There Are Too Many Properties On The Market, Too Many Sellers
It's Friday desk clearing time for this blogger. "'About 15 years ago – this is before the housing bubble burst – we had a similar situation where affordable housing was an issue,' said Marty Olejniczak, community development director for the City of Sturgeon Bay."
"They're not calling it a buyer's market. However the Honolulu Board of REALTORS says buyers have more options with more homes and condos newly up for sale. President Jenny Brady says, 'In the single-family category in the month of March alone, there were 468 new properties that came on the market in the single-family category, so that gives you some perspective, right? And in the condo category, new listings are 712 new listing on the market."
"The average size of Greenwich single-family homes that sold shrank for a third time, pulling the median price down 17 percent in the first quarter from a year earlier to $1.69 million, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report. Meanwhile, the number of luxury houses on the market jumped 68 percent to 232."
"'There’s been a steady shift in the mix,' said Jonathan Miller, president of Miller Samuel. 'There’s still demand for high-end homes, but nowhere near the density of a decade or so ago. There are too many properties on the market, too many sellers, and Wall Street isn’t the driver of demand it once was.'"
"Median condo prices in Boston tumbled 13.8% to $810,000 for the first quarter of 2019 compared to the previous year, according to Douglas Elliman’s Q1 2019 Market Report. The number of sales also decreased 22.8% and listing inventory increased 32.9% compared to the first quarter of 2018, the data revealed."
"Last year’s record-breaking quarter was largely because of a number of legacy closings—contracts signed two to four years earlier but just now being completed—in high-end new developments, according to the report. 'It’s a little hard to compare this quarter to that quarter,' said Scott Elwell, senior executive regional manager for New England."
"The home that began its life during the Roaring Twenties for the descendant of a Polish count has still managed to hold its charm over its New Jersey town less than ten miles from Manhattan. Its most recent sale history had it on the market for $39 million back in 2013, then nearly going to foreclosure a little while later, then almost finding a foreign buyer for $20 million. Throughout all this Gloria Crest is still standing, with its original Mediterranean style design intact now asking $9.99 million for the entire estate."
"With little success in his attempt to sell his massive Bergen County mansion, Hall of Fame basketball player Patrick Ewing has now put the 10,524-square-foot home on the rental market for $25,000 per month. He purchased the Cresskill home in 2007 for $6.35 million and has since had difficulty offloading it. Originally listed for $7 million went it first went on the market in 2015, Ewing has since slashed the listing price multiple times, bringing the asking price down to $4.8 million."
"A bankruptcy auction will be held on May 11 for a Georgian-style stone mansion in Chappaqua, Mansion Global reported. The 86-acre estate first hit the market seeking $30 million in 2010, but then saw its asking price reduced several times. The 19,000-square-foot home took a price cut to $19.9 million in 2014, according to a Curbed report at the time. Earlier this year, property records show that the home at 48 Haights Road had its price trimmed again, to $13.75 million."
"Former Chicago Bears head coach John Fox this week sold a Lake Forest mansion for a $400,000 loss. He purchased the country-style estate in April 2015, spending $3.275 million on the property a few months after getting hired, according to property records. The home was listed last April asking for nearly $3.4 million and sold for $2.875 million on Monday after a price reduction earlier this year."
"The luxury single-family market in Boca Raton saw signs of weakening. There were 49 luxury single-family homes sold in the first quarter of 2019, down 10.9% from a year ago. The median sales price dropped 14.9% annually to $1.83 million."
"After several price reductions over the last year, Hong Kong-based filmmaker John Woo has finally sold his Los Angeles home—for $5.42 million. The house, which went on the market for $7.5 million in February 2018, sold on March 26, according to public records."
"San Diego’s housing market is shifting towards a buyer's market as housing on much of the West Coast hits an affordability ceiling, according to Trulia. For San Diego’s housing market, that means more prices are being cut and homes are spending more time on the market. According to Trulia, homes in America’s Finest City sit on the market for a median of 73 days, up from just 59 days a year ago. Similarly, the share of listings with their prices being cut increased from 11.5 percent to 20.2 percent with homes selling at four percent below the original asking price."
"In January of this year, Trulia says nearly 95 percent of all zip codes in San Diego showed signs of shifting in favor of buyers. Throughout the rest of the country, the report points out that 50 major metros are showing signs of shifting in favor of homebuyers. A year ago, only five metros experienced a shift. The shift is most dramatic in Las Vegas, San Jose and Seattle where home values have risen more than 50 percent over the last six years. Over the last year, growth has slowed signaling that prices have exceeded what most buyers are willing or able to pay, according to the report."
"Dallas Morning News reports more evidence of DFW continuing to become more of a home buyers' market. As of January, 78.9% of Dallas zipcodes reveal a shift favoring buyers, versus sellers. January - March sales have fallen 3% from first quarter 2018. The number of listed houses has jumped 24% from 1 year ago. Approx. 18% of listed DFW houses include the minimum of (1) price reduction. North Texas houses are taking 14% longer to sell versus same time last year."
"When it comes to real estate, my father, with a 6th grade education, once had (3) houses simultaneously, and all were paid for. On the subject of North Texas house prices, he told me, 'what goes up, must come down.' I, continue to wait on purchasing a house."