Category Archives: Economy
Will Legal Pot Make Colorado Ski Homes a Smoking Commodity? Realtors Doubt Toking Will Lead to a New Joint
We’ve seen photos and stories from Colorado ski towns such as Aspen and Breckenridge showing vacationers filing lines out the door at marijuana shops, so of course, we had to wonder what kind of impact legal pot could have on Colorado real estate. Are more buyers putting it in their pipes and smoking it?
Turns out the Colorado Association of Realtors was wondering the exact same thing. After all, with 136 pot retailers in the state as of Dec. 2013, buyers were throwing green after green, eventually causing a state-wide shortage of smokables. But is recreational marijuana a boon for Colorado real estate, or a burden? Continue reading
Plenty of Texans go for vacation homes near Lake Tahoe.
“But be prepared that our houses aren’t as big as they’re used to,” real estate agent Theresa Souers adds with a chuckle. “I always tell them that upfront.”
Size doesn’t matter so much, however, when you’re breathing mountain air and pondering a looming, pristine lake that straddles California and Nevada. Continue reading
Let’s give a warm welcome to Kathryn Roan, and Ebby Halliday Realtor with Texas Equestrian Properties. Roan, who was born in Midland, raised in Dallas, and has a background in oil and gas, is a horse-lover who lives in Poetry, TX.
There has never been a better time to buy a second home. I am even watching my spending these days, eyeing fractional ownership if it has all the right locations. We are having a guest post soon from a fractional ownership expert to explain the do’s and don’ts. The problem is not buying, as we know, it’s getting financing. We recently re-financed our lot in the Hill Country at Walnut Springs, no thanks to Wells Fargo and were told to basically forget it. No one wants to finance land without a house on it because there is nothing to sell should you default. And when it comes to raw, open land in the country, things are a lot trickier.
Those of us in real estate know that when the housing market plummets, vacation places plummet the most. Second homes are most often discretionary purchases you wait on until you feel flush with cash.
Get this: Austin has an unemployment rate of only 6.7%. That could be why, except for South Padre Island, Austin now has the highest priced median homes in Texas: $194,600, according to the Real Estate center at Texas A&M University. Sales of existing single-family Texas homes in August were up 24 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University. More than 21,200 existing single-family homes were sold, data showed. The median home price was $153,200, about the same as a year ago, and the state’s overall inventory was at 7.4 months.
“I Just Gave My Bank a Free Loan and Paid for the Priviledge of Doing It:” Equity Accelerator BS & More Dallas Real Estate News
Susan Knape of Dallas, Texas thought she was doing something smart: paying AHEAD on her mortgage. In fact, if you open your mortgage statement each month, I will bet you the paperwork is right there in the envelope popping out. I’m talking about the equity accelerator programs offered by JP Morgan Chase, Well Fargo, Citibank and many other banks — I see the offers in both my Citibank loans every month. This program is a way, say the banks, for you to be a good citizen… right? Wrong. It’s a way for them to make more money… all the deets and more on CandysDirt.com
This article in the Washington Post says that Baby Boomers are changing the face of suburbia and staying put, rather than retiring to the likes of Florida and Arizona, as their parents did, once they retire. The U.S. Census showed how rapidly America’s suburbs are growing — despite efforts to squeeze us into greener, urban multi-family residential cells and one family car — the Baby Boomers are staying put and, in some cases, buying vacation homes on the equity they’ve built in those suburban homes.
Here’s the deal. The economy is not cooperating, but we still want to enjoy life. I know so many families who want a second home to “create family memories.” Most families, like mine, are spread out all over tarnation. A second home is a great way for everyone to combine a vacation with a family visit. Our family did this for years at Drake’s Island, Maine, and we are trying to do it for our kids with a shared-ownership ranch in the Hill Country. As hard hit as the second home market is right now, buying and maintaining a home outright is still costly. According to the Wall Street Journal, sales are really soft in the Hamptons, which Wall Street usually flushes with money. And no one in their right mind thinks they’ll be flipping it for a profit.
I am not trying to sell you a house, and I could really care less who buys, who sells, unless it’s my home and my home is not on the market. But I worry about the housing market and the national news about it that keeps dragging us down. This week, the stock market was lousy because of poor jobs and housing reports. Our local market is holding up in the storm, and I have told you about some amazing transactions this week. I’ve also said that I worry that Bob Shiller, one-half the duo of the Case-Shiller twenty city index report that we lap up like the froth on a latte, is creating a generation of home-ownership phobics. Well, now someone else (sorta) agrees with me.