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Makena real estate market
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The Makena real estate market, one of the more resort-heavy and tourist-friendly sectors of the larger Maui real estate market, seemed to be still showing signs of strength despite an extremely high rate of foreclosure. According to a May 20, 2010 article from the Lahaina News, “The market is starting to turn, indicated by the increase in unit sales…Anecdotal evidence from agents, lenders and escrow personnel indicate that a good portion of the transactions in process (not yet closed) are outside the tax credit program, and that there is strong buyer-showing activity that should result in future sales.” The piece went on to note that “Condo median prices are showing some small upticks. The inventory includes many short sales and REO (bank owned) properties that will need to be absorbed as sales before we can move ahead to a more normal marketplace, at which time prices will start to rise. Interest rates have started to rise from historic record lows, which may also motivate would-be buyers to go ahead and buy.”
One of the largest examples of Makena real estate, the massive Makena Beach & Golf Resort, was recently purchased at a government-mandated auction. According to a May 29, 2010 article from the Honolulu Star Bulletin, “The lender in the Makena Beach & Golf Resort foreclosure case ended up being the highest bidder for the property, but that might not last long. A court-mandated public auction for the Maui property was held at the Maui County courthouse yesterday morning.” The piece, written by Gene Park, continued to say that “Wells Fargo Bank had the highest bid at $55 million. The financial institution is owed more than $192.5 million in principal, plus interest and other costs on its mortgage loan. The only other bidder, who wished not to be disclosed, put in a bid for $50 million.”
This same news, which might help to stabilize the fortunes of Makena homes for sale, was mentioned in a May 28, 2010 piece from KITV News. This report said that “The bid was submitted on behalf of Wells Fargo Bank as trustee for the mortgage lending trust that foreclosed on the former Maui Prince Hotel last year…The 310-room hotel sits on 1,800 acres of East Maui.”
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Palm Springs Real Estate
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The average price of a Palm Springs home for sale, along with the average sales price of other Coachella Valley communities’ homes for sale, rallied in the month of April. According to a May 29, 2010 article in KPSP 2 News, “If you’re trying to sell a home or condo in the valley there is some good news. Compared to the same time period last year home prices are up quite a bit…According to a report just released from the Palm Springs Regional Association of Realtors, the median home price in the Coachella Valley rose 31% in April, compared to the same time last year.” The article by Jackie Pedroza went on to say that “The median price jumped from $150-thousand dollars to more than $190-thousand dollars…Currently across the valley, there are around 5 thousand active listings for homes and condos. Of those 40 percent are priced at or below 300-thousand dollars.”
This same positive news for the Palm Springs real estate market was reported on by a May 25, 2010 article in the Desert Sun. This piece found that “The median price for Coachella Valley home sales in April rose 31 percent in April compared to the same time last year, Palm Springs Regional Association of Realtors data show. It rose to $197,040 from the $150,140 median in April 2009.” The article by Debra Gruszecki continued to say that “Scott Newton, president of the Palm Springs Regional Association of Realtors, said the April numbers show a market that is moving out of high-season and is so focused on median price that inventory is getting low. ‘That creates higher demand,’ he said. ‘Higher demand creates slightly higher prices.’”
A high foreclosure rate has led to growth in the number of short sales among Palm Springs real estate, according to a May 23, 2010 article also in the Desert Sun. This piece noted that “With foreclosures continuing to pummel the Coachella Valley floor and home values dropping real estate agents are working with property owners in bigger numbers to drive short sales…Real estate experts say they’re seeing spurts of multiple bids and cash buys on homes priced below $250,000 by investors with deep pockets, buyers from other states or residents with equity in their home, a move-up mentality or frazzled nerves from a volatile stock market.”
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Colorado real estate market
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The Colorado real estate market seems to be rallying strongly, especially when considering the metropolitan areas of Denver and Colorado Springs. Although foreclosures continue to increase slightly, the inventory of foreclosures is being cleared more rapidly than in previous months. This is according to a May 13, 2010 article in the Denver Business Journal, which found that “Foreclosure sales in Colorado shot up 53.6 percent in the first quarter of 2010 from the same period a year earlier, and new foreclosure filings rose 6 percent, the Colorado Department of Local Affairs’ Division of Housing reported Thursday.” The piece by Mark Harden continued to say that “But officials said the year-ago foreclosure-sales total was pushed down by a national moratorium on processing foreclosures. They said that between first-quarter 2008 and first-quarter 2010, a comparison that straddles the moratorium, foreclosure sales rose a more modest 13.3 percent, or an average of 6.7 percent per year.”
Colorado homes for sale in Denver sold for slightly more compared to last year, according to a May 11, 2010 article in the Denver Business Journal. This article found that “Single-family home prices in metro Denver slipped in March from the previous months but rose 4.1 percent from 12 months earlier, according to a report Tuesday from Integrated Asset Services LLC.” The piece, written by Mark Harden, continued to say that “The monthly ‘IAS360 House Price Index’ report from IAS, a Denver-based default-mortgage services company, said the median single-family home price in the Denver-Aurora metro area declined 0.7 percent in March, following a 0.2 percent rise in February. But year over year, the index showed a 4.1 percent increase in the area’s median price between March 2009 and March 2010.”
Colorado real estate in the Colorado Springs area also rallied strongly in recent months, according to a May 5, 2010 article in the Colorado Springs Gazette. The piece, written by Rich Laden, continued to say that “Colorado Springs-area home prices and sales rose again last month, the latest in a string of improved showings the local resale market. Home sales totaled 792 in April, an 11.9 percent increase over the same month last year, according to a Pikes Peak Association of Realtors report.”
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Newport Beach real estate market
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The Newport Beach real estate market is currently showing mixed signs, but is one of the riskiest housing markets in the country. According to a May 12, 2010 article in the Orange County Register, “New National Association of Realtor home price data for metropolitan areas shows an Orange County house costing 2.93 times what the median-priced American home sold in the first quarter. That’s no bargain, despite a horrific drop in local home prices: Last time this so-called ‘Orange premium’ was this high was 2008 as the market was toppling.” The piece by Jon Lasner continued to say that “Curiously, this ‘Orange premium’ in this downturn did not hit the lows seen in the mid-1990s real estate recession. The index bottomed at pricing of 2.38 American homes for my ‘Orange premium.’ The recent upswing in the ‘Orange premium’ could mean that the emerging firmness in local house pricing may be ahead of the overall economics.”
The average price of a Newport Beach home for sale, along with Orange County in general, rallied in the month of March, according to an April 22, 2010 article in the Orange County Business Journal. This piece found that “The median price of an existing Orange County home rose by more than $10,000 in March from February, spurred in large part by low mortgage rates and generally affordable prices, the California Association of Realtors said on Thursday.” The piece, written by Mark Mueller, continued to say that “The median price for an existing stand-alone OC home sold in March was $493,120, a 2% increase from February, and a nearly 11% increase from a year ago. The number of sales here in March jumped 39% from a month ago, and was up about 15% from a year ago, the Realtor association said.”
This good news for Newport Beach real estate, however, still does not alleviate the huge risk involved in the Orange County real estate market. According to a May 2, 2010 article in the OC Metro, “Orange County’s housing market is among the riskiest in the nation, according to a new study from Walnut Creek-based PMI Group.”
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Las Vegas real estate market
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The Las Vegas real estate market continues to be one of the most distressed areas in the entire nation, with home sales continuing to decline and foreclosure rates remaining at extremely high levels. According to a May 10, 2010 article in the Las Vegas Sun, “The federal tax credit designed to spur home sales appears to have ended on a whimper in Las Vegas and may foretell a downturn in the housing market in the coming months, analysts said. The Greater Las Vegas Association of Realtors reported Monday that sales in April fell 7 percent compared to March and dropped nearly 8 percent compared to April 2009.”
The piece, composed by Buck Wargo, continued to say that “The drop off in the year-over-year sales is the first since March 2008. The decline was unexpected since April was the last month for buyers to sign contracts for new and existing homes. Dennis Smith, president of Home Builders Research, who monitors the Southern Nevada housing market, said he believes the drop off in sales is a reflection of the declining amount of foreclosure properties in the market.” The only potential bright spot for the Las Vegas real estate market was a slight increase in home prices as reported by Fox 5 News.
The extremely high rate of foreclosures facing Las Vegas homes for sale was reported in an April 29, 2010 article in the Atlantic. This piece said that “Maybe they should call it Foreclosure City instead of Sin City. Las Vegas was again the source of the highest foreclosures density in the U.S. during the first quarter, according to a new RealtyTrac report documenting foreclosure rates in the 209 largest metropolitan statistical areas. It had an incredible one foreclosure for every 28 properties. That’s even worse than Nevada’s overall 1-in-33 foreclosure rate for the quarter. The city’s foreclosure density was also nearly 5x the national average.” The article, written by Daniel Indiviglio, continued to say that “Las Vegas is a prototypical example of this phenomenon. It has 19% fewer foreclosures than a year earlier, but 13% more than a quarter earlier.”
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Birmingham real estate market
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The Birmingham real estate market is showing strong signs of a recovery, although there are a few indications of continued trouble, such as a slight bump in foreclosure rates. According to a May 7, 2010 article in the Birmingham Business Journal, “Home sales across the Birmingham area received a boost in April, according to the Birmingham Realtors Association. Las month, home sales jumped 19 percent year-over-year as Realtors reported 1,061 sales compared to 887 in April 2009. And year-to-date, the total jumped 7 percent to 3,248 homes compared with 3,030 homes the previous year, according to data collected by the association.” The article, written by Crystal Jarvis, continued to say that “The average price of a home sale increased by 4 percent within the past year and the median price is up 3 percent, data shows. However, the average days a home was left on the market jumped to 15 days in April compared to 108 days in April 2009.”
A May 7, 2010 article in the Birmingham News reported the same basic trend for Birmingham homes for sale. According to the piece, “Metro Birmingham home sales jumped 19 percent last month, bolstered by federal tax credits for homebuyers, which expired April 30. The Birmingham Association of Realtors said today that 1,061 homes were sold in April, compared to 887 in April 2009. The average price was $171,992, a 4 percent rise, while the median price was $145,200, up 3 percent.” The article, written by Dawn Kent, continued to say that “The strong results also boosted year-to-date sales. So far this year, metro area home sales total 3,248, a 7 percent improvement from the first four months of 2009. Heavy promotions targeting homebuyers were common in April.”
The one potential trouble spot for Birmingham real estate was a higher rate of foreclosures, as reported by a May 13, 2010 article in the Birmingham Business Journal. The article, composed by Lauren B. Cooper, noted that “Alabama foreclosures rose modestly in April, as the nation saw its first yearly decrease in some time according to a new report. RealtyTrac, a national tracker of foreclosures, said there were 2,411 properties in some form of foreclosures in April in the state, or one foreclosure for every 895 households.”
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Columbus real estate
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The Columbus real estate is facing mixed signals, with some suggesting that a recovery might be imminent and others pointing towards a continued slide. According to an April 23, 2010 article in the Columbus Dispatch, “Propelled by bargain prices and the imminent end of a federal tax credit, homebuyers snatched up properties throughout central Ohio and the rest of the nation in March. In the Columbus area, 1,704 homes changed hands during the month – 25 percent more than in March 2009. Statewide, sales rose 15.5 percent, and across the nation, they were up 6.8 percent.” The piece, written by Jim Weiker, continued to say that “Central Ohio homes sold for an average of $151,719 in March, 6 percent more than a year ago. The average home sold in 89 days, almost three weeks faster than last March. Real-estate agents and builders are reporting a rush of activity as buyers try to claim up to $8,000 in tax credits.”
Commercial real estate continues to be one problem for the Ohio and Columbus real estate markets. According to a Mary 11, 2010 article from WKYC News, “As home foreclosures continue to sweep the country, experts say the next shoe to drop will be in the commercial real estate market. Between lenders and unemployment numbers, the perfect storm is about to hit according to real estate analysts. ‘Well, commercial real estate tends to lag behind the residential,’ says George Pofok, Vice President at CRESCO Real Estate.” The piece, composed by Kyle Maureen, continued to say that “The writing is on the wall. Signs are everywhere that the commercial real estate market is in jeopardy. For lease, for sale, and some, foreclosure.”
Foreclosures were another potential stumbling block for Columbus homes for sale, according to an April 30, 2010 article in Business First of Columbus. The article, written by Kevin Kemper, found that “Home ownership in Central Ohio has continued its dramatic erosion this year as another wave of foreclosures washes over the region. Despite the improving economy and the best efforts of the homeowner-assistance programs, 3,714 foreclosure-lawsuits were filed in the eight-county Columbus region in the first quarter, up 5.4 percent from a year ago.”
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Paradise Valley Real Estate
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A rather affluent town in Maricopa County, the city of Paradise Valley, Arizona, is a suburb of the Phoenix metro area and is home a population of around $15,000. The city has a high-priced real estate, with many homes with values of $5 million to $20 million, and it was thus heavily impacted by the crash in the U.S. real estate market that began in 2008. Since then, the Paradise Valley real estate market has seen its ups and downs and is still searching for stabilization.
According to statistics made available by John Hall Associates, local Phoenix realtors, the number of active listings of Paradise Valley homes for sale has shown a general declining trend over the past 12 months. In April 2009, there were 582 homes for sale, and that number has since gradually fallen to 470 homes for sale in April.
Sales activity levels in Paradise Valley have also fluctuated but are now relatively in good shape, compared to a year earlier. In March 2009, there were just seven homes sold in Paradise Valley, the lowest figure of the last 12 months. That figure spiked for the year in December, when there were 43 homes sold, and has since leveled out to 30 homes sold in both March and February.
Foreclosures in Mesa have been up and down as well. There was a high of 37 foreclosure notices issued in March 2009. That figure fell to a low of 11 in November and most recently stood at 19 in March. There were nine trustee sales in March as well, slightly lower than the high of 14 in July and above the low of four in May and August. The price of Mesa homes per square foot has remained relatively stable. Homes for sale had an average price in March of $461 per square foot, just below the $510 per square foot price of one year ago. Homes sold, meanwhile, came in with an average price of $282 per square foot, down from a year ago’s figure of $319 per square foot.
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Palo Alto Real Estate
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One of the anchor cities in the Silicon Valley region, Palo Alto, California, lies in the San Francisco Bay area in northwest Santa Clara County. It is home to several high-tech firms and portions of the famed Stanford University. Though the market for Palo Alto real estate initially suffered some setbacks because of rough market conditions in the real economy, the real estate sector has begun to chart a smoother course and appears to be stabilizing while many surrounding markets remain in fluctuation.
Santa Clara County Association of Realtors statistics show that in March, there were 51 new listings of Palo Alto homes for sale, putting the inventory at 89. The month saw 27 sales, with homes spending an average of 62 days on the market before closing. The average sales price was $1.65 million while the median price was $1.4 million. Palo Alto condos saw 18 new listings for a total of 45 condos for sale in March. There were 11 condos closed upon, and they spent an average of just 30 days on the market before selling. The average sales price was $650,500 and the median $685,000.
Palo Alto’s quarterly statistics show improvement. The first quarter of 2010 saw 72 single-family homes sold in Palo Alto, up from just 50 one year ago. There were 26 condos sold in the first quarter, more than double the figure last year — just 12. Homes spent an average of 72 days on the market before selling in 2010’s first quarter, up from 56 a year ago. Condos spent an average of 59 days on the market, down from 65.
Prices showed encouraging signs as well. The median price for a single-family home sold in Palo Alto in the first quarter of 2010 was $1.43 million, up from $1.28 million a year ago. The median price for condos in the first quarter was $723,750, up from $696,500 in 2009’s first quarter. Single-family homes in the first quarter of 2010 received an average of 98.3% of the listing price, while condos received an average of 96.7% of their listing price.
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Felton Real Estate
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A small community of only about 1,000 residents in the mountains of Santa Cruz County in northern California, the city of Felton is a middle-class census-designated place. Felton is a popular area because its home prices are lower than in many other areas of Santa Cruz County. The Felton real estate was hit in late 2008 at the onset of the downturn in the U.S. economy when the credit crisis began, and it saw homes values fall and foreclosures rise as residents struggled to stay in their now over-valued homes.
Since then, the market has been on a roller-coaster ride, with prices rising and falling with seemingly no logical explanation. In late 2009, prices seemed to stabilize, but the last month of the year saw the median price dip yet again. According to local realtor Jessica Wallace, the median price for homes sold in Felton throughout 2009 was $325,000, down from 2008’s figure of around $400,000. However, the yearly median improved from the beginning of the year; in February, the price was less than $250,000, and it hit its lowest point in May, at around $200,000. The end of the year saw four successive rises in median price, from July to November, before falling again in December to around $300,000 from $400,000-level figures in the previous months.
Some of the wacky sales prices of Felton homes for sale can be attributed to a large number of low-priced foreclosures. The Felton market saw a bright spot in sales volume, which totaled 95 for the year, up by nearly a third from 2008, when there were just 64 homes sold. August and September saw the highest numbers of sales activity, probably because buyers were scrambling to close on their homes before the government’s tax rebate program was set to expire in November. (It has since been extended.)
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