Real Estate News Round Up

Just wanted to share some of the real estate news out there on the interwebs. 


1.  Southern California's median home price was $283,000 in October 2010, an increase of 1.1% as compared to the same month last year.  Prices fell 4.2% compared to September 2010's median price.  I'm a little surprised that prices haven't dropped more since 2009.   Click here to read more from LA TIMES.


2.  Inland Southern California home sales last month were the fewest for October in three years.  

According to the Press Enterprise, potential buyers reacted unfavorably to employment uncertainty, tight mortgage lending policies and expired government incentives.  Sales of new homes were hit the hardest, reflecting how builders have struggled to produce houses they can sell at prices low enough to compete with foreclosures.  "We think there are a lot of people who could buy now but aren't in the mood. They are either fearful of losing their jobs or think home prices are going to fall or they don't know what will happen. They will sit on the sideline and wait," said DataQuick analyst Andrew LePage.  I agree with the analyst's view on why buyers are still on the fence.  It seems like things have gotten slower in my local market without any incentives for buyers.  Houses are still moving, but not very quickly.  Click here to read more from PE.COM.


3.  Nicolas Cage's Bel-Air home goes to new owner for only $10.5 million.

According to the LA TIMES, "The sale of Nicolas Cage's onetime Bel-Air estate, which the actor lost to foreclosure this year, has all the makings of a Hollywood blockbuster. There was hubris, bad taste and a dizzying fall from financial grace."  One agent described it as "frat-house bordello."  Not a very flattering description in my humble opinion!  Still, I'd love to see what this style looks like... I love gaudy grotesque interior design.  HA.


4. AUDIO - Post-recession homes and lawns get smaller.  "Homes have gone from McMansion-sized during the housing boom to more cozy. Square footage is shrinking. And builders are doing away with libraries, formal sitting rooms and other extra spaces. Even yards are being downsized."  I would imagine that, within new home sales, smaller homes are more affordable for typical buyers.   Click here to listen to the audio report.


5.  A Modular Home in Manhattan's West Village for only $39,900.

Daniella Zalcman for the Wall Street Journal

According to the Wall Street Journal, "On Monday afternoon at the corner of Washington and Charles Streets in the West Village, entrepreneur Michael de Jong stood in a winter coat, giving tours of one of his 320-square-foot MEKA Luxury Modular Homes, which took about five days to assemble on-site. Sadly, for NYC bargain hunters, the home’s site is only temporary. The house, made from a shipping container, is on display there until the end of the month. Interested buyers would have to find their own land."  

Daniella Zalcman for the Wall Street Journal

I love these modular homes, they're so cute and modern.  If I had some extra land somewhere, I would totally get one of these.  Despite the fact that they're modular, they don't look like the traditional "trailer" or "mobile home."  The traditional modular homes look great too, but they're don't have that modern chic look.  Click here to read more.


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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
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Beaumont, CA 92223
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tina.jan@coldwellbanker.com
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