Lacey Helen Blog's

Thursday, 28 May 2020

Terrific Time Capsule! Designer Arthur Elrod’s ’60s Vision Still Pristine in Palm Springs

A perfectly preserved home in Palm Springs, CA, once owned by the celebrated interior designer Arthur Elrod has come on the market for $2.5 million.

Elrod is also associated with an iconic circular home, designed for him in Palm Springs in the late 1960s by the architect John Lautner. But before he lived there, this was Elrod’s home, a showcase of his own work where almost nothing has changed since he left the premises in the early 1960s.

“The man who bought it, he didn’t want to move an ashtray,” says listing agent Nelda Linsk, also a friend of Elrod, who died in 1974. “And he owned it for 60 years.”

The owner has since passed away, and the home is being sold by the owner’s family. It’s offered exactly as Elrod created it (and the late owner maintained it), with the furniture and artwork included.

From the first steps inside, the home is a journey back to the 1960s, with a Jetsons meets jet-set style.

Arthur Elrod’s home in Palm Springs, CA
realtor.com

Living room with custom furnishings and floating cabinet
realtor.com

The master bedroom opens out to the pool.
realtor.com

Dazzling gold and blue dressing area
realtor.com

Built in 1962, the mod time capsule features four bedrooms, 4.5 bathrooms, and spans 4,780 jaw-dropping square feet.

Enter into an inner court with a reflecting pool, which leads to the “wow” room, as Linsk calls it. Its more common name would be a living room, but we understand Linsk’s sentiment.

With 14-foot high ceilings, the space features a custom couch and rug, with pops of canary-yellow and tangerine, and a wall of windows.

The master bedroom, in turquoise, reflects the shade of the pool just outside the sliding glass door. Meanwhile, the master bathroom has a dazzling dressing area with a textured decor of gold and blue.

The original kitchen features tiled counters and high retro appliances. The residence is set on a large lot, and Linsk notes that it is an entertainer’s dream, with indoor and outdoor flow, a pool, patio, and shaded areas, along with mountain views. The sunny yellow pool furniture carries the color theme outdoors.

“All the finishes are unique,” Linsk says, noting that Elrod had a genius for coming up with utterly unique color schemes.

“He used the house as a testing board. Everything he did worked.”

The home’s unique touches include a floating cabinet in the living room, with a built-in turntable. The ingenious lucite drawers in the master suite allow you to easily find what you need.

After six decades, the interior is still totally fabulous. While the family did have to make some updates over the years, they respected Elrod’s style and spirit, Linsk says.

She’d love for the next owner to be as just enthusiastic about the designer’s amazing vision.

“I’m hoping whoever buys it keeps it as it is,” she says.

The post Terrific Time Capsule! Designer Arthur Elrod’s ’60s Vision Still Pristine in Palm Springs appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/unique-homes/designer-arthur-elrod-palm-springs-home-with-original-furnishings/

Pending Home Sales Saw Biggest Decline on Record in April Because of Coronavirus Pandemic

Real estate agent with gay couple in kitchen — Kritchanut/iStock

The numbers: The index of pending home sales dropped 21.8% in April compared to March as the coronavirus pandemic kept prospective home-buyers out of the market, the National Association of Realtors reported Thursday.

Compared with a year ago, pending home sales were down 33.8%. Overall, it was the largest decline since the National Association of Realtors began tracking this data in 2001.

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 is an indicator of existing-home sales reports in the coming months.

What happened: The Northeast saw the biggest decline in contract signings, with a 48.2% plunge month over month — likely a reflection of the emergence of New York as one of the hot spots for the global coronavirus pandemic. The South saw the next largest decrease, followed by the West and the Midwest.

The rates of declines in April were lower in the Midwest, South and West compared to the declines in March.

Big picture: Stay-at-home orders to prevent the spread of coronavirus put a major dent in the number of contracts that were signed in April, which could preview a significant drop in home sales figures in months to come.

The good news for the market, though, is that sales activity has shown signs of a rebound. “In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures,” said Lawrence Yun, chief economist at the National Association of Realtors.

Mortgage applications for loans used to purchase homes have increased on a weekly basis for six consecutive weeks now, according to the Mortgage Bankers Association. That’s a sign that buyers are lining up financing in order to march into the housing market.

The remaining question is whether sellers will follow. “Home sales could bounce back if sellers also enter the market with similar enthusiasm to buyers,” said Danielle Hale, chief economist at Realtor.com. “Our latest weekly data shows an improvement in new listings declines, but inventory levels still remain well below levels seen this time last year.”

If the number of homes on the market remains constrained, so too will the number of sales, regardless of buyers’ demand.

What they’re saying: “Mortgage applications for purchases have fully unwound their previous plunge, suggesting sales are rebounding in May,” Sal Guatieri, senior economist at BMO Capital Markets, wrote in a research note. “The housing sector seems to be weathering the crisis about as well as could be expected, even if it will take a long time before sales return to pre-virus levels given the massive job losses.”

Market reaction: The Dow Jones Industrial Average and the S&P 500 were both up slightly in Thursday morning trading despite the downturn in pending home sales. The yield on the 10-year Treasury note was flat.

The post Pending Home Sales Saw Biggest Decline on Record in April Because of Coronavirus Pandemic appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/real-estate-news/pending-home-sales-saw-biggest-decline-on-record-in-april-because-of-coronavirus-pandemic/

Rich Torontonians Eyeing An Exodus From City After Pandemic: Agency

The shift to working from home opens up possibilities, especially for wealthier people.

source https://www.huffpost.com/entry/rich-torontonians-eyeing-an-exodus-from-city-after-pandemic-agency_n_5ecfda2ec5b64f77077218fa

Former NFL Coach John Fox Takes Another Pass at Selling Charlotte Mansion

Former NFL head coach John Fox is taking another pass at selling his Charlotte, NC, mansion. Listed for $7 million back in 2015, the home is now back on the market for $5.95 million.

The massive custom estate features six bedrooms and 6.5 bathrooms spread across 14,866 square feet of living space. It’s just under an acre, on the 14th fairway of the exclusive Quail Hollow Club.

The interior has large rooms loaded with architectural detail and gives off a grand vibe. Its unique features include a large staircase with custom ironwork railings, as well as marble columns, arched ceilings, and inlaid marble floors.

Built in 2007, the mansion was designed with entertaining in mind, both inside and out.

The huge kitchen flows into the casual dining and open living area, which includes a big bar, and all the rooms at the back of the home open to the spectacular outdoor area.

Both a covered loggia and large covered patio look onto the pool. The patio, which serves as an outdoor living room, comes complete with a barbecue area, television, and fireplace.

The main floor is where you’ll find the massive master suite, which features dual closets, dual bathroom areas, and dressing room space.

The upper level includes five additional bedrooms, each complete with a private bathroom. Other luxe rooms throughout the spacious residence include an exercise room, plush home theater, and gorgeous wine cellar.

Fox, 65, lived in this mansion during his stint as head coach of the Carolina Panthers. He coached the Panthers from 2002 to 2010, and led the team to a Super Bowl appearance in his second season with the club.

He went on to coach the Denver Broncos for four seasons, and then spent three seasons as the boss of the Chicago Bears.

After taking the Bears job, Fox purchased a home in Lake Forest, IL, for $3.2 million, but was sacked on the sale four years later—he sold it for $2.88 million.

Fox and his wife, Robin, continue to own a home in Marco Island, FL. They purchased their Sunshine State home in 2004 for $2.9 million. It features a sparkling negative-edge pool and spa that sits on Roberts Bay.

Victoria Mitchener with Dickens Mitchener & Associates has the listing.

The post Former NFL Coach John Fox Takes Another Pass at Selling Charlotte Mansion appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/celebrity-real-estate/john-fox-takes-another-pass-at-selling-charlotte-mansion/

Forget About Recessionary Real Estate Bargains: Home Prices Are Still Rising

Those hoping the coronavirus-fueled recession will bring another round of bargain-basement real estate prices are likely out of luck.

Even with the pandemic raging, a battered economy, and the highest unemployment since the Great Depression, median home list prices still jumped up 3.1% year over year last week, according to the most recent realtor.com® data of the seven days ending May 23. That’s about double the 1.5% annual rise from the previous week ending May 16.

Last week, home prices increased in about three-quarters, 77, of the largest U.S. metropolitan areas.

“There are still buyers in the market,” says realtor.com® Senior Economist George Ratiu. “But given the very limited number of properties available, buyers are willing to pay more.”

Just before the pandemic plunged the U.S. into catastrophe mode, home prices were increasing about 4.4% annually in the first two weeks of March.

Prices generally heat up in the late spring and into summer, but this time it’s likely due to modestly priced homes fetching higher prices and more expensive properties sitting on the market longer.

“The mix of homes that are on the market now is a little bit different,” says Ratiu. “What’s really selling at a premium are lower-priced homes. The higher-priced homes are sitting on the market longer.”

The number of listings was down 22% year over year in the week ending May 23. That’s because many sellers pulled their properties off the market or held off on listing as they didn’t want strangers walking through their homes in the middle of a public health disaster. When there are more buyers competing for a very limited supply of properties, prices tend to go up.

Meanwhile, the number of new listings fell about 20% annually. While that sounds bad—and it is—it’s much better than the 28% drop the week prior. The improvement is likely due to sellers becoming a tad more comfortable listing their properties as more cities and states loosen restrictions and open up.

While more supply could help prices to eventually soften, record-low mortgage interest rates have given them a little more room to rise. They can help alleviate some of the financial pressure of those higher prices as they can help to reduce the size of homeowners’ monthly housing payments. Rates fell to 3.08% on 30-year fixed-rate loans, according to Mortgage News Daily.

“If you have to move, these really low mortgage rates are really an incentive,” says Ratiu. “They can even offset a slightly higher price.”

The one bit of good news for buyers is they may have more time to shop around. (Sorry, sellers.) The number of days that homes sat on the market was 16 fewer than in the same week a year ago. In the first two weeks of March, homes were selling four days faster than the previous year.

“Homes that have been sitting on the market longer are good opportunities for negotiation,” says Ratiu. “If buyers are not in a hurry, being patient is likely to pay off because we do expect more homes to go up for sale in the next few months.”

The post Forget About Recessionary Real Estate Bargains: Home Prices Are Still Rising appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/real-estate-news/prices-rise-in-may-coronavirus/

Wednesday, 27 May 2020

This Colorado Shipping Container Home Is Stylish and Ideal for Social Distancing

Homes crafted from shipping containers are often found in urban or suburban settings. They’re often designed to fit a small lot and appeal to outside-the-box buyers who desire a short walk to cafés and shops.

That’s what makes this shipping container home in Carbondale, CO, so different. It’s set on 35 acres of land in the Roaring Fork Valley and has postcard-perfect views of majestic mountains from every room.

For a buyer in search of a remote getaway with a creative twist, the home is on the market for $1.65 million.

“The owner’s an inventor,” says listing agent Bryan Cournoyer of Douglas Elliman.

The dwelling was completed last year, and Cournoyer explains the motivation behind its unique design.

“His idea was to live off the grid with a very small footprint. At first, it was going to be his, but as he got into it, he wanted it to be a project.”

The two-bedroom, two-bathroom home spans 1,351 square feet and includes a furnished bunker 25 feet underground. It’s an ideal spot for preppers to use a survival shelter and is accessible through a concealed trapdoor in the living room.

If the buyer is not as concerned about societal collapse, the space could also be used for a wine cellar. Fifty feet long, it’s outfitted with a Swiss-made air-exchange system, underfloor storage, and a leach field for running water.

The simple black-and-white palette will appeal to modernists and those in search of clean lines and a minimalist lifestyle. Incorporating the vistas was also top of mind for the home’s builder.

“The views are spectacular,” says Cournoyer. “There’s a front-row view of Mount Sopris. You can see the sunrise and the sunset without any interference.”

Floor-to-ceiling Windsor windows highlight the view, and the corrugated steel walls and wood flooring (which are stained a darker shade) cause sunlight to bounce.

This helps to make the floor plan seem much larger. Locally sourced wood was used for the exterior. Full-house radiant heat keeps things toasty or cool—depending on the season.

Because it’s a shipping container with corrugated-steel walls, hanging light fixtures will be a breeze, thanks to a moving-track system the owner designed.

“All of the lighting fixtures are magnetic, so you can place them wherever you want,” says Cournoyer.

The agent also told us that the owner used a 3D printer to create picture hangers to hold art of various weights.

On the second floor, the master bedroom features two decks. Each of the two bathrooms has luxury finishes, including Brazilian slate walls and floors, brushed-steel Moen hardware, floating custom cabinetry, European toilets, and floor-to-ceiling glass showers.

A seasoned home chef or frequent entertainer will fall in love with the kitchen’s layout.

It opens to the living room and features double-sided cabinetry, high-end appliances, and a butcher-block island with a stainless-steel, farmhouse-style sink and Moen hardware. There’s room for an art studio, den, or additional bedroom on the basement level.

The land is irrigated—which could mean business opportunities for the buyer.

“A lot of people who have looked into it are interested in doing a yoga retreat or growing food organically,” says Cournoyer. “It’s a campus for creation.”

In fact, building a second home on the property has already been approved—with drawings that can be provided by the seller.

The seller has also configured the shipping containers so that another one could be added to the first floor of the home for additional living space.

What’s life like in tiny Carbondale (whose population is around 6,900)?

Compared to other ski towns west of Denver, such as Vail and Aspen, “It’s more for that easy living,” says Cournoyer.

“Carbondale is its own little niche. Locals are very environmentally conscious, down to the way they govern the town. They don’t want a lot of growth. They want to maintain that quaint, original footprint.”

Before the pandemic, Cournoyer and his colleagues had their eye on equestrian-minded buyers who’d travel north with their horses and blend in with the local community.

“We were targeting ‘horse people,’ those who want an equestrian-riding arena with no HOA,” he says.

Now, with buyers looking for plenty of space for social distancing, he is targeting a buyer who “wants to totally be off the grid, and get away from fast-paced, everyday life.”

Sounds like a dream!

The post This Colorado Shipping Container Home Is Stylish and Ideal for Social Distancing appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/unique-homes/shipping-container-stylish-social-distancing/

The Summer Home-Buying Season May Be Much Hotter Than Expected—Here’s Why

COVID-19, June, mortgages — fstop123/Getty Images

Until recently, the prognosis for the housing market wasn’t great. With the economy in a free fall, home sellers swiftly took down their “For Sale” signs and many buyers chose to wait out the coronavirus pandemic. It was like the pause button was pushed on the normally bustling spring home-buying season.

But as states reopen their economies, the summer real estate market just might turn out to be hotter than anyone was anticipating. For the first time in more than two months, mortgage applications for home purchases were up year over year, rising an impressive 8.7% as buyers raced to lock in record-low mortgage rates in the week ending May 22.

This is according to a weekly survey from the Mortgage Bankers Association that spans more than 75% of U.S. residential mortgage applications. The purchase loans did not include mortgage refinances for those who already own homes.

“This is a bit of a bigger rebound than I expected,” says realtor.com® Chief Economist Danielle Hale. “It’s a sign that we are going to see a delayed seasonal bump in home sales. There’s pent-up demand from people who weren’t able to get out in the early part of the spring, and we’re seeing that [materialize] now.

“Normally we see sales really ramp up in March and April,” she continues. But amid the pandemic and widespread job losses, many Americans wanted to wait not only until they felt more secure in their jobs but also until they could physically step into the homes they were considering.

“We’re going to see that ramp up in June and July,” says Hale.

The recovery may be thanks to folks becoming more comfortable with the idea of embarking on the home-buying process as they’ve gotten used to taking precautions such as wearing masks and keeping social distance. Plus, more sellers are listing their homes now that cities and states are loosening restrictions. And then there are those ultralow mortgage rates, hitting 3.08% on Wednesday for a 30-year fixed-rate loan, according to Mortgage News Daily.

“The low mortgage rates, without a doubt, is helping to entice buyers back into the market,” says Lawrence Yun, chief economist of the National Association of Realtors®. Folks may also look at it as a less volatile investment.

“Real estate may be viewed as a safe asset in the upcoming years,” says Yun.

Despite the highest unemployment since the Great Depression, buyers are also taking out larger mortgages again. The average loan size was about $340,200 in the week ending May 22. That was up from a low of $315,300 this year in the week ending April 3.

While laid-off or vulnerable workers certainly don’t have investment on their minds, today’s intrepid buyers are better off financially—and are typically still employed, says MBA economist Joel Kan.

Before the crisis, purchase applications had been rising about 10% annually. Then they plunged in mid-March as the nation declared a state of emergency, hitting their nadir in early April, with applications down more than 35% year over year. However, as time passed and states began reopening, more would-be homeowners began submitting applications again. In the previous week, applications were down only 1.5% annually in the seven days ending May 15.

“The pandemic really hit us right at the time when home-buying activity really ramps up,” says Kan. That’s resulted in “a late home-buying season.”

The recovery has been uneven, though, with the number of purchase applications remaining well below normal levels in the hardest-hit states. In New York, the nation’s COVID-19 epicenter, purchase applications were still 16.9% less than a year ago in the week ending May 22. However, that was a big improvement over the previous week, when applications were down 32.8%.

In Washington state, applications were 23.1% below the same week last year, while in California they were down only 1.7%.

Despite the encouraging national numbers, it’s likely too soon to declare a roaring comeback for the housing market.

“I’d want to wait a couple of weeks so we know that this is really a trend and not a one-time blip,” says Hale.

Plus, there is still a severe housing shortage, which has only gotten worse during the public health crisis. Many sellers have pulled their properties off the market or are holding off on listing their abodes until the virus is under control and they can fetch top dollar for their residences. That can make it tough for buyers to find the right properties.

“Sellers haven’t come back as quickly to the market as buyers have,” says Hale. “Buyers may be surprised by how competitive the market is.”

This could result in higher prices this summer, as there will be more folks competing for homes than homes for sale.

“Given the strength of this recovery, home prices will probably rise about 4% to 6% in 2020,” predicts NAR’s Yun.

Hale also believes prices could go up and stay that way through the late summer. But if the coronavirus resurges in the fall and the economy continues to falter, prices could flatten or even dip a tiny bit by the end of the year. They’re not likely to plunge like they did during the Great Recession, though, as demand is simply too high.

“We have so many millennials who are at ages when they want to settle down and they want to buy a home, and that really helps keep the market busy,” says Hale.

The post The Summer Home-Buying Season May Be Much Hotter Than Expected—Here’s Why appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/trends/summer-real-estate-market-coronavirus/