The Dome Home

fun property with functionality from cnbc.com

Take a look inside Charleston's weirdest mansion — it's $5 million and it's hurricane-proof



While Charleston, South Carolina might be known for its charming historic architecture, one of the city's most unique mansions is for sale for more than $4.995 million.

Dubbed the "Eye of the Storm," the domed home, located on Sullivan's Island in Charleston, just 230 feet from the beach, was designed to withstand deadly hurricanes. It's the brain child of George Paul, a designer and builder of dome structures, who erected the house for his parents after they lost their summer home to category 5 Hugo in 1989. The architect of the home was X Dilling, who lives in the Charleston area.

For the first time ever, the dome home is listed for sale, Patero Group confirms to CNBC Make It.

Built in 1992, the house is encased by a white shell that is monolithic (meaning there's no separate roof) and thermospheric (meaning it's energy efficient).

The side of the shell that faces the beach features large, glass windows inset from the dome shell, with views of the water and sandy shores as well as a maritime forest.

Built in 1992, the house is encased by a white shell that is monolithic (meaning there's no separate roof) and thermospheric (meaning it's energy efficient).

The side of the shell that faces the beach features large, glass windows inset from the dome shell, with views of the water and sandy shores as well as a maritime forest.

"The interior design, inspired by the curves of shells found on the beach, leads the eyes through the Great Room to every custom and thoughtfully planned area in the home," its website states.

Eye of the Storm also has an elevator, a wet bar, a skylight, an 889-square-foot deck and even a bank vault room.

The design represents "home as sculpture" and "peace of mind," Michael Royal, the listing broker and nephew of George Paul, tells CNBC Make It. "But mostly, it is — just 20 minutes from downtown Charleston — a front-row seat in a spectacular show of nature on one of the Lowcounty's most beautiful beaches, starting every morning with sunrise over the Atlantic."

There's also 526 square feet of ground-floor space in the home, with an enclosed storage room, a bathroom and two shower rooms. The Eye of the Storm is made of concrete and steel and weighs an estimated 650 tons (that's 1.3 million pounds).

Currently, there's an Instagram contest featuring the home; the first real estate licensee to correctly predict who will buy the home is eligible to win up to $50,000.

Cameran Eubanks Wimberly, a real estate agent and star of Bravo's "Southern Charm," which takes place in Charleston, recently showcased the house on her Instagram.

"This futuristic design was constructed to withstand a category 4 hurricane and give owners total peace of mind," she wrote on the post. "The views from almost 900 sqft of deck space are incredible. I have always called it the 'Star Wars' House."

6 Reasons Why Winter Is Actually the Most Chill Time to Buy a Home

considerations on buying during the winter from realtor.com

6 Reasons Why Winter Is Actually the Most Chill Time to Buy a Home

When the weather outside is frightful, trudging door to door to look at houses might seem like a fool's errand. Everybody knows spring and summer are the home-buying seasons, and winter is the time when you—and sellers—cool it for a bit and take a break, right?

While it's true that things do slow down in the winter, that's not necessarily a bad thing. Yes, it's cold. Yes, fewer homes are for sale. Yes, moving in a snowstorm is a pain no one should experience. But there are quite a few darned smart reasons to buy a home in the winter. In fact, we'd argue that this might even be the best time to buy a home—if you can. Here's why.

1. There's less competition

Not everyone's willing to look at homes in single-digit temperatures. The months of May, June, July, and August make up 40% of existing-home sales, while January and February account for less than 6%.

For sellers, that's not-so-hot news. But buyers should rejoice.

"Buying in the winter knocks out a large chunk of the buyer competition, allowing you to be a bit more selective with your home purchase," says Cincinnati real estate agent Eric Sztanyo.

Sure, more summer inventory means there's a better chance of finding your dream home. But your chances of successfully buying any home are higher when it's chilly. Fewer buyers mean fewer all-cash, over-asking offers—making your traditionally financed offer more appealing.

2. Sellers are motivated—and willing to make a deal

Most likely, sellers listing their home in the depths of winter seriously want to sell. That gives buyers the upper hand.

Many people place their homes on the market at this time of the year because they need to," says Lauren McKinney, a Realtor® in Asheville, NC. "Many sellers are looking to get out fast and will be more willing to work with you."

You'll also want to keep an eye on each home's "cumulative days on market," which you'll find on the home's listing details page. It's possible that the house has been lingering on the market—giving you more leverage to land a fantastic home for a fraction of the price you would have paid six months earlier.

"If you are buying in the winter, you may want to target houses that have been on the market for a few months, because you might just find a seller who is more motivated to accept a lower offer," Sztanyo says.

But remember: Just because a seller's eager doesn't necessarily mean you should dramatically lowball or make unreasonable demands—you can sabotage yourself if you get cocky. Instead, work with your agent to determine an appropriate negotiation strategy.

3. You can put the house through its paces

In most climates, winter puts stress on the home. That gives you the perfect opportunity to evaluate the property under the worst conditions possible. A home that might seem perfect during the temperate spring could look wholly different in the winter.

"You'll never know how drafty the windows may be or how weak the insulation is when previewing a house in the spring and the summer," Sztanyo says. "Buying a house in the winter allows you to put the furnace's ability to keep you warm to the test."

Plus, you'll get a better idea of what you're in for on the home's worst days: Is that driveway going to be a pain in the you-know-what to shovel? Do you spot ice dams on the roof? How does the home look with barren trees and shrubs? Just as you'd judge a first date who shows up wearing a track suit, this is your chance to be extra critical of a house you're thinking of committing to.

4. Hiring movers is usually easier

No one can claim that it's easier to move in the winter. If you've ever done it, you know it's sheer misery to move all of your possessions in inclement weather. But the logistics are simplified when you aren't competing with a hundred other moving households.

"Movers aren't booked solid like in the spring and summer months," McKinney says. "It's not a bad time to move."

You might even be able to negotiate a lower price because of the chilled demand. Just make sure to be flexible and allocate a few days' window for moving—if your moving day falls during the next bomb cyclone, you might have to reschedule.

5. You can enjoy last-minute tax savings

If you're purchasing your first home, buying in the winter gives you a few extra months of potential tax deductions.

'The holidays are your last chance to buy that home and use it as a write-off for your 2018 taxes," says mortgage banker Ralph DiBugnara.

Depending on your local laws, you can deduct mortgage interest, taxes, and points—although you should consider talking to a professional before getting too excited. The new tax law might affect your mortgage interest deduction.

6. Homes close faster

In the busy spring and summer months, your mortgage broker might be backed up days or even weeks—which is beyond frustrating when your closing is planned around your lender's schedule. But during the holidays, DiBugnara says, things slow down by 25% to 30%.

"You will be able to close your loan much faster, as wait times are much shorter during the holiday season," he says.

That means you'll be cuddling up in front of that fireplace sooner than expected. Nothing wrong with that, right?

2019 Real Estate Forecast: What Home Buyers, Sellers And Investors Can Expect

interesting considerations from a forbes.com article...

There’s no doubt about it: the 2018 housing market has seen its ups and downs.

The year started with sky-high home prices, historically low mortgage rates and a definitive upper hand for sellers. In recent months though, home price growth has faltered, rates have risen to their highest point in nearly eight years, and favor has started to shift from seller to buyer.

Will these trends continue? Will housing experience the same wild ride in the new year? Here’s what experts predict will happen in 2019 real estate market:

Mortgage rates will continue rising.

“Despite steady climbing for the past two years, mortgage rates remain lower than they were during most of the recession and below average for the type of strong economic growth we’ve been experiencing. That will change in 2019, as the 30-year, fixed rate mortgage reaches 5.8% — territory not seen since the dark days of 2008 when rates were racing downward in response to the housing crisis.” — Aaron Terrazas, director of economic research for Zillow

Millennials will keep buying homes — despite those rising rates.

"The housing market in 2019 will be characterized by continued rising mortgage rates and surging millennial demand. Rising rates, by making housing less affordable, will likely deter certain potential homebuyers from the market. On the other hand, the largest cohort of millennials will be turning 29 next year, entering peak household formation and home-buying age, and contributing to the increase in first-time buyer demand.” — Odeta Kushi, senior economist for First American

“Millennials will continue to make up the largest segment of buyers next year, accounting for 45% of mortgages, compared to 17% of Boomers, and 37% of Gen Xers. While first-time buyers will struggle next year, older Millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up the majority of Millennials who close in 2019. Looking forward, 2020 is expected to be the peak Millennial home buying year with the largest cohort of millennials turning 30 years old. Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.” — Danielle Hale, chief economist for Realtor.com

Home buying power will decrease, but that could be a good thing.

“Most homebuyers budget a monthly payment. As rates rise, a fixed monthly payment translates into less borrowing capacity and buying power is down about 10% since the same time last year. As there are less buyers at each price point, the appropriate market response is a slowdown in sales and an easing in price momentum.” — Tendayi Kapfidze, chief economist for LendingTree

Overall home sales will drop.

“As we look toward 2019, we are anticipating home sales to decline around 2%. We’re expecting it to be another slightly slower year as buyers continue to wrangle with higher mortgage rates after contending with several years of rapid price growth.” — Ruben Gonzalez, chief economist at Keller Williams

Inventory troubles will ease — not too much, though.

“The wave of first-time home buyer demand will be met by somewhat higher inventory levels than in 2018. However, while the days of multiple offers and bidding wars may be history in some markets where inventory is increasing, inventory will likely still remain tight nationally through 2019." — Kushi

“In the majority of markets, the number of homes being put on the market or newly constructed has increased slightly, while the pace of sales has slowed slightly, which has helped stop the inventory decline. But the inventory increases or slowing price increases necessary for a more widespread sales gain are not forecasted to happen in 2019. While the situation is not getting worse for buyers, it’s also not improving notably in the majority of markets.” — Hale

Home price growth will continue to slow.

“Right now, for 2019, we believe home price appreciation will likely slow to near 3%. This is based on the assumption that the recent pattern of increasing inventory levels will be sustained in the upcoming year.” — Gonzalez

Buyers will see less competition, but that might not help first-timers.

“Buyers who are able to stay in the market will find less competition as more buyers are priced out but feel an increased sense of urgency to close before it gets even more expensive. Their largest struggle next year will be reconciling wants, needs and budget versus the heavy competition of 2018. Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid- to higher-end price tier, not entry-level.” — Danielle Hale, Realtor.com

National rents will rise, but apartment construction could ease renters’ pains.

“As higher rates limit the number of homes that potential buyers can afford, some would-be buyers will be too financially stretched to buy and will continue renting. As a result, recent (and very slight) drops in rent will reverse and turn positive again. The shift will be muted, however, by continued steady investment in apartment construction, which will prevent rent growth from shooting too far above income growth.” — Terrazas

NYC rent hikes will continue — thanks to Amazon.

“Overall, I think the beginning of 2019 will be relatively flat, with price increases in Q3, Q4 and into 2020. The period between the old 421A and the beginning of affordable New York was a window of time where there wasn’t a tremendous amount of rental development. During that time it was difficult to build rental developments due to the escalating land and construction costs, no tax incentives, etc., creating a shortage of new product. Today, not only have some regulations changed, but the economy is doing well, unemployment rates are down, a lot of jobs are being created here in New York – not only by Amazon but everything that comes along with Amazon and all of the corporations looking to be close proximity to their headquarters. When we see the economy doing well, we can expect rental prices to increase.” — Andrew Barrocas, CEO of MNS

Individual and institutional investors will battle it out.

“Well-funded institutional buyers have tremendous advertising budgets and their spend makes it impossible for the average real estate investor to compete. It takes a serious financial investment to fund a marketing campaign that accurately targets and identifies acquisition opportunities.

That alone gives institutional investors an instant advantage. Additionally, interest rates are increasing, which not only impacts buyers who cannot afford to move, but also individual investors looking to borrow money to buy and hold rental properties. Their cost to borrow increases while inventory decreases and competition grows. This type of combination middle-market is one individual investors do not want to see.” — Brian Spitz, founder of Big State Home Buyers

Commercial property managers will hop on the shared space bandwagon — or bring in top amenities to make up for it.

“As co-working continues to be a disruptor in commercial real estate, the largest traditional landlords have opened their own flexible and co-working options to compete, such as Sage Realty's Swivel and Boston Properties' Flex. Landlords who are remaining or returning to the traditional commercial office space are facing increased demand for amenities like sleek lobbies, tech services, etc. To meet these demands and gain a competitive edge, landlords
are opening up to fintech/insurtech solutions like replacing security deposits with surety bonds to make tenants lives easier.” — Julien Bonneville, CEO of The Guarantors

Technology will continue to disrupt the industry.

“Technology disruption of the real estate industry driven by Silicon Valley and institutional investors will reach a point where it’ll threaten the traditional real estate industry. Technological innovation is here and rapidly advancing in the real estate industry and preparing for disruption. iBuying, blockchain, artificial intelligence and machine learning are changing the ways buyers, sellers and investors interact with each other and the properties they are interested in.” — Spitz

The Moral of the Story

All in all, housing is set for a slow-down next year, but as Kapfidze explained, that’s not necessarily a bad thing.

“The medium and long-term prospects for housing are good because demographics are going to continue to support demand,” he said. “With a slower price appreciation, incomes have an opportunity to catch up. With slower sales, inventory has an opportunity to normalize. A slowdown in 2019 creates a healthier housing market going forward.”

How the Government Shutdown Could Affect Housing

from National Association of Homebuilders...interesting considerations...

Due to a dispute over border wall funding, President Trump failed to agree to a continuing resolution passed by the Senate that would have averted a partial government shutdown and kept the full federal government running through Feb. 8, 2019. House Republicans later passed a bill that included $5.7 billion funding for the wall, but the measure failed in the Senate.

As a result, roughly one-quarter of the government ran out of funding and was forced to close at 12:01 a.m. on Saturday, Dec. 22. The shutdown impacts several federal departments, including HUD, Agriculture, Commerce, Justice, Homeland Security, Interior, State, Transportation and Treasury.

One positive development and important victory for NAHB occurred when lawmakers agreed to extend funding for the National Flood Insurance Program (NFIP) for five months through May 31, 2019. NAHB pushed hard to make sure the program would not lapse and we continue to work with Congress to achieve a long-term reauthorization of the NFIP that will keep the program fiscally sound and let builders provide safe and affordable housing.

However, while the congressional intent was to keep the NFIP running for the next five months, FEMA on Dec. 26 notified insurers and insurance agents that it cannot sell or renew flood insurance policies backed by the program because of a lack of government funding. This means that new or renewing federal flood insurance policies will not be written.

NAHB is working with federal lawmakers to get more information and to attempt to resolve this issue.

While the shutdown will affect housing and home builders, it is still unclear how long it will remain in effect. In most cases, the short-run impacts will be minor. A long-term shutdown, lasting several weeks or a month or more, could have significant impacts on mortgage accessibility and reduce housing demand.

In general, NAHB members should expect delays for any housing-related federal government programs that are still operating and plan accordingly. NAHB continues to monitor the situation closely and is calling on federal lawmakers to act quickly to reach an agreement with the White House to fund the government.

Compiled by NAHB and based on the best information available at this time, the following is a list of government programs that could affect home builders and housing stakeholders under the current shutdown:

Department of Housing and Urban Development
FHA-insured single-family loans can still close during the shutdown but that decision will be determined by each individual lender. Contact your lender to verify.
Lenders will be able to obtain an FHA case number from FHA Connection, which provides FHA-insured lenders and business partners with direct, secure online access to HUD’s computer system. However, FHA staff will not be available to underwrite and approve single-family loans during the shutdown.
FHA multifamily insured projects with firm commitments and scheduled closings may go forward, although no new firm commitments will be issued.
HUD will make payments under Section 8 and Project Rental Assistance Contracts (PRACs) where there is existing budget authority, multi-year funding, or where there is budget authority available from prior year appropriations or recaptures. This includes processing Section 8 and PRAC renewals for expiring contracts and processing amendment funds for non-expiring Section 8 contract renewals.
No Real Estate Assessment Center (REAC) inspections.
CDBG, HOME and other block grant funds will be dispersed in cases where failure to address issues result in a threat to safety of life and protection of property.
Authorized drawdowns for approved CPD program activities (homeless assistance programs, CDBG, HOME, HOPWA) using pre-FY2018 program funds will continue uninterrupted unless it is necessary for a HUD employee to approve a voucher or lift a system edit prior to a draw down.

Department of Agriculture
Most Rural Development programs will not continue without appropriation.
The Section 521 Rental Assistance, Section 542 Rural Housing Vouchers, and Single Family Section 502 Guaranteed Loans will continue until funding is exhausted.
A shutdown of more than two weeks is likely to have a significant impact on rural development programs.

Department of Homeland Security
E-Verify, the Internet-based system that allows businesses to determine the eligibility of their employees to work in the U.S., is unavailable due to the government shutdown. While E-Verify is unavailable, employers will not be able to access their E-Verify accounts.

Small Business Administration
The SBA will not initiate new loan guarantees during the shutdown.

Department of the Interior
Businesses who seek permits from the Fish and Wildlife Service could be affected. New permits or applications currently under review will not be processed during the government shutdown, which will increase costs and delays.

Internal Revenue Service
Some lenders require home borrowers to file IRS form 4506-T to verify the mortgage applicant’s income and Social Security number. With the IRS shut down, this could result in major delays in some mortgage application approvals.
Taxpayer services will be suspended, meaning taxpayers will not be able to phone the IRS for advice and no refunds will be issued during an extended shutdown.

Economic Data
Future reports on items like the monthly jobs report, housing starts and new home sales could be postponed.

separately from the above article, here are a few other considerations from a real estate website called active rain.com:

IRS Tax Transcripts

Since the IRS may cease operations during a shutdown, obtaining a 4506T (request for tax transcripts) may become impossible. And most loans require these prior to being funded. When a shutdown occurs, we sometimes have a transcript in our file already, because it had been ordered and processed before the shutdown, but while the IRS is on ice, the strategy shifts to waiting until they re-open.

Social Security Administration (SSA) Verifications

Like the 4506T, many of our loans require verifications of social security numbers. Fortunately, past shutdowns have seen the SSA operate as usual.

FHA, VA and USDA Loan Processing

Recent experience has shown that the FHA and VA continue to operate during a shutdown, albeit with a skeleton crew. Turn times can be impacted and delays are to be expected. Conversely, the USDA has often closed entirely.

Verification of Employment (VOE)

Verifications of employment are required on most files and if the borrower is a government employee, obtaining this may be difficult or impossible until normal operations resume.

5 tips for selling your home in winter

good considerations from bankrate.com

Given the cold, dark and unpredictable weather, selling a home in winter requires more toil — from shoveling to holiday decorating — than it takes to sell in summer.

While the number of homebuyers drops in winter, those left hunting are generally a more serious group ready to make a deal now, brokers say. Meanwhile, competition drops as other sellers decide to pull their homes off the market and wait for spring.

“It is a myth that homes don’t sell in the winter,” says Leslie Mann, an agent with Hallmark Sotheby’s International Realty in Hopkinton, Mass. “We have been really busy.”

If you are ready to throw some winter open houses, here are a few tips to help home sellers enchant potential homebuyers in winter.

Crank up the heat: Cold houses don’t sell. If potential buyers shiver at your open house, they aren’t likely to stick around, let alone make an offer. This isn’t the time to save on the heating bill. Keep the thermometer at least at a steady 70 degrees. A cold house sends the wrong message. “It doesn’t need to be hot; it needs to be not cold,” says Ronald Phipps, immediate past president of the National Association of Realtors and principal broker with Phipps Realty in Warwick, R.I.

Get shoveling: Don’t let a little snow come between you and the next owner of your house. Get shoveling, and make sure the walkway is clear. If someone has to slip and slide their way into your house, you’ll lose the battle before they cross the front door.

Moreover, if you want buyers to attend your open house, make sure they have a place to park. This task can be challenging as snowbanks and drifts accumulate. Don’t clear just the driveway — shovel out some spaces on the street as well, says Rona Fischman, principal broker of 4 Buyers Real Estate in Cambridge, Mass. While you are at it, make sure you don’t wind up with big piles of dirty snow near the front door. “If they are concerned about breaking a leg, then they are not paying attention to your house in a good way,” she says.

Build a snowman: Nothing says “welcome to your new house” more than a Frosty in the front yard ready to greet potential buyers, Fischman says. And why not get creative here? You could dress him up in a Century 21 T-shirt — or whatever your agency of choice is — or even put the for-sale sign in his hands, she says.

Decorate, but don’t go overboard: Some Realtors suggest stripping a house of all holiday decorations to avoid turning off potential buyers. But that sends the wrong message. After all, buyers are trying to get a feel for whether your house could become their next home. If your house is cold, empty and sterile, that sends the wrong message, Fischman says.

But be careful here. This is not the time to go nuts with plastic lawn ornaments. It might be the season to stow Santa and his reindeer out of sight in your cellar, Mann says. She recalls taking a potential buyer to see a house where the owners had gone over-the-top with Christmas kitsch. “The buyer said, ‘I didn’t know the Griswolds lived here.’ It did not help them at all.”

Better to focus on some lighter, classier touches, such as wrapping a garland around the banister on the stairs or putting up a wreath. “It really makes the entryway pop,” Mann says.

Become a weather freak, and stay flexible: One thing you can’t control during the winter is the weather. It’s time to start tuning into The Weather Channel, at least while you’re trying to sell your house. When planning an open house, it’s better to be prepared for weather changes. If a big storm is headed your way, maybe it’s a good idea to reschedule for a new day or push a morning open house into the afternoon, Mann advises. Even if you can lure a few buyers out in the storm, a dark and dreary day is probably not the best backdrop for showing off your house. “You have to have some level of flexibility when selling in the winter,” she says.

Why the Housing Market Is Slumping Despite a Booming Economy

interesting angle from NYtimes.com

Home prices are out of reach relative to incomes and mortgage rates. The big question for the economy is how the imbalance adjusts.

These should be happy times for the housing sector. The economy is booming, with more people working at higher pay, and with the sizable millennial generation reaching prime home buying age.

Instead, the housing market has gone soft, acting as a drag on the overall economy rather than as a force propelling it forward.

Sales of new single-family homes were down 22 percent in September from their recent high in November 2017, and existing home sales in September were down 10 percent. This tepid residential investment subtracted from G.D.P. growth in each of the first three quarters of 2018.

Home prices have not declined nationally, at least according to the most widely followed indexes. But their rate of increase has declined, and more and more home sellers are finding they must reduce asking prices to find a buyer.

Given how central housing is to the broader economy — it is the biggest driver of both wealth and indebtedness for most families, and its fluctuations have frequently been major factors in past booms and busts — this slump isn’t something to be taken lightly for anyone hoping the good times will last.

So what’s going on?

When you look closely at the data, it appears this paradox of a strong economy and a weak housing market is, at its core, an illustration of a fundamental rule in economics: If something can’t go on forever, it won’t.

Home prices in a given location are ultimately tethered to the incomes of the people who either live there or want to. But for much of the last six years, that relationship has come undone.

Nationally, personal income per capita has risen 25 percent since the end of 2011, while the S&P/Case-Shiller national home price index is up 48 percent (neither figure is adjusted for inflation).

The gap is even larger in the big coastal cities with high wages and booming job markets, but where legal and other barriers make it hard for builders to add to the supply of homes. In the San Francisco metro area, per capita personal income rose 40 percent from 2011 to 2017, while home prices rose 96 percent. Similar patterns are evident in Los Angeles, Seattle, Boston, New York and Washington.

In less high-flying markets, there was still a disconnect. In the Minneapolis area, for example, incomes rose 22 percent while home prices rose 46 percent.

Those rising home prices got help from years of very low mortgage rates, which put more expensive homes within reach for people at a given income level. Activity was also probably boosted by some bounce-back effect after the housing market crash of 2007-09, a result of pent-up demand for homes that were not bought while the market was collapsing.

Rates bottomed out in late 2012 at 3.31 percent for a 30-year fixed-rate mortgage. They have been moving upward in fits and starts since, including a full percentage point in the last year alone to nearly 5 percent — still low by historical standards, but high compared with the ultralow levels that had enabled these huge price gains.

There’s no doubt that demographics are favorable for housing demand. The peak birth year for millennials was 1990; it’s a group that is turning 28 this year and thus entering prime years for home buying. As it happens, 28 is exactly the median response in a Bankrate survey that asked adults for the ideal age to buy a home.

But that doesn’t matter if prices are out of reach relative to incomes. Moreover, lending standards have remained more rigorous than they were during the last housing boom, so it has been harder for people to stretch to buy a home. The inability of people to buy homes they can’t really afford is great news in terms of avoiding another crisis, but not so great for the near-term outlook for housing.

“Buyers can only stomach so many price increases until it gets unsustainable,” said Daryl Fairweather, the chief economist at the online brokerage Redfin. “Prices reached a breaking point where buyers were fed up and started to consider other options,” she said, including renting and moving away from the expensive coastal
markets where prices are most out of whack with incomes.

As Economics 101 teaches, price movements are the way that supply and demand match up with each other. But in the housing sector especially, that adjustment can take a while.

In contrast with the stock market, where relatively unemotional traders are buying and selling shares every day and the market stays liquid, home purchase and sales decisions can take months and are deeply emotional for the participants.

What seems to be happening is that sellers are trying to cling to the spring 2018 prices that their neighbors received, while there aren’t enough buyers in late 2018 willing or able to pay those prices.

In a Fannie Mae survey of home purchase sentiment, the proportion of people who think it is a good time to buy a home has decreased significantly since the spring, to a net 21 percent from 29 percent. But so has the proportion who think it is a good time to sell, which has dropped to 35 percent from 45 percent.

You would expect, in a zero-sum transaction like a home sale, for those numbers to move in opposite directions. Instead, it seems that sellers are unhappily realizing that they aren’t going to get what they thought their house was worth six months ago, and buyers still think homes are too expensive.

That helps explain why transaction volume, especially for new houses, has fallen substantially while prices haven’t (at least yet). It’s a standoff. And the outcome of the standoff will, in the aggregate, play a role in shaping the future of the economy.

There is precedent for this, and it isn’t a happy one. In the last housing boom, new home sales peaked in July 2005, and home prices didn’t start declining until May 2006. It didn’t start to hurt the overall economy until December 2007, when the damage had spread through an overleveraged global financial system.

But that doesn’t mean this episode has to end in tears. Home prices are not nearly as out of line with incomes as they were then; speculative activity hasn’t been nearly as frothy; and consumer debt levels are considerably more measured.

“I think income growth will help us get out of this period,” said Robert Dietz, the chief economist at the National Association of Home Builders. “We’re probably looking at a period where existing home sales volume is flat to declining, and it now looks like 2017 was the peak year for transaction volume.”

A strong (nonhousing) economy makes it more likely that this housing slump will end without a steep 2008-style downturn. So does the basic reality that young adults are forming families and need a place to house them.

But in the meantime, it could be a soft few months or even years of standoffs between buyers and sellers, with the big question of which comes first: sellers who settle for less after recognizing that the price they thought they would get is beyond the reach of buyers, or incomes that catch up with a housing market that got a little ahead of itself.

Here’s why buying a home during the holidays can save you big

interesting considerations from Bankrate.com

While holiday shoppers are obsessing over finding the ultimate gift deals, tenacious house hunters who buy a home in December compared with other times of the year will save the most money, according to a new study.

In fact, buying a home on Dec. 26 can save you as much as $2,500 on the sales price, according to an analysis from ATTOM Data Solutions. Nationwide, December held seven of the top 10 days where buyers snagged the best price discounts on a home purchase, making it the best month to buy a home, ATTOM revealed.

“Right around Thanksgiving, in particular, is a great time to [put in an offer] given that Dec. 26, 29 and 21 are all in the top 10 of best times to buy,” says Daren Blomquist, senior vice president of communications with ATTOM. He notes that it can take about 30 days from the time an offer is submitted to close a home sale. “It’s the housing market’s version of a Black Friday sale.”

The study looked at more than 18 million single-family home and condo sales from 2013 to 2017. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for home purchases closing on that day with the median automated valuation model, or AVM, price on the same homes at the time of sale. Here’s a look at the best days of the year to buy a home.

10 best days of the year to buy a home

1 Dec. 26
2 Dec. 7
3 Dec. 4
4 Dec. 29
5 Dec. 21
6 Dec. 1
7 Oct. 12
8 Nov. 9
9 Feb. 9
10 Dec. 8

The saying all real estate is local still applies when timing your home purchase. Buyers in warmer climates may not see as much of a price break during the holidays as those farther north where weather is more of a factor in keeping buyers on the sidelines, Blomquist says.

Negotiating a lower price isn’t the only good reason to buy a home during the holidays, real estate experts say. December is a month before the Federal Reserve’s interest rate hikes resume, says Leonard Steinberg, a real estate broker with Compass Real Estate in New York City. Mortgage rate spikes can add to your borrowing costs and put some homes out of reach.

“While everyone else is out celebrating and shopping — reducing buyer volume — those who shop [for a home] will be met by sellers willing to make a deal,” he says.

Danielle Hale, chief economist with Realtor.com, says that sellers may be more flexible about negotiating the closing date and paying for a home warranty to give buyers more piece of mind. You might also have more luck submitting a smaller earnest money deposit — something that’s less likely to fly when sellers are fielding multiple offers during busier times of year, Hale says.

If you find a house that meets your must-haves — especially when inventory in many markets is so limited — don’t let the holidays deter you from making an offer.

“With rate hikes and home-price increases on the horizon, there’s a lot to be gained by locking in your monthly payment now versus waiting until later.”

3-D Printed Houses Are Here and in High Demand

fun article on 3-D printed homes....from architecturaldigest.com



Cutting costs, saving time, and eliminating waste, the 3-D-printed house has officially arrived

For the past several years, talk of 3-D printing revolutionizing the way we build has been mostly just that—talk. But the promise of printing a habitable house, on demand, in virtually any location, is becoming a reality. Around the globe, teams of architects, engineers, and entrepreneurs have developed robotic arms capable of producing walls for a small home in as little as 24 hours, with essentially zero waste and for a fraction of traditional construction costs. Competing to develop the top technology, industry players are now engaged in a space race of sorts—literally so, in some cases, with NASA funding research for printing habitats beyond our planet.

Of more immediate, earthly interest was the recent unveiling of two of the first-ever homes to be printed on-site. At Austin’s South by Southwest festival this past March, the San Francisco–based nonprofit New Story presented a 350-square-foot prototype of the low-cost homes it hopes to build across the developing world. Just a month later, during Milan’s Design Week, architect Massimiliano Locatelli debuted a 1,100-square-foot residence of a decidedly more luxurious sort, with elegantly plastered interior walls, brass details, and stylish furnishings. These two projects—using similar technologies in which robotic arms extrude layers of a concrete mixture that harden into solid walls—represent opposing ends of the spectrum for this industry’s potential.

“There are over a billion people without adequate shelter,” says New Story cofounder Brett Hagler. “It’s a massive deficit, and traditional construction methods are not enough to make a dent. But 3-D printing promises significant decreases in cost and build time.” To date, New Story has completed close to 1,000 conventional houses in Bolivia, El Salvador, Mexico, and Haiti—where it is currently building a community with support from AD—with each home requiring around $7,000 and two weeks to finish. Using a 3-D printer developed with the company Icon, Hagler expects to reduce those numbers to $4,000 and just a couple of days. The charity’s first large-scale printed project will be 100 homes in El Salvador, slated for completion next year.

“We will be able to put a lot of creativity into the design based on a family’s current situation and their future dreams,” Hagler notes of the homes’ flexible layouts, which are determined by customizable CAD files. “We’re trying to have better aesthetics—something that’s too often ignored when it comes to the world’s poorest families.”

It’s precisely the aesthetics and creative potential that inspired Locatelli, cofounder of the firm CLS Architetti, to erect his 3-D-printed house in Piazza Cesare Beccaria. As he explains, the project was all about embracing the textures of 3-D-printed forms and “exploring the beauty of the new language.”

Realized in collaboration with concrete specialists Ital­cementi, the engineering firm Arup, and the Dutch mobile 3-D-printer maker CyBe Construction, the house took about a week to create, with production lasting roughly 48 hours. Consisting of four rounded volumes (living area, bedroom, kitchen, bath), all topped by a roof garden, “the shape was completely free compared to traditional architecture,” says Locatelli. “Go ahead, try to make a curved house with bricks or stone—it’s so complicated. With this you really can create new shapes.”

Locatelli says he has received numerous inquiries, including commissions for 100 homes near Washington, D.C., and a 10,000-square-foot house on Sardinia. And the owner of a Lake Como villa who had hired him to build a guesthouse switched gears after seeing the project in Milan. “He said, ‘I’m not going to build in stone anymore. I want the 3-D-printed house,’ ” recounts the architect, who is working with Arup on how to print multilevel structures—something that has never been done. “The relationship between architect and client is going to change so much,” says Locatelli. “Probably the architect is going to become a shrink, more or less, helping give shape to the client’s dreams.”

Inside seven haunted homes that are seriously creepy and for sale

interesting article from Washington Post on haunted houses for sale...

Inside seven haunted homes that are seriously creepy and for sale

There’s a house that was involved in an exorcism to rid its spaces of ghosts. There’s a house that, according to local lore, has a piano that repeatedly plays one note by itself. Several other residences have infamous histories associated with them.

If you have a taste for the offbeat and creepy, here’s a way to keep the Halloween mood going year-round: You can buy a purportedly haunted house — or one that looks like it is.

A haunted house, obviously, is not for everyone. But they do appeal to a select segment of the market, realty experts say.

“We have had some people ask to spend the night in the house,” says agent Matt Barnhart of Pagoda Real Estate in West Lawn, Pa., who is representing a home built in 1749 where there have been reports of a lovelorn female ghost endlessly awaiting the return of her beloved. “Some of them consider it a feature.”

The creepy residences range from $495,000 to $4.5 million.



The appearance of a female ghost and a piano playing by itself are said to be some of the spooky occurrences at the four-bedroom, four-bathroom Priestly House in Canton, Miss. (By Keller Williams/By Keller Williams)



Confederate soldier deserters, wearing Union uniforms, were said to have died at Adams Griffin House in New Orleans, and continued to hang around. Sightings of their ghostly bodies — sometimes holding whiskey bottles and singing drinking songs — have been reported.



Wyckoff Villa on Carleton Island in Cape Vincent, N.Y., was built by the Remington typewriter magnate, William O. Wyckoff, in 1894. He died of a heart attack the first night he stayed in the home. His son sold it to General Electric in the early 1930s, but their plans to build a new plant were scuttled by World War II.



Many of the fireplaces and stained-glass windows were imported from castles in Europe. The 300-year-old staircase was imported from London. Some have said spirits from the old European castles haunt this new location. The house is listed on local, state and national registers of historical places and has an asking price of $3.5 million.



Pillars Estate, built in the early 1800s, is part of a haunted house tour in Albion, N.Y. Children’s voices have been heard roaming through the house, and the sound of one piano key being played repeatedly, even though there is no one at the piano, is another ghostly feature. The six-bedroom, six-bathroom home is listed for $499,000.



Villa Paula in Miami was built for the Cuban consul in 1925 and named after his wife, who had died after complications from a leg amputation. A recent resident reported repeatedly noticing the strong smell of coffee coming from the kitchen and seeing a ghostlike woman who only had one leg disappearing down a hallway.



Savannah’s Hampton Lillibridge, built in 1796, has had multiple spooky occurrences including sightings of “tall man dressed in black” looking out the window. Jim Williams, the subject of the book “Midnight In The Garden of Good and Evil,” bought the house and had an exorcism performed in 1963. (

Home sales slid across Colorado in September

more news to consider when it comes to current timing with buying/selling in this market...

from Denver Post.com

Home sales aren’t just slumping big in metro Denver, they are dropping across much of Colorado and in what were some of the hottest markets in the country.

Existing home sales in the United States fell 3.4 percent in August from September to a seasonally adjusted annual rate of 5.15 million. Year-over-year, they are down 4.1 percent, according to an update Friday from the National Association of Realtors.

“A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases,” Lawrence Yun, chief economist, said in the report.

Those national declines look tame compared to what is going on in states like Colorado, Washington and California. Real estate brokerage Redfin, in a different report, estimates that sales in 50 of the 71 largest metros it tracks are now falling.

“Last year and earlier this year, Seattle, San Jose and Denver were the hottest markets with homes selling in days, not weeks. These metros have now been replaced by Grand Rapids (Mich.), Omaha, Neb., and Indianapolis as the fastest markets in the country,” noted Daryl Fairweather, Redfin’s chief economist.

Last week, the Colorado Association of Realtors reported that the number of single-family home listings sold in Colorado dropped 14.6 percent in September compared to the same month a year earlier. Sales of townhouses and condos dropped 15.2 percent.

Metro Denver definitely skews the numbers. Year-over-year single-family home sales in September were down 15.8 percent in Adams County, 17.8 percent in Arapahoe County, 10.3 percent in Boulder County, 11.9 percent in Denver, 16.4 percent in Douglas County and 25.6 percent in Jefferson County, according to the CAR report.

But the state’s other metro areas weren’t immune. Single-family home sales fell 26.7 percent in Pueblo County, 17.2 percent in El Paso County and 18.8 percent in Mesa County. Fort Collins and Greeley held up better, with a smaller 4.4-percent drop in Larimer County and 7-percent drop in Weld County.

“Sold listings –- down. New listings –- down. Affordability –- down. Inventory supply –- down. Days on market -– down. Interest rates –- up. Median price –- up and down,” said Chris Hardy, a Fort Collins area Realtor, in comments accompanying last week’s report of his home turf.

Even the mountain counties are getting caught in the down draft. Home sales fell in Summit, Grand, Routt, Gunnison and San Miguel counties. The picture was more mixed picture in Eagle, Pitkin and La Plata counties. Garfield County, home to Glenwood Springs, represented a rare pocket of strength, with home and condo sales both up more than 5 percent last month.

Major cold front slams Denver housing market in September

allot of what I'm seeing as well from Denver Post....

Major cold front slams Denver housing market in September

Home sales drop big as buyers go missing, especially in luxury market

Home sales in the metro Denver area fell precipitously in September, forcing sellers to cut their asking prices and pushing up the inventory of properties available for sale at an unprecedented rate, according to a monthly update from the Denver Metro Association of Realtors.

“The housing inventory and home price adjustments are normal and expected,” said Steve Danyliw, chairman of the DMAR Market Trends Committee, in the report. “What’s not normal? Sales of single-family homes priced over $500,000 dropping 33 percent from August to September. For those sellers, that’s real turbulence.”

Metro Denver’s housing market has shown signs of cooling since early summer. But it practically froze over in September, and that meant sellers faced a bumpy ride, especially owners of more expensive properties.

The number of single-family homes sold in September, across all price ranges, dropped 30.5 percent from August and is down 21.4 percent compared to September 2017. Condo sales fell a dramatic 42.9 percent on the month and are down 17.3 percent year-over-year.

Normally, the inventory of homes available for sale dips slightly in September as sellers focus on other things. But buyers, after years of coping with a lack of affordability, are now pulling back in a big way.

The inventory of homes and condos available for sale at the end of September shot up to 8,807, an increase of 7.04 percent from August and 16.1 percent compared to a year ago.

The median price of single-family homes sold in September dropped 3.8 percent from August to $428,000, but remains up 6.1 percent from the same month a year earlier. Condos, which are generally more affordable, continued to show gains. The median condo price rose 1.73 percent to $301,625 last month and is up 12.8 percent on the year.

The luxury end of the market, which was running hot this summer, was especially hard hit. Sales of homes worth $1 million or more fell 44.4 percent between August and September.

Balance of power shifting in metro Denver’s housing market

the tides are turning in the metro Denver area...interesting article from Denver Post...

Hot real estate market starting to cool allowing buyers to take back some power

Sellers have remained in firm control of metro Denver’s housing market

for four years, with inventory shortages, quick sales and escalating home prices par for the course.

The imbalance has lasted for so long, it is hard to remember what a more balanced market looks like. But agents warn that things are finally moving in that direction.

“In comparison to the last four years it feels foreign,” said Kerron Stokes, a broker and Realtor with Resource Group at REMAX Leaders in Centennial. “But the normalization that we are going through is still better than the conditions in most of the country.”

In June, metro Denver’s housing market began to show signs of cooling after a hot run at the start of the year. More sellers had to drop their asking prices, fewer buyers attended showings and made offers, and homes took longer to sell. From record highs reached in May and June, prices have come down 4.9 percent.

Some wrote that off as the usual seasonal slump coming early. Things would rev up again in January. repeating the pattern of recent years. But in September, home sales fell hard despite a lot more properties on the market.

That disproved a common explanation that a lack of inventory was what was holding back home sales in metro Denver.

“The amount of showings per listing is dropping. The days on market are increasing. It is telling us that there are fewer buyers and less activity,” said Steve Danyliw, chairman of the market trends committee at the Denver Metro Association of Realtors and a Denver real estate agent.

Last month, there were 3,989 single-family homes and condos sold in metro Denver, a drop of 28.9 percent from August and 20.2 percent from a year earlier. The last time so few homes sold in a September was back in 2012, according to a report Wednesday from DMAR.

The inventory of homes available for sale shot up 7 percent from August to 8,807, the highest number available since the fall of 2013, when the Denver market was starting to take off. Normally, the number of homes available for sale drops slightly in September.

One of the hardest tasks agents say they face now is convincing sellers, long accustomed to calling the shots, to lower their expectations, especially when it comes to how much money they can get.

Don’t expect 30 potential buyers to make the showing, don’t expect a solid offer within 72 hours and don’t refuse reasonable requests like inspections, repairs and contingency clauses.

Those were lessons Robin Olsen learned first-hand when she and her husband tried to sell their Sunnyside home this summer. Going in, Olsen said her reference point was a friend who listed an old, small and unrenovated home near the University of Denver. Within hours, a buyer made a cash offer, sight unseen, at $90,000 above the asking price.

“I am hearing the story and thinking this will happen to me. It won’t be on the market for more than a few hours,” she said.

Although the home, listed initially at $669,000, received lookers, no offer emerged after 72 hours. Olsen, president and founder of Honey Communications, couldn’t understand why a home in Denver’s popular northwest corner wouldn’t fly off the shelf.

Two price drops brought the listing down to $629,000, a price that drummed up more interest and helped land a buyer nearly three weeks later. Through it all, Olsen said she repeatedly had to remind herself to breathe deep, stay calm and realize it was only a business transaction.

“It was almost three weeks and to me that felt like three years relative to the stories we heard,” she said. “It was definitely emotional. There were some days I needed to go for a walk.”

Lisa Huntington-Kinn, the agent who handled the listing, credits the Olsens for listening to her and moving quickly to drop the price when the offers weren’t showing up. Some sellers are more stubborn.

“Buyers always determine what your house is worth. It doesn’t matter what I think it is worth and what you think it is worth,” she said.

Even last year, buyers were becoming more discriminate in what they were willing to take from sellers. After years of getting pushed around, they started to push back.

“I am paying top dollar, I want a top property,” Danyliw said, describing the attitude.

Van Lewis, a broker associate with REMAX Alliance 3000 in Aurora, said he was having a record year until June, when showings and sales dropped significantly. He doesn’t see the slow down resolving itself until prices correct.

Some buyers, realizing the market is shifting in their favor, may hold back. Lewis notes some sellers have the same attitude. They have a specific price they need to hit and are willing to bet that a rebound will bring it to them. They won’t let go of the scepter easily.

The problem is that both sides can’t be right.

Jim Brown, an Englewood Realtor who specializes in working with first-time homebuyers, said he isn’t seeing a “let’s wait” attitude as much as a “I can’t afford this market” resignation.

Contributing to that sentiment are higher interest rates on 30-year mortgages, which Freddie Mac reports at 3.8 percent a year ago and closer to 4.7 percent now. Home prices adjusted higher when rates dropped. But so far, they haven’t moved the other way to adjust for the rise in mortgages rates.

“I think buyers on the lower-end are feeling like they have been priced out of the market and have given up on the idea of buying in Colorado. Astute buyers are looking at interest rates, but most buyers aren’t getting to the lending phase because they aren’t looking. They’ve already decided they can’t afford a home,” said Brown.

A study from Attom Data Solutions lists the median price of a home sold in Denver County in the third quarter at $430,000. With a 3 percent down payment and conventional financing ratios, a buyer would need an income of $117,148 to qualify, the study found. The average yearly wage in Denver – $68,419

Even in Adams County, where the median home price is a more affordable $340,000, a buyer would need $94,047 in income to purchase that kind of home. The average income is $53,443 a year, according to Attom.

The affordability gap is a national problem, with the median priced home not affordable to someone earning the average wage in 84 percent of markets, according to Attom. The affordability gap is the worst Attom has measured since the third quarter of 2008, which was when the financial crisis hit.

And three of the most extreme divergences from historical levels of affordability in the nation’s 182 large counties, population 500,000 or more, are in Colorado – Denver, Arapahoe and Jefferson counties.

“Buyers see prices going up and have no expectations otherwise,” said Brown.

Year-to-date, the median price of a single-family home sold in metro Denver is still up 8.54 percent in 2018 versus 2017, even after the dip this summer. Median condo prices are up 12.3 percent on the year, according to DMAR. Danyliw attributes that bigger price gain in condos to a desire by buyers to find anything affordable.

Brown expects that once buyers realize the balance of power is shifting their way, they may reclaim a “we can” attitude. And Danyliw notes the Denver economy remains strong and jobs plentiful.

Unlike last decade, there isn’t a glut of homes on the market that could turn a rebalancing into a crash. For that reason, Danyliw, Stokes and other agents argue the market isn’t slumping as much as it is “normalizing.”

If the inventory of available homes for sale can get back into the 10,000 to 12,000 range, not that big jump from current levels of 8,807, then the balance between buyers and sellers should be restored, Danyliw predicts.

“We have gone from that insane crazy marketplace to not so insane or crazy,” Danyliw said. But that has left sellers befuddled, asking what happened to our hot market.

Minister's Tree House

from atlasobscura.com fun info on world's largest treehouse...At 10 stories tall, with roughly 10,000 square feet, wow!



As he tells the story, in 1993, Minister Horace Burgess was praying when god told him, “If you build a tree house, I’ll see that you never run out of material.” Inspired by this vision of god, the quiet minister set out to build the largest treehouse in the world

Located just outside of Crossville, Tennessee, the 97-foot-tall tree house and church is supported by a still-living 80-foot-tall white oak tree with a 12-foot diameter base, relying on six other oaks for support.

For fourteen years, Minister Burgess has been adding to the tree house, spending only $12,000 and never running out of material. Over that time, the treehouse has grown to truly monumental proportions, and the Minister may have already achieved his goal of building the world’s largest treehouse. Currently, his treehouse is 90 feet tall, said to contain 80 rooms, and stretch up to five stories, complete with a church and a bell tower. The bell tower at the top of the treehouse is equipped with oxygen acetylene bottles that, repurposed as bells, chime daily.

In true southern style, every story is fully surrounded by a deck. And there are no “Private Property,” “Stay Off the Grass,” or “No Climbing” signs: Burgess say the treehouse is god’s house and everyone is welcome.

To that end, there are only two signs to be found: “Welcome” and “No Smoking” which, for a house of timber, makes sense. Despite some trouble with vandals, the Minister kept the treehouse open and in fantastic and ever-improving condition. From the top — which one must be rather brave to attempt climbing to — one can see the word “Jesus” spelled out in flora on a nearby field.

Unfortunately, the Tennessee Fire Marshall has closed down the treehouse until further notice, despite Burgess’ insistence that there are no building codes for treehouses.

Chill taking hold in metro Denver's housing market

from nationalmortgagenews.com interesting considerations...

The number of homes on the market surged, the number of sales dropped, and price reductions were abundant last month, all signs that buyers are pulling back in metro Denver, according to the latest market trends report from the Denver Metro Association of Realtors.

The inventory of single-family homes and condos available for sale at the end of August rose to 8,228, an increase of 7.65% from July and 11.8% higher than August 2017. Normally, the inventory barely drops between the two months and the change set a record.

"Over the past four years, we've experienced the strongest sellers' market in recorded history," Steve Danyliw, chairman of the DMAR Market Trends Committee and local Realtor, said in the report. "This past month, we saw available homes for sale increase to the highest level in four years, giving buyers more homes to choose from."

Single-family home sales in August dropped 7.46% from July, and are down 9.75% from the same month a year ago. Condo sales dropped 5% for the month and are down 15.6% from August 2017.

About 30% of sellers lowered their listing price in August to entice buyers, Danyliw said. That has created downward pressure in the market.

The median price of a single-family home sold in August was $445,000, down 1.1% from July and up 8.54% from a year ago. The median condo price was $299,000, up 0.89% from July and 9.05% from August 2017.

The number of days it took to sell a condo rose to 20 in August, up from 18 in July, while the number of days a single-family home took to sell rose to 23 from 21. While higher, both still reflect a fast pace of sales.

Danyliw pointed to several signs that buyers are pushing back more — fewer multiple offers on properties, fewer inspection allowances and fewer appraisal guarantees. That said, homes that are priced correctly and move-in ready still sell quickly.

Metro Denver's housing inventory hit the highest level in four years in August.

from thedenverchannel.com market shifts to consider...

DENVER — The Denver metro area’s housing market is showing signs of a slowdown in the rate of price growth as inventory increased to the highest level in four years, according to the September Denver Metro Real Estate Market Trends Report.

The report released Thursday shows both average and median prices have dropped from July. The median price for a home in metro Denver in August was $410,000, a 1.20 percent decrease from the previous month.

Housing inventory in the residential market hit a four-year high year to date in August with a total of 8,228 homes on the market, up 11.79 percent from last year.

“Over the past four years, we’ve experienced the strongest sellers’ market in recorded history,” said Denver REALTOR Chairman Steve Danyliw in a press release. “This past month, we saw available homes for sale increase to the highest level in four years giving buyers more homes to choose from.”

Still, Danyliw says market conditions favor the home seller and the next few months should see increased activity.

The highest priced single-family home sold in August was a $6,750,000 Larkspur property with 7,704 square feet representing four bedrooms and seven bathrooms, the report read.

Your Chance to Own a Private Ski Area Will Only Cost $36,000,000

fun house to look at in case you like the slopes all to yourselves....from snowboarding.transworld.net

Your Chance to Own a Private Ski Area Will Only Cost $36,000,000



Elk Island Ranch, located in Kremmling, Colorado is listed for sale for the low, low asking price of just $36,000,000. This 6,343 acre private recreational playground seems to have it all for the humble millionaire looking to get away into nature. Included in the location appears to be a zone specifically cut and designed for skiing or snowboarding. The description, boasts, among many other things, “available on-site downhill skiing and snowboarding, nordic skiing, and snowmobiling,” claiming a slope with 2,400 feet of vertical.

For those with money burning a hole in their pocket, now seems to be the time to act. It doesn’t appear to mention or show a chairlift or rope tow, so your private snowboarding oasis may have to be hike access only. Unless, of course, you’ve got some spare cash to put in some sort of motorized transport of your own. That being said, some photos seem to display an array of snowmobiles and a few snowcats, which could definitely come in handy when building your ultimate private backyard park.

From the listing:

Highlighted by a stunning mountain landscape and truly exceptional improvements, Elk Island Ranch is one of Colorado's finest sporting ranches. Encompassing 6,343± completely private and contiguous acres, the raw land has been meticulously improved and equipped into a four-season recreational playground of the highest order. A rarity on a mountain property of this size, fully-furnished luxurious accommodations complement the compelling landscape. An enviable location near several resort areas and less than 10 minutes from a real town with jet strip makes the ranch easy to access and enjoy.

At the heart of this vast land mass is the "island," a broad forest of aspen and conifer trees encircled by a sea of grass and rolling sage. A mosaic of timbered areas and the accompanying edge areas and transition zones result in prime wildlife habitat creating a veritable sanctuary for elk, mule deer and pronghorn. A year-round creek flows through the center of the ranch and a variety of large and small ponds provide water for wildlife and stock. Rising above the island are private ski slopes and below are a blue-ribbon tailwater trout stream and large reservoirs for boating and fishing.

Masterfully created to be a magnet for multi-generational usage, the ranch offers a wide variety of recreational amenities and attractions throughout the year. During the warmer months, outdoor activities include trout fishing, big game hunting, shooting sports and paintball. The extensive network of roads on the ranch are ideal for horseback riding, mountain biking, motorsports or just strolling through the wildflowers. Winter is one of the most active seasons at the ranch, with on-site downhill skiing and snowboarding, Nordic skiing, snowmobiling and a breathtaking 2,400' sledding hill.

Summer slowdown or shift in the housing market?

regional considerations from Colorado Association of Realtors....

ENGLEWOOD, Colo. – July 12, 2018 – With median and average sales prices continuing to rise due to ongoing inventory issues, other key measurements of the housing market have buyers, sellers and REALTORS® asking the same seasonal question; is this the typical summer slowdown or are we seeing a shift in the housing market?

Small, month-over-month increases in active inventory, months’ supply of inventory, and new inventory were easily countered by strong seasonal sales and remain down year-over-year, according to the latest housing report from the Colorado Association of REALTORS® (CAR).

Key findings from the June 2018 Housing Reports from the Colorado Association of REALTORS®:

Denver Metro Area – (Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas & Jefferson counties)
•New listings for single-family residence and condo/townhomes remained flat from May to June and are in line with the same numbers from a year prior.
•Active listings rose more than 9 percent month-to-month for single-family homes and 4.5 percent for condo/townhomes but remain down 12 percent and 16.5 percent year-over-year, respectively.
•The median sales price for a single-family home in the seven-county metro area rose just over one percent from May to June to $440,000 and the median price of a condo/townhome stayed flat at $305,000, up 7 percent and 9 percent year-over-year, respectively. Nearly identical gains were recorded for the average sales price with single-family homes reaching $519,000 and condo/townhomes topping $362,000.
•Total months’ supply of inventory edged up slightly for both single-family (2 months) and condo/townhomes (1.5 months) from May to June but also remain well below a balanced market inventory of 4-6 months.
•Days on the market dropped from 24 to 22 for single-family residence between May and June but rose two days to 21 for condo/townhomes.

Statewide –
•Up again slightly from May to June, the median sales price for a single-family residence statewide sits just shy of $400,000 and is up more than 8 percent from a year ago.
•Condo/townhome median pricing continued to edge up from its May record high and now sits at $305,000, up nearly 11 percent from June 2017.
•Despite a solid number of new single-family listings (11,909) and condo/townhome listings (3,335) in June, those figures are down more than 5 percent year-over-year as sold listings and under contract properties rose slightly from May to June.
•Statewide, there were 17,781 active listings for single-family homes in June, down nearly 15 percent from this time last year. Condo/townhomes saw a slight increase in active listings from May to June but remain down nearly 20 percent from a year ago.
•The average sales price of single-family residence and condo/townhomes remained relatively flat at $472,603 and $381,061, respectively. These prices reflect a 7 and 8 percent increase year-over-year.

Here’s a snapshot of metro-area and statewide market conditions from several of the Colorado Association of REALTORS® research spokespersons:

AURORA

“Continuing the low inventory trend in Aurora, active single-family homes on the market (554 listings in the month of June) are down 8.6 percent from 2017. While the median sales price ($381,000) is up 8.9 percent, Aurora remains a very affordable option in comparison to home prices around the Denver metro area.

“With days on the market (18) up over 2017, it appears that we are seeing a very typical summer slowing, a trend we have experienced over the past 3-5 years. Whether the market is shifting, or this is just part of the summer trend we have been experiencing remains to be seen. The condo market reflects the same lack of inventory. With just 196 listings in June, we’re down almost 16 percent year-over-year. The median condo price is up nearly 9 percent at $245,500 and the days on the market sits at just 16 days.

“It’s a good time for buyers in the market. While inventory is down from June 2017, it has increased from the March 2018 lows. It’s possible that buyers will not experience the crazy bidding wars that they experienced in the early spring,” said Aurora-area REALTOR® Sunny Banka.

BOULDER/BROOMFIELD

“Is the market finally experiencing a shift? That’s what REALTORS® ask themselves each summer and this year is no different. Listings are down, which means that sales are also down. In Broomfield County, single-family homes have experienced a modest appreciation of 4.3 percent and townhomes and condos are actually down a bit (-1.5 percent) since the beginning of the year. But signs of a strong market still remain with average days on the market still hovering at 30 days and the sales to list price ratio right at 100 percent.

“Boulder County looks similar, but with heftier appreciation at 8.7 percent and longer days on the market, likely due to the higher price points in this area. Townhomes and condos remain strong, up 6.8 percent, which often can be attributed to the strong condo sales for college students. The lack of inventory continues to be an issue, driving up prices and keeping days on the market low.

“The seasonal shift in our market is well under way and only time will tell if this shift continues into the fall or if it is the same summer slowdown we have seen every year for the last five years,” said Boulder-area REALTOR® Kelly Moye.

DENVER

“It appears that the Denver market peaked early this year. Following a three-year high for new homes entering the market in May at 1059, June dipped slightly to 886. Although this may not seem like much, that performance is just 89 percent of June 2017 and 84 percent of May 2018. The amount of sold inventory in Denver stayed steady both month-over-month and year-over-year with 99 percent as many homes selling in June over May and 101 percent over June 2017. Curiously enough, the median price in Denver dropped nearly 3 percent from last month but remains up 1 percent over this time last year. With the month’s supply of inventory and days on market remaining virtually unchanged and the amount of sold homes remaining steady, there is no cause to suggest a massive market shift at this point – though the numbers do suggest a potential sizzle rather than boil,” said Denver-area REALTOR® Matthew Leprino.

FORT COLLINS

“The monthly numbers are consistent with word on the street that interest rate increases have shifted buyers to lower price points. Combined with the seasonal slowing we see at the end of May and through June (end of school, family vacations, etc.) it is no wonder that sold listings ebbed, new listings dipped, and price reductions have made a comeback!

“While total homes sold are down slightly year-over-year, prices are still on the rise. It is heartening to see the townhome/condo market rebound a bit after years of stagnant activity in that sector. Affordability will remain a key driver moving forward since borrowed money is getting more expensive, wage growth remains behind the pace of home prices, and the northern front range of Colorado attracts hundreds of relocations every month. Hopefully, condos and townhomes under $300,000 will provide a much-needed lower price point for entry-level home owners,” said Fort Collins-area REALTOR® Chris Hardy.

GOLDEN AND JEFFERSON COUNTY

“Jefferson County is experiencing a flux in the market – whether it be a seasonal slowdown or an actual change in the market, we will see. Buyers continue to show more patience, more pickiness about what they are purchasing. And, the natural progression of first-time homes buyers into condos/townhomes with those people moving into larger homes is not happening. With the median home price sitting at $465,000, there simply isn’t enough affordable housing and there are a vast number of apartments being built. As a result, first time homebuyers that would typically buy a condo/townhome are looking into year-long apartment leases rather than buying.

“For single-family homes there were 1,003 new listings that hit the market in June compared to 1,065 last year. Days on the market dropped to 19 from 22 at the same time last year with the month’s supply of inventory sitting at 1.4. There were 772 homes sold in June compared to 878 this time last year.

“For townhomes/condos there were 327 new listings that came on the market in June compared to 335 this time last year, the days on the market increased to 14 from 9, and the month’s supply of inventory sits at one month. There were 249 sold in June compared to 273 this time last year and the median sale price is at $295,000.

“In downtown Golden there were 14 homes/townhomes/condos out of a total of 29 that lowered their price after 30 days on the market. Yes, homes and townhomes/condos above $500,000 are sitting longer or lowering their prices. There might be a bit of recovery in August as there was last year but only time will tell,” said Golden-area REALTOR® Barbara Ecker.

PUEBLO/PUEBLO WEST

“Wow, the median sales price for a single-family home in the Pueblo market hit $200,000 in June, up more than 11 percent from May to June and up more than 14 percent from where we sat just a few years ago. With listings down 3 percent, month-over-month, pending sales were up 14.2 percent as homes come on the market, they sell. We continue to see more new construction with permits up to 237 in the first 6 months of the year – twice the number as this time last year. Days on the market is roughly 8 weeks but is dropping. Still, multiple offers and low inventory are making it a challenge for buyers and getting to the closing table takes a lot more work, inspections, appraisals and a lot of hand-holding,” said Pueblo-West REALTOR® David Anderson.

ROYAL GORGE AREA – FREMONT AND CUSTER COUNTIES

“The Royal Gorge area real estate market, Fremont and Custer Counties, continues its slowing trend for new listings. Active inventory was down more than 22 percent from the month of June 2017. Year-over-year new listings are down 8 percent from 2017. Sold listings were lower by 31 percent from May of 2017 and 11 percent year over year.

“Lower inventories have caused an increase in our year-over-year median home price of 9 percent and the average sold price of just over 12 percent. Properties are closing an average of 34 days quicker than they were last year at this time.

“It looks like we are going to miss the summer trend of increased listings and sales this year. This stingy market will continue to drive prices higher, days on the market lower and fewer homes sold going into the fall and winter months,” said Royal Gorge-Area REALTOR® David Madone.

TELLURIDE

“The Telluride market hasn’t changed much this year. Through the first six months, sales volume is down 18 percent and the total number of sales is down 27 percent. However, the volume of sales can change quickly with a few large transactions. Yes, lack of inventory in the bottom 50 percent of the market has slowed overall sales, as well as some ‘international trade war’ challenges. However, the economy in Texas is booming and that is the biggest single one source of our second home client base. There seems to be a steady pace of properties going under contract with rumor of some very, very big transactions possible soon. Telluride continues to receive great press as a small-town resort community with more and more tourists discovering all that it offers. My prediction for the summer sales is strong and upwards in dollars and number of sales. Time will tell,” said Telluride-area REALTOR® George Harvey.

VAIL

“June is the transition month as we swing into the summer sales season for the Vail Valley. Overall transactions were slightly ahead of May but slightly down from June of 2017. The performance reflects a stable transactional standpoint with dollar increases coming from the upper end market. In 2017 year-to-date, 15 percent of the transactions represented 48 percent of dollar volume. In 2018 the relationship of 15 percent of transactions represents 54 percent of dollars which is a significant jump. This trend has been holding since the end of the first quarter and may hold through the balance of the year. One of the drivers of the trend is lack of inventory in the price points representing 85 percent of transactions. Inventory in the historically volume price points are down on average 38 percent from June of 2017. The problem shows no near-term signs of changing thus, a forecast of maintaining the current trend indicates a relatively stable market for the balance of the year. The next two months will be the key, as our summer season continues to grow a percentage of the yearly market,” said Vail-area REALTOR® Mike Budd.