GayRealEstate USA

Shift in Consumer Trends May Influence House Buying in the Future

By Jeff Adolph

Residential Real Estate

According to reports from the Federal Reserve Americans have the lowest rate of debt since 1991, with consumer loan amounts, credit card debt and automobile loans continuing to decline over the last 6 consecutive months. The amount owed on homes has declined by 3% from a peak of $1.13 trillion in Mid-2007.

 

This is believed to be attributed to the fact that many Americans are saving money with reports that saving account values have risen by as much as 5% since the recession was announced being made. And, this rate of savings is believed to be the highest it has been in 15 years.

 

It is this save more, spend-less trend that experts feel will change the real estate market in real-estate centric regions, such as Southern California. This will then mean that Californian homeowners will seek more energy efficient homes, closer to work and access to public transit over luxury fittings and fixtures that are more expensive.

 

Walter Maloney, spokesman for the National Association of Realtors said, "We'll probably be seeing a trend toward smaller, greener, less-costly-to-maintain houses. It's a return to basics."

Article Source: Jacobs, Chip (2009) Recession May Forge a Housing Shift in California; available online at http://wwwlatimes.com

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By Jeff Adolph

Residential Real Estate

According to reports from the Federal Reserve Americans have the lowest rate of debt since 1991, with consumer loan amounts, credit card debt and automobile loans continuing to decline over the last 6 consecutive months. The amount owed on homes has declined by 3% from a peak of $1.13 trillion in Mid-2007.

 

This is believed to be attributed to the fact that many Americans are saving money with reports that saving account values have risen by as much as 5% since the recession was announced being made. And, this rate of savings is believed to be the highest it has been in 15 years.

 

It is this save more, spend-less trend that experts feel will change the real estate market in real-estate centric regions, such as Southern California. This will then mean that Californian homeowners will seek more energy efficient homes, closer to work and access to public transit over luxury fittings and fixtures that are more expensive.

 

Walter Maloney, spokesman for the National Association of Realtors said, "We'll probably be seeing a trend toward smaller, greener, less-costly-to-maintain houses. It's a return to basics."

Article Source: Jacobs, Chip (2009) Recession May Forge a Housing Shift in California; available online at http://wwwlatimes.com

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By Jeff Adolph

Residential Real Estate

According to reports from the Federal Reserve Americans have the lowest rate of debt since 1991, with consumer loan amounts, credit card debt and automobile loans continuing to decline over the last 6 consecutive months. The amount owed on homes has declined by 3% from a peak of $1.13 trillion in Mid-2007.

 

This is believed to be attributed to the fact that many Americans are saving money with reports that saving account values have risen by as much as 5% since the recession was announced being made. And, this rate of savings is believed to be the highest it has been in 15 years.

 

It is this save more, spend-less trend that experts feel will change the real estate market in real-estate centric regions, such as Southern California. This will then mean that Californian homeowners will seek more energy efficient homes, closer to work and access to public transit over luxury fittings and fixtures that are more expensive.

 

Walter Maloney, spokesman for the National Association of Realtors said, "We'll probably be seeing a trend toward smaller, greener, less-costly-to-maintain houses. It's a return to basics."

Article Source: Jacobs, Chip (2009) Recession May Forge a Housing Shift in California; available online at http://wwwlatimes.com

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By Jeff Adolph

Residential Real Estate

According to reports from the Federal Reserve Americans have the lowest rate of debt since 1991, with consumer loan amounts, credit card debt and automobile loans continuing to decline over the last 6 consecutive months. The amount owed on homes has declined by 3% from a peak of $1.13 trillion in Mid-2007.

 

This is believed to be attributed to the fact that many Americans are saving money with reports that saving account values have risen by as much as 5% since the recession was announced being made. And, this rate of savings is believed to be the highest it has been in 15 years.

 

It is this save more, spend-less trend that experts feel will change the real estate market in real-estate centric regions, such as Southern California. This will then mean that Californian homeowners will seek more energy efficient homes, closer to work and access to public transit over luxury fittings and fixtures that are more expensive.

 

Walter Maloney, spokesman for the National Association of Realtors said, "We'll probably be seeing a trend toward smaller, greener, less-costly-to-maintain houses. It's a return to basics."

Article Source: Jacobs, Chip (2009) Recession May Forge a Housing Shift in California; available online at http://wwwlatimes.com

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By Jeff Adolph

Residential Real Estate

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Median Home Prices Rise in Southern California

Residential Real Estate

According to the Los Angeles Times median prices in Southern California have risen to $265,000, the first significant increase that has been seen in over two years.

It was also noted that less than 50% of the homes sold were foreclosed, which is the first time this has happened in over eight months.

Home prices in Southern California rose by 6.4% in May, and this has sparked comment amongst realty experts that the housing market in this region may have hit rock bottom and be recovering.

Median prices in Southern California, by county, as of June 2009, are as follows:

Los Angeles - $320,000 up from $300,000

Riverside - $185,000 up from $137,000

San Bernardino - $140,000

Orange - $418,000 up from $410,000

Ventura - $365,000

San Diego - $314,250 up from $295,000

Local economist, Christopher Tornberg, told Los Angeles Times reporter, Peter Hong that he felt the real estate market was changing.

"I think we can now say with a fair degree of confidence that the pace of real home prices declines has slowed dramatically," Thornberg said.

Sources: Hong, Peter (2009) Southern Californian Median Home Sales Prices Surge in June; available online at http://www.losangelestimes.com

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Rise in Gay First-time Homebuyers in San Francisco

By Jeff Adolph

Residential Real Estate

According to real estate experts, gay first-time home-buyers are making the most of low interest rates and home prices, and making the move from renting to buying now in order to break into the real estate market.

Arisson Tavanielli, and his partner, Haroldo Domingues are just one couple who decided to wait to buy their first-home, even though they were in the market to buy months earlier.

"As prices started to come down, we decided to wait a little bit to see where it would go," said Domingues.

In addition to this, many gay couples and singles are said to be taking advantage of the first-time home-buyers tax incentives of $7,500, which according to Bay Area Reporter, Heather Cassell, is said to be increasing by $500 to $8,000 in the coming months. The Federal Housing Administration is also said to be introducing a higher maximum loan limit of $729,750, which comes with a 3.5% down payment so that housing in the area is more affordable.

First-time home-buying Californians who are wishing to build a new home will also be eligible for an additional $10,000 tax credit providing that they buy their home between March of 2009 and March of 2010. However, this incentive is limited to the first 10,000 home-buyers due to a budget allocation of only $100 million. Plus, this incentive has similar terms and conditions to the first home buyers tax incentive. 

If you find this all a little confusing, and live in San Fransisco then it may be worth your while to attend a first-time home-buyers seminar that will help you understand these incentives and real estate in general. If so, then please visit the San Fransisco LGBT Community Center, located at 1800 Market Street, on June the 1st, between 6 and 8 pm.

Article Source: Cassell, Heather (2009) Gay First-time Home-buyers Seize Opportunities in SF; available online at www.ebar.com

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By Jeff Adolph

Residential Real Estate

According to real estate experts, gay first-time home-buyers are making the most of low interest rates and home prices, and making the move from renting to buying now in order to break into the real estate market.

Arisson Tavanielli, and his partner, Haroldo Domingues are just one couple who decided to wait to buy their first-home, even though they were in the market to buy months earlier.

"As prices started to come down, we decided to wait a little bit to see where it would go," said Domingues.

In addition to this, many gay couples and singles are said to be taking advantage of the first-time home-buyers tax incentives of $7,500, which according to Bay Area Reporter, Heather Cassell, is said to be increasing by $500 to $8,000 in the coming months. The Federal Housing Administration is also said to be introducing a higher maximum loan limit of $729,750, which comes with a 3.5% down payment so that housing in the area is more affordable.

First-time home-buying Californians who are wishing to build a new home will also be eligible for an additional $10,000 tax credit providing that they buy their home between March of 2009 and March of 2010. However, this incentive is limited to the first 10,000 home-buyers due to a budget allocation of only $100 million. Plus, this incentive has similar terms and conditions to the first home buyers tax incentive. 

If you find this all a little confusing, and live in San Fransisco then it may be worth your while to attend a first-time home-buyers seminar that will help you understand these incentives and real estate in general. If so, then please visit the San Fransisco LGBT Community Center, located at 1800 Market Street, on June the 1st, between 6 and 8 pm.

Article Source: Cassell, Heather (2009) Gay First-time Home-buyers Seize Opportunities in SF; available online at www.ebar.com

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SF Special Feature -- Mid-Market Development Stalls

By Jeff Adolph

Residential Real Estate

Market Street in San Fransisco's Castro district is quickly turning into an LGBT hot-spot for investment, however the region's development has been momentarily  stalled as the economic crisis brings construction hopes to a halt ( two stalled projects are pictured left and below).

It is estimated that as many as 12 developments, including affordable housing, rental units, and market-rate condos, which have been on the negotiating table for over three years are now unable to gain financial backing from banks.

However, developers in the region expect this to be a short-term delay as there is a high demand for housing in the Castro and the Upper Market area. In fact, some developers have even stated that they have received calls from interested parties already regarding the purchase or rental of their proposed units.

Bevan Duffy, the Castro district supervisor told the Bay Area Reporter in a recent interview that he was eager for projects that met the needs of residents to move forth.

"If there are projects that can move forward, I think that is good for the economy and the city. The projects that do the best job in matching up with the neighborhood wants, as expressed in the Upper Market plan, hopefully will move quickly," Duffy said.

Sources: Bajko, Matthew (2008) Bank Crisis Hits Castro Projects; available online at http://www.ebar.com

Image Source:  www.ebar.com

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LGBT are Buying in San Fransisco

By Jeff Adolph

Residential Real Estate

Two new projects that have opened in the last year along the San Fransisco mid-Market region are encouraging LGBT to invest in the area.

The Hayes (pictured left), is located at 55 Page Street, and the SOMA Grand, a condo development situated at 1160 Mission Street are attracting a diverse mixture of buyers.

James Haywood and his partner, Tom Mason recently told the Bay Area Reporter that they moved to the area because they felt that their neighborhood was too suburban. Haywood and Mason purchased a condo in the SOMA Grand for $925,000, late last year, and have never been happier.

"I have to tell you, we love it," said Haywood. "We have walked more and taken public transit more than we've probably taken in 15 years in Noe Valley. It is a great place to live. We really wanted to be in the city and take more advantage of what we have."

While this area of San Fransisco was once considered as a corridor that joined other more notable areas, it is quickly transforming into a LGBT haven, with gay-owned businesses and new residential developments continually re-shaping the area.

Source: Bajko, Matthew (2009) Gay's Invest in SF's Mid-Market Area; available online at www.ebar.com

Image Source:  www.sfdevelopments.com  and www.thehayessf.com

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Source: Bajko, Matthew (2009) Gay's Invest in SF's Mid-Market Area; available online at www.ebar.com

Image Source:  www.sfdevelopments.com  and www.thehayessf.com

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Rentals Increase

By Jeff Adolph

Home Price Rises

The current real estate market in places like Southern California, Florida, and Las Vegas is representing a favorable opportunity for those that are renting.

With so many homes on the market and many of these being vacant, and not selling as quickly as anticipated many home owners are electing to rent to cover their mortgage. and, this is presenting a win-win situation for those who are renting.

Firstly, with so many rentals on offer existing landlords are finding it difficult to raise rents. Secondly, rental prices are becoming more competitive with renters getting excellent deals and value leases. Thirdly, renters are also getting incentives in their leases so that they are encouraged to rent certain apartments over others.

Hessann Nadji, director of a real estate investment service in new York said, "What's different now is the degree of excess homes and condos being put on the rental market. The sheer volume is creating more competition for traditional rental markets. According to research data approximately 3.3 million homes and condos have come up for rent, and estimated increase of 6.1%, and this is attributed to a rise in condo developments, which developers are now finding hard to sell. For example - the number of homes for rent in Fort Lauderdale, Florida has risen by more than 11% to 10,000 units.

Ron Suffield, president of a Miami real estate firm said, "Our rental activity is about three times what it was three years ago. Today, for the first time ever for the firm, we're renting more properties than we are selling."

Main Story Source: CNN.com (2008) Renters Profit from Owner's Pain; available online at www.cnn.com

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By Jeff Adolph

Home Price Rises

The current real estate market in places like Southern California, Florida, and Las Vegas is representing a favorable opportunity for those that are renting.

With so many homes on the market and many of these being vacant, and not selling as quickly as anticipated many home owners are electing to rent to cover their mortgage. and, this is presenting a win-win situation for those who are renting.

Firstly, with so many rentals on offer existing landlords are finding it difficult to raise rents. Secondly, rental prices are becoming more competitive with renters getting excellent deals and value leases. Thirdly, renters are also getting incentives in their leases so that they are encouraged to rent certain apartments over others.

Hessann Nadji, director of a real estate investment service in new York said, "What's different now is the degree of excess homes and condos being put on the rental market. The sheer volume is creating more competition for traditional rental markets. According to research data approximately 3.3 million homes and condos have come up for rent, and estimated increase of 6.1%, and this is attributed to a rise in condo developments, which developers are now finding hard to sell. For example - the number of homes for rent in Fort Lauderdale, Florida has risen by more than 11% to 10,000 units.

Ron Suffield, president of a Miami real estate firm said, "Our rental activity is about three times what it was three years ago. Today, for the first time ever for the firm, we're renting more properties than we are selling."

Main Story Source: CNN.com (2008) Renters Profit from Owner's Pain; available online at www.cnn.com

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LGBT Zipcodes -- A Closer Look -- West Hollywood

By Jeff Adolph

Hip and Happening Homes

West Hollywood, one of GayRealEstate USA's gayest zipcodes is selling condo's like hot cakes, by introducing innovative ways of selling to their target audience.

'The 105-unit Rob Clark', owned and operated by Athena Group of New York, is niche marketed to hip professionals, and these are the people who are purchasing the condo's -- creative's, and in their droves.

Why? Well, Rob Clark is a fictitious character who is a little flamboyant with impeccable taste, and the imaginary Mr. Clark has left his mark on many with a touch of fragrance and clothing scattered through the early condo model, which gave those visiting the impression that Mr. Clark had been there only moments before. This of course is aimed at actors and actresses, and other like minded creative's, all of which the owners are hoping to attract into the development. And, with only 11 condo's remaining it looks as if their sales technique may be working.

The condo's range between the mid $400,000's to the high $500,000's, with homeowner fee's being approximately $300 per month. Units range between 500 and 1,200 sq feet in size and come with either 1 or 2 bedrooms.

As one resident, an acting student says, 'You don't even have to leave the building to feel like you're in a hip, chic community.'  

Main Story Source: Vesilind, Emily (2008) Even in a Dowm Market, Creative Developers Find Success by Limiting their Audience; available on-line at www.latimes.com

Picture Source: www.weblo.com (real estate)

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Landlord-Tennant Dispute Reminder of Agreement Importance

By Jeff Adolph

Special Interest

A landlord-tenant dispute in Castro is a stark reminder of the importance of tenancy agreements and how they protect the rights of all concerned.

Chris Vaughn, 29 and his 24 year-old partner, Ben Quirk (pictured above), are currently involved in a rental dispute over their residence, which they have spent thousands on to make it inhabitable.

The couple who shared with friends who were the original lease holders of the property until August of 2007, were never added to the lease, so when their friends moved the couple were subjected to rental rate increases.

Vaughn and Quirk's residence was originally priced at $1,500 a month, however,  West Coast Property Management who managed the rent have stipulated that the owners wish to raise the rent of the apartment to $4,000 per month, which to couple cannot afford.

What is even more disturbing is Vaughn and Quirk are not alone in their battle, across America every day there are many other renters that face similar circumstances. This is why it is of the utmost importance that you sign a lease prior to moving into residence, and that you are fully aware of your rights and obligations.

A rental agreement is a contract that is legally binding and states the parties who the agreement is between, the residence that is being rented, the term of the agreement and exactly how much you are expected to pay to reside in the residence. Without such a document it is extremely hard to prove facts in a  court of law.

Main Story Source: Hemmelgarn, Seth (2008) Couple Fights to Stay in Apartment; available online at http://www.ebar.com/news/article.php?sec=news&article=2980

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By Jeff Adolph

Special Interest

A landlord-tenant dispute in Castro is a stark reminder of the importance of tenancy agreements and how they protect the rights of all concerned.

Chris Vaughn, 29 and his 24 year-old partner, Ben Quirk (pictured above), are currently involved in a rental dispute over their residence, which they have spent thousands on to make it inhabitable.

The couple who shared with friends who were the original lease holders of the property until August of 2007, were never added to the lease, so when their friends moved the couple were subjected to rental rate increases.

Vaughn and Quirk's residence was originally priced at $1,500 a month, however,  West Coast Property Management who managed the rent have stipulated that the owners wish to raise the rent of the apartment to $4,000 per month, which to couple cannot afford.

What is even more disturbing is Vaughn and Quirk are not alone in their battle, across America every day there are many other renters that face similar circumstances. This is why it is of the utmost importance that you sign a lease prior to moving into residence, and that you are fully aware of your rights and obligations.

A rental agreement is a contract that is legally binding and states the parties who the agreement is between, the residence that is being rented, the term of the agreement and exactly how much you are expected to pay to reside in the residence. Without such a document it is extremely hard to prove facts in a  court of law.

Main Story Source: Hemmelgarn, Seth (2008) Couple Fights to Stay in Apartment; available online at http://www.ebar.com/news/article.php?sec=news&article=2980

Picture Source: www.ebar.com and Microsoft Clipart

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By Jeff Adolph

Special Interest

A landlord-tenant dispute in Castro is a stark reminder of the importance of tenancy agreements and how they protect the rights of all concerned.

Chris Vaughn, 29 and his 24 year-old partner, Ben Quirk (pictured above), are currently involved in a rental dispute over their residence, which they have spent thousands on to make it inhabitable.

The couple who shared with friends who were the original lease holders of the property until August of 2007, were never added to the lease, so when their friends moved the couple were subjected to rental rate increases.

Vaughn and Quirk's residence was originally priced at $1,500 a month, however,  West Coast Property Management who managed the rent have stipulated that the owners wish to raise the rent of the apartment to $4,000 per month, which to couple cannot afford.

What is even more disturbing is Vaughn and Quirk are not alone in their battle, across America every day there are many other renters that face similar circumstances. This is why it is of the utmost importance that you sign a lease prior to moving into residence, and that you are fully aware of your rights and obligations.

A rental agreement is a contract that is legally binding and states the parties who the agreement is between, the residence that is being rented, the term of the agreement and exactly how much you are expected to pay to reside in the residence. Without such a document it is extremely hard to prove facts in a  court of law.

Main Story Source: Hemmelgarn, Seth (2008) Couple Fights to Stay in Apartment; available online at http://www.ebar.com/news/article.php?sec=news&article=2980

Picture Source: www.ebar.com and Microsoft Clipart

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Rossmoor Homeowners

Jeff Adolph

Retirement Complexes

Who would think of purchasing their first home when they were in their 60's? Well it seems that many retirees are, after decades of renting.

The 3-bedroom, 2-bath townhouse cost $350,000, however the price tag was less than homes in any neighboring cities and the retirement community offers a spectacular safe haven, filled with like-minded individuals.

Rossmoor is one of the largest and oldest retirement complexes in California. The facility comprises of some 6,000 + apartments, single-family homes and townhouses, and is set on 2,200 acres of land. Many of Rossmoor's 8,000 + residents still work, and they like the sanctity that the complex provides.

Rossmoor opened in 1964 and has expanded gradually over the last 45 years. Homes start from $98,800 for the smaller apartments and go up to $1.39 million for a grand single-family home.

There were 176 properties for sale in Rossmoor this month, which was less than the average number of 235 during the 2006/2007 fiscal year. John Russell, local Realtor expects this number to decrease further as baby boomer's begin to retire in the coming years, and home prices begin to appreciate in value once again.

Homeowners Association fees range from $425-4725 per month, depending on the location of the homes. Residents also pay property taxes of between $200 and $1,000 a month depending on their home values. 

To find out more about Urbane Apartments please visit www.urbaneapts.com.

Rossmoor LGBT Real Estate Facts: The Rossmoor population comprises of .5% of same-sex couples, and the beauty of such a facility is it is diversified with heterosexual and gay couples living harmoniously together. There are gay resident groups and lesbian organizations that are always made to feel welcome. Lorraine Grawoig, president of Parents, Family and friends of Lesbians and gays says she has never felt uncomfortable about heading the club.  

Main Story Source: Hollis, R (2008) Rossmoor is Where Older Homeowners Thrive; available online at http://www.sfisonline.com

Picture Source: rossmoor.com

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Around the Nation: Residential Real Estate Update - California

By Jeff Adolph

State-by-state Update

Situated on the West Coast of the United States with a population of 36,457,549, California is the nations highest populated state. Home to several significant economic regions such as, Hollywood, California Central Valley, Napa Valley and Silicon Valley, California's main sources of income stem from entertainment, agriculture, wine production and computer technology.

Income tax in California is as high as 9.3% and there are 6 taxation brackets. This state also collects sales and property tax, with property tax being based on fair market value at the time of purchase, and not increasing as real estate prices rise.

Across California home prices seem to be priced from $500,000 and up though in some regions like Orangevale and Lakewood the median price hovers around the $350,000 mark.

West Hollywood

The market price in this region is up 10-15% compared to last years prices with homes in this region typically sit on the market for 30-60 days and sellers getting 90-95% of their asking price. The median price per square foot in West Hollywood is around the $574 mark, with 2-3 bedroom homes selling in the range of $800,000 and up.

LGBT Real Estate Facts: There are 92,138 same-sex couples residing in California making this state the gayest in the nation. Most of these couples reside in Los Angeles with the gayest zip code being 94114 - The Castro. Other highly populated zip codes are West Hollywood (90064), Twin Peakes (94131), and Haight (94117). -- gaydemographics.org

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com

Picture Source: wikipedia.org 

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