Buyers Prefer To Sit Out And Wait For Price Reductions
A report from Realtor.com on Florida. "Rap mogul Bryan 'Birdman' Williams hasn’t been able to find a buyer for his swanky manse in Miami Beach, Florida. To entice someone (anyone!) into making an offer, the price on Birdman’s enormous tricked-out mansion was recently slashed to $13.5 million. The new price represents a 33% reduction — the 20,000-square-foot home first landed on the market in 2017 for $20 million."
"Williams purchased the home from Rockstar Energy Drink founder Russell Weiner for $14.25 million in 2011, and then customized it with high-end details."
From Curbed New Orleans in Louisiana. "It’s hard to say which is richer: this two-story Greek Revival townhouse’s craftmanship or its history. Built in 1849 for banker Frederick Rodewald and purchased by New Orleans-born novelist Grace King in 1904, the home sits on a double lot overlooking Coliseum Square. The asking price for this historically and architecturally significant treasure recently dropped from $2,750,000 to $2,250,000."
The Courier & Press on Indiana. "The century-old McCurdy building on Evansville's riverfront, which came back to life as apartment housing but had some delays and controversies along the way, has a new owner and manager. A deed in lieu of foreclosure was filed with the Vanderburgh County Recorder's Office on Aug. 12."
"The document filed with the County Recorder indicates a $12 million loan was issued in September 2016 to developer McCurdy 100 Development LLC. Ben Kunkel, manager of the company that restored the McCurdy, had estimated the project's cost was $10 million or so. Tenants began moving in during 2017. Kunkel hung up on a Courier & Press reporter who called him Monday night to try to get comment about the sale."
The Iowa City Press Citizen. "Iowa City's population continues to grow at one of the fastest rates in the state. That influx has spurred development. Two big trends that will have continuing pressure on revenues are property tax reform and a housing market with a supply glut. Before the 2013 assessment, multifamily properties were taxed at 100% of value as commercial property. Since fiscal year 2014, the taxable percentage of multi-family properties has been on the decline being at just 75% in fiscal year 2020."
"On top of that, there is also a growing over supply of both single- and multi-family properties looming, City Manager Geoff Fruin noted. The city expects demand to be unable to keep up with supply in the coming years."
A press release on California. "Luxury Realtor Laurie Johnson, of Chase International Real Estate, discusses why investors should purchase Lake Tahoe/Truckee vacation or second homes now. 'It’s a buyers market at Lake Tahoe and Truckee, as leftover summer inventory is going to be high and sellers should be very motivated to get into an escrow before winter snowfall sets in,' said Johnson, who has over 18 years of experience in real estate in the Lake Tahoe/Truckee markets and has sold homes in every neighborhood in the Tahoe Sierras. 'Savvy investors do not want to miss out on the many dream vacation homes now available.'"
From Patch Laguna Beach in California. "In Orange County, according to the report listed in the Orange County Register, single-family homes have dropped by 8.5-percent, with a drop of the median home selling price to $780,000 county-wide. In Lake Forest, Mission Viejo, Rancho Santa Margarita, and San Juan Capistrano areas, home sales have declined by almost 20-percent, CoreLogic says."
"During the first six months of the year, 'falling mortgage rates could not override the slipping consumer confidence,' OC Register reported. In Mission Viejo, there was a decline in sales by 13.3-percent, CoreLogic reported. In Lake Forest, there was a decline of 40-percent over the past year, and the median selling price of a 92630 home was down to $692,000."
"In Rancho Santa Margarita, the median selling price was down to just over $600,000. In Trabuco Canyon, the median selling price dropped to just over $930,000, down 8.5-percent over 12 months. San Juan Capistrano saw the median home price drop to $769,000, declining to only 9,912 homes sold compared to 10,833 sold in 2018. All factors contribute to Orange County's lowest home sales since 2011."
From Business Insider on California. "A lottery winner is selling his massive California mountain estate at more than a $19 million price cut. Originally listed for $26 million in 2018, the Eagle Crest Estate is now up for auction with Concierge Auctions at a minimum price of $6.9 million, the auction house told Business Insider."
"Listing agent Craig Strong said the reason for the hefty price cut is that 'the sellers are motivated to move the property.'"
The Westchester Journal News in New York. "When Gov. Andrew Cuomo’s partner, Sandra Lee, announced in mid-May that she intended to sell the Chappaqua home they lived in for $2.3 million, skeptics wondered whether she’d fetch that much in the softening market for high-end northern Westchester houses."
"A few days later, she listed the three-acre manse she calls Lily Pond for $2 million. With no takers by mid-August, Lee slashed the price again Tuesday by $300,000 to $1,699,000. Harriet Libov, listing agent for Lily Pond, said the market was 'very soft' for homes in Chappaqua listed for $2 million and more."
"Sena Baron, an associate broker at William Raveis Real Estate, said New York City families are still moving to Chappaqua. But buyers this year are waiting longer to bid on their dream house in the suburbs. ' Buyers continue to relocate from Manhattan and Brooklyn, seeking top schools, more space, and a better quality of life,' she said. 'But homes must be priced for value. Properties that are overpriced simply don’t sell. Buyers prefer to sit out and wait for price reductions.'"
The New York Observer. "Last month, Lena Dunham finally sold her Brooklyn condo for $2.63 million, accepting a loss on the three-bedroom apartment at 60 Broadway for which she had paid $2.9 million in April 2018. Now, the writer and actress is letting the rest of the world in on a few details of her current New York home situation, in an essay she penned for Domino‘s fall 2019 cover story."
"We learned quite a few things about Dunham’s New York real estate woes in this piece, including that she felt she was 'real-estate shamed' when outlets (including this one) covered her troubles with the aforementioned Brooklyn abode, which, by the way, we now also know she never actually moved into. Instead, she bought it 'in a state of panic' shortly after her break-up with Jack Antonoff, who kept their previously shared Brooklyn Heights home."
"Dunham called the subsequent condo purchase a 'massive real-estate mistake,' which she recognized shortly after signing the paperwork—at least, that seems to be the case, considering she listed the place just two months after buying it."
"But Dunham has now moved on, crossing the bridge back into Manhattan and setting up camp in the West Village, where she’s renting an apartment on the second floor. Since it’s a rental, at least Dunham won’t have to worry about getting real-estate shamed if and when she leaves."