In America, building BIG: As family size shrinks, U.S. homes are getting larger. During the past few years, expectations about houses - especially newer homes in the $300,000-and-up range - have been escalating about as fast as their prices, builders and real estate agents agree. Family rooms are passé. Great rooms are in. Bonus rooms are a must. Ditto at least two bathrooms, preferably even three. Main-floor master bedroom with luxury bath: perfect. All the bedrooms on the ground floor: even better yet. Pre-wired media room: great if you can afford it. Not only that, but houses have been growing steadily larger during the past 15 years, despite the fact that family size has been shrinking just as surely for decades; it's now 2.8, down from 3.4 in 1960. The size of single-family homes now averages about 2,400 feet, however, nearly 450 square feet more than 20 years ago, while the number of small houses - under 1,200 square feet - has dropped to a mere 4 percent, down from 13 percent, in the same time period. Click here to read more.
Buyers gain edge in housing market. Although activity is high, slowdown might be ahead. Even though the statistics for 2005 broke all records for sales, volume and median and average price, many real estate agents are readying themselves for a more challenging year. That will mean longer listing periods, fewer purchase offers, and far fewer bidding wars — even for prime real estate in the hot market areas. In late December, Fortune magazine published a story looking at the top 100 U.S. housing markets and forecasting the future for them. Here's a snippet: "If you live in any of those overheated places, you might want to make some new calculations and assumptions about your property. On the other hand, markets at the other end of the spectrum — lower-priced areas that have seen less froth lately, such as Rochester, N.Y., Albuquerque and Tulsa — are more likely to see expanding home values." Click here to read more.
TROPHY HOMES: California county hits new level of luxury. Magnificent beaches, weather and lifestyle have placed Orange County among the nation's top 10 markets for trophy homes, according Rick Goodwin, publisher of "Unique Homes" magazine. Orange County prices, though, haven't caught up to the levels of its northern neighbor, which is home to some Malibu and Bel Air estates with $50 million-plus asking prices, or New York City, where prices for some exclusive high-rise homes have topped $40 million. In some ways, the high-end home sales are a reflection of what's going on throughout Orange County. Nearly 6,700 homes sold here for $1 million or more in the past 11 months, compared with fewer than 500 in 1990. But the high-end market is largely an economy unto itself, unrelated to the vicissitudes of the larger local housing market. Since high-end buyers come from all over the world, the Orange County job market, for example, has no effect on prices for trophy homes. And while the county's median home price tripled in the past 10 years, the three top-priced homes were up four- to five-fold on average. Orange County trophy-home buyers are a diverse group, including Asian business owners, investors, entrepreneurs and corporate bigwigs. Newport Beach agent Robert Giem said the few things such buyers have in common are that they have the means, they're intensely private, and they pay cash. The county increasingly draws high-end buyers, he added, because it offers residents and visitors so much to do, with an abundance of places to dine, shop or golf. And with e-mail, Internet access and videoconferencing and teleconferencing, many are able to own and maintain business interests elsewhere while living here. Click here to read more.
Socking away your nest egg. Keep your stash safe, liquid. Today, you can't afford a cramped two-bedroom in the suburbs an hour's commute from work. So you've resolved to wait out the hot real estate market until prices come down or at least cool off. But you still have a healthy down payment sitting around that was set aside for that dream home. Even if you hope to use it within a few years, the lump sum should be locked away in a short-term investment rather than let inflation get the best of it in a standard savings account, financial advisers say. Besides, home prices may still rise, and you'll want that down payment to grow as much as it can while you wait for the right home to hit the market at the right price. Click here to read more.
Los Angeles Times - Real Estate Section. Be sure to check out the real estate section in the LA Times every Sunday. They have great articles every week! I'm a big fan, and I get alot of great articles from there. If you'd like to check them out for yourself, click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
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Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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