnfiler.com for the latest luxury, waterfront, and condo listings in the Greater Seattle and
Bellevue Area.
Beachfront Bargains are Emerging
If you’re looking for a beach house, now could be the time to buy, says Fortune magazine reporter Jon Birger.
Three years ago, Birger went in search of affordable beachfront property and was largely unsuccessful. This year, he
says, beachfront property selling for less than $500,000 is more readily available, especially in Florida.
In places like Cape Code and Hamptons that are enclaves for the fabulously wealthy, prices haven’t declined much,
real estate practitioners told him. "It's a totally different mentality," Diane Saatchi, senior vice president at the Corcoran
Group, says of her East Hamptons clientele. "The value of their real estate is just so insignificant compared with their
overall wealth."
But Florida is a different story. Prices have fallen 25 percent to 30 percent on the state’s Panhandle with beachfront
condominiums widely available for about $400,000, says Kerry McNulty, a practitioners in Destin.
Source: Fortune, Jon Birger (03/17/2008)
Legendary Builder Says Slump is Near End
Florida home builder Arthur Rutenberg, 80, says you can take it to the bank: The home-building bust is at or near
bottom."Anyone who buys a home right now will say in five years, 'I'm glad we bought when we did,' " Rutenberg says.
Still active in the business, the developer spoke while inspecting a newly completed $1.5 million Arthur Rutenberg
Homes luxury model in Orlando. Rutenberg remains chairman of Arthur Rutenberg Homes Inc., which has 32
franchised home building operations in Florida, Georgia, and South Carolina.
Rutenberg said the current building bust is especially deep because the run-up in prices and sales that preceded it
was so robust. As a result, it takes a little longer to get prices and annual growth "back to a long-term trend line," he
says.
Rutenberg franchises closed last year on 726 homes valued at about $400 million, down from a peak of more than
$600 million in 2005.
Source: Orlando Sentinel, Jerry W. Jackson (03/04/2008)
Sunday, March 2, 2008
Coldwell Banker Bain Named the #1 Coldwell Banker Affiliate in the World for the 5th
Straight Year!
For the fifth straight year Coldwell Banker Bain has been named the number one Coldwell Banker Affiliate in the
World! This award is based solely on production, and we at Shawn Filer Real Estate are very proud to be part of a top
performing company. In addition, the Bellevue Way Office was once again the top office Worldwide... a huge
achievement considering that Coldwell Banker is the largest residential Real Estate company in the World. For more
information on Coldwell Banker Bain and Shawn Filer Real Estate please visit: www.shawnfiler.com.
Wednesday, February 27, 2008
Remodeling Becomes Status Symbol
At the height of the real estate boom in 2005, Americans spent more than $180 billion on home renovations,
according to Harvard's Joint Center for Housing Studies.
Nationwide, according to the Harvard researchers, renovation expenditures fell an estimated 2.3 percent in 2007 and
will continue to decline in 2008.
But in neighborhoods that are relatively untouched by the housing bust, there are still plenty of dumpsters in the
driveways.
Cornell economist Robert Frank, author of Luxury Fever, hypothesizes that people renovate homes because they see
others doing it. He says that even people who aren’t particularly materialistic look at their neighbors and say, "'He has
something nicer than I do, and I feel bad about it.’ … They decide to renovate not just aiming to impress people, but to
feel that they are treating themselves right,” Franks says.
Source: The Boston Globe, Daniel McGinn (02/24/08)
Wednesday, January 16, 2008
Mortgage Demand Reaches 4-Year High
Demand for mortgages surged last week, hitting its highest level in nearly four years as interest rates fell, the
Mortgage Bankers Association reported today.
Mortgage application volume reached 906.4, an increase of 28.4 percent on a seasonally adjusted basis, up from
706 one week earlier. On an unadjusted basis, the index increased 64.8 percent compared with the previous week,
which was shortened by the New Year holiday and was up 39 percent compared with the same week a year ago.
The refinance share of mortgage activity increased to 62.7 percent of total applications, up from 57.7 percent the
previous week.
Adjustable-rate mortgages were only 9.2 percent of total applications.
Meanwhile, mortgage rates slipped during the week. They were:
30-year fixed-rate mortgages decreased to 5.62 percent from 5.73 percent.
15-year fixed-rate mortgages decreased to 5.07 percent from 5.21 percent.
1-year ARMs decreased to 5.77 percent from 6.04 percent
Source: Mortgage Bankers Association (01/16/08)
Tuesday, January 8, 2008
10 Most Expensive Cities for Renters
It’s good news for landlords that mortgage applications fell to their lowest level in a year last month because people
have to live somewhere and if they can’t or won’t buy, they’ll have to rent.
Here are the nation’s 10-most-expensive cities for renters and the average rents. The data is provided by Marcus &
Millichap. Note that Seattle is not on the list and will likely experience one of the larger price increases during 2008
and 2009.
New York, N.Y.: $2,922
San Francisco: $1,904
Boston: $1,658
San Jose, Calif.: $1,612
Los Angeles: $1,452
San Diego: $1,304
Washington, D.C.: $1,302
Miami: $1,080
Philadelphia: $1,014
Chicago: $1,010
Source: Forbes, Matt Woolsey (01/07/08)
Existing Home Sales to Hold Steady in Early 2008
Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales
activity, and then rise later in the year and continue to improve in 2009, according to the latest forecast by the National
Association of REALTORS®.
Lawrence Yun, NAR chief economist, says there is a pull and tug exerting itself on the market. “On the one hand, we
have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he
says. “On the other, consumers continue to wait for additional signs of market stabilization. There are more people
with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact
timing and the strength of a home sales recovery is a bit uncertain. A meaningful recovery in existing-home sales
could occur as early as this spring, or it may be further delayed toward late 2008.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 2.6 percent
to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September
readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4.
“Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range
before trending up,” Yun says.
Thursday, January 3, 2008
Manhattan Prices Setting Records
Manhattan condominium and co-op prices are setting records while the rest of the country’s real estate markets are
struggling.
The average price for an apartment reached $1.4 million in the last quarter of 2007, up 17.6 percent from the fourth
quarter of 2006, according to data tracked by the brokerage firm Prudential Douglas Elliman.
Average prices were pushed upward by the increasing number of units selling for more than $10 million. The number
of sales jumped by 3.2 percent compared with the previous year, and days on the market declined by an average of
18. The inventory shrunk by 13.5 percent.
Monday, December 31, 2007
U.S. Population to Top 303 Million on Jan. 1
The U.S. Census Bureau calculates that the nation’s population will be 303.15 million on New Year’s Day, up 0.9
percent from 2,842,103 registered on Jan. 1, 2007.
In 2008, the population will increase by one person every 13 seconds. That increase will be the result of one birth
every 8 seconds and one death every 11 seconds and one immigrant arriving every 30 seconds.
And all these new residents have to live somewhere – a good sign for the housing market, experts predict.
Source: Reuters News (12/27/07)
Markets That Are Doing Just Fine, Thanks
Some cities aren’t feeling the pain of falling home prices or rising unemployment. Despite the national slowdown,
they're doing just fine.
To identify the economically healthiest cities, Forbes magazine examined key measures in the country’s 50 largest
metros. The magazine studied unemployment and job-growth data from the Bureau of Labor Statistics, home price
data from the NATIONAL ASSOCIATION REALTORS®, and information on gross metropolitan product growth
provided by the U.S. Conference of Mayors.
Here are the 10 cities that Forbes sees as practically recession-proof, along with the percentage of growth for median-
priced homes in the past year.
Oklahoma City, Okla. Median home price: +8.2 percent
San Antonio, Texas +7.9 percent
Austin, Texas +6.4 percent
San Jose, Calif. +11.2 percent
Raleigh, N.C. +4 percent
Salt Lake City +2.5 percent
Houston +1.1 percent
Seattle +1.2 percent
Charlotte, N.C. +3.3 percent
Dallas-Fort Worth +.5 percent
Source: Forbes, Matt Woolsey (04/29/2008)
Sunday, April 27, 2008
Bellevue's spending power
To persuade Neiman Marcus to open a department store in downtown Bellevue, Bravern developer Schnitzer West
presented demographic data two years ago comparing the spending power of residents within a 10-mile radius to
that of other upscale shopping destinations nationwide. Here's how the area stacked up:
No. 4: For average annual household income.
No. 4: For percentage of households with annual incomes of more than $100,000.
No. 5: For projected population growth from 2005 to 2010.
Neiman Marcus then commissioned its own study to find out if Bellevue-area shoppers were inclined to buy pricey
fashion merchandise. Here's how it ranked based on key "psychographic" measures:
No. 1: For Suburban Splendor, successful suburbanites of upward mobility living in growing neighborhoods of
affluent homes
No. 2: For Urban Chic, well-educated professionals living an urban, exclusive lifestyle, who tend to own expensive
single-family homes and are Internet-savvy and civic-minded
No. 3: For Wealthy Seaboard Suburbs, established quarters of affluence in coastal metro areas, where nearly half of
the people employed are managers or professionals
Note: Shopping destinations in the comparison group are Bal Harbour in Miami, Cherry Creek in Denver, Copley
Place in Boston, Fashion Island in Newport Beach, Calif., Fashion Valley in San Diego, The Galleria in Houston,
Lenox Square in Atlanta, Michigan Avenue in Chicago, Northpark Center in Dallas, Rodeo Drive in Beverly Hills,
Somerset Collection in Troy, Mich., and South Coast Plaza in Costa Mesa, Calif.
Source: Schnitzer West, citing data collected by Claritas and The Strategic Edge for Neiman Marcus
Friday, April 11, 2008
Luxury Niche Not Hit So Bad by Downturn
The housing economy may be on the skids in many markets, but don’t shed any tears for wealthy home owners. They
aren’t feeling the pain nearly as much as sellers of mid-price homes.
Some recent examples illustrate that point:
This week, an agreement of sale was signed on the oceanfront Palm Beach, Fla., estate of billionaire founder and
chairman of Jones Apparel Group (JNY), Sidney Kimmel. If the deal closes, the $81.5 million sale – 24 days after the
home was put on the market – will be the highest price ever paid in Palm Beach.
In March, the 29-room, Upper Eastside of Manhattan townhouse, which used to belong to the late publisher of
Penthouse, Bob Guccione, sold to the founder of Harbinger Capital Partners, Philip Falcone, for $49 million, up from
$29.99 million, its last selling price in 2003. That’s 67 percent appreciation. Not bad for a declining market.
In luxury markets, "Demand is remaining strong, and even if [prices] are going down they're not going down as much
as the overall market," says Laurie Moore-Moore, founder of the Institute for Luxury Home Marketing in Dallas, which
trains real estate professionals to sell in the international property market.
Source: BusinessWeek.com, Prashant Gopal (04/11/2008)
Thursday, April 10, 2008
Top 10 Best Cities for Home Sellers
Four factors are widely seen as affecting whether a housing market is a good one for sellers: job growth, amount of
new construction, vacancy rates, and credit availability.
Forbes magazine used a variety of resources to determine how the country’s 40 largest metro areas fared according
to these measures. The result is this list of top 10 cities for sellers.
San Jose, Calif. Because of a tough regulatory environment, new home construction dropped 63 percent last year.
San Francisco. When the conforming loan limit recently jumped from $417,000 to the maximum $729,750, that made
credit much easier to get for many of the city's homebuyers.
Salt Lake City. The 3 percent annual job growth rate, paired with a declining inventory of existing homes and one of
the nation’s sharpest declines in construction made this market a good one for sellers.
Austin, Texas. Texas is very affordable, plus the city has the nation’s fastest job growth at 4.1 percent.
Kansas City, Mo. The number of unsold, vacant houses dropped by 40 percent last year.
San Antonio, Texas. Jobs are growing by 3 percent and construction starts have dropped by 42 percent.
Denver. The 49 percent drop in construction starts paired with the 2 percent rise in new jobs are good news for
sellers.
Providence, R.I. Vacancy rates at 1.6 percent combined with a 42 percent cut in inventory help sellers.
Charlotte, N.C. Moderate prices and strong job growth bode well for sellers.
Seattle, Wash. Strong job growth and a 42 percent decrease in new home construction are good news for sellers.
Source: Forbes, Matt Woolsey (04/07/2008)
Tuesday, April 8, 2008
Vegas Buyers Want New Homes
There’s a glut of glitzy and unsold houses in Las Vegas – about 50 percent of them empty.
Nearly 1,000 houses are listed for sale in Las Vegas for $1 million or more. More than 600 of them have been built
since 2004. But unless they’ve been constructed in the last year or two, they are hard to sell, practitioners and other
observers say.
Las Vegas isn't about stately trees, old lawns, and older money, says Gene Moehring, chairman of the University of
Nevada, Las Vegas, history department and a specialist in urban history. "In Vegas, new is the most important thing.”
Developer Christopher Homes recently opened a neighborhood of homes in the hills west of the Strip selling for $1.7
million to $3 million. Several houses have sold to residents of adjoining neighborhoods who lived in their houses for
less than five years, including homes built by the same developer, says Erika Geiser, the company's vice president.
"They feel their [current] residence is obsolete," she says. "They're looking for something more innovative, more
cutting-edge."
Michael Lemoine, an architect who specializes in custom houses for the wealthy, says he has clients who build
houses as often as some people buy cars.
"New neighborhoods pop up that become the place where these people want to live," he says. "They move from one
to another because they want to be with their friends, then in five to seven years' time they go to another community."
Source: The Los Angeles Times, Peter Y. Hong (04/08/08)
Monday, March 10, 2008
Luxury Market Keeps Moving Strong
People with money who can afford to pay big prices for houses continue to do so even though the housing market
may be slow for buyers with lesser resources.
Ron Baron, founder of the Baron Funds investment company, last year paid a record $103 million for an ocean-front
property in East Hampton, N.Y. He is currently building himself a mansion on the site.
Wall Street financier Philip Falcone recently paid $39 million for a 27-room Manhattan townhouse that was once
owned by Penthouse magazine publisher Bob Guccione.
On the West Coast, the 29-bedroom, 40-bath former home of William Randolph Hearst and actress Marion Davies is
on the market in Beverly Hills for $165 million, which might be the highest asking price for a home in U.S. history."
For the ultraluxury market to take a hit, there would have to be serious financial woes that went a lot deeper than what
we're seeing now," says Rick Goodwin, publisher of Unique Homes, a magazine and Web site about luxury
properties. "If they've got the money, it's not going to be a hardship to fork over cash for a $10 million house."
Source: BusinessWeek.com, Prashant Gopal (03/07/08)
Wednesday, March 5, 2008
Seattle-Luxury.com
Every day we get closer to the official launch of www.Seattle-Luxury.com. Keep checking in for updates and as always
keep an eye on www.shawnfiler.com for the latest luxury, waterfront, and condo listings in the Greater Seattle and
Bellevue Area.
Beachfront Bargains are Emerging
If you’re looking for a beach house, now could be the time to buy, says Fortune magazine reporter Jon Birger.
Three years ago, Birger went in search of affordable beachfront property and was largely unsuccessful. This year, he
says, beachfront property selling for less than $500,000 is more readily available, especially in Florida.
In places like Cape Code and Hamptons that are enclaves for the fabulously wealthy, prices haven’t declined much,
real estate practitioners told him. "It's a totally different mentality," Diane Saatchi, senior vice president at the Corcoran
Group, says of her East Hamptons clientele. "The value of their real estate is just so insignificant compared with their
overall wealth."
But Florida is a different story. Prices have fallen 25 percent to 30 percent on the state’s Panhandle with beachfront
condominiums widely available for about $400,000, says Kerry McNulty, a practitioners in Destin.
Source: Fortune, Jon Birger (03/17/2008)
Legendary Builder Says Slump is Near End
Florida home builder Arthur Rutenberg, 80, says you can take it to the bank: The home-building bust is at or near
bottom."Anyone who buys a home right now will say in five years, 'I'm glad we bought when we did,' " Rutenberg says.
Still active in the business, the developer spoke while inspecting a newly completed $1.5 million Arthur Rutenberg
Homes luxury model in Orlando. Rutenberg remains chairman of Arthur Rutenberg Homes Inc., which has 32
franchised home building operations in Florida, Georgia, and South Carolina.
Rutenberg said the current building bust is especially deep because the run-up in prices and sales that preceded it
was so robust. As a result, it takes a little longer to get prices and annual growth "back to a long-term trend line," he
says.
Rutenberg franchises closed last year on 726 homes valued at about $400 million, down from a peak of more than
$600 million in 2005.
Source: Orlando Sentinel, Jerry W. Jackson (03/04/2008)
Sunday, March 2, 2008
Coldwell Banker Bain Named the #1 Coldwell Banker Affiliate in the World for the 5th
Straight Year!
For the fifth straight year Coldwell Banker Bain has been named the number one Coldwell Banker Affiliate in the
World! This award is based solely on production, and we at Shawn Filer Real Estate are very proud to be part of a top
performing company. In addition, the Bellevue Way Office was once again the top office Worldwide... a huge
achievement considering that Coldwell Banker is the largest residential Real Estate company in the World. For more
information on Coldwell Banker Bain and Shawn Filer Real Estate please visit: www.shawnfiler.com.
Wednesday, February 27, 2008
Remodeling Becomes Status Symbol
At the height of the real estate boom in 2005, Americans spent more than $180 billion on home renovations,
according to Harvard's Joint Center for Housing Studies.
Nationwide, according to the Harvard researchers, renovation expenditures fell an estimated 2.3 percent in 2007 and
will continue to decline in 2008.
But in neighborhoods that are relatively untouched by the housing bust, there are still plenty of dumpsters in the
driveways.
Cornell economist Robert Frank, author of Luxury Fever, hypothesizes that people renovate homes because they see
others doing it. He says that even people who aren’t particularly materialistic look at their neighbors and say, "'He has
something nicer than I do, and I feel bad about it.’ … They decide to renovate not just aiming to impress people, but to
feel that they are treating themselves right,” Franks says.
Source: The Boston Globe, Daniel McGinn (02/24/08)
Wednesday, January 16, 2008
Mortgage Demand Reaches 4-Year High
Demand for mortgages surged last week, hitting its highest level in nearly four years as interest rates fell, the
Mortgage Bankers Association reported today.
Mortgage application volume reached 906.4, an increase of 28.4 percent on a seasonally adjusted basis, up from
706 one week earlier. On an unadjusted basis, the index increased 64.8 percent compared with the previous week,
which was shortened by the New Year holiday and was up 39 percent compared with the same week a year ago.
The refinance share of mortgage activity increased to 62.7 percent of total applications, up from 57.7 percent the
previous week.
Adjustable-rate mortgages were only 9.2 percent of total applications.
Meanwhile, mortgage rates slipped during the week. They were:
30-year fixed-rate mortgages decreased to 5.62 percent from 5.73 percent.
15-year fixed-rate mortgages decreased to 5.07 percent from 5.21 percent.
1-year ARMs decreased to 5.77 percent from 6.04 percent
Source: Mortgage Bankers Association (01/16/08)
Tuesday, January 8, 2008
10 Most Expensive Cities for Renters
It’s good news for landlords that mortgage applications fell to their lowest level in a year last month because people
have to live somewhere and if they can’t or won’t buy, they’ll have to rent.
Here are the nation’s 10-most-expensive cities for renters and the average rents. The data is provided by Marcus &
Millichap. Note that Seattle is not on the list and will likely experience one of the larger price increases during 2008
and 2009.
New York, N.Y.: $2,922
San Francisco: $1,904
Boston: $1,658
San Jose, Calif.: $1,612
Los Angeles: $1,452
San Diego: $1,304
Washington, D.C.: $1,302
Miami: $1,080
Philadelphia: $1,014
Chicago: $1,010
Source: Forbes, Matt Woolsey (01/07/08)
Existing Home Sales to Hold Steady in Early 2008
Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales
activity, and then rise later in the year and continue to improve in 2009, according to the latest forecast by the National
Association of REALTORS®.
Lawrence Yun, NAR chief economist, says there is a pull and tug exerting itself on the market. “On the one hand, we
have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he
says. “On the other, consumers continue to wait for additional signs of market stabilization. There are more people
with financial capacity now than in 2005, but many are trying to market-time their purchase. As a result, the exact
timing and the strength of a home sales recovery is a bit uncertain. A meaningful recovery in existing-home sales
could occur as early as this spring, or it may be further delayed toward late 2008.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 2.6 percent
to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September
readings and indicates a broad stabilization. The index was 19.2 percent below the November 2006 level of 108.4.
“Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range
before trending up,” Yun says.
Thursday, January 3, 2008
Manhattan Prices Setting Records
Manhattan condominium and co-op prices are setting records while the rest of the country’s real estate markets are
struggling.
The average price for an apartment reached $1.4 million in the last quarter of 2007, up 17.6 percent from the fourth
quarter of 2006, according to data tracked by the brokerage firm Prudential Douglas Elliman.
Average prices were pushed upward by the increasing number of units selling for more than $10 million. The number
of sales jumped by 3.2 percent compared with the previous year, and days on the market declined by an average of
18. The inventory shrunk by 13.5 percent.
Monday, December 31, 2007
U.S. Population to Top 303 Million on Jan. 1
The U.S. Census Bureau calculates that the nation’s population will be 303.15 million on New Year’s Day, up 0.9
percent from 2,842,103 registered on Jan. 1, 2007.
In 2008, the population will increase by one person every 13 seconds. That increase will be the result of one birth
every 8 seconds and one death every 11 seconds and one immigrant arriving every 30 seconds.
And all these new residents have to live somewhere – a good sign for the housing market, experts predict.
Source: Reuters News (12/27/07)
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| 206.919.5388 |
Based in Seattle, Washington, Shawn Filer is associated with Coldwell Banker Bain, the World's #1 Coldwell Banker affiliate. Shawn provides exclusive
representation for buyers and sellers in all areas and all price ranges throughout the Northwest. Shawn's team understands Luxury Real Estate and International
Marketing - partnering with some of the Top Agents from Coast to Coast.
representation for buyers and sellers in all areas and all price ranges throughout the Northwest. Shawn's team understands Luxury Real Estate and International
Marketing - partnering with some of the Top Agents from Coast to Coast.
