Nick's New Cage. Who's buying, who's selling in the world of high-end real estate. Actor Nicolas Cage recently bought a waterfront home in Newport Beach, according to a California real estate source. The Oscar winner reportedly paid a whopping $25 million for the bay-front home in a very quiet deal. He is currently building a 160-foot dock there to accommodate a large yacht, the source says. Click here to read more.
Home market posts small drop. Numbers lead most to believe area will have "soft landing". If the Inland Empire housing market has peaked, it may be that October 2005 will be remembered as the high-water mark. Numbers released Thursday by the California Association of Realtors showed that while month-over-month prices showed a small increase both statewide and in much of the Southland, the median in the Riverside-San Bernardino metropolitan area slipped to $388,650 in November. That's just a 1.6 percent drop, and it's still 20.7 percent higher than November 2004, but it's the first drop of any kind locally in years. "People are being more cautious right now," said Jack Kyser, chief economist with the Los Angeles County Economic Development Corp. "Lenders are being more cautious. I think the housing market is starting to come in for that "soft landing' people have been talking about." If that's true, it's still a soft landing at a very high level. Nine different Inland Valley cities have median prices of half a million dollars or more, and Norco was the first city in the Inland Empire to hit the $700,000 mark. But even though demand remains high, inventories are getting deeper all the time as homeowners try to maximize the potential profit from their equity. Click here to read more.
Median Price of a Home in California at $548,400 in November, Up 16.2 Percent from Year Ago; Sales Decrease 11.2 Percent. The median price of an existing home in California in November increased 16.2 percent and sales decreased 11.2 percent compared with the same period a year ago, the California Association of REALTORS(R) (C.A.R.) reported today. "The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year," said C.A.R. President Vince Malta. Closed escrow sales of existing, single-family detached homes in California totaled 579,560 in November at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity decreased 11.2 percent from the 652,340 sales pace recorded in November 2004. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during November 2005 was $548,400, a 16.2 percent increase over the $471,980 median for November 2004, C.A.R. reported. The November 2005 median price increased 1.8 percent compared with October's $538,770 median price. Click here to read more.
Midday Business Report: More evidence of housing slowdown. Sales of new homes plunged in November by the largest amount in nearly 12 years, providing the most dramatic evidence yet that the red hot housing market over the last five years is starting to cool down. The Commerce Department reported today that new single-family homes were sold at a seasonally adjusted annual rate of 1.245 million units last month, a drop of 11.3 percent from October, when sales had surged to an all-time high. Last month’s decline was even bigger than the 8.7 percent drop-off that Wall Street analysts had been expecting. Though sales of both new and existing homes are still on track to set records for a fifth straight year in 2005, analysts are forecasting sales will decline in 2006 as the housing boom quiets down. Analysts are looking for home sales to dip by between 3.7 and 6 percent next year under the impact of rising mortgage rates. Analysts believe that house prices, which had been soaring at double digit rates, will moderate as well. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
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