The pitcher Edwin Jackson holds a somewhat dubious major league record. He’s pitched for an MLB record of 14 different teams over the course of his 17-year big league career. So we can’t blame him for his choice of a sweet place to settle down in the offseason.
Even so, his massive estate in Paradise Valley, AZ, has now landed on the transactions wire. The well-traveled righty put his desert home up for sale a couple of months ago, with a list price of $6.2 million.
The private estate sits on over an acre of land and features six bedrooms, seven bathrooms, and just shy of 9,800 square feet.
Listing details for the property state that more than $1.2 million was spent on improvements for the home. Jackson purchased it in January 2014 for $3.8 million.
Styled like a resort, the open, airy mansion is highlighted by its outdoor offerings. The swim-up bar at the outdoor pool is a welcome touch, as is the misting system that helps keep guests from broiling in the desert sun.
The pool area also features a large slide, an outdoor shower, and two high-end cabanas outfitted with temperature-control systems. Nonaquatic activities available include an outdoor pitcher’s mound, as well as a sport court with a basketball hoop.
Adjacent to the pool, you’ll find a guesthouse complete with a kitchen and bathroom.
The swim-up bar also has an indoor component that resembles a sports bar, with TVs mounted everywhere and plenty of room for a crowd. Other luxe amenities in the mansion include a large theater room with a stage, a temperature-controlled wine room, a kids’ playroom, and a crafting room.
An enormous master retreat boasts heated floors, his-and-hers closets, a steam shower, soaking tub, Toto Neorest toilet, and a full-sized washer and dryer.
Pool
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Pool cabana
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Kitchen
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Bar
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The mansion is also fully wired—it features a Crestron smart home system and on-site security cameras.
Jackson, 36, made his major league debut with the Los Angeles Dodgers in 2003, at the age of 19. Since then, he’s donned the uniforms of almost half of the big league franchises and won over 100 games.
Before the MLB shutdown, he was in spring training with the Arizona Diamondbacks—a team he pitched for back in 2010.
As the COVID-19 health crisis continues to ravage the world, along with the global economy, it’s not surprising that it’s also sidelining prospective home buyers and sellers.
About 85% of residential Realtors® reported seeing a decline in home buyer interest, according to the National Association of Realtors® Flash Survey: Economic Pulse. About 2,500 real estate professionals participated in the survey, which was conducted April 26–27. Thirty-five percent of Realtors saw buyer interest fall by half—or even more.
“It’s obvious that the housing market is still struggling in this crisis,” says realtor.com® Senior Economist George Ratiu.
“A lot of buyers are coming to terms with the magnitude of the economic damage,” says Ratiu. More than 30 million people have filed for unemployment since this crisis began last month, and more layoffs are expected. “Not surprisingly, you see that in [these] results.”
The lack of buyer interest is particularly pronounced given that spring is usually the start to the normally busy home-buying and -selling season. Low mortgage interest rates often give the market a boost as well. Rates reached an all-time low this week, falling to 3.23% for 30-year fixed-rate loans in the week ending April 30, according to Freddie Mac.
In addition, more than half of residential Realtors, 60%, reported that sellers were delaying attempting to sell their homes or were postponing the process indefinitely, according to the survey.
In addition, about 24% of sellers reduced the prices of their abodes in light of the stunning number of job losses and folks losing additional income.
“There’s clearly a disconnect between sellers still active in the market and potential buyers,” says Ratiu. “Homes that were priced for January 2020, when the economy and employment were still growing, are not likely to sell for the same price in the current downturn.”
As bad as this all sounds, it was worse two weeks ago, when 90% of residential Realtors reported buyer interest was down. Roughly 67% said sellers were delaying sales or pulling their homes off the market. This survey was taken April 12–14 with nearly 2,300 participants.
“Transactions are still taking place,” says Jessica Lautz, NAR’s vice president of research. However, “buyers and sellers should expect it’s going to be a very different experience than perhaps they dreamed of. … There very well could be delays throughout that process, and the transaction will be happening more virtually.”
A contemporary waterfront estate on Florida’s ultra-exclusive Star Island has floated onto the market for $40 million. The top-tier price tag makes the Miami Beach property this week’s most expensive new listing on realtor.com®.
The 14,762-square-foot luxury mansion on the guard-gated island last sold in 2011 for $25.5 million. At the time, it was one of the most expensive Miami Beach residential sales ever.
Post-purchase, the new owners remodeled and expanded the residence. According to the listing agent, Jill Eber with Coldwell Banker Realty, they added a professional chef’s kitchen, another bedroom, a home office, and a laundry facility.
The property is held by an opaque Delaware corporate entity (E&A Estates), and the elusive owners are now ready to sail away from the waterfront retreat, which comes with 100 feet of water frontage and a wood dock. Eber told us that the sellers live overseas and don’t spend as much time in Miami as they used to.
With the stand-out price comes a stand-out property.
“It’s the most sought-after view that you have in Miami. It’s direct bay, out to the downtown skyline,” Eber says.
She adds, “Everybody’s looking for the best of the best location. That is what this is. And then, the house itself is beautiful. It’s a trophy property.”
Biscayne Bay and Miami skyline views
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Waterfront and dock
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Covered seating area
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Living room
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Family room
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Den with bar
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Bedroom with sitting area
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Pool
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Along with those Biscayne Bay and Miami skyline views, the spacious spread contains 10 beds, 10.5 baths, a living room and formal dining room, a chef’s kitchen, library/den, wine room, and a great room that opens to the pool area.
Upstairs, the master suite features a sitting room, office, and two large terraces, plus a bathroom with an onyx and glass steam shower, a walk-in closet, and custom spa tub.
Other luxe interior details include stone floors, Venetian plaster walls, and an elevator.
On the almost 1-acre lot, the manicured grounds include a pool with a hot tub, cabana bath, covered bar, and multiple seating and sunning areas.
“It’s really a timeless design,” Eber says. “The whole layout is open. It’s very much indoor-outdoor living.”
The current listing is at the top of the price point for the island, but it joins several other properties on the exclusive Miami Beach enclave that are up for grabs.
A renovated 1920s villa that came on the market in 2016 for $65 million dropped to $40 million last year. Each time it was listed, the estate was named our most expensive listing of the week. The property is still available.
In one more note, the singer Gloria Estefan has had a home on the market for years, first listed in 2015 for $40 million, now available for $32 million. She and her husband, Emilio Estefan, live nearby, and initially bought the place for Emilio’s mother. After her death, the couple rented out the property before deciding to sell it.
Considered one of the most sought-after locations in Miami, Star Island has attracted many A-listers to its shores, including Cher, Jennifer Lopez, and Ricky Martin.
There is at least one bright spot for home buyers, sellers, and owners amid the economic mayhem brought on by the novel coronavirus. Mortgage interest rates have fallen to a new record low, a boon to homeowners who may want to refinance and save money, and buyers (if anyone feels like buying a home right now).
Rates have been on a wild ride since this crisis began, and the average for a 30-year fixed-rate mortgage hit 3.23% for the week ending April 30, according to Freddie Mac. That’s the lowest it’s been since Freddie Mac began tracking rates in 1971. The average rate was 4.14% a year ago.
The drop may not seem all that substantial, as it’s not even a full percentage point. But the lower rate will save borrowers $132 a month for a $320,000 home (the national median home price) if they made a 20% down payment. That’s $1,584 a year—which adds up over the life of that 30-year loan.
Mortgage rates could continue falling as the pandemic continues wreaking havoc on the economy.
“Rates are not in a hurry to move back up from here,” says Matthew Graham, chief operating officer of Mortgage News Daily. “Unless there is a sudden and significant change in the global economy in response to a sudden and significant development in the fight against coronavirus, we likely haven’t seen the lowest rates yet.”
Those ultralow rates aren’t likely to save the slumping housing market, though.
“In a normal market, that would be great news for buyers,” says realtor.com® Senior Economist George Ratiu. “In today’s market, rates are likely to have little impact.”
More than 30 million people are out of work as businesses across the nation have been forced to temporarily close to stem the spread of COVID-19. Even those that remain functioning have seen their revenue plunge, raising the prospect of more layoffs.
That should give both buyers and sellers pause. Add a severe shortage of properties for sale, with double-digit drops over the past few months, and it’s clear that this year’s spring home-buying season, already well underway, will end up far slower than usual.
Can borrowers snag these low rates?
Though rates have reached record lows, not everyone will be able to snag them. Mortgage rates can fluctuate throughout the day as well as vary quite a bit among lenders—by as much as 0.5%.
Riskier borrowers with lower credit scores, higher debt loads, or lost income due to the crisis may get stuck with higher rates, if they’re granted a loan at all.
“These rates are really available, but the catch is the restrictions are tighter at many lenders for things like lower credit scores … and other risk factors,” says Graham. “These either make for higher rates or flat-out unavailability, depending on the scenario.
Why rates are falling again
As the economy shifted into a downturn in early March, rates reached then-record lows of 3.29% in the week ending March 5. But just two weeks later, they had risen back to 3.65% despite the Federal Reserve slashing mortgage rates to between 0% and 0.25%. They’ve since fluctuated, sometimes multiple times a day.
They’re settling down again, thanks to changes the U.S. government has made to the secondary mortgage market. Lenders typically don’t want to keep a mortgage on their books once it’s made, as that ties up money that could be used to make new loans. So they sell the mortgages, which are bundled together into mortgage-backed securities, to investors in the secondary market.
With so many people out of work and unable to make their mortgage payments, many investors have shied away from these securities, also called mortgage bonds. But Fannie Mae and Freddie Mac are now permitted to buy these riskier loans in forbearance. That’s boosting investor confidence in these securities and driving up prices due to demand.
When mortgage bonds prices are up, mortgage rates go down. Hence, the lower rates.
“These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “While many people are benefitting from low mortgage rates, it’s important to remember that not all people are able to take advantage of them given the current pandemic.”
New Washington Redskins head coach Ron Rivera has purchased a $2.2 million estate in Great Falls, VA, as he continues to shuffle his property portfolio.
Built in 2018, the secluded home sits in a cul-de-sac off a quiet road. Its 3-acre lot features an abundance of trees.
The five-bedroom home was listed for $2.5 million in May 2019, then reduced to $2.4 million in October. Rivera’s purchase was finalized in early March.
A gorgeous flagstone walkway graces the front exterior. Inside, the 6,656-square-foot home features high ceilings and an open floor plan. Hardwood floors and three fireplaces create a cozy feel. The massive chef’s kitchen has granite countertops with custom cabinetry, a large island, a six-burner stove, and Thermador appliances.
The master bedroom has an adjacent sitting room separated by a two-way fireplace. There are also two walk-in closets, as well as a master bath with granite countertops, a seamless glass shower, and a soaking tub with views of the woods.
A three-car garage includes a side entry to a mudroom. The full basement is where Rivera spent NFL draft night working the phones.
Chef’s kitchen
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Living area
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Finished basement
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Backyard
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Out back, there’s a well-manicured yard along with a flagstone patio, water feature, and fire pit. The listing notes there’s plenty of space to add a pool.
After being fired by the Carolina Panthers midway through the 2019 season, Rivera landed the job with Washington shortly after the season concluded. He recently listed his home in Charlotte, NC, for $1.3 million.
The seller was represented by Valerie Kappler with Long & Foster Vienna/Oakton. Rivera was represented by Dianne Van Volkenburg with Long & Foster/Great Falls.
Bill Gates, co-founder of Microsoft and the second-richest person in the world, boasts a lavish real estate portfolio.
Gates and his wife, Melinda Gates, recently added to their extensive real estate holdings with a $43 million purchase in Del Mar, CA, about 20 miles north of San Diego.The splashy beach retreat with 120 feet of ocean frontage is one of the most expensive sales of all time in the area.
The 5,800-square-foot residence with ocean views features six bedrooms, plus two guesthouses. Upscale amenities include a health spa, glass-tiled pool, home theater, tennis court, and a 10-person hot tub.
The splurge on an oceanfront property prompted us to take a look at the philanthropic power couple’s other real estate holdings.
They are widely known for their largesse, most recently in response to the coronavirus threat. As they’ve been dispensing cash through their foundation, they’ve also been spending some of their wealth on a collection of posh properties.
Beach house in Del Mar, CA
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Even if you’re not running the latest version of Windows, you should join us on a tour of Gates’ housing portfolio.
Medina, WA
Medina is the site of the most massive Gates estate. Located just outside Seattle, the home has been dubbed “Xanadu 2.0,” after the fictional mansion in the movie “Citizen Kane.”
Measuring 66,000 square feet, the palatial home took more than seven years and a reported $60 million to build.
Loaded with high-tech innovations and opulent amenities, the estate was valued at $131 million last year. That’s likely to be on the low side, given the scope of what Gates has built.
In 1988, Gates purchased what was then a 5-acre property for just $2.05 million, with plans to build his dream home. The property on Lake Washington grew to incorporate additional parcels that Gates bought up to create a buffer around his estate.
Inside, the modern mansion’s extensive technology has taken on an almost mythic quality. While we don’t know if there are any robot butlers or Jetsons-style hovercrafts, the home does have some futuristic features.
They include a 60-foot pool that flows outdoors and has music piped in underwater. An article from 1997 touts the “miles of fiber-optic cable … strung inside the walls and crawl spaces.”
It’s also equipped with touch pads in every room to control the environment, and sensors that customize temperature, lighting, and even music to follow you from room to room.
It’s also an eco-friendly, “earth-sheltered” house, for efficient climate control.
Within the compound, there’s a formal dining room measuring 1,000 square feet. For larger events, a 2,300 square-foot reception hall can seat 150.
A separate building houses a 2,500-square-foot gym, which is part of a fitness facility that includes a trampoline room with 20-feet ceilings.
The home also includes a library with a domed roof that includes a Leonardo da Vinci manuscript that he picked up at auction for $30.8 million.A 1,500-square-foot home theater seats 20 in plush, art deco-style seats and couches.
Bill Gates’ compound in Medina
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Indian Wells, CA
When not bouncing around in a trampoline room, the Gates family may want to hit the links, or at least entertain potential clients at a fancy private club in the desert.
In 1999, the billionaire plunked down $12.5 million for a mansion in the ultra-exclusive Vintage Club in Indian Wells, CA. The posh town, known for its annual tennis tournament, sits next to La Quinta, CA—a different desert hot spot for A-listers.
Gates’ spread in the Coachella Valley sits on 1.33 acres in the guard-gated club conveniently adjacent to a golf course designed by Tom Fazio.
The club bills itself as “one of the United States’ most prestigious and ultra-exclusive private country club communities.”
Built in 1993, the Gates mansion measures in at 13,573 square feet, and includes six bedrooms, along with 11 bathrooms.
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Wellington, FL
Following up on his land grab in the Pacific Northwest, Gates has bought up his fair share of property in the horse-lovin’ haven of Wellington, FL. He bought a spread in the area to support his daughter Jennifer, who is a competitive show jumper.
In March 2016, he picked up a pricey property close to the Palm Beach International Equestrian Center for $13.5 million.
The home features four bedroom suites, a 16-stall equestrian facility, plus a pool and spa. The listing details for the home played up its appeal to equine aficionados, touting it as within “walking distance to the Winter Equestrian Festival and Global Dressage Festival grounds.”
Then in May 2016, we reported that Gates had snapped up two empty lots on the same street for $5 million. At that point, Gates had bought up four of the six properties in a quiet court within the guard-gated Mallet Hill community.
Wellington estate
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However, the tech mogul might be downsizing in Florida—just a bit. He sold one of his four properties in Wellington last year for $8.7 million. And he clearly wasn’t concerned about ROI—that’s the exact price he paid in 2013 for the 7,234-square-foot home that kicked off his Wellington buying spree.
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Hobe Sound, FL
Even before Gates owned in Wellington, he seems to have spent some time in Hobe Sound, FL, about an hour to the north. In 2009, he purchased a European-style villa in the town for $5 million.
According to the listing details, the nearly 10,000-square-foot mansion on 5.24 acres features 200 feet of direct Intracoastal frontage and a private yacht dock.
After the family turned their attention to Wellington, this mansion came on the market for $6.6 million in 2012. It eventually sold in 2013 for $5 million.
Hobe Sound, FL
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Rancho Santa Fe, CA
Never done with horsing around, Gates purchased another equestrian estate in 2014 for $18 million. Once owned by the weight-loss guru Jenny Craig, the massive horse facility, called Rancho Paseana,totals 229 acres.
Gates intended to turn the compound into a hunting and jumping training facility for his daughter.
“The family has enjoyed visiting the San Diego area with friends and family for many years, and has purchased the Rancho Paseana property in Rancho Santa Fe,” a spokesperson for the Gates family told Forbes in a statement at the time.
It looks as if the Gates’ love for the area has blossomed, with the family’s recent purchase of the Del Mar beach retreat.
The property is close to the Del Mar Race Track. Craig, the weight-loss queen, and her husband, Sid Craig, owned the ranch and an adjoining luxury estate for decades, before it made it onto the market in 2010, after Sid Craig passed away.
After initially offering it for $30 million, Craig reduced the price to $25 million before taking it off the market in 2012. She opted to quietly shop the property in search of a buyer who would continue to use it for horses, rather than develop the land for housing or a golf course.
The expansive space contains a main house, a three-quarter-mile racetrack, as well as four 30-stall barns and a fifth barn with 21 stalls, a veterinarian’s area, two staff apartments, and an olive orchard.
Rancho Santa Fe, CA
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Yellowstone Mountain Club, Big Sky, MT
As you might imagine, when Bill Gates hits the slopes, he prefers privacy, security, and exclusivity. He can find that at the Yellowstone Mountain Club near Big Sky, MT.
The swanky ski club just north of Yellowstone National Park includes a members-only mountain, no lines at the ski lift, and pristine powder.
To become a member (and Gates reportedly is one) requires a $300,000 initiation fee and upward of $37,000 a year in dues. Oh, and you must buy a home within the community.
Prices start at $4 million for a condo and range from $5 million to $25 million for a single-family home.
The ski-in, ski-out dwellings include high-end features like “ski rooms with individual lockers, heated driveways, bunk rooms and $5,000 boot dryers,” according to The New York Times. Only members, their families, and guests can access the club, which adjoins the Gallatin National Forest.
In the winter, skiing is plentiful. For warmer months, there’s an 18-hole golf course. And you can leave your security detail at home. The club’s security team is managed by a former Secret Service officer.
Along with the Gates, Google’s Eric Schmidt, Justin Timberlake and Jessica Biel, and Tom Brady and Gisele Bündchen have also been members. In addition to the outdoor activities, an upscale lodge includes a restaurant, spa, fitness center, and pool.
You can rest assured that the place will never be overrun. Membership is capped at 864 households, according to the Times. If you can’t have your own personal mountain, this could be the next best thing.
In the past few days, several states have begun the highly controversial process of loosening stay-at-home orders and restrictions put in place to combat the spread of the deadly novel coronavirus. In the coming days and weeks, many more states, counties, and cities will follow examples set by states such as Georgia, Texas and Colorado as lockdowns expire at the end of the month or in early May.
The impact of these changes won’t be felt just by the small-business owners who choose to reopen and the customers who begin resuming their lives in this new normal. The easing of these restrictions will also be felt by the housing markets in these places. But how quickly—and strongly—will they rebound from their period of deep freeze?
Real estate professionals are already reporting that the easing of these orders is resulting in a small boost in the number of listings coming online, and in a slight uptick the numbers of prospective buyers shopping around. This gives these markets a stronger start to what will certainly be a much slower than anticipated spring market.
“There’s a clear link between the extent of the stay-at-home orders and the amount of buyers and sellers in the real estate market,” says Javier Vivas, realtor.com®’s director of economic research. “The markets that reopen will see more listings come back onto the market. And then very shortly after that, we’ll see more buyers at open houses.”
The benefits to easing up on restrictions may give both buyers and sellers something of a psychological boost, too.
Sellers may feel more secure in allowing buyers to walk through their properties. And with local economies beginning to rev back up, buyers may feel more confident in their finances to pull the trigger on investing in a new home and moving. Both groups may believe that the worst of the deadly health threat is behind them, regardless of whether that proves to be true.
Part of that bump will come from the spring and summer being traditionally busier months for home sales, says Norm Miller, a real estate finance professor at the University of San Diego. Parents often want to move before the kids go back to school.
However, health experts have warned that allowing people to freely circulate again could lead to a rash of new cases, which would take a couple of weeks to emerge. And no one should expect the real estate market will get fully back to normal—even when the U.S. is open for business again. In the absence of a vaccine, there’s still a deadly pandemic terrorizing the world, which will discourage many folks from listing or buying homes. At least 26 million people have lost their jobs or income, or have been furloughed, since the crisis began—and that number is expected to rise. As a result, it’s now going to be harder for many folks to score a mortgage. Even those who are still employed may worry about the security of their jobs. And they may hold off on making what could be the biggest purchase of their lives until the economy improves.
That means there will be fewer listings, buyers, and sales even as the nation heads into what’s normally the busiest seasons for real estate: spring and summer.
“When you get a sense that things are back to normal, [there could be] an initial boost of energy” in the housing market, says Vivas. “But pretty quickly there will be a reality check. You look at your finances and what’s available on the market, and you do the math, and it pretty quickly turns into a difficult decision.”
“We’ll see buyers be more cautious,” he says.
More homes are going on the market where lockdowns are eased
One of the biggest issues facing the national housing market is the lack of homes for sale.
Inventory is down annually just about everywhere, hitting a new low in supply for April, according to realtor.com data. But in most states that have allowed more businesses to reopen, inventory is beginning to trickle back onto the market again, even if just by a little.
“Places that have fewer physical restrictions and fewer [COVID-19] cases tend to see more sellers act as if this was just a regular spring home-buying season,” says Vivas.
Take South Carolina. A stay-at-home order was issued on April 7, later than most other states, and has been extended through May 15. But the Palmetto State began loosening restrictions on April 20, allowing beaches and retail stores to begin reopening. Stores must operate at a reduced capacity.
In South Carolina, showings reached their lowest point around Easter weekend, says Charleston-based real estate broker Owen Tyler, of the Cassina Group. He’s also president of the South Carolina Realtors®, the state’s Realtor association. Since the restrictions have been loosened, he’s seen a slight pickup statewide in the market—but nowhere near the normal numbers of buyers, sellers, and sales.
“They’re ticking up slowly but surely,” Tyler says. “We can see a light at the end of the tunnel. … It does not feel like a forever situation.”
Since Colorado started easing up on its own restrictions, Aurora-based real estate broker Cindy Dassinger has also seen listings nudge up in areas where in-person showings can resume. Real estate agents in Douglas County, near Denver, were allowed to give home tours since Monday. However, they’re still not permitted in Denver County.
Many more listings, currently classified as coming soon, are likely to hit the market once showings resume in their respective counties, she says.
“The faster we can get small businesses open, the faster we can recuperate,” says Dassinger, of Metro Home Finders in Aurora. “There are [fewer] buyers out there, but the buyers that are there are serious.”
The restrictions on in-person home tours haven’t discouraged buyers who need to move, say, for a job transfer. Folks have bought homes they’ve never set foot in, Dassinger says. They’ll add clauses to their contracts stating they have the right to view the properties in person before the closings take place. This allows them to back out of any bad deals without losing money.
“We’ve had houses go on the market in the middle of this thing and go under contract within 72 hours, and some with multiple offers,” says Dassinger.
Atlanta-area real estate broker Tim Hur is also seeing a few more listings go live and expects to see more as Georgia eases up on restrictions. However, he doesn’t expect the normally brisk, spring buying seasons of years past.
“We’ll see a little more activity,” says Hur, who’s with Point Honors & Associates, Realtors. “But it doesn’t change the fact that people are still unemployed, they’re furloughed, or there are fears of COVID-19. … There’s a lot of more people sitting on the sidelines wanting to see how it all pans out.”
More buyers may also return to reopening markets
Blue Ridge, GA–based real estate broker Faron W. King is also seeing a bit more interest from prospective buyers ever since Georgia let up on some of its restrictions. King, of Coldwell Baker High Country Realty, sells homes in the vacation area, which is popular with folks from Atlanta and Florida for its mountains and lakes.
“A lot of this is people with cabin fever” dreaming of leaving the city behind and moving to or buying a second home in the mountains, says King. He is also the president of the state’s Realtor group, Georgia Realtors®.
But it could lead to even a slight uptick in sales, particularly as the country heads into the warmer-weather months when vacation homes are particularly appealing.
The demand is still there from buyers, many of whom have been stymied by the lack of homes for sale even before the crisis and sky-high prices. But those who’ve lost jobs and income may no longer be able to afford to get into the market. And many more may choose to wait out the crisis until they’re more sure of their financial footing.
Being allowed to go back to work again may give at least a few potential buyers the psychological and even financial boost they need to pull the trigger.
Buyer “interest has been piling up,” says realtor.com’s Vivas. “By reopening, you’re opening the door to that backlog.”
However, the areas suffering from the highest numbers of COVID-19 cases will take longer to reopen. And while sales are expected to be down nationwide this spring and summer, these more affected real estate markets will be off to a slower start and take longer to rebound.
“There’s going to be some uncertainty in areas that have had a worse experience with the virus,” says Edward Goetz, an urban planning professor at University of Minnesota in Minneapolis. “Real estate markets [don’t] like uncertainty.”
Former Miami Dolphins running back Ronnie Brown sold his home in Plantation, FL, at the end of January for a cool $1 million.
The star of the “wildcat offense” was in a hurry to hand this place off to a buyer. His haste was apparent from the listing details, which mention that the home was “aggressively priced for immediate sale.”
The now-retired running back purchased the home for $1,495,000 in July 2005—shortly after he was drafted by Dolphins with the second overall pick in the 2005 NFL Draft.
The home had been up for sale since June 2018, when it landed on the market for $1,329,000. The price was cut a couple of times over the years, and the home was most recently listed for $1.2 million.
Built in 2000, the two-story waterfront estate features five bedrooms and 4.5 baths spread over 3,800 square feet of living space.
On a large lot, the home offers an abundance of natural light, marble flooring in the main living area, and a glorious first-level master suite with a polished marble master bathroom, as well as a large closet. An additional bedroom on the first floor could be used as an office.
On the second level are three more bedrooms and a loft. The backyard has a heated pool, a hot tub, an oversize patio, and a built-in BBQ. Surrounded by palm trees, the home backs right up to a lake, within a short drive of Jacaranda Country Club.
Exterior
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Pool
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Brown, 38, is an Atlanta native and starred in college at the University of Auburn. He played for the Dolphins for six seasons and is best remembered as the trigger man in the team’s wild “wildcat” offense.
He now works as a financial adviser in the Atlanta area. In the fall of 2013, he purchased a brand-new six-bedroom mansion in the Buckhead neighborhood of Atlanta for just under $2.5 million.
Brown was represented by Betsy Rauch with Hawks Landing Realty. The buyer was represented by Eugene Goldberg with Coral Shores Realty.
Adapting to his Southern California surroundings, the new Los Angeles Angels third baseman, Anthony Rendon, purchased a Newport Coast mansion for $6.1 million in January.
After helping lead the Washington Nationals to a World Series win last fall, the slugging infielder hit the free-agent market.
His services were in high demand, and he signed a seven-year, $245 million-dollar contract with the Angels in December.
Shortly thereafter, he closed on the purchase of a four-bedroom, 4.5 bathroom home, with scenic views overlooking the Pacific Ocean.
Built in 2017, the 4,653-square-foot residence sits on one of the largest lots available in an exclusive gated development. It was designed by architect Bob White of Forest Studio in Laguna Beach, and comes complete with resort-style amenities and chic design throughout.
Highlights include soaring wood-beamed ceilings, marble and quartzite countertops, and gorgeous tile floors.
Exterior
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Gourmet kitchen
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The residence has an open floor plan and floor-to-ceiling retractable doors, which open the kitchen and living room to the outdoors. For an owner who loves options, there are two master suites—each on a different floor.
A spectacular, oversized, quartz-topped island, state-of-the-art appliances, custom cabinetry, and premium fixtures make the kitchen a showstopper.
For an after-dinner drink, the dining area comes equipped with dual Sub-Zero wine cellars. A breakfast nook and office extend into the massive outdoor space.
The beautifully laid-out outdoor space boasts lush landscaping, terraces, ocean viewing areas, and a Pebble Tec pool with a hot tub.
The home is also outfitted with smart features, including an Smart Systems Technologies security system, Savant Home Automation, and Sonos surround sound.
Living area
realtor.com
Entertaining area
realtor.com
Pool
realtor.com
The home is close to shops, schools, and nearby restaurants, and within walking distance of Crystal Cove State Park. This luxe O.C. community is about a 30-minute commute to Angels Stadium.
Rendon, 29, broke into the big leagues in 2013 with the Nationals, and went on to become an All-Star and Silver Slugger. He capped his Nats career with a spectacular postseason performance, which helped propel the team to its first title ever.
Shannon McMillan Thompson has moved a dozen times over the past several years. Now she’s prepping for what she hopes will be her last move for a long while—into a tiny house.
When the pandemic hit, Thompson lost her job taking care of a homebound elderly couple, whose relatives decided to take over their care. And since Thompson was living in an apartment off the couple’s home, the loss of her job also meant she needed to find a new place to live.
Trying to make the best out of a lousy situation, she decided to take a leap she’s considered for several years. She’s buying a tiny home, which she plans to park on a piece of land owned by a friend.
“I like the low overhead, mobility, and using everything I have,” Thompson says. “I want to move forward. I want to travel.”
The pandemic that has swept around the world has motivated many Americans, like Thompson, to get out of dense and crowded cities and head for the hinterlands, where little effort is needed to stay more than 6 feet away from other people.
As unemployment ripples through the economy and even the employed fear for their financial stability, it looks like tiny-house living is ready to shift from an HGTV novelty to a lifestyle that more buyers might truly consider.
With demand on the rise, a key question is whether the tiny-house industry can ramp up to satisfy consumers in search of a small retreat.
Thompson is pulling together the money to fund the construction of her tiny house, so she called an expert for advice on her project.
If you want to know about tiny homes, John Kernohan is the guy to call. The founder and chair of the United Tiny House Association, he also owns and operates the Beloved Cabin Homestead Community of tiny homes in Georgia.
He also organizes tiny show events, workshops, and festivals to connect the industry with people who are considering living on a much smaller footprint.
Escape to tiny homes
Kernohan told us he’s seen an uptick in inquiries like Thompson’s since the coronavirus outbreak began to spread across the United States this spring.
He added that Beloved Cabin Homestead is booked up for the foreseeable future, and that there’s a backlog of people looking for a spot to park their own tiny home.
He says there’s a common theme behind these inquiries: “Individuals [want to] get away from larger, populated areas.”
Since widespread stay-at-home orders meant to limit the spread of the coronavirus, people have fled densely populated areas like New York City and Los Angeles for more remote locations.
Some popular retreats have put restrictions in place to keep out anyone who isn’t a full-time resident, including tony beach towns in the Hamptons, outside New York City.
Tiny homes can be DIY affairs, or a buyer can choose professional-grade construction. The United Tiny House Instagram feed is filled with images of innovative, cozy, and beautiful spaces on four wheels, up in a tree, or in any other number of adventurous places.
Texas-based tiny home builder Andrew Pleban says it’s tough to keep up with nationwide demand—after all, there was a housing shortage even before the health crisis.
His company, American Tiny House, is currently constructing more than 1,000 tiny homes for planned tiny-home communities around Texas, the largest of which is a 6-acre tiny-house oasis outside Dallas.
“That’s just in Texas, they’re popping up everywhere,” he says. “I work from 7 a.m. to midnight.”
Boomers drive the tiny house boom
Pleban says there’s a common misconception out there that tiny homes are mostly sought after by adventure-seeking millennials. He told us it’s actually older folks and retirees who make up the bulk of his customers.
“I get calls all the time from producers from tiny house [television] shows looking for people to feature,” he says.
“But they want eye candy, young people. Most of my customers are baby boomers who want to downsize.”
Once their nests are empty, boomers yearn for the simplicity of going small—and want to avoid an onerous monthly mortgage payment.
One of Pleban’s most popular models is the Phoenix, a tiny home with a modern design and 256 square feet of living space. It could easily work as a vacation spot ideal for keeping proper distance or as a year-round residence, thanks to its insulation.
Phoenix model
American Tiny House
Tiny-house financing
However, according to Pleban, there’s one major hurdle holding back further expansion of the tiny-house concept. While they’re less pricey than traditional homes, it’s difficult—if not impossible—to get a mortgage for a tiny home through a bank or credit union.
To alleviate that headache and propel the industry forward, Pleban is working with investors to launch a national financing infrastructure that will make loans more readily available to potential tiny-home owners. He hopes to have it off the ground in the next few weeks, which could make this option even more appealing to buyers.
After all, like Thompson, we’re all just looking for a way to move forward. And for a growing number of Americans, living with less might just be the best way to do it.
The numbers: The index of pending home sales dropped 20.8% in March as the coronavirus pandemic took a significant bite out of real-estate activity, the National Association of Realtors reported Wednesday.
This represented the lowest level of pending sales since 2011.
The index measures real-estate transactions where a contract was signed but the sale had not yet closed, benchmarked to contract-signing activity in 2001. It serves as an indicator for existing-home sales reports in the coming months.
What happened: Compared with March 2019, signings were down 16.3% nationally.
On a monthly basis, pending sales dropped in every region with the West seeing the largest decline at 26.8%, followed by the Midwest (down 22%) and the South (19.5%). In the Northeast, contract signings only decreased 14.5%.
The big picture: While the coronavirus outbreak has not caused real-estate activity to stop entirely, it has put a major damper on what economists had anticipated would be a strong spring home-buying season thanks to low mortgage rates and pent-up demand among buyers. Without the spring home-buying season, home sales are expected to drop 14% in 2020.
“As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates,” said Lawrence Yun, chief economist at the National Association of Realtors. “The usual spring buying season will be missed, however, so a bounce-back later in the year will be insufficient to make up for the loss of sales in the second quarter.”
With stay-at-home orders and social-distancing guidelines in effect for most of the country, the process of buying a home (and then moving) has become more complicated. Nearly one-fifth of Realtors said that stay-at-home orders made it nearly impossible to finish deals, according to a recent poll by the National Association of Realtors. (Another 40% of Realtors meanwhile said some aspects of the home-buying process still required in-person interaction, but that wearing masks and gloves could make it safer.)
Amid these orders, open houses have gone virtual, and documents are now being signed in parking lots rather than the offices of title insurers and attorneys. In some parts of the country, the closure of government offices means that sales cannot be recorded as quickly as usual.
Some would-be sellers have held off on listing their homes, worried about a potential dip in prices or demand. Between the first and last weeks of March, the number of new listing was down 30%, according to data from Realtor.com. Comparatively, the number of listings grew by 15% during that same stretch of time last year.
What they’re saying: “New listings continued to fall in April, as COVID-19 concerns prompted sellers to wait, which means additional declines in pending and closed home sales are likely ahead,” said Danielle Hale, chief economist at Realtor.com. “Although fewer buyers signed contracts to buy as they stayed home to prevent the spread of COVID-19, surveys suggest that most home buyers expect just a few months delay in their journey.”
“How infection rates respond in states reopening will be a telling sign as we move forward on how long we can expect a slump in sales to persist,” said Ruben Gonzalez, chief economist, Keller Williams. “If we see no resurgence in infections, we could see sales begin to stabilize in early June; however, if there is a resurgence in infection rates, a substantial backslide across all sectors of the economy is likely.”
Market reaction: The Dow Jones Industrial Average and the S&P 500 were both up in Wednesday morning trading in spite of the downturns in pending home sales and GDP. The yield on the 10-year Treasury note was down slightly.
As with many architectural styles in the United States, its farmhouse architecture originated in Europe. These were simple homes built on farmland to house the people who owned or worked the land.
As the farmhouse made its way to the farmlands of the colonies in the 1700s, it took on distinctive elements, including:
Rural location: Farmhouses are located on agricultural land and were designed to accommodate a farming lifestyle.
Porches: A transitional space in a farmhouse, the porch is a place to rest and seek refuge from the sun and a place for leaving muddy boots and shoes outside.
Formal and informal spaces, in distinctive areas. The front of the house served as the formal area for receiving guests, and the kitchen, as well as the staircase to the bedrooms, were housed in the back, out of the view of guests.
Natural wood accents: An abundance of wood has always defined the American farmhouse. Paneled wood walls, wide-plank floors, and exposed wood beams are all classic elements.
After establishing these basic characteristics of a farmhouse, we picked through the most recent crop of home listings across the country to find a few authentic farmhouses up for sale. We limited our search to farmhouses built prior to 1900, to harvest only the most authentic structures.
Whether you dream of owning a piece of American history or just love the classic farmhouse look, here are 10 pre-1900 farmhouses to consider for your next home.
This 1869 farmhouse is a landmark in the town of Melvin Village, and a true New England dream. The town has changed little over the past century, and there’s virtually no commercial activity. It’s like stepping back in time! In a good way.
Located within walking distance of Melvin’s Town Beach and Wharf, this Greek Revival farmhouse sits on close to 4 acres and has been owned and maintained by the same family for the past 38 years.
Although there are modern upgrades inside, plenty of pre-1900 patina remains throughout, including wide-plank floors, baseboards, and trim.
The attached barn has extra living and entertaining space, and a separate, detached three-story barn includes a large woodworking shop.
Built in 1850, this renovated farmhouse has had a modern facelift, while maintaining many of its pre-1900 characteristics. It is full of wonderful woodwork, such as wainscoting, wide baseboard trim, and door casings, as well as exposed wood beams and brick.
The attached original barn has been renovated into a family room, with a master bedroom on the second floor. The home features a classic English garden with mature perennial gardens, specimen plantings, and stone walls.
This circa 1886 Southern Oregon farmhouse was designed by the Chicago architect John C. Cochrane. The home is surrounded by 12-plus acres of mature fruit trees, abundant flowering shrubs, grapevines, and access to a year-round creek.
It retains many well-maintained antique features including an ornate, nickel-plated wood cookstove, a clawfoot tub, original built-in cabinetry, a soapstone wood stove, a brick fireplace, and beaded board walls and ceiling.
If you are looking for a piece of history and room to stretch out, this place won’t disappoint.
Nestled in the Blue Ridge Mountains of Virginia, this beautiful 400-acre country estate is a turnkey opportunity with all furnishings and farm equipment included.
The home, built in 1899, has all the lovely details of a classic 19th-century farmhouse, including wood trim, stone fireplace, bead board walls, and porch. Meanwhile, it also has plenty of modern upgrades.
The land is divided into five to six large hayfields, and pastures with water access, and is fully fenced. There’s also a 3-acre lake and a large workshop with equipment storage.
This antique Massachusetts farmhouse was originally built in 1841. It has maintained many of its historical details, including the wide-plank flooring, hand-hewn beams, and exposed brick fireplace.
The home sits on a 1.3-acre wooded and landscaped lot, with plenty of gorgeous perennial flower gardens.
There’s a four-season porch with a skylight and a wood stove that leads out to the patio, a fenced yard, and an in-ground pool. Don’t worry—there’s a barn too! It comes with a silo and workshop.
Stone farmhouses are rare and wonderful finds. This stone structure from 1850 has been fully restored to its original glory.
With classic farmhouse details such as wide-plank floors, wood-beam ceilings, and wood stoves, the home is stuffed with intriguing details.
The eat-in kitchen features a built-in tin punch cabinet that conceals the refrigerator and other cabinetry, handcrafted by Oley Valley Reproductions to match the style of the home.
Despite the antique charm, it’s rounded out with plenty of modern conveniences, including an in-ground pool and a studio cottage.
This over 5,000-square-foot home sits on nearly 10 acres. Built in 1855, it’s full of the charm of a bygone era, including heart-pine flooring, exposed brick, and gorgeous molding.
The home has been thoughtfully renovated to include modern conveniences, while retaining the historical integrity of the home.
The property features plenty of amenities for a working farm, including an oversized workshop and several original barns.
It’s close to the downtown historic district in Lexington—but still just far enough away to feel secluded.
It’s hard to believe that this farmhouse was originally built in 1800! It’s nestled among the rolling hills of Cumberland.
Although it has been upgraded for modern living, it still displays much of its original historic appeal.
The home features wainscoting, elegant French doors, large windows, exposed brick, wood stoves, and wide-plank flooring. This is all tastefully integrated with stainless-steel appliances, modern tiled baths, and custom cabinetry.
If you are looking for a quintessential New England farmhouse with modern upgrades, this might be the place.
There’s nothing quite like a historic estate with its own name to make you feel like a part of history.
The circa 1892 farmhouse is dubbed “Hathaway,” and it’s a distinctive, classic farmhouse design, with large, spacious rooms with high ceilings.
Featuring a grand wraparound front porch with views of the Green Mountain range and plenty of towering oak trees, the home is a fine example of a Southern farmhouse.
The home is situated on over 23 acres and has nine fireplaces, antique pine flooring, pocket doors, and built-in bookshelves.
At first glance, this home looks like a typical New England farmhouse. Once through the Greek Revival doorway, though you’ll step into a meticulously restored home with a perfect balance of historic simplicity and modern conveniences.
Built in 1829, the Hamptons beauty features original wide-plank floors throughout, wood-beam ceilings, and moldings. It’s full of modern flair as well—a copper roof, central air, and a heated saltwater pool.
