HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
WASHINGTON, May 12, 2009
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that theFederal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market. “I do think we have some early signs hat the market overall is stabilizing,” said Donovan. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”
Saturday, May 30, 2009
Friday, May 29, 2009
Foreclosure / Teton Valley Idaho / Jackson Hole Wyoming
Housing Prices Pick Up in California
As the biggest residential property market in the United States, California often serves as a bellwether for the nation's economic health.
And new research from that state suggests that housing prices nationally could start to rebound relatively soon.The latest data, including two consecutive monthly gains in the median price of existing homes, has some industry officials hopeful that the state housing market has finally reached a bottom and is poised to recover from a prolonged period of declining residential values.
In April, California's single-family median home price rose 1.4 percent to $256,700. While that is still off by more than 36 percent from April 2008, the 540,360 homes sales on a seasonally adjusted annual basis reflect an increase of almost 50 percent over the same period, according to the state’s REALTORS® group.
Source: Wall Street Journal, Jim Carlton (05/29/09)
Take advantage of low home prices now !
As the biggest residential property market in the United States, California often serves as a bellwether for the nation's economic health.
And new research from that state suggests that housing prices nationally could start to rebound relatively soon.The latest data, including two consecutive monthly gains in the median price of existing homes, has some industry officials hopeful that the state housing market has finally reached a bottom and is poised to recover from a prolonged period of declining residential values.
In April, California's single-family median home price rose 1.4 percent to $256,700. While that is still off by more than 36 percent from April 2008, the 540,360 homes sales on a seasonally adjusted annual basis reflect an increase of almost 50 percent over the same period, according to the state’s REALTORS® group.
Source: Wall Street Journal, Jim Carlton (05/29/09)
Take advantage of low home prices now !
Foreclosure Acitivty on Rise After Loan Modifications
Rescued Mortgage Holders to Default Again
Most modifications of nontraditional loans will fail within a year, predicts Fitch Ratings, which studied the issue.Fitch’s study examined subprime mortgages, jumbos and no-doc loans and concluded that 55 percent to 65 percent will be at least 60 days delinquent within 12 months of being reworked.
Fitch based the projection on shrinking disposable income, escalating job losses and possibly some deceptive practices on the part of the borrowers themselves, the company said.
Most modifications of nontraditional loans will fail within a year, predicts Fitch Ratings, which studied the issue.Fitch’s study examined subprime mortgages, jumbos and no-doc loans and concluded that 55 percent to 65 percent will be at least 60 days delinquent within 12 months of being reworked.
Fitch based the projection on shrinking disposable income, escalating job losses and possibly some deceptive practices on the part of the borrowers themselves, the company said.
Wednesday, May 27, 2009
Ski Hill Road Cabin Style Square Footage - Driggs ID
Houses Shrink With the Times
Since 1973 the square footage of houses built in the United States grew steadily — until last year when the size of the typical home shrunk by 11 percent."
People are realizing, 'Hey, I don't need the Lexus anymore,'" says Wayne Eide of the Development Group, builder of the Terraces in Yuma, Ariz. " 'I can live with the Camry.'"About 90 percent of the homes that members of the National Association of Home Builders are building this year are smaller now — whether they like it or not.
"A lot of the movement of home builders to smaller homes is because there's no choice," says Eric Landry, an analyst who follows builders for Morningstar. "For people who build homes, it is the Great Depression. They're basically in survival mode, so they do what they have to do."
$239 900
pH 208 390 0737
Home Sales Jump / First Time Buyers / Repeat Buyers Driving Market / Foreclosure Discounts
NAR: Existing-Home Sales Jump
Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales — including single-family, townhomes, condominiums and co-ops — increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.Lawrence Yun, NAR chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.
“Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the midprice ranges, but high-end home sales remain sluggish,” he says. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.
”Buyers Once Again Emerge An NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago.
“This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,” Yun says.It's critical that distressed homes be quickly cleared from the market, Yun says.
“Fortunately, home buyers are being attracted to deeply discounted prices and are bidding up many foreclosed listings, particularly in California, Nevada, and Florida — this will set the stage for healthy market conditions going forward,” Yun says.NAR President Charles McMillan says conditions are optimal for buyers with good jobs and long-term plans.
“We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas,” he says. “When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.81 percent in April from 5.00 percent in March; the rate was 5.92 percent in April 2008; data collection began in 1971.A Closer Look at the NumbersNational median existing-home price: for all housing types, was $170,200 in April, which is 15.4 percent below 2008.
Distressed properties, which accounted for 45 percent of all sales in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Total housing inventory: at the end of April, rose 8.8 percent to 3.97 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, compared with a 9.6-month supply in March. “The gain in inventory is largely seasonal from sellers entering the spring market," Yun says.
"Even with the rise, inventory over the past few months has remained consistently lower in comparison with a year earlier."Single-family home sales: rose 2.5 percent to a seasonally adjusted annual rate of 4.18 million in April from a level of 4.08 million in March, but are 2.8 percent below the 4.30 million-unit pace in March 2008.
The median existing single-family home price was $169,800 in April, which is 14.9 percent below a year ago.
Existing condominium and co-op sales: increased 6.4 percent to a seasonally adjusted annual rate of 500,000 units in April from 470,000 in March, but are 9.4 percent lower than the 552,000-unit pace a year ago. The median existing condo price was $173,900 in April, down 18.5 percent from April 2008.
By RegionNAR reported the following with existing-home sales across the country:
Northeast: jumped 11.6 percent to an annual pace of 770,000 in April, but are 10.5 percent below April 2008. Median price: $237,400, which is 9.6 percent lower than a year ago.
Midwest: slipped 2 percent in April to a level of 1.00 million and are 9.9 percent lower than a year ago. Median price: $138,800, down 11.7 percent from April 2008.
South: increased 1.8 percent to an annual pace of 1.74 million in April but are 8.9 percent lower
than April 2008. Median price: $148,000, which is 12.8 percent below a year ago.
West: rose 3.5 percent to an annual rate of 1.17 million in April and are 19.4 percent higher than a year ago. Median price: $222,600, down 21.8 percent from April 2008.
Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales — including single-family, townhomes, condominiums and co-ops — increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.Lawrence Yun, NAR chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.
“Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the midprice ranges, but high-end home sales remain sluggish,” he says. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.
”Buyers Once Again Emerge An NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago.
“This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008,” Yun says.It's critical that distressed homes be quickly cleared from the market, Yun says.
“Fortunately, home buyers are being attracted to deeply discounted prices and are bidding up many foreclosed listings, particularly in California, Nevada, and Florida — this will set the stage for healthy market conditions going forward,” Yun says.NAR President Charles McMillan says conditions are optimal for buyers with good jobs and long-term plans.
“We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas,” he says. “When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.81 percent in April from 5.00 percent in March; the rate was 5.92 percent in April 2008; data collection began in 1971.A Closer Look at the NumbersNational median existing-home price: for all housing types, was $170,200 in April, which is 15.4 percent below 2008.
Distressed properties, which accounted for 45 percent of all sales in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Total housing inventory: at the end of April, rose 8.8 percent to 3.97 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, compared with a 9.6-month supply in March. “The gain in inventory is largely seasonal from sellers entering the spring market," Yun says.
"Even with the rise, inventory over the past few months has remained consistently lower in comparison with a year earlier."Single-family home sales: rose 2.5 percent to a seasonally adjusted annual rate of 4.18 million in April from a level of 4.08 million in March, but are 2.8 percent below the 4.30 million-unit pace in March 2008.
The median existing single-family home price was $169,800 in April, which is 14.9 percent below a year ago.
Existing condominium and co-op sales: increased 6.4 percent to a seasonally adjusted annual rate of 500,000 units in April from 470,000 in March, but are 9.4 percent lower than the 552,000-unit pace a year ago. The median existing condo price was $173,900 in April, down 18.5 percent from April 2008.
By RegionNAR reported the following with existing-home sales across the country:
Northeast: jumped 11.6 percent to an annual pace of 770,000 in April, but are 10.5 percent below April 2008. Median price: $237,400, which is 9.6 percent lower than a year ago.
Midwest: slipped 2 percent in April to a level of 1.00 million and are 9.9 percent lower than a year ago. Median price: $138,800, down 11.7 percent from April 2008.
South: increased 1.8 percent to an annual pace of 1.74 million in April but are 8.9 percent lower
than April 2008. Median price: $148,000, which is 12.8 percent below a year ago.
West: rose 3.5 percent to an annual rate of 1.17 million in April and are 19.4 percent higher than a year ago. Median price: $222,600, down 21.8 percent from April 2008.
Economic News / Teton Valley Idaho / Jackson Wyoming Real Estate
Forecasters Say Recession Nearing End
More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon.
Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter.
Another 19 percent think the turnaround will come in the fourth quarter.
The rest are betting on the first quarter of 2010.
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there have been an increase.
Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
Don't wait to take advantage of low real estate prices.
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon.
Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter.
Another 19 percent think the turnaround will come in the fourth quarter.
The rest are betting on the first quarter of 2010.
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there have been an increase.
Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
Don't wait to take advantage of low real estate prices.
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
Tuesday, May 26, 2009
Foreclosures / Looking for Signs That The Worst is Over
Investors Watch for Signs of Recovery
As the spring selling season moves into full gear, investors and economists will be watching the housing market closely for signs that the worst is over.
“We can't right this ship if we don't run off that inventory," says Tommy Williams, president of Williams Financial Advisors in Shreveport, La.Stocks rose more than 3 percent on May 4 following increases in pending home sales and construction spending.
But a high inventory of unsold homes and increasing foreclosures are reducing demand, and that makes it hard for prices to stabilize.
"We are getting to the point of the year where we are getting into the peak home sales season," said Kevin Shacknofsky, co-portfolio manager of the Alpine Dynamic Dividend Fund.
"The numbers now will be far more important ... it's summer time."
As the spring selling season moves into full gear, investors and economists will be watching the housing market closely for signs that the worst is over.
“We can't right this ship if we don't run off that inventory," says Tommy Williams, president of Williams Financial Advisors in Shreveport, La.Stocks rose more than 3 percent on May 4 following increases in pending home sales and construction spending.
But a high inventory of unsold homes and increasing foreclosures are reducing demand, and that makes it hard for prices to stabilize.
"We are getting to the point of the year where we are getting into the peak home sales season," said Kevin Shacknofsky, co-portfolio manager of the Alpine Dynamic Dividend Fund.
"The numbers now will be far more important ... it's summer time."
Foreclosures / Loan Modifications Fail to Help
Mortgage Modifications Fail to Halt Defaults
Fitch Ratings is slated to release a report this week showing that 65 to 75 percent of modified subprime loans will fall behind by 60 days or more within one year of the loan change.
Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 to 40 percent of loans that had lowered principal amounts were still redefaulting after 12 months.
Borrowers are redefaulting at a high rate because home prices continue to fall, unemployment is rising, and because of public pressure to help home owners, even those who are still likely to default even after receiving assistance.
Fitch Ratings is slated to release a report this week showing that 65 to 75 percent of modified subprime loans will fall behind by 60 days or more within one year of the loan change.
Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 to 40 percent of loans that had lowered principal amounts were still redefaulting after 12 months.
Borrowers are redefaulting at a high rate because home prices continue to fall, unemployment is rising, and because of public pressure to help home owners, even those who are still likely to default even after receiving assistance.
Friday, May 22, 2009
Jackson Wyoming / Teton Village Foreclosure Alert !!
Hello !
Just listed today :
Teton Village condo
2 br , 1bath
$ 325k
Now is a chance to own a piece of the premier ski area in the world !
Call for details pH 208 390 0737
--------------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Just listed today :
Teton Village condo
2 br , 1bath
$ 325k
Now is a chance to own a piece of the premier ski area in the world !
Call for details pH 208 390 0737
--------------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Thursday, May 21, 2009
Foreclosure / Short sale / Bank Owned Properties Teton Valley Idaho / Jackson Wyoming
Hello !
Read on - three good reasons to use a professional Realtor for your foreclosure investment :
More Home Buyers Lured to Foreclosed Properties
Many households say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008.
But buyers aren’t naïve about the hassles involved with purchasing foreclosed property. About 85 percent said that they could identify negative aspects, up from 80 percent who felt the same way last November.
71 percent were concerned about hidden costs;
46 percent believe the process is risky;
31 percent fear the property will lose value.
Buyers of foreclosures also expect hefty discounts – at least 25 percent.
---------------------------------
Start your foreclosure property search today .
Contact me at : pH 208 390 0737
buy@buytetonland.com
Read on - three good reasons to use a professional Realtor for your foreclosure investment :
More Home Buyers Lured to Foreclosed Properties
Many households say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008.
But buyers aren’t naïve about the hassles involved with purchasing foreclosed property. About 85 percent said that they could identify negative aspects, up from 80 percent who felt the same way last November.
71 percent were concerned about hidden costs;
46 percent believe the process is risky;
31 percent fear the property will lose value.
Buyers of foreclosures also expect hefty discounts – at least 25 percent.
---------------------------------
Start your foreclosure property search today .
Contact me at : pH 208 390 0737
buy@buytetonland.com
Island Park Idaho / Foreclosure - Bank Owned - Short Sale Properties
MSN Money picks the top 10 places to buy a second home
May 17, 2009 by jmiller · 1 CommentFiled under: News, Resort, Second Homes
Looking for vacation property that’s a good investment as well? These communities offer weather, scenery and a
ctive real estate markets. Plus: 10 more up-and-comers.
By Liz Pulliam Weston
Popularity is a mixed bag when you’re looking for vacation property.
A hot destination means more crowds, more traffic, longer lines. But if you’re keeping an eye on investment potential — and more than one out of three second-home buyers say they are — then you want to buy where others want to be.
What you really want, though, is to buy today in an area that’s going to be hot tomorrow, so what are the ingredients that will turn a sleepy village into the next Aspen or Hilton Head?
A beautiful setting is a must, but here are some other important factors:
Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport.
Plenty of recreational opportunities. There has to be lots of stuff to do beyond shopping, which is why most thriving resort towns are near ski lifts, beaches or mountains. Some cultural cachet — a theater or film festival, galleries or museums — is also nice.
Decent weather. You have to be able to get outside to enjoy all that recreation.
Significant commercial investment. The old-timers may grouse about the new hotels or malls, but these are good indicators that others think the community is on the way up.
The “it” factor. The community gets discovered by movers, shakers and celebrities — or at least enough other folks like you — for prices to get bid up.
Consider the following two lists of hot (and potentially hot) vacation home markets compiled by EscapeHomes.com, an online listing service for second homes, timeshares and other vacation property. Youll see some interesting similarities, as well as a few towns that break the rules.
The top 10 towns for second-home investments
EscapeHomes.com identified popular second-home destinations that appreciated at least 10% a year in value between 1998 and 2002 and which may have further to go.
The results are based on their own listings for real estate in these communities. Listings aren’t sales, though, and EscapeHomes.com doesn’t reflect the whole market. In fact, real estate professionals in some of these towns (Asheville, N.C., for example) say sales were never that hot, while those in others (Park City, Utah, and Sunriver, Ore.) say appreciation has slowed in recent years.
Where possible, Ive included price appreciation figures compiled by the federal Office of Federal Housing Enterprise Oversight, which oversees housing finance companies Fannie Mae and Freddie Mac and which compiles housing sales data for larger metropolitan areas.
With all those caveats aside, here are the
10 second-home investment markets:
Asheville, N.C. This mountain town boasts the Biltmore Estate and a thriving arts and crafts community. Home prices are up 35% in the past five years, compared with the national median growth of 27.8%.
Park City, Utah. The Olympics-related frenzy has cooled, but Park City is still a preferred destination for skiers and other winter sports fanatics. Prices this year are up between 5% and 7%, according to real estate broker Mike Sloan, statistician for the areas Board of Realtors.
Ashland, Ore. Lovely weather, lovelier scenery and cultural cachet combine in Ashland. Located about halfway between Portland and San Francisco, the town is also home to Southern Oregon University and the highly regarded Oregon Shakespeare Festival. Ashland’s home values have exploded in recent years. Home prices in the region that includes Ashland and nearby Medford have risen at least 40% since 1998, according to federal figures, while a local appraiser puts Ashland’s average home price growth closer to 70% in that period.
Port Townsend, Wash. This picture-perfect Victorian seaport lay nearly untouched for most of its long history until being discovered by Seattle yuppies in the 1990s. It’s still quaint, but relatively mild weather and proximity to Olympic Peninsula attractions have increased its appeal for retirees and urban refugees.
Beaufort, S.C. You know Beaufort, even if you’ve never been there. You’ve seen it in movies like The Big Chill and Forrest Gump, and you’ve read about it in the pages of The Prince of Tides and The Great Santini by one-time Beaufort resident Pat Conroy. Fishing, shrimping and a National Historic Landmark District are features of The Queen of the Carolina Sea Islands.
South Lake Tahoe, Calif. Though it shared Americas largest alpine lake with the more glamorous Lake Tahoe, Nev., this community was long the dowdy little sister. No more. Two new Marriott’s have replaced a strip of decaying old motels along the main drag, and there’s talk of a convention center. Median home prices are up 21% from last year, said Madeleine Gutierrez, vice president of the South Lake Tahoe Association of Realtors.
Daytona Beach, Fla. Nineteenth-century industrial barons popularized Daytona, which is probably best known for the international raceway built in 1959 and the Daytona 500 auto race. Eight million visitors pour through annually. Home prices are up 44% in the past five years and nearly 9% in the last year alone.
Sunriver, Ore. This central Oregon resort area is near Bend and the Mt. Bachelor ski resort, about four hours from Portland and two hours east of Eugene. Whitewater rafting, hiking and skiing are favorite pastimes. Prices on some properties are about double what they were eight years ago, realtors say, but appreciation has slowed down in recent years along with the economy.
Myrtle Beach, S.C. The beaches along The Grand Strand — and the areas 120 golf courses — draw 14 million visitors annually. Despite the crush, Myrtle Beach consistently winds up in various listings of the nation’s best beaches and best retirement towns, with home prices rising at an 8% annual clip.
Charlevoix, Mich. This little town lies between the shores of Lake Michigan and Lake Charlevoix in northern Michigan. The population of the town and surrounding area is 8,500 full-time residents — which climbs to 30,000 in the summer. Golf courses and water fun are the main attractions.
10 emerging second-home markets
Here’s another intriguing list EscapeHomes.com has concocted: vacation-home areas that are just beginning to get popular with its users. There’s no guarantee any of these will become the next Myrtle Beach. In fact, given the more remote and generally northern location of many of these sites, you can pretty much count that out. But there could be some second-home price appreciation ahead.
Burnside, Ky. Community boasts a Catfish Festival and bills itself as The Only Town On Lake Cumberland! Its near Lexington, Frankfort, Louisville, Nashville and Knoxville and not far from the Big South Fork National Recreation Area.
Caribou, Maine. Snowmobilers and cross country skiers venture down from Quebec and New Brunswick to enjoy the scenery in this northeast Maine town.
Ely, Minn. The Gateway to the Boundary Waters Canoe Area Wilderness is a second home mecca for residents of Duluth and Minneapolis-St. Paul.
Island Park, Idaho. This area near Yellowstone and the Grand Teton national park’s, is becoming an alternative to Bozeman, Mont. and Jackson, Wyo.
Ketchikan, Alaska. This is a paradise for hunters, hikers and anglers, but you have to want to get there. Its more than 37 hours by road and ferry from Seattle, the nearest big city. Closer is Juneau, the state’s capital, but you still can’t get from here to there by road.
Lake Martin, Ala. Bass fishing is big in this town nestled in the southernmost foothills of the Appalachian mountains. Nearby: Birmingham, Montgomery and Atlanta.
. George, Utah. Speaking of gateways, this little town is near much of Southern Utah’s most spectacular country, including Zion Canyon, Bryce Canyon, Cedar Breaks National Monument and the North Rim of the Grand Canyon. Closest cities: Las Vegas and Salt Lake City.
Sisters, Ore. Another Central Oregon contender, Sisters is northwest of Bend. It’s a former lumber town turned fishing and tourist mecca on the edge the Deschutes National Forest. Closest cities are Portland and Eugene.
Waterville Valley, N.H. Tucked inside the White Mountain National Forest, Waterville Valley offers all the outdoor experiences you could want, and then some. Concord and Manchester, N.H. are nearby. Boston is about 2 hours south on Interstate 93.
White Mountains, Ariz. A cooler alternative to Phoenix, about four hours away, the White Mountains region offers snow sports in winter, golf and hiking in the summer and picturesque Indian villages all year round.
Liz Pulliam Weston’s column appears every Monday and Thursday, exclusively on MSN Money. She also answers reader questions in the Your Money message board.
May 17, 2009 by jmiller · 1 CommentFiled under: News, Resort, Second Homes
Looking for vacation property that’s a good investment as well? These communities offer weather, scenery and a
ctive real estate markets. Plus: 10 more up-and-comers.
By Liz Pulliam Weston
Popularity is a mixed bag when you’re looking for vacation property.
A hot destination means more crowds, more traffic, longer lines. But if you’re keeping an eye on investment potential — and more than one out of three second-home buyers say they are — then you want to buy where others want to be.
What you really want, though, is to buy today in an area that’s going to be hot tomorrow, so what are the ingredients that will turn a sleepy village into the next Aspen or Hilton Head?
A beautiful setting is a must, but here are some other important factors:
Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport.
Plenty of recreational opportunities. There has to be lots of stuff to do beyond shopping, which is why most thriving resort towns are near ski lifts, beaches or mountains. Some cultural cachet — a theater or film festival, galleries or museums — is also nice.
Decent weather. You have to be able to get outside to enjoy all that recreation.
Significant commercial investment. The old-timers may grouse about the new hotels or malls, but these are good indicators that others think the community is on the way up.
The “it” factor. The community gets discovered by movers, shakers and celebrities — or at least enough other folks like you — for prices to get bid up.
Consider the following two lists of hot (and potentially hot) vacation home markets compiled by EscapeHomes.com, an online listing service for second homes, timeshares and other vacation property. Youll see some interesting similarities, as well as a few towns that break the rules.
The top 10 towns for second-home investments
EscapeHomes.com identified popular second-home destinations that appreciated at least 10% a year in value between 1998 and 2002 and which may have further to go.
The results are based on their own listings for real estate in these communities. Listings aren’t sales, though, and EscapeHomes.com doesn’t reflect the whole market. In fact, real estate professionals in some of these towns (Asheville, N.C., for example) say sales were never that hot, while those in others (Park City, Utah, and Sunriver, Ore.) say appreciation has slowed in recent years.
Where possible, Ive included price appreciation figures compiled by the federal Office of Federal Housing Enterprise Oversight, which oversees housing finance companies Fannie Mae and Freddie Mac and which compiles housing sales data for larger metropolitan areas.
With all those caveats aside, here are the
10 second-home investment markets:
Asheville, N.C. This mountain town boasts the Biltmore Estate and a thriving arts and crafts community. Home prices are up 35% in the past five years, compared with the national median growth of 27.8%.
Park City, Utah. The Olympics-related frenzy has cooled, but Park City is still a preferred destination for skiers and other winter sports fanatics. Prices this year are up between 5% and 7%, according to real estate broker Mike Sloan, statistician for the areas Board of Realtors.
Ashland, Ore. Lovely weather, lovelier scenery and cultural cachet combine in Ashland. Located about halfway between Portland and San Francisco, the town is also home to Southern Oregon University and the highly regarded Oregon Shakespeare Festival. Ashland’s home values have exploded in recent years. Home prices in the region that includes Ashland and nearby Medford have risen at least 40% since 1998, according to federal figures, while a local appraiser puts Ashland’s average home price growth closer to 70% in that period.
Port Townsend, Wash. This picture-perfect Victorian seaport lay nearly untouched for most of its long history until being discovered by Seattle yuppies in the 1990s. It’s still quaint, but relatively mild weather and proximity to Olympic Peninsula attractions have increased its appeal for retirees and urban refugees.
Beaufort, S.C. You know Beaufort, even if you’ve never been there. You’ve seen it in movies like The Big Chill and Forrest Gump, and you’ve read about it in the pages of The Prince of Tides and The Great Santini by one-time Beaufort resident Pat Conroy. Fishing, shrimping and a National Historic Landmark District are features of The Queen of the Carolina Sea Islands.
South Lake Tahoe, Calif. Though it shared Americas largest alpine lake with the more glamorous Lake Tahoe, Nev., this community was long the dowdy little sister. No more. Two new Marriott’s have replaced a strip of decaying old motels along the main drag, and there’s talk of a convention center. Median home prices are up 21% from last year, said Madeleine Gutierrez, vice president of the South Lake Tahoe Association of Realtors.
Daytona Beach, Fla. Nineteenth-century industrial barons popularized Daytona, which is probably best known for the international raceway built in 1959 and the Daytona 500 auto race. Eight million visitors pour through annually. Home prices are up 44% in the past five years and nearly 9% in the last year alone.
Sunriver, Ore. This central Oregon resort area is near Bend and the Mt. Bachelor ski resort, about four hours from Portland and two hours east of Eugene. Whitewater rafting, hiking and skiing are favorite pastimes. Prices on some properties are about double what they were eight years ago, realtors say, but appreciation has slowed down in recent years along with the economy.
Myrtle Beach, S.C. The beaches along The Grand Strand — and the areas 120 golf courses — draw 14 million visitors annually. Despite the crush, Myrtle Beach consistently winds up in various listings of the nation’s best beaches and best retirement towns, with home prices rising at an 8% annual clip.
Charlevoix, Mich. This little town lies between the shores of Lake Michigan and Lake Charlevoix in northern Michigan. The population of the town and surrounding area is 8,500 full-time residents — which climbs to 30,000 in the summer. Golf courses and water fun are the main attractions.
10 emerging second-home markets
Here’s another intriguing list EscapeHomes.com has concocted: vacation-home areas that are just beginning to get popular with its users. There’s no guarantee any of these will become the next Myrtle Beach. In fact, given the more remote and generally northern location of many of these sites, you can pretty much count that out. But there could be some second-home price appreciation ahead.
Burnside, Ky. Community boasts a Catfish Festival and bills itself as The Only Town On Lake Cumberland! Its near Lexington, Frankfort, Louisville, Nashville and Knoxville and not far from the Big South Fork National Recreation Area.
Caribou, Maine. Snowmobilers and cross country skiers venture down from Quebec and New Brunswick to enjoy the scenery in this northeast Maine town.
Ely, Minn. The Gateway to the Boundary Waters Canoe Area Wilderness is a second home mecca for residents of Duluth and Minneapolis-St. Paul.
Island Park, Idaho. This area near Yellowstone and the Grand Teton national park’s, is becoming an alternative to Bozeman, Mont. and Jackson, Wyo.
Ketchikan, Alaska. This is a paradise for hunters, hikers and anglers, but you have to want to get there. Its more than 37 hours by road and ferry from Seattle, the nearest big city. Closer is Juneau, the state’s capital, but you still can’t get from here to there by road.
Lake Martin, Ala. Bass fishing is big in this town nestled in the southernmost foothills of the Appalachian mountains. Nearby: Birmingham, Montgomery and Atlanta.
. George, Utah. Speaking of gateways, this little town is near much of Southern Utah’s most spectacular country, including Zion Canyon, Bryce Canyon, Cedar Breaks National Monument and the North Rim of the Grand Canyon. Closest cities: Las Vegas and Salt Lake City.
Sisters, Ore. Another Central Oregon contender, Sisters is northwest of Bend. It’s a former lumber town turned fishing and tourist mecca on the edge the Deschutes National Forest. Closest cities are Portland and Eugene.
Waterville Valley, N.H. Tucked inside the White Mountain National Forest, Waterville Valley offers all the outdoor experiences you could want, and then some. Concord and Manchester, N.H. are nearby. Boston is about 2 hours south on Interstate 93.
White Mountains, Ariz. A cooler alternative to Phoenix, about four hours away, the White Mountains region offers snow sports in winter, golf and hiking in the summer and picturesque Indian villages all year round.
Liz Pulliam Weston’s column appears every Monday and Thursday, exclusively on MSN Money. She also answers reader questions in the Your Money message board.
Investment Buyer Groups Grabbing Foreclosures / Teton Valley Idaho / Jackson Wyoming
Hello !
Investment opportunities exist in Teton Valley Idaho / Jackson Wyoming .
Call me for details on short sale / bank owned and foreclosure activity.
Investment opportunities exist in Teton Valley Idaho / Jackson Wyoming .
Call me for details on short sale / bank owned and foreclosure activity.
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Investor Buying Fuels Home Sales
Investor Buying Fuels Home Sales
One of the reasons home sales have risen this year is the spike in investor groups in troubled markets that are buying up clusters of foreclosed houses from banks.In many cases, investors are prevailing over first-time home buyers and other owner-occupants because they bring cash to the table.
For instance, in Phoenix where 38 percent of April sales of single-family homes were all-cash deals, Mark Allen, a former division president at D.R. Horton, the nation’s largest home builder, is working with Gorilla Capital, which specializes in foreclosures, to buy dozens of properties at courthouse auctions.Barclays Capital estimates that banks and loan investors owned 765,500 foreclosed homes as of April 1, up from 629,100 last year.
By 2010, Barclays expects them to have acquired about 1.3 million homes. When the market improves, these owners will try to sell."All this investor buying isn't depleting supply, it's only shifting it around," Allen says.
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Put together an investor or two and take advantage of the above short sale in the premier four seasons resort community in the region.
Byron Nelson / Steve Jones designed championship golf course / recreational community.
----------------------------------------------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Wednesday, May 20, 2009
Recovery in Sight / Sam Zell / Foreclosure Property Jackson Wyoming - Teton Valey Idaho
Sam Zell Says Recovery Is in Sight
The U.S. housing market will turn around this summer because the building slowdown is increasing demand, predicts real estate mogul Sam Zell, "I can't tell you if it's June 29 or Aug. 1," says Zell, who made billions in commercial real estate by buying up distressed property.
Zell said the housing downturn is international, but “the U.S. will recover and recover first around the world because we have a culture and we have an environment where we face up to reality quickly and effectively.
”Source: Reuters News, Ilaina Jonas (05/18/2009)
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These were once $ 1 000 000 homes / bank owned
3307 sq ft
4BR, 3 Bath
Luxury resort home
Teton Springs / Victor Idaho
two units :
$ 369K
& 389 k
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
p 208 390 0737
www.buytetonland.com
The U.S. housing market will turn around this summer because the building slowdown is increasing demand, predicts real estate mogul Sam Zell, "I can't tell you if it's June 29 or Aug. 1," says Zell, who made billions in commercial real estate by buying up distressed property.
Zell said the housing downturn is international, but “the U.S. will recover and recover first around the world because we have a culture and we have an environment where we face up to reality quickly and effectively.
”Source: Reuters News, Ilaina Jonas (05/18/2009)
--------------------------------------
These were once $ 1 000 000 homes / bank owned
3307 sq ft
4BR, 3 Bath
Luxury resort home
Teton Springs / Victor Idaho
two units :
$ 369K
& 389 k
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
p 208 390 0737
www.buytetonland.com
Tuesday, May 19, 2009
First Time Homebuyers / Use Tax Credit for Downpayment/ Foreclosure Luxury Resort Properties
Hello !
BIG SHOUT OUT TO CASEY AT TETON SPRINGS !
Is she making this resort happen ! Full bookings and lots of activities for this four seasons championship golf course resort community.
Lots of exceptional properties at bargain rates never before seen. Go to :
http://www.buytetonland.com/ and access my Foreclosure Properties page.
GET AN INVESTOR TOGETHER AND ACT NOW
Call on how to get started buying your luxury home at basement prices never before seen.
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YES YOU CAN USE $ 8000 TAX CREDIT FOR THE FIRST TIME HOMEBUYERS
DOWN PAYMENT IN IDAHO !!!
Buyer Tax Credit Loan Guidance Coming Soon Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Homebuyer Tax Credit is expected to be out shortly, but a spokesperson from the U.S. Department of Housing and Urban Development, which is writing the guidance, couldn't give a firm release date. HUD policy staff are "still working out the details on it," HUD spokesperson Lamar Wooley told REALTOR® Magazine today.
"So we expect it to be published shortly." The short-term loan program, which would effectively monetize the first-time homebuyer tax credit by permitting eligible lenders to make bridge loans collateralized by the borrower's expected tax credit, was announced by HUD Secretary Shaun Donovan at the Real Estate Summit NAR hosted on the opening day of its 2009 Midyear Legislative Meetings in Washington last week.
At the summit, Donovan said the loans would enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash could be used as a downpayment. "FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to 'monetize' the tax credit through short-term bridge loans," Donovan said. "We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit.
FHA will be publishing the details shortly."It's unclear at this point what shape the guidance will take and whether authorization for the loans will be available across the board or only in states in which the state housing finance agency already has a tax credit bridge-loan program in place. There are 10 states today that have such a loan program, according to the National Council of
State Housing Agencies: Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee. You can access details of these loan programs on the NCSHA's Web site, "First-Time Homebuyer Tax Credit Loan Programs."When it's released, the guidance is expected to be issued as a HUD Mortgagee Letter and will likely discuss which federal, state, and local governmental agencies and nonprofit organizations will be permitted to make the loans, and whether lenders such as FHA-approved mortgagees will be permitted to make the loans.
The guidance could also cover how loan amounts will be limited, what happens if repayment problems occur, and what repayment terms would look like. REALTOR® Magazine will be checking with HUD regularly on the status of the guidance and will report its availability as soon as it's issued.—By Robert Freedman for REALTOR® Magazine
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Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
Monday, May 18, 2009
Bank Owned / Short Sale Teton Springs Idaho Luxury Homes
Hello !
These two homes are located in the luxury
four seasons resort of Teton Springs Idaho.
bank owned :
3307 sq ft
4 br, 3 bath
short sale :
4000 sq ft
4 br, 3 bath
These two homes represent two
of the best value purchases of short sale /
bank owned property in the Teton Valley ID /
Jackson WY area.
Looking for two investors for the purchase and resale of
these properties.
Sincerely - your friend and well wisher
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Saturday, May 16, 2009
Foreclosure / Short Sale List Teton Valley Idaho / Jackson Wyoming
ASK ME TO SEND YOU FORECLOSURE / SHORT SALE LIST
FOR TETON VALLEY IDAHO / JACKSON WYOMING
* INCREDIBLE INVESTMENT AND VACATION HOME DISTRESSED
SALES AVAILABLE
Currently there are 33 properties listed in Teton Valley that range in price from
$189K - $ 1 250 000
Call me for complete list pH 208 390 0737
----------------------------------------
Great Deals Out There on Vacation Homes
Buyers are beginning to understand that prices have dropped up to 50 percent in some vacation home markets, but lenders are in short supply, practitioners said this week at the 2009 REALTORS® Midyear Legislative Meetings in Washington, D.C.“I’ve had banks pull out right before the closing, because they are constantly reevaluating how many and what type of mortgages to give out,” said Anne Blatz, ABRM, CRB, a branch executive with Kinlin Grover GMAC Real Estate in Brewster, Mass.When foreign currency was stronger against the U.S. dollar, many Canadians were interested in purchasing in Arizona and California
.However, banks were hesitant to qualify them for loans. Practitioners have had to come up with some very creative deals to get the job done, such as owner-financing or property trades. In some resort regions, foreign nationals are accounting for up to ten percent of all buyers and more have become interested just as inventory levels decrease in some regions.
For buyers who are on the fence, real estate pros said you should help customers understand that deals exist. “You have to be specific about numbers,” said Timothy Kinzler, CIPS, e-Pro®, sales associate with Coldwell Banker in Delray Beach, Fla. “Some don’t realize that you can get a beachfront condo for just $100,000.” Through Facebook, Kinzler posts messages about properties he has closed on which has lead to more calls. Recently, he sold a $97,000 beachfront condo to a man from Hoboken, N.J. who will use it as a get-away.
A few years ago, this type of property started at $250,000. —Katie Tarbox, REALTOR® Magazine
----------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
FOR TETON VALLEY IDAHO / JACKSON WYOMING
* INCREDIBLE INVESTMENT AND VACATION HOME DISTRESSED
SALES AVAILABLE
Currently there are 33 properties listed in Teton Valley that range in price from
$189K - $ 1 250 000
Call me for complete list pH 208 390 0737
----------------------------------------
Great Deals Out There on Vacation Homes
Buyers are beginning to understand that prices have dropped up to 50 percent in some vacation home markets, but lenders are in short supply, practitioners said this week at the 2009 REALTORS® Midyear Legislative Meetings in Washington, D.C.“I’ve had banks pull out right before the closing, because they are constantly reevaluating how many and what type of mortgages to give out,” said Anne Blatz, ABRM, CRB, a branch executive with Kinlin Grover GMAC Real Estate in Brewster, Mass.When foreign currency was stronger against the U.S. dollar, many Canadians were interested in purchasing in Arizona and California
.However, banks were hesitant to qualify them for loans. Practitioners have had to come up with some very creative deals to get the job done, such as owner-financing or property trades. In some resort regions, foreign nationals are accounting for up to ten percent of all buyers and more have become interested just as inventory levels decrease in some regions.
For buyers who are on the fence, real estate pros said you should help customers understand that deals exist. “You have to be specific about numbers,” said Timothy Kinzler, CIPS, e-Pro®, sales associate with Coldwell Banker in Delray Beach, Fla. “Some don’t realize that you can get a beachfront condo for just $100,000.” Through Facebook, Kinzler posts messages about properties he has closed on which has lead to more calls. Recently, he sold a $97,000 beachfront condo to a man from Hoboken, N.J. who will use it as a get-away.
A few years ago, this type of property started at $250,000. —Katie Tarbox, REALTOR® Magazine
----------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Sunday, May 3, 2009
33 Homes Listed for Sale in Foreclosure Process / Teton Valley Idaho
Currently there are 33 homes listed for sale on the local REALTOR web site for Teton Valley Idaho.
These homes range in listing price from $189k - $1250000.
The homes range from low end subdivisions to the most ultra exclusive Teton Springs Four Season resort community.
I have looked over the details on all the homes and I have discovered by far the best buy for the quality of construction, location and value on the actual costs incurred to develop this project.
This home second to none in pure design and craftsmanship.
It is large square footage and located in viable, well maintained community.
Its current listing price is a steal.
Call me for more details on this property.
Take care.
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
These homes range in listing price from $189k - $1250000.
The homes range from low end subdivisions to the most ultra exclusive Teton Springs Four Season resort community.
I have looked over the details on all the homes and I have discovered by far the best buy for the quality of construction, location and value on the actual costs incurred to develop this project.
This home second to none in pure design and craftsmanship.
It is large square footage and located in viable, well maintained community.
Its current listing price is a steal.
Call me for more details on this property.
Take care.
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
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