Housing Inventory Dropping

Shadow Inventory Drops: ‘Positive Sign for Housing’

DAILY REAL ESTATE NEWS | WEDNESDAY, SEPTEMBER 28, 2011

Residential shadow inventory is on the decline, falling in July to 1.6 million units and representing a supply of five months, a new report from CoreLogic shows. 

One year ago, nationwide shadow inventory stood at 1.9 million units, marking a six-month supply. Shadow inventory is 22 percent lower than the peak reached in January 2010 of 2 million units -- or 8.4 months of supply.

CoreLogic calculates shadow inventory by taking into account the number of distressed properties not yet listed on the multiple listing services that are more than 90 days delinquent, in foreclosure, and real estate owned by lenders. 

"The steady improvement in the shadow inventory is a positive development for the housing market," says Mark Fleming, chief economist for CoreLogic. "However, continued price declines, high levels of negative equity, and a sluggish labor market will keep the shadow supply elevated for an extended period of time."

Source: “Shadow Inventory Declines to 5-Month Supply: CoreLogic,” HousingWire (Sept. 27, 2011)

Destin, Florida Seafood Festival

National Geographic Lists DESTIN as one of top Ten BEST FALL TRIPS!

National Geographic has just put out it’s Best Fall Trips 2011 lists, and names The Emerald Coast as one of it’s choices! Among the reasons this area was chosen are the comfortable temperatures that are perfect for swimming and fishing in the emerald green waters, and for golfing among the areas beautiful golf courses. More than 30,000 fishing enthusiasts visit in October for the Destin Fishing Rodeo, and The Destin Seafood Festival is also in October. Discounts can also be found at local condos and hotels in the fall.

The other places listed on the Best Fall Trips 2011 include Lavaux Vineyard Terraces, Switzerland, Cannstatter Volkfest, Stuttgart, Germany, Columbus, Ohio, Zanzibar, Tanzania, Churchill, Manitoba, Canada, Dublin, Ireland, White Mountains, New Hampshire, Shoreline Highway, Marin County, California, and Day of the Dead, Puebla, Mexico.

Coldwell Banker United Destin Cares

CBU Cares: From dream homes to children in need, CBU Realtors strive to provide

September 17, 2011 1:20 PM

Katy Houghton

As well as helping homebuyers and sellers with their real estate quests, the agents of Coldwell Banker United are passionate about supporting local charities and children in need.

“Last year, a group of agents got together and created the idea of an internal organization to raise money for charities in the community that they’re passionate about,” said Jamie Huggins, CBU sales manager and broker.

That dream of an informal organization quickly grew into a formal foundation known as CBU Cares. After each sale, each of the 59 agents pledge to make a donation of a certain percentage of their sales commission.

Volunteer CBU Realtors, known as the Vision Council, recently went through agent-submitted applications and decided that Children in Crisis was exactly what they were looking for in their first act of charity as a foundation. 

At Wednesday’s sales meeting, CBU Realtors presented Ken Hair, the president and CEO of Children in Crisis, a check for $2,500.

CIC is a nonprofit charity in Fort Walton Beach that provides homes for neglected, abused and abandoned children of the community. Hair said they were very happy and thankful to be selected as CBU Cares’ signature charity.

“The money will go to feed, clothe and care for these children,” Hair said. “It’s because of donations from places like Coldwell Banker that we are able to keep our doors open.”

CBU Cares is an agent-driven foundation with the dream of contributing time and money to local organizations and charities. Coldwell Banker United also supports Habitat for Humanity and breast cancer research through the American Cancer Society.

“One of our five core values is supporting and being a part of the community,” Huggins said, adding that CBU Cares will make an annual donation to Children in Crisis. “That is my dream for this office.”

Destin Named Best Place To LIve and Boat

Magazine names Destin the best place to live and boat

May 28, 2011 7:18 PM

Katy Houghton

Florida Freedom Newspapers

TOP PLACES TO LIVE AND BOAT:

1. Destin, Fla.
2. Long Island, N.Y.
3. Newport, Ore.
4. Lake of the Ozarks, Mo.
5. Chattanooga, Tenn.
6. Phoenix
7. Seattle
8. Columbia, S.C.
9. Green Bay, Wis.
10. Traverse City, Mich.

SOURCE: Boating magazine

DESTIN — The area has another feather in its cap after scoring the top spot in Boating magazine’s Top 10 Best Places to Live and Boat.

“Once people go boating in Destin, they’re hooked,” said Fred Pace, managing partner for Legendary Marine.

When deciding the best places to set sail, Boating magazine considered “livability, public access, convenience and also relaxing getaways …”

“Destin has great cruising ability and it’s a terrific place to fish,” Pace said. “There are so many places to boat. There is Crab Island, the magnificent waterways … I’m not sure there is a close second.”

Among the local landmarks for the magazine were Crab Island, Choctawhatchee Bay, the Intracoastal Waterway and the “plentiful” vacation rentals.

Peter Wright, owner of the Ship’s Chandler in Destin, said he thinks there are a couple of reasons Destin took the top spot on the list.

“It’s a big vacation area. A lot of people from cities that placed on the list come here,” he said. “There are places you can catch bigger marlin and more shellfish, but if you drew a five mile circle around the East Pass, you will catch such a variety of fish unlike anywhere else.”  

Wright moved to the Emerald Coast in the 1970s with his family and got his first job on a fishing boat in Destin.

“This is going to help everybody out, especially the charter boat captains who took one on the chin” during last year’s oil spill, Wright said. “For boat dealers like myself, we’re starting to pick up that pace, but there is still a lot of work to go. I’m just glad the fish are biting.”

Shane Moody, president and CEO of the Destin Area Chamber of Commerce, said even after living here for nearly eight years, being on the water is still a magnificent experience.

“The colors, the clarity, the marine life — we see dolphins near or around the boat every time we go out. You can’t get that anywhere else,” Moody wrote in an email. “You have Crab Island, the most unique boating destination
I’ve ever seen. You have the Intracoastal Waterway and the sound where you can pull your boat up on one of numerous islands or beaches and have a day-long outing.”

He also noted Destin’s location on the Gulf of Mexico and its great fishing.

“Destin’s history is full of boating, from charter boats to commercial fishing to recreational boating,” Moody wrote. “It’s not really part of our lives, it is our way of life, and that’s what makes living and boating spectacular in Destin.”

Read more: http://www.nwfdailynews.com/articles/destin-40589-live-magazine.html#ixzz1YPMDh4NW

Staged-to-Sell, But Is it Priced-to-Sell?

September 12, 2011 by Melissa Tracey · 4 Comments
Filed under: Home Trends, Staging Tips 

By Melissa Dittmann Tracey, REALTOR® Magazine

Staging a home to perfection can certainly get buyers’ attention, but pricing the home to sell is what often will get them in the front door, housing experts say.

With home values dropping across the country, a few sellers are still struggling to come to terms that their home may not be worth what they previously thought. About 77 percent of home owners believe their home is worth more than the recommended listing price, according to real estate professionals surveyed in the HomeGain National Home Values Survey. Yet, about 67 percent of home buyers say home values are still overpriced.

Nearby foreclosures can certainly influence a seller’s asking price. Foreclosures in a community can actually reduce nearby property values, on average, by $20,300 per household, according to research by the Center for Responsible Lending.

But many sellers can’t accept that their home’s value may be lower because of the houses down the street.

The sellers who tend to be overpricing their homes the most are the ones who bought post-housing bubble too, according to a study earlier this summer by Zillow.

Zillow found that home sellers who purchased their home in 2007 or later are overpricing their homes by an average of 14.1 percent. On the other hand, sellers who purchased their homes between 2002 and 2006 (pre-housing bubble) tend to price their homes about 9.3 percent above market value, according to the Zillow study.

“Post-bubble buyers seem to believe they escaped the worst of the housing recession, as evidenced by how they price their homes today,” says Stan Humphries, Zillow’s chief economist. “But 2006 was just the beginning of the housing recession, and it is continuing in earnest to this day. That means that even people who bought after the bubble burst need to break out the pencil and paper and do serious research into what has happened in their market since they first bought their home, whether it was four years ago or six months ago. Overpricing homes causes them to stagnate on the market and keeps inventory from decreasing–not a desirable outcome for either the sellers or the market as a whole.”

Downsizing Trend Shows Signs of Reversing

DAILY REAL ESTATE NEWS | MONDAY, SEPTEMBER 12, 2011

New-home sizes had shown signs of shrinking since the housing crisis and recession. However, Americans are still showing signs of living large. 

A new-home built in 2010 averaged 2,392 square feet — still more than 650 square feet larger than in 1980, according to U.S. Census Bureau data. While square footage in new homes have dropped slightly since 2007 (when it as 2,521 square feet), new-home sizes are still bigger than what they were from three decades ago. In 1980, new homes were, on average, 1,740 square feet. 

With the extra square footage nowadays, home owners are adding more rooms. For example, in 1980, more than 25 percent of all new homes had 1.5 bathrooms or less. In 2010, only 8 percent of homes had 1.5 or fewer bathrooms, while the overwhelmingly majority had a lot more. 

Source: “The Way We Live Now is Bigger,” LifeInc.com (Sept. 8, 2011)