Quirky Homes Show Their True Colors

Hosam Haggag and Fatima Rahman bought a fixer-upper in a historic neighborhood in Santa Clara, Calif., for $415,000 in 2011. Because of its shabby condition, the house was a rare bargain in Silicon Valley, where Mr. Haggag is a product manager for a large technology company. As part of a 2½-year renovation that cost almost as much as the house, the exterior got a new coat of colors: yellow, pink, blue and green with orange trim—hues that mimic the house in “Up,” a popular children’s movie.

“We drove our 3-year-old daughter by the house and said ‘That’s our house. We’re going to live in it,’ ” said Mr. Haggag. “And she said, ‘Yes, and then we’re going to fly away.’ ” It was a joyous moment for Mr. Haggag, 29, who said they chose the look to delight their two young daughters, and because it made them and people who passed by the house happy.

As the housing market and broader economy have recovered, some luxury homeowners and residential developers are going loud and proud with exterior colors. The playful palettes are a form of self-expression for families that want their house to stand out, and a way for urban developers to broadcast youth and trendiness.

via Quirky Homes Show Their True Colors.

How Renters Can Build Long-Term Wealth, Too

Home might be where your heart is, but it isn’t necessarily where your wealth grows.With American homeownership in a steady decline, according to the U.S. Census Bureau, many households are not living in the passive asset that is a house.  Homeownership is a long-term play, and for most families, true wealth only materializes when the mortgage is nearly paid off. Renters have an array of alternative strategies for building wealth, but doing so requires an extra dose of self-discipline to save money in the absence of a mortgage that converts an essential cost of living to an asset.

“The costs of ownership are so high in so many areas that it does make sense to rent – if you can invest the difference,” says Rachel Podnos, a financial planner with Wealth Care LLC, based in Merritt Island, Florida.

via How Renters Can Build Long-Term Wealth, Too.

Bad water holding down property values

Florida Realtors says yes to both in a recent report that says property values were suppressed by nearly $1 billion a year because of poor water quality.

Improved water quality in Lee County would increase property values by an estimated $541 million while Martin County’s property value would increase by an estimated $428 million, the report says.

Overall, property values are rising in both counties, but they’re being “severely dampened” by poor water quality, the report says.

via Bad water holding down property values.

Alternative Retirement Income: Rental Properties – Palestineherald.com: Columnists

For many Americans, especially the Baby Boomer generation, retirement is either here or just on the horizon. The first of the Boomer generation to hit retirement age was in 2011 and according to the National Association of REALTORS®, the population of baby boomers entering retirement is projected to be 10,000 people a day, for at least the next two decades! Mind=Blown! This is the largest mass retirement in our country’s history. With retirement comes the promise of R&R, but you can only relax if you have a way to pay for it reality is a tough pill, ugh!.

Many people are not financially prepared for retirement and thus, the average retirement age keeps creeping up.It may be time to think outside the 401K box. Don’t get me wrong, having 401Ks, stocks, bonds and other traditional investments is great! However, diversity is key in investing and any investment that sends you a check every month while simultaneously growing in value is a huge win in my book.

via Alternative Retirement Income: Rental Properties.

Beware the zombie (houses) still menacing Tampa Bay neighborhoods

Zombie houses.

Abandoned by their owners and stuck in the foreclosure process, they are a blight on neighborhoods rich and poor. Some have been vacant for years, so long that people like Lee Randall can’t even remember the last time they saw the normal signs of life.

Randall lives a few doors away from a zombie house on Nevada Avenue in northeast St. Petersburg. A large, fallen oak limb partially blocks the driveway. Jumbled piles of toys, furniture and dirty dishes can be seen through a grimy side window.

“It’s been like that for years,” Randall said. “They just packed up and hauled a–.”

via Beware the zombie (houses) still menacing Tampa Bay neighborhoods.

A record-setting $8 million for a recent South Park condo sale [San Francisco]

One couple has purchased both brand-new condos for sale at 147 South Park for a combined price of $8 million, according to a report from SocketSite. The 3-bedroom, 3.5-bath second-floor unit sold for $3.05 million, while the top-floor, 3-bedroom, 2.5-bath unit sold for $4.995 million. (The ground floor has storage, a lobby and two parking spaces.)

At a combined 5,300 square feet, that works out to about $1,500 a square foot. According to SocketSite, the previous record for a condo in the neighborhood was a 2,600-square-foot three-bedroom penthouse unit that sold for $3.5 million in 2011 at just over $1,300 a square foot.

The open living-dining room at 147 South Park. (MLS)

SocketSite didn’t reveal who the buyers of 147 South Park are, but gave a “blind item”-style hint as to where they might have come up with the $8 million to seal the deals: “While neither works at Google, Apple, Facebook or Twitter, one half of the couple did co-found a software company which was recently acquired by another which has been around since the 80s.”

via A record-setting $8 million for a recent South Park condo sale.