Archives for July 2012

Is the Housing Crisis Over?

house-arrowupIt’s official: The housing market has reached bottom, at least according to 44 forecasters surveyed by The Wall Street Journal. Only three economists surveyed said they didn’t think the market had reached bottom yet.

The recent momentum in housing has plenty of economists and forecasters convinced that the worst is behind. According to many real estate indices, home prices are up, sales of existing and new homes are picking up year-over-year, and inventories of for-sale homes have fallen dramatically.

The decrease in for-sale inventory is the key and will likely help maintain the rise in home prices, Mark Fleming, CoreLogic chief economist, told The Wall Street Journal.

What’s more, the number of vacant homes is at its lowest point since 2006, The Wall Street Journal reports.

Now that the “bottom” has been reached, economists admit there’s still a long way to go for a full recovery. In particular, more than one in every four home owners with mortgages are still underwater, owing more on their loan than their home is currently worth. However, analysts note that rising home prices are chipping away at that number. Also, shadow inventory of unsold homes and foreclosures still threaten the momentum of the recovery as well.

“From here on, housing is unlikely to drag the U.S. economy down further,” JPMorgan Chase economists note. “It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses.”

Source: “Housing Passes a Milestone,” The Wall Street Journal

Stairs or Slide? Sweet Ride Connects Two Penthouse Condos

If you are rich enough to afford one penthouse, why not shoot for two? And while you are at it: might as well have fun connecting your new sky-high New York City duplex.

Hence this stunning slide that lets you slip from one floor to the next in (some kind of) style. Turett Collaborative Architects followed their client’s wishes to create an unusual – not to mention high-speed – connection from one floor to the next in this East Village project.

They still have “the option to descend in the usual way on a new Italian-made Rintal stair” but can also traverse the two floors “more speedily, in a seated position, careening through the new double-height atrium” via a stainless steel slide.

Top 10 Reasons To Buy 6607 116th Ave NE, Kirkland, WA

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10 – The Lot: At just over a third of an acre, this large lot puts all 13,503 square feet to its best use.

9 – Places To Play: The back yard features a generous grassy area for hours of play, while the front of the home has an enormous space for a competitive game of hoops.

8 – The Location: Close to multiple bus stops (238 / 245 / 265 / 277 / 889), if carpooling is your gig, the park and ride is just over a block and a half away.

windows7 – The Master Suite: Situated in its own wing of the home, the master suite has a large walk-in closet with built-in armoire along with a Jacuzzi tub, granite counter double sinks and glass shower.

6 – The Floor Plan: The gourmet kitchen is decked out in granite and walnut. Eat in the nook or at the bar.  When a more formal atmosphere is desired, or for those large events, the inviting dining room, that comfortably sits twelve, is at the ready.

5 – Let There Be Light: With 16’ ceilings and windows galore, there is always light in main livings space.

Trail Map4 – Bridle Trails State Park: One block to the south is an amazing place to explore. The park is 482 forested acres with 28 miles of equestrian/pedestrian trails. There are three marked trail loops of varying distance. See the trail map for details.

3 – Plenty Of Room: With 5 large bedrooms, there is plenty of room to configure a variety of schemes. If a home office is needed, there’s a place. A craft room? You got it!

Theater-TOP-GUN2 – The Entertainment Room: The home theater /game room has a 12.5’ foot screen for huge visuals and the sound effects are provided by the 7.1 surround sound, all the while comfortably seated in plush leather theater seats.

The #1 reason to live here… This house was custom built in 2001! It has been meticulously maintained and enhanced.  Ready to move right in and enjoy a better than new home with nothing to update!

For all you need to know about this home, go to: www.YourKirklandHome.com

Seattle startup Dwellable to list Washington vacation rentals

dwellableThe co-founders of Seattle startup Dwellable think vacation rental websites like Airbnb and VRBO aren’t cutting it when it comes to finding great, affordable places to escape the day-to-day grind. So they started their own vacation rental site that lists everyone, not just paying customers.

“We want to be like the Google for vacation rentals,” co-founder Brenda Spoonemore said.

Dwellable’s search engine finds available properties and aggregates them on the site, then redirects you to a property owner’s website for booking.

Spoonemore and her two co-founders, Adam Doppelt and Nathan Kriege, started Dwellable a year ago and have been working to expand their coverage, starting with some popular vacation spots like Hawaii, Cape Cod, Florida and San Diego. Next week, they’ll start listing vacation rentals a little closer to home.

“From Seattle, you can pretty much get anywhere in Washington in five hours,” Spoonemore said.

So Tuesday, when the Washington rental site goes live, Dwellable will help you find vacation properties managed by owners or management companies throughout the state.

Dwellable features an interactive map to make searching in a specific area a little easier. Like similar sites, you can also filter search results by price, the number of bedrooms and amenities.

The site also promotes listings with high-resolution photos, to encourage property owners and managers to include the best quality pictures of the rental. An iPad app takes advantage of the new Retina iPad display by showing high-res photos of listings, and the co-founders have been working closely with property managers to help them upload the best pictures.

Spoonemore said one thing they’ve noticed is that more people are vacationing closer to home, so this new Washington listing should help people in this area find good places to go.

“The recession has been good for vacation rentals. Property owners have put second properties up for rent to help cover their mortgages,” she said.

The site features a leaderboard where the listings with the most Facebook “Likes” and high resolution photos appear at the top of the list. On this rainy Seattle afternoon, the top rentals on the Maui list are making me long for an escape of my own.

by:  Emily Parkhurst [via]

20 Things You Should Know by 20 [Infographic]

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Spending money somewhat carelessly can be a hard habit to break, especially if a person is college-aged and has never been taught how to wisely manage their funds. Partying is fun, but too much beer or fast food can quickly leave a college student’s wallet (and probably stomach) hurting.

Today’s infographic outlines 20 financial tips that anyone 20 years or younger (or even older) would benefit from knowing.

One of the points stressed is that if a person doesn’t have the ability to pay for something in cash, they should not use credit to purchase it. This makes good financial sense; if the purchase someone is making with credit will make them unable to pay their credit card bill, they shouldn’t make the purchase. If more people could really understand that at a younger age then it could help reduce the number of people struggling with credit card debt.

[Via]

American Renters Getting Squeezed

rentsRents continue to inch upwards and many renters say they know it would be cheaper to buy a home than rent, but they can’t qualify for a mortgage, Reuters News reports.

With rising demand for rentals, landlords are increasing their rents and some cities are even posting double-digit percentage rental increases annually. Apartment rents have risen at their highest rate since 2007, with costs soaring over the last three quarters, according to the research firm Reis Inc.

Landlords feel they can charge more since vacancies have reached at a 10-year low at the same time that demand has surged. Asking rents have jumped nationally to $1,091 during the second quarter, the largest increase since the third quarter of 2007, Reis reports. The average effective rent is $1,041 for the second quarter, increasing 1.3 percent over the previous quarter.

"The improvement in rents is pretty pervasive," says Ryan Severino, a Reis senior economist. "Even in places like Providence and Knoxville, which you don’t think of as hotbeds for apartment activity, landlords felt the market was strong enough to raise rents on their tenants."

New York remains the market with the lowest number of vacancies and also the priciest place to rent by far. The monthly rent there averages $2,935, which is more than $1,000 higher than the second-priciest place to rent in the U.S., San Francisco.

Many finance experts recommend budgeting no more than 30 percent of household income to pay for housing costs. Yet nearly 40 percent of Americans are now paying more than a third, according to a U.S. Census Bureau survey. In New York, one-third of households spend more than half their pay on rent.

"We have falling incomes, rising rents, and nothing but substantial upward pressure on those rents," says Chris Herbert, director of Harvard University’s Joint Center for Housing Studies. "And nothing in the cards suggests it will turn around anytime soon."

Meanwhile, for those who are able, purchasing a home has never been more affordable. It’s cheaper to purchase a home than rent in basically every major U.S. city, according to John Burns Real Estate Consulting.

But securing financing remains a renter’s biggest obstacle to buying a home. Banks are pickier in what they require to qualify for a mortgage. Loans for home purchases reached a 12-year low last year as lenders tightened their credit standards, according to Inside Mortgage Finance. Now, potential borrowers often need an average credit score of 762 to get a mortgage backed by mortgage giants Freddie Mac or Fannie Mae, according to Morgan Stanley research.

Source: “Americans Squeezed by Higher Rents, Tight Credit,” Reuters News and “U.S. Apartment Rents Rise at Highest Rate Since ’07,” Reuters News

12 Most Amazing Secluded Houses

secluded_housesReally lonely house on one of the isles of Vestmannaeyjar, Iceland.
Shot through a plane window.

At a height of 4,003 meters on a rocky ridge of the Matterhorn, Switzerland’s iconic, triangular peak, is the Solvay hut, managed by the Swiss Alpine Club. It has room for only ten daredevils who will have to venture uphill through the most inhospitable terrain. The steep, icy paths and frozen breath and sweat will improve your appetite considerably.

Tired of those pesky neighbors? Here’s the solution! The aptly-named Just Room Enough Island in Canada’s Saint Lawrence River has just enough room for a single small house. When the water is low, the owners can put their lawn furniture out on the porch and get some sun.

Photo by Ian Coristine.

As you drive for the first time over the Passo Pian delle Fugazze in Italy, between Vivenza and Rovereto, you are due for something of a surprise. The Leno valley of the Trento province is home to the Hermitage of San Colombano. You would expect a hermitage to be somewhat off the beaten track, but this takes isolation to a new height – literally.

One hundred and twenty meters up a cliff face, seemingly carved into the side of the deep valley, the Hermitage is in clear view. Yet it also sends a clear message that it was built for a specific reason – to move its inhabitants far from the madding crown below. The house was built almost seven hundred years ago, in 1319.

The Holy Trinity Monastery is an Orthodox monastery in central Greece. The monastery is one of six functioning monasteries in Meteora. It is the oldest among those present there, having been built in 1476. This monastery sits on a 400 m. (1,300 ft.) high rock.

In the old days, access to this monastery was via a net and rope ladder. Today, entrance to the monastery is gained by climbing 140 steps cut into the pinnacle rock. It was richly decorated and had precious manuscripts; however, these treasures were looted during World War II.

This amazing residence stands on the highest site of a mesmerizing island located several miles away from Stockholm, Sweden. Stretching out in an area of 137 square meters, the main building includes a beautiful living room, a guest room, with a kitchen and glass doors leading out to large a bridge deck, a sauna and much more. But more important, you won’t be disturbed by neighbors!

This is Katskhi Pillar. It abruptly rises 40 meters (130 ft) from the hills of Central Georgia and looks similar to a giant’s club. In the 4th century, Georgia adopted Christianity as its state religion, and Katskhi Pillar became the site of a small church first built in the 7th century. One Georgian monk has been living in it for nearly 20 years now. It is also interesting that women are not allowed to climb to the top.

This house is definitely tired of civilization.

Seattle’s Great Wheel

great wheelSeattle’s newest tourist landmark opened on Friday, June 29, at Pier 57. The Great Wheel towers at 175 feet, weighs 280,300 pounds, and holds 42 climate-controlled gondolas. At full capacity, 252 passengers can catch a 12-minute view over Elliot Bay.

The Great Wheel project was designed to draw the approximately 9.9 million annual overnight visitors to the waterfront. Undeniably, the city’s skyline is changed. While most residents feel positively about the Great Wheel, some are less enthusiastic, reports the Seattle Times. Downtown resident Linda Mitchell feels that the landmark is “a little country fairish.”

Seattle is not alone in its quest to attract more visitors with a high-tech wheel ride. Internationally, the wheel is gaining popularity after 30 years of going out of fashion, says analyst Dennis Speigel, president of Ohio-based International Theme Park Services, Inc. According to Reuters, Staten Island will be getting a 600-foot-tall “observation wheel,” and two new wheels are under discussion in Las Vegas.

Great Wheel tickets are $13 for adults and $8.50 for children 11 and under. Purchase your tickets at the pier or online at www.seattlegreatwheel.com. Military and senior discounts are available.

The Generation That Doesn’t Power Down

FINAL

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