Barrington Homebuyers: October 2019

Thursday, October 31, 2019

Late Designer Max Azria’s Chic Mansion Is This Week’s Most Expensive New Listing

The stylish Los Angeles estate of the late fashion designer Max Azria has come back onto the market for $78 million, making it this week’s most expensive new listing on realtor.com®.

Azria, who died in May at the age of 70, and his wife, Lubov Azria, originally placed the sprawling spread on the market for $85 million in 2015. A year later, they put it back up for sale and raised the price tag by $3 million.

When the elevated asking price failed to entice a buyer, the home was taken off the market. Now, it’s returned with a price chop of $10 million. Even at the reduced ask, it’s still our priciest property this week.

The price is a huge increase from the $14.4 million the couple paid when they bought it from producer Sidney Sheldon, the L.A. Times reported.

Dubbed Maison du Soleil, the estate was designed in 1939 by the architect to the stars Paul Williams, “who helped shape the legacy of classic Hollywood Regency design,” according to the listing description.

After the couple bought the house, they lavished $30 million on a gut renovation, the Wall Street Journal reported.

Not surprisingly, a fabulous home owned for years by creative types is decorated to the hilt, with walls and rooms filled with texture, shine, and pops of color, including orange, red, and silver.

Sitting room with shimmering floral ceiling
realtor.com

Sitting on nearly 3 acres, the layout offers 30,000 square feet of living space and includes 17 bedrooms and 22 bathrooms.

With 60 rooms altogether, the eye-popping decor blends the home’s 1930s architecture with modern design. The dramatic foyer sets the tone, with a double staircase and a floor-to-ceiling chandelier. The living room is filled with rainbow-swirled carpets and opens out to the lawn.

A whimsical seating area with a cherry-red color scheme has an elaborate ceiling with faux blossoms overhead. The formal dining room comes with French doors that also open outside. Other rooms include a family room with built-ins, and a sparkling bar room with a disco vibe.

Entertainment options abound. There’s a 6,000-square-foot private movie theater with an attached catering kitchen. Outside, you’ll find Japanese and French gardens, a pool and Moroccan-style poolhouse with a hammam, a glass-walled tennis court, and multiple dining patios and fire pits.

The Los Angeles-based designer, who was CEO and designer of the BCBG Max Azria Group, was best known for his trendy yet affordable BCBGMAXAZRIA line of clothing. He also headed up the designer label Hervé Léger by Max Azria, a celebrity favorite.

Azria left BCBG in 2016, and soon after, BCBG Max Azria filed for bankruptcy in 2017. The brand and other labels were bought by Marquee Brands and Global Brands Group.

Ginger Glass with Compass holds the listing.

The post Late Designer Max Azria’s Chic Mansion Is This Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.

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New Orleans’ LaLaurie Murder Mansion to Star in Upcoming Horror Films

New Orleans’ infamous LaLaurie mansion, where an untold number of slaves are said to have been tortured and then savagely murdered nearly 200 years ago, will play a starring role in a new horror movie franchise.

The creators of “The Conjuring” movies recently signed on to make a series of movies about the mansion and the atrocities that took place there.

The three-story, real-life house of horrors already has a Hollywood history. The French Quarter home with a Baroque facade and balcony was previously owned by actor Nicolas Cage. And it was featured in the 2013 “Coven” season of the popular TV series “American Horror Story.”

The mansion was owned by local socialite Delphine LaLaurie, who allegedly brutalized her slaves, gouging out their eyes and tearing off limbs. A 12-year-old slave climbed to the roof and leaped to her death rather than suffer such cruelty, according to rumors.

When a fire broke out in the mansion in 1834, firefighters reportedly found the brutalized slaves chained in cages in the attic. They were freed.

Incensed by her treatment of the slaves, a mob reportedly ransacked the house. LaLaurie was said to have fled to Paris, and it’s still unknown what became of her.

The mansion is “one of the most extraordinary homes that I’ve ever sold,” says real estate broker Dorian Bennett, of Dorian Bennett’s Sotheby’s International Realty. He’s sold the home three times over the past 30 years, most recently to investor Michael Whalen, who paid $2.1 million for it in 2010. “It’s Old World architecture at its best.”

Over the years, Bennett has had a few unexplained incidents in the house that he chalks up to the supernatural. He declined to elaborate on what transpired.

“Everybody believes it’s the most haunted house in America because of the juju, the energy, the vibe,” Bennett says. “I know there are spirits in there.”

But a previous owner, Jay Monroe, CEO of satellite service provider Globalstar, has told realtor.com® that the house wasn’t haunted. He lived there for about a half-dozen years with his family. He sold the property to Cage in 2006 for $3.45 million. It went into foreclosure three years later, and then was sold to Whalen.

Whalen is one of the collaborators on the film franchise. He’ll be providing access to the property, which still attracts hordes of tourists each day who take pictures outside of its walls.

This won’t be the first time that “The Conjuring” creators, brothers Chad and Carey Hayes, have worked on a movie centered around a haunted house. “The Conjuring” franchise was also based on the “true story” of a haunted house in Rhode Island. Famed paranormal investigators Ed and Lorraine Warren were called in to investigate the unexplained occurrences.

“We love writing films in which we get to tell true stories—incorporating moments that people can look up and discover did in fact happen,” the brothers said in a statement. “With the LaLaurie house we get to do exactly that. There is a wealth of documentation of a very dark and frightening past of true events.”

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Mortgage Rates Increase Again—Even Though the Fed Just Cut Interest Rates

Mortgage rates rose yet again—illustrating how the Federal Reserve’s policy can have a somewhat limited effect on the mortgage market.

The 30-year fixed-rate mortgage averaged 3.78% during the week ending Oct. 31, up three basis points from the previous week, Freddie Mac reported Thursday. It’s the first time since April that rates have risen in three consecutive weeks.

Despite the increase, the rate on the 30-year mortgage remains over a full percentage point lower than at this same time a year ago.

The 15-year fixed-rate mortgage increased one basis point to an average of 3.19%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.43%, up three basis points from a week ago.

That mortgage rates rose even though the Fed just announced yesterday its plans to cut interest rates isn’t a surprise. When the Federal Reserve adjusts interest rates, it is influencing short-term rates.

Mortgage rates, on the other hand, are longer-term interest rates. They generally track the direction of the 10-year Treasury note. The 10-year Treasury yield rose in advance of the Fed’s decision, though it has moved lower since then.

Other factors also influence the rates that mortgage lenders offer consumers. Overall, consumer spending has remained strong recently, a reflection of the healthy job market.

“Purchase activity continues to show strength, indicating obvious home-buyer demand,” Sam Khater, Freddie Mac’s chief economist, said in the report. “However, the lack of housing supply remains a major barrier to not just the housing market, but the overall economic recovery.”

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We Dare You to Ring the Doorbell on These 10 Terrifying Houses

We’re not chicken! We would definitely trick-or-treat at any one of the 10 houses on this list. It’s just that, well, you should go first.

It’s not the fault of these homes that they appear haunted. It’s just that old and run-down homes, especially Victorians, have been used in popular culture for decades as ground zero for all things scary and macabre.

According to Smithsonian magazine, haunted houses became popular during the Great Depression as a way to keep kids from vandalizing the neighborhood on Halloween. Disneyland’s Haunted Mansion helped to sear the creepy image of a large, ornate haunted house into our minds.

And these creepy cliches are exactly what kids have projected onto homes in their own neighborhoods for decades—the crumbling, corner house with an overgrown yard, mysterious occupants, and a spooky (yet dubious) backstory they heard from a friend of a friend of a friend.

But on Halloween, these somewhat scary places truly shine. In honor of all the scary-looking houses on the block across America, we bring this list of properties on the market right now that may not actually be haunted, but might require a double-dog dare before ringing the doorbell.

1839 Berkeley Way, Berkeley, CA

Price: $995,000
Berkeley boneyard: Here lie the bones of a Victorian home that hasn’t been occupied in 20 years. The location of this ramshackle home is primo—across the street from a Trader Joe’s grocery store—and the lot also includes a second unit. But both are in sorry shape, and a new owner will need to work with the city to determine renovation or development plans, which could present a nightmare all its own.

Empty house in Berkeley, CA — Berkeley, CA
realtor.com

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303 Center St E, Roseau, MN

Price: $34,000
Zoning zombie: Built in 1905 next to the city’s Veterans Memorial, this four-bedroom fixer-upper has a faded little fence that all but screams, “keep out.” According to the listing, the home is in livable condition and is being sold as is. It also mentions applicable “zoning restrictions,” which could make for a frightful rehab or rebuild project.

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3172 Highway 174, Edisto Island, SC

Price: $58,000
Do not enter: This 1-acre lot filled with oak trees could be the start of something beautiful—an idyllic site for a vacation home just 11 miles from the beach. Currently, there’s a dilapidated shack built in 1945 that isn’t safe to enter—and where no one can hear you scream.

Edisto island shack — Edisto Island, SC
realtor.com

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17550 Foster Rd, Los Gatos, CA

Price: $1,799,000
Killkenny, or kill Kenny? Once known as the Killkenny home, this residence from the 1950s is rotting in the Northern California sun. The surrounding 3.34 acres are beautiful with a brook and tucked in a private valley. One day, it will be the perfect spot for a dream home, but for now it looks like the stuff horror movies are made of.

Los Gatos. CA abandoned house — Los Gatos, CA
realtor.com

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703 Main St, Ashby, MA

Price: $10,000
No guarantees: Could you even make it to the front door? Overgrown and being reclaimed by nature, this Victorian is headed to auction in mid-November. Built in 1890, the three-bedroom home sits in what the listing claims is a good neighborhood. The home is being sold as is, with no “warranties, or guarantees as to the accuracy of the information provided.” Yikes!

Victorian in Ashby, MA — Ashby, MA
realtor.com

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848 Vine St, Poplar Bluff, MO

Price: $36,900
Castle on the Vine: This lonely Victorian was built in 1892 on a half-acre lot. The home is part of Poplar Bluff history and protected by the Missouri Preservation Society, making its restoration a tax-deductible, if not bone-chilling, proposition.

Victorian in Po;lar Bluff exterior — Poplar Bluff, MO
realtor.com

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194 North St, Windham, CT

Price: $89,900
Scary attic: Do you dare go up the stairs? This 3,000-square-foot Victorian has six bedrooms. Built in 1898, this place is in obvious need of repair, but it’s the listing photos of the severely angled attic that made us feel claustrophobic and creeped-out.

Victorian in Windham, CT — Windham, CT
realtor.com

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1141 Main St, Malden on Hudson, NY

Price: $135,000
Surgeon needed: The listing for this seven-bedroom home calls for a buyer to perform “cosmetic surgery” on the property. This request could be taken all sorts of ways. Cue Dr. Frankenstein’s operating table! The price also includes a third-story apartment with two bedrooms, a deck, and separate entrance.

Victorian home exterior Malden on Hudson NY — Malden on Hudson, NY
realtor.com

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32537 Wilderness Rd, Jonesville, VA

Price: $139,900
Gothic manor: Known as the Orr manor, this home was built by Judge Orr in 1865. We’re reasonably sure that there aren’t any eyes peeking at you from the window in the turret. The four-bedroom home still features many original touches, from the hardwood floors to the grand staircase.

Victorian home in Jonesville, VA — Jonesville, VA
realtor.com

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301 S. Main St, Orange, MA

Price: $169,000
Barn & boos: An enterprising and unafraid buyer could live in this 1890 home while it’s being restored. Custom details such as the chestnut staircase pocket doors are evidence of the four-bedroom home’s original beauty. There’s also a three-story barn on the half-acre property, which we would gladly visit during daylight hours.

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Wednesday, October 30, 2019

Michelle Obama Says ‘White Flight’ Destroyed Her Community—Is She Right?

Former first lady Michelle Obama speaks to guests at the Obama Foundation Summit at Illinois Institute of Technology on October 29, 2019 in Chicago, Illinois — Scott Olson/Getty Images

Former first lady Michelle Obama believes that the “white flight” she experienced growing up on Chicago’s South Side is continuing to destroy neighborhoods today.

Speaking at the annual Obama Foundation Summit in Chicago on Tuesday, she recalled how white families abandoned her once-diverse, middle-class Chicago community and others like it as more black families came into the neighborhood. And she warned that it’s still happening today as immigrants move into communities, spurring some white residents to pack up and leave.

“There were no gang fights, there were no territorial battles. Yet one by one, they packed their bags and they ran from us,” she said at the event. “And they left communities in shambles.”

White flight often results in lower property values, more vacant homes, and the general decline of the neighborhood. Yet the communities that experience it typically start out as middle-class, according to an academic article published last year in the journal Social Science Research.

“Whites are willing to tolerate a certain level of diversity, but once it crosses a threshold, white flight becomes likelier to occur,” said Samuel Kye, who carried out the study, in a statement accompanying his article. Kye is an Indiana University Bloomington sociology doctoral candidate. “Once the nonwhite groups become 20% to 25% of the population, that’s when it flips.”

That was what Obama experienced growing up on Chicago’s South Side. The city is the fourth most segregated metropolitan area in the nation, according to a recent report from 24/7 Wall St.

“You were running from us and you’re still running, because we’re no different than the immigrant families that are moving in … the families that are coming from other places to try to do better,” Obama said. Her brother, Craig Robinson, an executive with the New York Knicks, was also in attendance.

But statistics show that having immigrants move into a community decreases crime rather than boosting it. With every 1% increase in the foreign-born population, there were 4.9 fewer crimes per 100,000 people, according to a 2016 Journal of Ethnicity in Criminal Justice study.

However, a 1% increase in immigrants in a community is met by a 1% rise in rental prices, according to a 2006 Journal of Urban Economics paper. On the other hand, home prices tend to rise faster in areas with low numbers of immigrants—presumably because some people are willing to pay more to live in a neighborhood with fewer foreigners.

“We were doing everything we were supposed to do—and better,” Obama said. “But when we moved in, white families moved out.”

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Tuesday, October 29, 2019

August Case-Shiller Results and September Forecast: Stabilizing, not Swooning

The S&P CoreLogic Case-Shiller U.S. National Home Price Index® rose 3.2% year-over-year in August (non-seasonally adjusted), up from 3.1% in July. Annual growth in the smaller 10-city index was slightly slower than July, and was unchanged in the 20-city index.
Phoenix (+6.3%), Charlotte (+4.5%) and Tampa (+4.3%) reported the highest year-over-year gains among markets in the 20-city index.

Despite some indications the market may be hitting a turning point, the general pace of home price growth continues to slow and come back in line with historic norms.

The national Case-Shiller Home Price Index rose 3.2% year-over-year in August, in line with expectations. The smaller 10- and 20-city composite indices grew more slowly, at 1.5% and 2% year-over-year, respectively. On a monthly (seasonally adjusted) basis, the 10-city index fell by 0.1% in August from July, while the 20-city index was down 0.2% over the same period.

Index	Zillow Forecast, Released 9/24/19	Actual Case-Shiller Indices, Released 10/29/19	Historical Median Absolute Error*
10-City Composite, Month-Over-Month (SA)	-0.1%	-0.1%	0.2%
10-City Composite, Year-Over-Year (NSA)	1.3%	1.5%	0.2%
20-City Composite, Month-Over-Month (SA)	-0.1%	-0.2%	0.2%
20-City Composite, Year-Over-Year (NSA)	1.8%	2.0%	0.1%
U.S. National Month-Over-Month (SA)	0.3%	0.3%	0.1%
U.S. National Year-Over-Year (NSA)	3.2%	3.2%	0.1%
*Calculation of Median Absolute Errors are based on Zillow’s forecasts dating to 2011. The national Case-Shiller forecasts began in 2014.

Rather than signifying an impending housing swoon, this slowdown should more accurately be read as stabilization after years of imbalance between buyers and sellers. Demand for housing is staying strong, and homebuyers remain optimistic about the state of the market, insisting that now is as good a time to buy as any since at least last year. A severe and enduring shortage of inventory, particularly at entry-level price points, does continue to impede many would-be buyers' aspirations and is somewhat worrisome. Recent, encouraging home sales reports suggest that a sharp slowdown in the housing market is unlikely, and that a modest reacceleration of home value appreciation may be coming soon.

In the meantime, September data as reported by Case-Shiller are expected to show continued modest deceleration in annual growth in the 10-city and U.S. National indices, while growth in the 20-city index is expected to remain the same. S&P Dow Jones Indices is expected to release data for the September S&P CoreLogic Case-Shiller Indices on Tuesday, Nov. 26.

Index	Actual August Case-Shiller Change	Zillow’s Forecast for the Case-Shiller September Indices
10-City Composite, Month-Over-Month (SA)	-0.1%	-0.1%
10-City Composite, Year-Over-Year (NSA)	1.5%	1.4%
20-City Composite, Month-Over-Month (SA)	-0.2%	0.0%
20-City Composite, Year-Over-Year (NSA)	2.0%	2.0%
U.S. National Month-Over-Month (SA)	0.3%	0.1%
U.S. National Year-Over-Year (NSA)	3.2%	3.1%

Note: Case-Shiller and Case-Shiller Index are registered trademarks of CoreLogic Solutions, LLC. The statements herein are not endorsed by or provided in association or connection with CoreLogic, LLC.

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An Exclusive Tour of HGTV Star Leanne Ford’s Gorgeous New Home

Rachel Luna/Getty Images; Tessa Neustadt

Meet the hottest renovation pair since Chip and Joanna Gaines: brother-and-sister remodelers Leanne and Steve Ford, the stars of HGTV’s “Restored by the Fords.”

With two successful seasons under its belt, “Restored by the Fords” follows the duo around their native Pittsburgh as they turn run-down properties into gorgeous homes. And with about 30 places fixed up so far and many more to go, Leanne and Steve nonetheless found time to pen a joint memoir out this month, titled “Work in Progress: Unconventional Thoughts on Designing an Extraordinary Life.”

“People were always asking us how we got on TV and how we work together, so we wanted to get it all down in this book,” Leanne explains. But a larger goal was to “inspire people to relax and know that the creative life is full of mess-ups—but if you keep it loose, you’ll be fine.”

The Fords’ latest work: a memoir of their creative journey
Thomas Nelson

And as if the Fords weren’t busy enough, Leanne recently set up a fabulous three-bedroom rental in Los Angeles so she could be a bit more comfortable during her frequent work trips to the area. She finished decorating the place in record time—particularly since she wanted to be settled before the birth of her first child, a daughter named Ever. She completed the work quickly in part because she’d vowed not to do much heavy lifting, literal or otherwise.

“There was a conscious decision made with this project to redo the decor only,” she explains.

Curious to see her new digs? Check out these exclusive photos she shared with realtor.com®. She also spoke with us about why she made the choices she did. Consider it a virtual tour where you can glean some savvy design tips, too!

Bring the outside in

The SoCal home vibe often mixes indoor and outdoor spaces, which is evident in Leanne’s living room.

“My favorite things here are the windows and being surrounded by greenery,” she says. “We swapped out all the light fixtures in favor of lots of oversized ones and went with natural tones, layered rugs, and indestructible couches.”

The working fireplace, framed by sculptural stacked wood on each side, is also a focal point, she adds.

Reid Rolls — With a baby on board, durable couch fabric is a must.
Tessa Neustadt

Display your treasures

“There’s nothing I love more than bookshelves in the home, because they bring such life to your space,” she says. The tomes in the photo below are in the master bedroom, which also features a working fireplace.

“My approach to designing a bookcase is about showing off books and trinkets and all the things you love,” Leanne adds.

Go big—or go home

“We took out all the ceiling fans when we moved in and replaced them with huge lights, which make such an impact in the room,” she says. As for her coffee table pick, she admits she’s open to all styles.

“I do think almost anything can be a coffee table—this one’s actually for outdoor use, but the warm, casual look of it works here,” she explains.

Mount mirrors to brighten

Luckily for the Fords, the mirrored wall shown here in the dining space was already in place.

“It helps reflect light and brighten the room,” she says.

Layered rugs add texture—and hide a big flaw: “We didn’t love the floors in this house, so carpets on top fixed that fast,” she says. The table is an old one from Restoration Hardware, and the chairs, which she spray-painted, are from Safavieh.

And the fun paper lantern is from Amazon, she explains. “There’s no wiring for electrical here so we just hung it on a hook.”

Mix mainstream with vintage

Another Restoration Hardware table sits front and center in the home office, along with vintage Knoll chairs.

“But my favorite piece here is the light, which is from a line I designed for Target called Project 62,” she says.

Make art a priority

Black and white line drawings are a theme throughout the Ford home.

“I love to support my artist friends every time I can, including this piece by Elissa Barber,” she says. A vintage stool is an easy perch by the kitchen window—and it suits Leanne’s “wear black, paint white” motto.

“It’s a color theory that’s timeless, classic, and no-fail,” she explains.

Allow for occasional chairs

Some designers frown upon the occasional chair as one that’s pushed to the corner and never really used, but not Leanne.

“This chair by Jens Risom is a piece of art, and the midcentury style is perfect in this type of home,” she says.

Pick the coziest bedding

“The best thing in the bedroom are the bed linens from Matteo, which is an L.A. brand,” she says. Loads of books encircle the bed, and more art flank each side, represented by Carly Kuhn on the left wall and Alexandra Valenti on the right. Another enormous light fixture hovers above, in place of a ceiling fan that just had to go.

“If you don’t love something—change it! Don’t say, ‘I’m going to move soon,'” Leanne advises.

As for her, with the speed-makeover completed and no more work planned, she can focus on more pressing issues: “We’re just going to take care of the baby now.”

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Dead Neighborhoods: Where Cemeteries Might Influence How Much Buyers Save or Spend

Nearby graveyards can scare up neighborhood home values or bury them – an indication that there are usually other variables at play in determining local home values than just the number of and/or proximity to the nearest cemeteries.
The Seward Hill neighborhood in the Nashville metro had the most graveyards (15) among all neighborhoods analyzed. The typical home there is worth $320k more than the median Nashville-area home.

An abundance of nearby graveyards may help scare up neighborhood home values or bury them – an indication that there are usually other variables at play in determining local home values than just the number of and/or proximity to the nearest cemeteries, according to a Zillow analysis.

Whether local homeowners are spooked or soothed by the prospect of hundreds of nearby neighbors eternally resting in peace is a matter of personal tolerance – some may enjoy the quiet, others may shiver when things go bump in the night. Similarly, the value of their home relative to other homes in their area may prove heavenly or hellish if there's a boneyard nearby.

For example, living residents of the Seward Hall neighborhood in the Nashville metro area – home to 15 cemeteries – will find themselves at an expensive disadvantage if (when?) their dead neighbors decide to reanimate: Their homes are generally worth $320,300 more than the typical Nashville-area home. The Glendale neighborhood in the New York City metro has a total of nine graveyards, and the typical home there is worth $204,200 more than the typical home in the metro. Like Glendale, Boston's West Roxbury neighborhood also has nine graveyards, and median home values there are $123,600 more than a typical Boston-area home.

But there are also areas where would-be home buyers should expect to save when sharing their neighborhood with the dead. In the San Francisco metro area, cemeteries are more evenly distributed – no neighborhood has more than one. The Mission-Garin neighborhood in the city of Hayward, Calif., just outside of San Francisco features median home values that are $339,200 less than in the metro as a whole. Other cemetery savings in the San Francisco area can be found in Hayward's Mission-Foothill neighborhood, with a median home value $333,500 less than the metro-wide median; and in Oakland's Fairfax community, where the median home value is $257,100 less than the Bay Area median.

In these neighborhoods, it's unlikely that the graveyards themselves are actively driving down the local cost of housing. Instead, it's more likely that their distance from expensive Bay Area and Silicon Valley job centers helps keep their costs down relative to pricier communities. Case in point: The typical home in the Central Menlo Park neighborhood (which has one graveyard), straddling the San Francisco and San Jose metro areas and within more convenient commuting distance to both, is worth almost $3 million more than the typical home in the San Francisco metro area.

Here are the neighborhoods with the most graveyards in 10 major metros areas where buyers can expect to find screaming deals:

Los Angeles, CA – Boyle Heights has three graveyards, and the typical home there is $200,700 cheaper than one in the Los Angeles metro as a whole.
Houston, TX – Acres Home has three graveyards and the typical home there is $82,800 cheaper than one in the Houston metro.
Philadelphia, PA – Wissinoming ($119,500 cheaper) and West Oak Lane ($84,000 cheaper) both have three graveyards each and cost less than their metro area.
San Francisco, CA – The San Francisco area has six neighborhoods with one graveyard each (no neighborhood has more) where buyers can pay as much as $339,200 less than the typical home value for the metro.
Phoenix, AZ – The Estrella neighborhood has three graveyards and the typical home there is $55,200 cheaper than the metro area's typical home.
Riverside, CA – Three neighborhoods in this metro (Seccombe Lane, Sunny Sands, and Kendall) all have one graveyard each and offer bargain deals on a home compared to the typical price for the metro (homes in these areas are valued $147,000, $42,300 and $30,100 less than the metro median, respectively).
Detroit, MI – Springwells has two graveyards and the typical home there is $125,900 cheaper than the Detroit metro area.
Seattle, WA – South Tacoma has three graveyards, and home values there are $226,500 less than the typical Seattle-area home (probably in large part due to its distance from the city of Seattle).
Minneapolis, MN – The North End neighborhood has four graveyards and buyers there can expect the median home to be worth $94,600 less than the typical typical home in the greater Minneapolis metro area.
San Diego, CA – Mountain View has two graveyards, and home values are $195,500 less than the metro as a whole.

Here are the cemetery-rich neighborhoods in the top 10 major metros where home buyers are likely to find that typical homes are worth a scary-high amount relative to the metro as a whole:

New York, NY – Glendale has nine graveyards and a typical home there is worth $204,200 more than the metro as a whole.
Chicago, IL – Sauganash has four graveyards. The typical home there his $181,400 more than the typical Chicago metro home price.
Dallas, TX – Preston Hollow has eight graveyards and homes there are worth $162,000 more than the typical home in the Dallas metro area.
Houston, TX – Washington Avenue Coalition Memorial Park ($186,200 more valuable than the typical Houston metro area home) and Neartown Montrose ($295,800 more valuable) boast three graveyards each.
Washington, DC – The Edgewood neighborhood has three graveyards and the typical home there is valued $149,400 more than the typical DC area home.
Miami, FL – Alameda – West Flagler has two graveyards, and a home there is typically worth $34,600 more than the metro as a whole.
Atlanta, GA – No neighborhood in the Atlanta area has more than one graveyard. Four neighborhoods in the area have one graveyard where a home is worth substantially more than the typical Atlanta-area home: East Lake ($177,700 more), Hills Park ($218,500 more), River Chase ($565,800 more) and Downtown ($125,700 more).
Boston, MA – West Roxbury has nine graveyards and the typical home there has a value $123,600 more than the typical Boston-area home.
San Francisco, CA – The San Francisco area has nine neighborhoods with one graveyard apiece in which the typical home is worth between $73,300 and $2,979,700 more than the metro-wide median. These neighborhoods are: Irvington ($73,300 more), Gerstle Park ($132,700 more), Glenmoor ($159,700 more), Sun Valley ($182,100 more), Palm ($274,200 more), Dominican/Black Canyon ($320,000 more), Mission San Jose ($668,600 more), Cameron Hills ($801,500 more) Central Menlo Park ($2,979,700 more).
Riverside, CA – In Oakmont ($168,700 more), La Sierra Hills ($50, 800 more), and Victoria ($62,100) buyers can expect to find homes that are worth more than the typical home in the area. Each of these three neighborhoods has one graveyard.

Methodology

To produce this analysis, Zillow combined data on cemetery locations from the USGS with internal data on home values and neighborhoods. By calculating the number of graveyards in each neighborhood, Zillow is able to compare typical home prices (Zillow Home Value Index) between neighborhoods with the highest number of graveyards with home prices in their corresponding metropolitan areas.

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Monday, October 28, 2019

California’s Wildfires Put Tens of Thousands of Homes at Risk Amid a Housing Shortage

It’s wildfire season again in California, and with blazes burning across the state and thousands of homes at risk, the governor has declared a state of emergency. Hundreds of thousands of people have been forced to evacuate, and if a significant number of them can’t go back, the state’s housing shortage will likely make a bad situation even worse.

Gov. Gavin Newsom declared a statewide emergency late last week. Currently, roughly 34,000 firefighters are battling multiple blazes, including the Kincade fire in Northern California’s wine country, the Tick fire north of Los Angeles, and the recently ignited Getty fire in northwestern L.A. Millions have had their power cut off by the state’s struggling power utility, which has been blamed for sparking previous blazes. This all comes just a year after the deadliest, most destructive wildfire season in the state’s history.

The Kincade fire has led to nearly 200,000 evacuations and the destruction of 40 homes in Sonoma County, the same area that was devastated by fires in fall 2017. The 5-day-old fire consumed more than 66,200 acres on its way to Santa Rosa as of Monday morning. So far, no casualties have been reported.

But an additional 70,400 homes in the area are at risk, according to the California Department of Forestry and Fire Protection. And if a significant number of those houses are destroyed or become uninhabitable, there likely won’t be enough housing for everyone in need of it—and home and rental prices, already high, will probably get pushed up even more.

The homes in the evacuation zone are worth a median $603,308—that adds up to about $33.7 billion collectively, according a recent realtor.com® analysis. Nearly three-quarters of the homes are single-family abodes.

The fire “certainly has the potential to reach a lot of houses if the wind continues to push it,” says Tom Jeffery, senior hazard scientist at real estate data firm CoreLogic. He explains that the area’s dry vegetation, which serves as fuel for the blaze, and strong winds make a dangerous combination. “The wind moves the fire faster, and it actually creates a more intense, hotter fire.”

Meanwhile, the Getty fire in Los Angeles, which erupted early Monday morning, is causing firefighters headaches as it’s in a far more populated area that includes such wealthy neighborhoods as Brentwood and Pacific Palisades. More than 13,000 homes, about 77% of which are single-family residences, are in the evacuation zone. They have a median value of more than $2.4 million each, or $27.8 billion collectively.

Just five homes had been damaged as of Monday morning as the blaze tore through more than 500 acres, according to the Los Angeles Fire Department. But more than 100,000 residential and commercial buildings were at risk from the brush fire in the mandatory evacuation zone.

This being Los Angeles, evacuees include such big names as basketball player LeBron James, who owns two homes in Brentwood, and former California Gov. Arnold Schwarzenegger.

“Man these LA [fires] aren’t no joke,” James wrote on Twitter. “Had to emergency evacuate my house and I’ve been driving around with my family trying to get rooms. No luck so far!” He did eventually find a place to stay.

Schwarzenegger also tweeted that he had safely evacuated.

In California, about 2,019,800 properties are at high to extreme risk of damage from wildfires this year, according to Verisk’s 2019 wildfire analysis. That was nearly three times as many as in the next at-risk state of Texas, where 717,800 properties were at the same risk levels, and Colorado, where there were 371,100 properties in danger.

How much do local home prices fall—and rise—after a wildfire?

Any homes that are damaged or destroyed by the fires will obviously lose significant value. But residences that survive the disasters unscathed in badly hit areas often sell for discounts of 10% to 25% for a few years, says real estate appraiser Orell Anderson of Strategic Property Analytics.

“If you’re the last house standing on the block, that’s the worst,” says Anderson, who specializes in properties damaged by crimes or natural disasters. That’s because few want to live in ugly, burned-out areas.

Plus, these areas can become more susceptible to landslides when it rains, without the roots of vegetation to keep the soil in place, he warns.

Discounts are more pronounced in areas that suffer repeated natural disasters. This could affect Sonoma County, which was one of the three counties affected by the Tubbs fire in 2017. The blaze killed at least 22 people and caused more than $1.2 billion in damages in Sonoma, Napa, and Lake Counties, according to the Washington Post.

That also takes a psychological toll, which can both motivate people to leave and discourage people from moving in.

“In the Santa Rosa area, you’ve had people who’ve just rebuilt and now they’re being evacuated again,” says CoreLogic’s Jeffery. “I don’t know how terrifying that must be for the residents.”

Just outside the fire-affected area, however, home and rental prices typically surge as hordes of displaced residents compete for a very limited supply of housing, says Anderson. That can push prices up 5% to 15%, although he’s seen them spike by as much as 50% in a few cases.

“We’ve been through these difficult times before. … [And] we have a very resilient community,” says real estate agent Daphne Peterson of Keller Williams Realty in Santa Rosa. Real estate sales have been at a standstill since the fire erupted. “The big wild card will be if people feel trauma and don’t want to be in an area where there are wildfires.”

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The Most Popular City for House Hunters Looking for the Best Value for Money

Looking to move to a new town? There’s a decent chance that Spokane, Wash., will feature in your search.

A new report from Realtor.com examined the 100 largest metropolitan areas nationwide for cross-market demand. Researchers studied views of Realtor.com listings, comparing how many people from out-of-town were looking at homes in a city versus how many locals were looking to move away.

Spokane has the highest inbound-outbound ratio, meaning significantly more people from out of the area were considering moving there compared with locals who were considering migrating elsewhere.

And affordability was a clear driver of the interest in Spokane. The median list price for properties viewed in Spokane by out-of-towners was 21.8% lower than the median list price in their home markets. Over a third of the people considering moving to Spokane currently live in Seattle, which has seen its home prices skyrocket thanks to its burgeoning job market.

Here are the 10 cities attracting the most cross-market demand for their homes:

Not all people looking to buy a home in another city are looking to move permanently though. For instance, in Charlotte, N.C., out-of-town prospective buyers generally looked at properties that were more expensive than the ones where they live. “This dynamic could be explained by wealthier shoppers looking for vacation homes or higher-end properties in these metros,” Sabrina Speianu, a senior economic research analyst at Realtor.com, wrote in the report.

(Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)

At the other end of the spectrum, San Jose, Calif., had the lowest inbound-outbound ratio, meaning that it had a much higher share of people looking to leave the city relative to those looking to move there. Other expensive cities that similarly had residents looking to buy homes elsewhere include San Francisco and Los Angeles.

Notably, the cross-market demand in the greater Washington, D.C., metro area declined significantly over the past year. Home prices in some DC-area suburbs have skyrocketed since Amazon announced it would build its second headquarters in the area. As a result, fewer people may be looking to move there as affordability has gotten worse.

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The ‘Brady Bunch’ Treatment: 4 Actual Sitcom Houses We’d Like to See Renovated Next

Walt Disney Television via Getty Images Photo Archives

No matter what you’re doing, the first tinkling notes of that theme song take you back to the days when you’d park on the sofa (in the dark ages before on-demand TV) just in time to catch the opening shots of your favorite show: the home where your beloved characters lived, laughed, and loved.

In fact, in many of the most popular sitcoms, the homes are just as much part of the plot as the characters themselves. And although the shows typically weren’t filmed inside the houses portrayed on screen (the actors usually took place on a soundstage in Los Angeles), these fictional houses still hold a special place in the hearts of millions of fans.

One such iconic TV home, the “Brady Bunch” house, received a retro renovation in September when a group of design gurus and original cast members overhauled the interiors to match the 1970s-themed set we all know and love. The renovation was chronicled in an HGTV reality show, “A Very Brady Renovation,” and the results were nothing short of stunning.

The team accounted for every little design detail and went to great lengths to source the exact (or nearly identical) furniture, appliances, paint colors, and finishes that we grew up seeing on screen. You’d better believe they found that perfect shade of orange for those kitchen countertops!

So, after seeing the incredibly accurate results of this groovy renovation, we started to think: What other famous sitcom houses would we like to see restored? It turns out, there are plenty of great candidates.

And it’s worth noting that our list would have included the “Full House” Victorian home in San Francisco if it hadn’t already received a massive (and luxurious) overhaul last year (overseen by none other than the show’s creator and current owner of the home, Jeff Franklin). It’s back on the market, and Uncle Jesse would hardly recognize it!

Below, the legendary TV homes we’d love to see restored to their on-screen glory, a la Casa Brady.

The Cunningham house from ‘Happy Days’

Address: 565 N. Cahuenga Boulevard, Los Angeles, CA

sitcom houses — The Cunningham house from “Happy Days”
Google

Kitchen of home in “Happy Days”
Walt Disney Television via Getty Images Photo Archives

We say Ayyy with a big thumbs-up to the prospect of this renovation. The six-bedroom, two-bathroom home used in establishing shots on “Happy Days” is currently off the market. However, if designers could get their hands on it, we’d definitely want to see how they pull off that memorable yellow and blue plaid wallpaper in the kitchen. And while a matching floral couch and curtains might sound like a lot, the Cunningham family was game for hosting this 1950s trend in their living room. We imagine sourcing the exact fabric could turn into quite a scavenger hunt.

The Sugarbaker & Associates design firm from ‘Designing Women’

Address: 1321 Scott Street, Little Rock, AR

The 1980s sitcom “Designing Women” was set in Atlanta, but the house that served as the fictional headquarters of Sugarbaker & Associates Design Firm is actually in Arkansas.

Known as Villa Marre, it’s a four-bedroom, 1.5-bath mansion built in 1881 that is on the National Register of Historic Places. A massive interior overhaul here would be tricky, as designers would have to observe the historical society’s rules when making any design or architectural changes. Still, we’d love to see them replicate that unforgettable—and elegant—staircase.

The Archie Bunker house from ‘All in the Family’

Address: 8970 Cooper Avenue, Flushing, NY

Interior of “All In the Family” house
Michael Ochs Archives/Getty Images

Through its bigoted lead character Archie Bunker, “All in the Family” revealed just how complicated families can be. This popular but controversial sitcom was set in Queens, NY, and for the exterior house shots the producers selected a nondescript 1,312-square-foot home that personified the vibe of the borough.

Bunker was known for living in the past, so for nostalgia’s sake we’d be game to see the original Bunker house restored. That floral wallpaper would probably be easier to track down than Bunker’s easy chair. The actual beat-up, stained chair is sitting in the Smithsonian’s National Museum of American History.

Mindy’s house from ‘Mork & Mindy’

Address: 1619 Pine Street, Boulder, CO

Home interior from “Mork & Mindy”
Walt Disney Television via Getty Images Photo Archives

Nanoo, nanoo! The late ’70s comedy “Mork & Mindy” took place in Boulder, CO, where alien Mork shacks up with Mindy (a professor at the University of Colorado, Boulder). Production chose this beautiful Victorian for the exterior shot of Mindy’s home. The seven-bedroom, four-bathroom place last sold for a mere $80,000 in 1974, but visitors can see that the homeowners have kept up its architectural quirk and charm. The only noticeable changes to the exterior are the new shutters, white picket fence, and tall trees in the front yard.

The overhauled interiors would have to include the red sofa, plenty of wood paneling, and, of course, that famous egg chair.

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Friday, October 25, 2019

Home Buyers Are Stretching Their Budgets the Most in These Unexpected Cities

The places where buyers are stretching the upper limits of their budgets to become homeowners aren’t where most folks would expect. Uber-pricey New York City didn’t even crack the top 10.

Instead, Los Angeles topped the list, according to a recent report from financial services marketplace LendingTree. An expensive city in its own right, Tinseltown inspired buyers to take out median mortgages for nearly four times—$485,000—their median income of just $124,000.

The rule of thumb is not to spend more than three times your annual salary on the total price of a home. But that’s becoming harder in many of the country’s most expensive cities, particularly in high-cost California.

“In Los Angeles, people are stretching themselves the most to be able to afford a home,” says Jacob Channel, a research analyst at LendingTree. “What it boils down to is people there just aren’t making as much as they would be in, say, San Francisco.”

To come up with its findings, LendingTree looked at the median mortgage sizes as well as the median incomes of buyers in the 50 largest cities and their surrounding suburbs. LendingTree analyzed Home Mortgage Disclosure Act data to do so.

Ultrapricey cities like New York City didn’t top the list because those who can afford to buy there tend to make extremely good money or be independently wealthy. So they weren’t as likely to leverage themselves as those in areas with lower salaries.

The cities where home buyers are the most leveraged

In addition to Los Angeles, four other California cities made the top 10. San Diego took second place for the most leveraged buyers. The median mortgage size there is $455,000, while borrowers had a median income of $125,000.

The city was followed by Salt Lake City, where folks had a median mortgage of $265,000 and a median income of $75,000; San Francisco, with $885,000 mortgages and $252,000 incomes; and Denver, with $345,000 mortgages and $99,000 incomes.

Rounding out the top 10 were Riverside, CA; Silicon Valley’s San Jose, CA; Seattle; Boston; and Portland, OR.

The cities where home buyers are the least leveraged

On the other end of the spectrum are the cities where buyers can most comfortably purchase a home. These are the places where real estate prices are low enough and borrower incomes are high enough to ensure new homeowners aren’t stretching their budgets too far.

Midwestern cities, where prices are relatively low compared with the coasts, dominated this list.

Buyers in Pittsburgh were the least leveraged. That’s because the median mortgage amount there was just $155,000, while the median income of buyers was a comfortable $76,000.

The city was followed by Cleveland, where mortgages were $145,000 and incomes were $70,000. The rest of the top 10 were Detroit; Cincinnati; Indianapolis; St. Louis; Houston; Memphis, TN; Columbus, OH; and Milwaukee. Cincinnati, Indianapolis, and St. Louis all tied for fourth place.

“These are cities that are in the Rust Belt,” says Channel. “Housing is cheaper because people in these areas don’t need to make as much money” to buy.

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Property With Tie to Serial Killer Tops This Week’s Most Popular Homes

Right in time for Halloween, a quiet residence in Illinois with a grisly past is the week’s most popular home on realtor.com®.

The unassuming brick family home sits on the very plot of ground where serial killer John Wayne Gacy buried 29 of his victims. The bodies were removed decades ago, and Gacy’s home, which once stood on the lot, was torn down in 1979. A new home was put up a few years later.

The passage of decades didn’t stop lookie-loos from clicking on the location where a creepy mass murderer once operated. And when they clicked, instead of something out of a Hollywood scary movie, what they found was a warm, serene space filled with light and ready for family fun. The question is whether the property’s past will deter buyers from taking the plunge.

Other spooky places attracting your attention this week included a half-remodeled house from 1880 in New York with many secrets to share and a legit log cabin in the woods being sold in a hurry in as-is condition.

For those looking to make a quick getaway from the clutches of evil, there’s even a tiny house on wheels with solar power ready to tow to an undisclosed location.

It’s a list filled with real estate scares and nightmares, with more than a few deals and steals to be found along the way. Get in the Halloween spirit and scroll on through—if you dare!

10. 26 Elmwood Ave, Friendship, NY

Price: $39,000

Why it’s here: With $50,000 worth of renovations already completed, this house is looking for an owner who will fully resuscitate this historic home. Built in 1880, the three-bedroom house sits on a half-acre lot. Recently completed upgrades include a new roof, water line, a repaired foundation, a gutted and reconfigured kitchen, and new electric service.

Historic home exterior Friendship, NY — Friendship, NY
realtor.com

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9. 138 Homecrest Ave, North Smithfield, RI

Price: $385,000

Why it’s here: This oh-so-charming Cape Cod is updated and move-in ready. The three-bedroom home features an updated stainless kitchen, hardwood floors, a big yard, and generous front porch, and it’s located within walking distance of shopping and dining.

North Smithfield, RI Cape Cod exterior — North Smithfield, RI
realtor.com

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8. 5610 Ridge Rd, New Hope, PA

Price: $70,000

Why it’s here: Looking to go off the grid? Roll right into this tiny house on wheels. Built in 2016, this mobile residence comes with solar panels, a 50-gallon water tank, and a washing machine! If you don’t mind sleeping in a loft, this is your opportunity to hit the road or to plant this place on land you already own.

New Hope, PA tiny home on wheels — New Hope, PA
realtor.com

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7. 128 Wardlaw Cir, Ripley, TN

Price: $200,000

Why it’s here: This four-bedroom antebellum home known as the Wardlaw-Steele Mansion was built in 1942. The original details and craftsmanship, including woodwork, pocket doors, and hardwood floors, are still in beautiful condition. A detached guesthouse is also included.

Antebellum house in Ripley, TN — Ripley, TN
realtor.com

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6. 202 N. Buckfield Rd, Buckfield, ME

Price: $199,900

Why it’s here: Over the past two years, the current owners have worked painstakingly to restore the 1791 home of Abijah Buck, the founder of Buckfield. The over 2,700-square-foot Colonial home has been featured in several publications and is on Maine’s Historic Preservation List. It sits on a hill on over 30 acres filled with several varieties of fruit trees and open fields.

Colonial home in Buckfield, ME — Buckfield, ME
realtor.com

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5. 1 Rosebriar Ln, La Monte, MO

Price: $339,900

Why it’s here: Built in full-blown antebellum style, this mansion dates only to 1993. However, the huge home needs some work and has already been prequalified for a fixer-upper loan, according to the listing details. There’s also an additional 3,500 square feet of space in the unfinished basement.

Antebellum house in La monte Mo exterior — La Monte, MO
realtor.com

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4. 1228 Windsor Harbor Dr, Jacksonville, FL

Price: $3,175,000

Why it’s here: Former NFL linebacker Kevin Hardy is selling this enormous estate, built to combine the best of work, play, and family life into one massive, five-star complex. The over-the-top property includes an 8,000-square-foot main house with luxe living quarters. But the true highlight is the entertainment zone, featuring a theater room, gaming house with bar, batting cage, putting green, and a heated, beachside entry pool.

Jacksonville, FL waterfront house overhead — Jacksonville, FL
realtor.com

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3. 385 Upper Neck Rd, Pittsgrove, NJ

Price: $179,900

Why it’s here: This cute three-bedroom log cabin in South Jersey was built in 1975 and is being sold as is. The nearly 3-acre property also includes a detached garage with its own one-bedroom apartment. Other highlights include a porch with swing, a side deck, a sunroom with hot tub, and skylights that fill the home with plenty of natural light.

Pittsgrove, NJ log cabin exterior — Pittsgrove, NJ
realtor.com

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2. 700 Foxhollow Run, Milton, GA

Price: $5,200,000

Why it’s here: Baseball Hall of Famer John Smoltz has been trying to sell his estate for years. He’s now priced the 20-acre property below its 2019 appraisal price, in an effort to attract a buyer. The gated, secure, 20-acre European-style main house has 10 bedrooms and more than 18,000 square feet. The listing calls the backyard a “private resort” with golf, baseball, basketball, swimming, tennis, volleyball, football, soccer, and a fishing pond.

Mansion exterior Milton, GA — Milton, GA
realtor.com

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1. 8215 W. Summerdale Ave, Norwood Park, IL

Price: $459,000

Why it’s here: This sunny and nondescript family home is built on land that was once the burial spot of many of the victims of the serial killer John Wayne Gacy. Seven years after Gacy’s grisly crime spree, his house was torn down, and this 2,500-square-foot property was built in its place. Today, it’s a lovely family home featuring an updated kitchen, a huge backyard, dining room, a living room with two-sided fireplace, a large second-story loft, and a new roof. For a buyer who doesn’t buy into bad juju, it’s a perfectly fine buy in the Chicago suburbs.

Home built where Gacy house stood exterior — Norwood Park, IL
realtor.com

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