News About Properties

News about properties and real estate
December 14th, 2014

Million-dollar home sales slowing

Growth in million-dollar home sales is slowing in areas including Miami, Las Vegas and Los Angeles, as rising prices and the strengthening U.S. dollar discourage foreign investors who helped lead the recovery.

In seven investor-heavy markets – the Los Angeles, Riverside and Ventura areas of Southern California; Las Vegas; and Florida’s Fort Lauderdale, Miami and Orlando – sales of homes for $1 million or more rose 5 percent in the third quarter from a year earlier, compared with a 46 percent surge in the same part of 2013, data compiled by brokerage Redfin Corp. show.

Luxury sales, which have been outpacing the total market, are beginning to slow in many of the areas most dependent on investors and other cash buyers. Foreign shoppers are now facing a weakening global economy, less favorable exchange rates and higher U.S. home values.

via Million-dollar home sales slowing.

December 4th, 2014

How Art and Real Estate Are Coming Together

The art scene in Miami continues to grow at an extraordinary pace, so much so that for many residents living in some of the most high-end buildings in the world, a trip to the museum isn’t always necessary for a daily dose of creativity. Developers are engaging major artists in large-scale collaborations, raising the aesthetic bar at their latest projects and putting installations and one-of-a-kind pieces on display for inhabitants to enjoy.

In these new condo towers, art is a fundamental aspect of the entire project, and not just a colorful wall-hanging picked up at moment’s notice because it matched the drapes; these are big new vertical Xanadus dripping in art. Everyone is trying to outdo one another—Faena House, developed by Alan Faena, will house the Faena Bazaar and an artist-in-residence center by Rem Koolhaas and OMA, while Oceana Bal Harbour will feature two larger-than-life works by Jeff Koons—Pluto and Proserpina and Ballerina, purchased in 2013 for $14 million—both of which will be shared and owned by building tenants.

via How Art and Real Estate Are Coming Together.

December 4th, 2014

Special tax reporting rules for rental properties

 Many people own rental property of some kind – whether they are renting out part of a primary residence or a vacation home. Regardless of the type of rental property, owners must make themselves acquainted with the various tax rules that apply to it, as these can differ significantly based on the degree to which the property is used for personal purposes.

The first step is to determine the status of the property – either dwelling or mixed-use.  A dwelling unit used for personal purposes is not necessarily a main home – main home is defined as the location where a person lives most of the time. A mixed-use property is one that is used for both personal and rental purposes. A day of personal use of a dwelling unit would be any day that it is used by the owner or any other person who has an interest in it, such as a member of an owner’s family, anyone under an agreement that exchanges use of the unit in question for use of some other dwelling unit, or anyone who uses it at less than the fair rental price.

via Special tax reporting rules for rental properties.

November 23rd, 2014

Six must-do’s before buying a home

You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans? • Whether you are a first-time homebuyer or an experienced owner, buying a house requires a “preflight check,” says Barry Zigas, director of housing policy for the Consumer Federation of America. •

Here is a six-item checklist, including tips on two types of savings you need, plus advice about what’s more important than buying a house for its resale value.

via Six must-do’s before buying a home.

November 6th, 2014

The Hottest Home Amenity: In-Law Apartments

When a 7-acre property in Silicon Valley went on the market for $14.85 million, a busload of real-estate agents arrived for a tour. The draw? In addition to the resort-style pool and the putting green, the agents, who specialize in finding upscale properties for Asian buyers, wanted to see the two guesthouses—ideal spaces for aging parents and in-laws.

“I probably did $18 million worth of business with Asians in the last 12 months,” said Arthur Sharif, associate broker at Sotheby’s International Realty in San Francisco who is listing the estate in Woodside, Calif. “A huge, huge part of the conversation with these folks is the side house,” and how it can accommodate elderly relatives, he said.

via The Hottest Home Amenity: In-Law Apartments.

November 6th, 2014

7 Tips For Buying a Vacation Home

Many Americans contemplating a vacation home abandoned that dream when the housing market collapsed. But now that home values have climbed month after month, with the median price up about 20% since its bottom nearly three years ago, you may once again be toying with the idea of that lakefront, ski or beach getaway place. About 13% of homes purchased last year were intended as vacation homes, up from 11% in 2012, according to the National Association of Realtors.

Yet you shouldn’t let the fact that the market has stabilized drive your buying decisions. Instead follow these seven steps to take to make sure a vacation home is right for you, and won’t turn out to be an expensive headache.

via 7 Tips For Buying a Vacation Home | Money.com.

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