California Realtors report bigger inventories, slower sales in February. There were more homes on the market than a year ago and it took longer to sell them in California in February, the state's Realtor Group said on Thursday. The California Association of Realtors said its unsold inventory index, which measures how many months it would take to sell the inventory of existing single-family homes, rose to 6.7 months in February from 6 months in January. The median number of days it took to sell a home increased to 52 days from 48 days in the first two months of the year, compared to 40 days in February 2005. Despite that, CAR also said that while the number of sales declined again in February, the pace of that drop slowed. The year-to-year drop in sales slowed to 15.5 percent in February, compared to a 24.1 percent decrease reported in January. The year-to-year increase in median price remained relatively steady, up 13.7 percent at $470,920. Click here to read more.
The Pro Shop. Investing for Dummies. Despite the title, "Investing for Dummies" isn't just for folks who think stuffing bills into a mattress is the best way to accumulate wealth. A primer for novices at its heart, it also gets meaty in parts. More complex subjects such as real-estate financing, understanding a company's annual report and buying into a small business are covered. The book is also meant to help fill gaps in the knowledge of more experienced investors — especially those who've realized they don't know as much as they thought they did. The common denominator: Novice and expert alike are looking for smart ways to build wealth. Click here to read more.
A Rich Market for Decadent Digs. Wealthy buyers are snapping up trophy homes at a record pace -- and now, they're looking beyond the sunny states. Coldwell Banker CEO Jim Gillespie notes this same trend of getting "the whole package." He recently told BusinessWeek Online that while "warm weather and the water remain primary draws…golf and ski resorts, cultural centers, shopping destinations, and other areas are seeing an influx of luxury homes." The gold rush is apparently sweeping not only California and perennial hot spot Florida, but Massachusetts, New Jersey, Illinois, Connecticut, Arizona, and New York as well. Each of these states racked up more than $1 billion in sales for Coldwell Banker luxury homes last year. In fact, Coldwell reported record luxury-home sales in the U.S., surging up to $55.9 billion in 2005 -- a 24% increase from the $45.2 billion record set in 2004. However, some say that appreciation of luxury houses in the $1 million to $2.5 million range will be flat in 2006, and may even decline in years to come. Baby-boomers may opt to downsize to a condominium or to age-restricted housing in 2006. Some may see the equities in their retirement funds and 401(k) plans erode, while others may devote more of their assets to a retirement home. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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