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High-end homes: is the tide turning?

HORSHAM, Penn. – Aug. 14, 2009 – High-end homes appear to be selling better than analysts thought.

Toll Brothers (TOL), the nation’s largest luxury homebuilder, on Aug. 12 announced its first year-over-year increase in signed home contracts since 2005, suggesting that first-time buyers might not be alone in driving improving U.S. home sales.

The Horsham [Pa.]-based builder said that signed contracts in the quarter ended July 31 – though still low by historic standards – rose 3 percent, to 837, compared with the same period a year ago. But revenues fell 42 percent in the quarter, to $461.3 million. The company also said it has been able to reduce buyer incentives in several markets as demand and contract cancellations improve.

“Mood has changed”

No other major builder has matched Toll Brothers’ 3 percent increase in contracts signed, though a few reported a 2 percent improvement in the most recent quarter, said Barclays Capital analyst Megan McGrath in New York. The average quarterly decline in new home contracts for major public builders was about 14 percent, she said.

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May U.S. housing construction jumps by 17.2 percent

WASHINGTON (AP) – June 16, 2009 – Construction of new U.S. homes has jumped in May by the largest amount in three months, providing an encouraging sign that the nation’s deep housing recession was beginning to bottom out.

The Commerce Department says that construction of new homes and apartments jumped 17.2 percent last month to a seasonally adjusted annual rate of 532,000 units. That was better than the 500,000-unit pace that economists had expected and came after construction had fallen in April to a record low of 454,000 units.

In another encouraging sign, applications for building permits, seen as a good indicator of future activity, rose by 4 percent in May to an annual rate of 518,000 units.

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2 Bed, 2 Bath
909 Square Feet
$299,900 

This Internationally-Recognized Vintage Ralph Twichell Home Voted, “BEST SMALL HOUSE IN AMERICA, 1998″ by Metropolitan Home Magazine * Built by Ralph Twitchell, Founding Father of Sarasota School of Architecture * This Home Has Been Awarded Many Accolades Including: Featured on Home & Garden Network (HGTV) “A Place to Call Home”,  Featured in London Magazine, Selected as One of 12 Homes to be Featured in Andrew Weaving’s “Sarasota Modern” (A Coffee Table Hardbound), Featured in Sarasota Magazine, Featured in “Downtown” (A Sarasota Magazine), Selected as One of 70 “Homes of Distinction” in Sarasota * This Home Has Been on National Tour Symposiums & Local Tours Regularly * Built in 1959, Nearly All Original & Restored, Last Twichell Design Left Standing in the World * Impeccably Kept! * Located on Tahiti Lagoon, Tropical, Peaceful, Wildlife Abounds * Stainless Steel, Updated Appliances, & Countertops * Artistic Mosaic Kitchen Backsplash Flown in From Manhattan, NY * Immaculate Terrazzo Floors Throughout * Wired for Home Theatre System * Large Screened Lanai with “Zen-Like” Water Feature * Working Vintage Fireplace * Skylights in Every Room * Wrap Around Decking * Zera-Scaped Yard * New Industrial Roof Only 2 Years Old * Totally Furnished * Surrounded by Million Dollar Homes on the Bay * 3 Miles to Beach * Walking Distance to Downtown, Theatres, Restaurants, & Van Wezel *  Home Celebrating its 50th Birthday & Able to Registered in “Historic Registry” * This Internationally-Renowned Home is a MUST SEE!

Contact Justin Shirley for more Showings & Information on this home, or Any Homes in Sarasota, Florida.

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6532 Lincoln Rd.
Bradenton, FL 34202

$685,000

This is Not a Short Sale * Motivated Seller! Home Appraised for $720,000 * Non-deed restricting lot, no HOA or CDD Fees * Low Flood/Hazard Insurance (high elevation) * NEW CONSTRUCTION on 1.3 acres!  This home is in prestine condition. Many E-efficient Features * Built with concrete block from ground to roof, dual A/C zonez, security alarm system, surround sound system, Hickory Hardwood floors, 12-foot vaulted ceilings, Chef’s kitchen with stainless appliances, maple cabinetry and granite countertops, 6 sets of french doors, Tiled bath rooms Laundry room (on 2nd floor), 1st floor in-laws suite or live/work office space or apartment rental income, lots of storage space 3-car garage with 4th storage bay, 4 covered patios & decks * Nature surrounds you * Bird lovers paradise * Qiet and serene setting * Sunsets in your back yard * 180 degree of lush view * Country living with all the convenience within 5 mile radius * Bring your RV’s, boats, jets skiis and kayaks * Plenty of storage on this propert * Dock your boat right on this property * House your RV on this lot * Located on land that is part of the “Braden River Historical Society”; you are purchasing a unique piece of Florida! Save thousands of $$ yearly on this home by not paying HOA or CDD’s (special additional property taxes). Wildlife surrounds you here…a bit of the country in the city * A bird lovers dream as you take in all the sights & sounds from one of your 4 covered patio’s * Shows Like a Model! Could Be Purchased Totally FURNISHED!

(Click on Thumbnails Below to See Larger Version of Picture)

Contact Justin Shirley for more Showings & Information on this home, or Any Homes in Bradenton/Sarasota, Florida.

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(New Home Sales are Rising & Prospective Buyers Flock to “Sales Centers” in New Communities. New Construction is the One Niche of the Market that Competes Very Well with Foreclosure & Short Sale Pricing.. Plus, Newer & Never Lived-In is Very Desirable!)

Homebuilders tout signs of housing market thaw

LOS ANGELES – June 4, 2009 – Homebuilders across the country say they are finally seeing signs the three-year housing downturn is ending.

This week, both Toll Brothers Inc. and Hovnanian Enterprises Inc. were the latest builders to report smaller quarterly losses, rosier sales trends and more prospective buyers visiting model homes.

Toll said Wednesday it has seen an increase in homebuyers putting down deposits during nine of the past 11 weeks, compared to weekly figures from fiscal 2008.

“In the last couple of weeks, which on a seasonal basis should stink, we do see fewer (contract) cancellations coming in than we would have normally expected,” said Robert Toll, chief executive officer.

None of them, however, is ready to jinx it by calling the bottom. They say the recession and fear of job losses are keeping many would-be homebuyers on the fence.

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(Florida Plays Host to One of the Most Desirable Places in America to “Tie the Knot”. Weddings Mean.. Romance, Paradise, Beauty, Love, Fun, & Relaxing.. It’s Interesting the Same Words To Describe Wedding, Describe Quality of Life in the Sunshine State..)

Prospects for Florida’s recovery heat up, economists say

TALLAHASSEE, Fla. – May 5, 2009 – After two long years of recession, economists are beginning to see signs that the economy’s recovery is finally in sight. South Florida home sales are picking up, Wall Street has staged some solid rallies and even consumer confidence is rising.

But the road to recovery will be uneven. Economists say that an uptick in business spending will lead the way, followed by federal government stimulus projects that will create some jobs. Consumers, unfortunately, are likely to be the last to see good times return, because widespread unemployment – which is now just a notch below 10 percent – won’t start to go down until after the recovery is well under way.

It has been rough, but economists say it’s always that way for Florida.

“It performs better in good times, but during bad times, in recessions, it is one of the worst performing states in the nation,” said Moody’s Economy.com economist Chris Lafakis. “And during times of expansion it is one of the best.”

Some experts say they already see the early signs of such progress.

“The negative numbers just start getting smaller or they stop falling or they fall at a slower rate,” said SunTrust Chief Economist Gregory Miller. It’s like you tumbled out of a boat a while ago and “now we’re at the stage of swimming back to the surface.”

Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians’ consumer confidence this month.

Here’s how economists say the state will find its way out of the slump:

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Consumers give spark of new hope for econ revival

WASHINGTON – April 30, 2009 – Consumers are snapping back to life, kindling springtime hopes that the recession is losing steam.

Even though the economy shrank again in the first three months of the year – and by a lot – Americans stepped up their purchases of cars, furniture and appliances. The surge in consumer spending, which accounts for about 70 percent of the economy, could set the stage for a rebound later this year.

Hopes for revival depend on those consumers, who have been fortified by fatter paychecks from tax cuts and smaller mortgage payments from refinancings. If they keep buying, businesses will need to boost production, feeding yet more economic activity.

Against that backdrop, many analysts think the economy is sinking less now than it did from January through March. Most believe it could start growing again by summer or, more likely, by the final quarter of this year.

Federal Reserve Chairman Ben Bernanke and his colleagues, opting against further action Wednesday to shore up the economy, detected glimmers that the recession might be easing.

“The pace of contraction appears to be somewhat slower,” Fed policymakers said in a statement a few hours after the government released its report showing a second straight big quarterly drop in the nation’s gross domestic product.

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Mortgage rates dip – close to record low

Mortgage Rate Trend Index

Steady as she goes, say mortgage rate experts polled by Bankrate.com this week. Fifty percent expect little change over the next 30 to 45 days. Of the rest, 31 percent predict further declines. Only 19 percent foresee an increase.

WASHINGTON – April 24, 2009 – Rates on 30-year mortgages fell slightly from last week but remained just ahead of record lows posted this month, Freddie Mac said Thursday.

Average rates on 30-year fixed mortgages dipped to 4.8 percent from 4.82 percent last week, Freddie Mac said. Last year at this time, the average rate on a 30-year mortgage was 6.03 percent, and it has been below 5 percent for six straight weeks.

The all-time low of 4.78 percent was recorded on the week of April 2. Freddie Mac’s survey dates back to 1971.

Low mortgage rates have led to more refinancing activity since rates first fell dramatically in the winter. Rates slid again after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.

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First-time homebuyers must close by Nov. 30 – contract not enough

WASHINGTON – April 24, 2009 – If first-time homebuyers wait until November to sign a sales contract, it’s probably too late to get the $8,000 tax credit. To qualify, buyers must close before Dec. 1 – a signed contract is not enough. New construction should be started by mid-summer to qualify.

According to the National Association of Realtors, a “home is considered as ‘purchased’ when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.”

Noting that deadline, the National Association of Builders kicked off a campaign notifying buyers that if they want the tax credit, they should plan to sign a construction contact soon.

Mike Dishberger of Sandcastle Homes Inc. in Houston, Texas, says that building a home from scratch can take anywhere from four to six months depending on the floor plan and location. Assuming it takes the full six months, first-time homebuyers should sign a new-home construction contract no later than May 31, 2009.

While it’s possible to rush an existing-home sale and go from contract to closing in only a few weeks, that schedule could cause a problem for last-minute buyers who wait until November. If an onslaught of buyers hope to beat the clock, title agencies and others involved in the closing process could get backlogged during November, and the IRS does not consider “planned closing dates” for the tax credit – only actual closing dates.

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(Homeowners Insurance Can be a Burden to Read.. But, as a Real Estate Agent who cares about his clients, I always encourage a thorough Reading & Understanding of What your Policy Covers & what it Doesn’t.. Overpaying for Insurance is More Common, than Undervalued Coverage.. Read on..)

Survey: Americans’ low insurance IQ hurts finances

CHICAGO (AP) – March 10, 2009 – Americans are lacking in basic knowledge about insurance that might help their finances during the recession, according to a new survey.

In fact, we know a lot less about insurance than we think we know, according to the National Association of Insurance Commissioners (NAIC), which sponsored the poll. That disconnect can end up costing them money or gaps in their long-term insurance protection, says the NAIC, which represents state insurance regulators.

“Now more than ever, consumers need to be mindful of the impact their insurance decisions can have on their financial future,” said Terri Vaughan, the group’s chief executive. “By arming themselves with the facts – and improving their insurance IQ – consumers can make sure they are adequately protected, without paying more than they should for that coverage.”

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