New Home Source Blog

Hollywood for Sale?

It would appear that fame, indeed, can be bought. Or at least a house right next to it.

A Chicago investment group that owns a 138-acre parcel of land purchased from the Howard Hughes estate in 2002 is selling it for $22 million. Its location? Just above and to the left of the famous, 45-foot-high “Hollywood” sign in Los Angeles.

The potential real estate deal on Cahuenga Peak has residents worried that mansions might be built near the sign, marring the view and the history of the sign. But the real irony is that the huge sign was initially built in 1923 to promote – what else? – real estate.   

National Association of Realtors: Housing Market on the Upswing in 2008

Recent forecasts from the National Association of Realtors see “little change” in existing home sales – but not for long, with “notable improvements” expected in the second half of this year.

“Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” said Lawrence Yun, NAR chief economist.  “We’re looking for essentially stable sales in the near term.”

According to NAR estimates, existing-home sales should rise from an annual pace of 4.9 million in the first quarter to 5.9 million in the fourth quarter. 

Ways to Save Money at Home

More consumers are tightening their collective belts in response to slow economic times, trying to save money where they can – whether it’s forgoing that morning latte or renting movies for free from the library.

Consumer-Action.org offers “66 Ways to Save Money” in all areas, including airline fares, car rental, new and used cars, utilities, housing and more. Here are a few good home tips you can use today:

-         Get a home energy audit, which can identify ways to save hundreds of dollars each year on home heating and air conditioning costs.

-         Review your phone bills for the previous three months to see what local, local toll, long distance, and international calls you normally make, and then call several phone companies to find the cheapest calling plan.

-         If you’re planning to buy a major appliance this year, consult Consumer Reports first. Once you’ve decided on a brand and model, call at least four stores to compare pricing. You could save as much as $100.

-         Remodeling this year? Get at least three bids from licensed, well-established contractors, preferably recommended by friends or colleagues.

Click here to discover more tips to save money at home on the Consumer Action website.

Don’t Stand So Close To Me: Sting Buys NYC Digs

According to BergProperties.com, which tracks “big-time” celebrity home sales, ex-Police frontman Sting – aka Gordon Sumner – has finally closed on a 16^th-and 17^th-floor duplex at 15 Central Park West in Manhattan that he bought nearly two years ago. 

The 5,500-square foot unit has five bedrooms and a terrace and sold for a purchase price of $26.5 million.

Bargain Prices This Spring: Time to Buy?

Reports from the National Association of Home Builders say that bargain prices are attracting buyers across the country, even in some down markets.

Potential buyers are looking in markets where “job growth is strong, foreclosures are low and inventory is high,” including Salt Lake City, Utah; Raleigh, North Carolina; Orlando and Jacksonville, Florida; and Charlotte, North Carolina.

New home choices might include a three-bedroom, two-bath, 1,425 square-foot home in Ogden, just north of Salt Lake City, for $200,000; a 2,300 square-foot home with a covered front porch in Wake Forest from $230,000 ; or a three-bedroom, two-story home with a covered lanai in Orlando from $184,990 .

2008 Colors: Think Cool, Calm, Collected – and Home

Home is the inspiration in Benjamin Moore’s 2008 Color Trends Report, with colors meant to epitomize what it means to have a roof over our heads: comfort, sanctuary, security and personal style. Color experts at the company are calling the them e for 2008 “Returning Home.”

The colors are classified in three categories — Modern Tranquility, Organic Comforts and Pure Opulence – and they look just like they sound. Think monochromatic color palettes in light and dark heather grays, and soft neutrals; colors that are evocative of the natural world; and lighter versions of jewel tones with all the color and none of the brashness, like French blues and softer violets.

Design experts say that the easiest, most inexpensive way to spruce up a home is with paint. After all, if you don’t like the way it looks, you can just paint over it.

SOURCE: Benjamin Moore

Good News in Housing: Existing Home Sales Rise in February

The National Association of Realtors reported that existing home sales were actually up 2.9 percent for the month of February – the first time since July that sales posted a monthly increase.

Sales of previously owned homes reached a 5.03 million-unit annual rate, surprising experts from Main Street to Wall Street. The increase also helped reduce the number of unsold homes on the market, too, which fell 3 percent to 4.03 million units at the end of February.

While the numbers are still high for existing inventory, it’s nice to have some good news. What’s the situation like in your neck of the woods? Let us know!

SOURCE: Nation’s Building News Online