Buyers, Anticipating Prices Will Fall Further, Are Practicing Wait-And-See
A report from the Seattle Times in Washington. "Home prices in Seattle and the surrounding counties took a dip of 1.3% in June compared to last year, according to the latest datafrom the S&P CoreLogic Case-Shiller home price index. The downturn reported by Case-Shiller, which tracks a three-month average of home sale prices in King, Pierce and Snohomish counties, was driven by contraction in King County, where home values are on a monthslong slide, according to Zillow."
"In the immediate Seattle area, July home values are down 4.3% since last year, to $714,400, Zillow data shows. That’s supported by Case-Shiller data showing the prices of area homes over $628,000 — which includes most of the homes in the city — fell by 3% over last year. In Seattle, confidence in the housing market is waning, said Matt Van Winkle, the owner of RE/MAX Northwest."
"'Listings that a year ago or two years ago would have been gold — say, a townhouse in Ballard — aren’t anymore,' Van Winkle said. Buyers, anticipating the market will continue to slow and prices will fall further, are practicing wait-and-see, he said."
From Variety. "The palatial New York City apartment of billionaire apparel magnate and film financier Sidney Kimmel has been priced at a still eye-popping $29.5 million after it first came up for sale late in 2018, amid a deluge of publicity, with an aggressive asking price of $39.5 million."
"On the West Coast, the Kimmels bunk down in an ultra-modern Beverly Hills showpiece they picked up in 2017 for almost $25 million from leveraged-buyout billionaire Alec Gores. And, earlier this year, after it was initially listed with a profoundly unrealistic $81.5 million asking price, they sold their multi-parcel estate on Malibu’s Point Dume, previously the longtime home of Johnny Carson, for $40 million."
From Mansion Global on New York. "Three Manhattan apartments asking $10 million or more found buyers last week, the first deals of that size since New York raised a set of transfer taxes on luxury home sales, according to a weekly report. The most expensive deal last week was a townhouse asking nearly $18 million, down from the $22.775 million the seller originally was seeking when the home hit the market last year."
"The second most expensive deal was also a townhouse—this one on the Upper East Side—asking nearly $15 million. The five-story Greek Revival townhouse, which is subdivided into six apartments, hit the market last September asking $19.25 million and was marketed as a hit renovation, according to the report."
From Socket Site on California. "Priced at $45 million last year, which was misreported by some as being “the most expensive home ever listed” in San Francisco, 'Residence 950' at 950 Lombard Street has just been relisted anew with a reduced $40.5 million price tag."
From Curbed San Francisco in California. "The California Association of Realtors tabulated house sales across the Bay Area last week and found that, once again, prices overall dropped in July compared to last year in almost every Bay Area county. The overall drop came in at 3.1 percent from July of 2018, to a Bay Area median sales price of $950,000 year over year."
"By and large, this is pretty much what house prices in the nine counties have done all year. The interesting thing is that this time San Francisco saw a dip too, bucking its usual trend of, well, bucking the trend. The median price for SF was down three percent year over year, dropping to $1.6 million. San Mateo County also slipped three points, down to $1.56 million."
"Alameda County declined 2.1 percent to $950,000, while Contra Costa County slipped 5.4 percent to $660,000. Santa Clara County saw the biggest year-over-year drop outside the North Bay, down 3.9 percent and landing at a median of just less than $1.3 million. Napa County saw the worst treatment (or best, depending on one’s point of view) in July with a 5.8 percent decline from last year, the new county average coming out to $685,000. Marin County was close at 5.1 percent down and more than $1.25 million for a median."
"The median price for a condo during roughly that same period increased from around $1.1 million to about $1.2 million. But even that number is potentially deceptive; Compass also warns that 'SF has a large luxury condo market, which affects median values.' Which is to say, the high end tends to drag the average disproportionately upwards, disguising the realities of cheaper multi-family homes further down the chain."
From Pasadena Now in California. "Pasadena’s Arden Villa, famous for being the mansion where many scenes of the hit 1980s soap opera 'Dynasty' were shot, has sold for $15.6 million, according to the Los Angeles Times. The 17,600-square-foot gated estate, a favorite Hollywood filming location, was listed for $28 million back in 2017, before the price dropped to $19.5 million last January."
"The last time the property changed hands was in 2013, when it sold for $20 million."
The Tampa Bay Times in Florida. "Tampa Bay’s foreclosure rate ranked 23rd among major metro areas in July. According to ATTOM Data Solutions, the bay area had 1,043 homes in some stage of foreclosure that month, including 299 that had gone through the foreclosure process and had been taken back by the lender. Several places in Florida, including Jacksonville, Orlando and Lakeland, had higher foreclosure rates than Tampa Bay."