You already know the real estate market is strong, especially if you are trying to buy a house. Sellers know too when they get multiple offers and sell their houses for more than list price. So rather than repeat the same old saw we decided to mix it up a bit this week. Here are excerpts from some of last week’s real estate world:
A historic home in Montclair, N.J., is turning heads with a very tempting list price: $10.
The 3,912-square-foot home with four bedrooms and two bathrooms, built in 1906, is one of 500 properties in the area designed by architect Dudley S. Van Antwerp. Historic homes designed by famous architects usually fetch high prices. In fact, the home was purchased in May 2015 for $1.4 million.
So why the low list price now? Here’s the catch: The buyer must agree to physically move the home from its foundation to a new location.
In April 2016, the home was sold to BNE Real Estate Group, a development company that had plans to demolish the home, NorthJersey.com reports. The developers reportedly intended to subdivide the 2.7-acre property into eight lots for single-family homes.
The Montclair City Planning Board approved the developer’s plans, but under one stipulation: They had to make a 60-day attempt to first try to sell the house. The buyer would have to be willing to move the home a minimum of a quarter-mile from where it stands currently.
Now that’s a fixer-upper!
Several years ago — when McEuen Park was being re-done — we wrote about the “Proximity Principle” or the fact that when gathering places are created the homes near them appreciate. Just look what’s happened in the Sanders Beach neighborhood. Here’s another example: Homeowners living near a Trader Joe’s grocery store saw their property values increase an average 67 percent over five years, according to a study released by real estate data firm ATTOM Data Solutions. Owners close to Whole Foods — a trendier and pricier grocery option — didn’t fare as well, garnering 52 percent appreciation in home value over the same time period. Those with an Aldi (a regional grocer in D.C.) nearby saw a 51 percent increase.
The average home price appreciation for ZIP codes with all three grocery stores was 54 percent, according to ATTOM Data Solutions. For the study, researchers culled U.S. Department of Housing and Urban Development data on sale and rental prices in ZIP codes nationwide that have at least one of each grocery store.
Homeowners living near a Trader Joe’s also added the most equity: 36 percent of their home’s value (or $232,439). Homeowners near Whole Foods added 31 percent equity ($187,925), and owners near Aldi added 18 percent ($46,352), according to the study.
And finally, interest rates — which remained low last week — marriage and student loans aren’t the only things influencing millenials’ homeownership plans. Marriage and having children may be the life events that traditionally have prompted people to transition into homeownership. But for some millennials, the need for more space is particularly tied to their furry friends.
A third of recent homebuyers ages 18 to 36 say their decision to purchase was based on the desire for a larger property with a yard for their dog, according to a survey conducted by Harris Poll on behalf of SunTrust Mortgage. While 33 percent of 412 millennials surveyed listed their pet as their top homebuying motivation, 25 percent listed marriage and 19 percent listed the birth of a child. The only factors respondents ranked higher than dogs are the desire for more overall living space (66 percent) and the opportunity to build equity (36 percent).
Remember to keep your pets and yourselves hydrated during this beautiful weather we are having.
Trust an expert…call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.
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Kim Cooper is a real estate broker and the spokesman for the Coeur d’Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d’Alene Association of Realtors, 409 W. Neider, Coeur d’Alene, ID 83815 or by calling (208) 667-0664.