Hamptons Home Prices Soar to a Record in Rush for Beach Retreats

(Bloomberg) — New Yorkers searching for a pandemic retreat have sent Hamptons home prices to a record high.

The median for properties that changed hands in the third quarter soared 40% from a year earlier to $1.2 million, the highest in more than 15 years of data-keeping, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Sales jumped 51%, the biggest annual increase since 2014.

chart: Hamptons Home Rush

© Bloomberg
Hamptons Home Rush

The Long Island resort towns, a popular summer address for New York City’s executive set, have drawn residents looking to settle in through the winter. With many schools still online and Manhattan offices mostly empty, some city-dwellers are making their escape more permanent.

“At least for now, this is going to be their primary residence,” said Todd Bourgard, who oversees sales in the Hamptons for Douglas Elliman. “They realized they can work from home,

Read More

77 Percent Of Metros Post Double-Digit Annual Home Price Gains In Q3 2020

IRVINE, Calif., Oct. 22, 2020 /PRNewswire/ — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2020 U.S. Home Sales Report, which shows that profits for home sellers nationwide continue to hit high points despite the economic distress caused by the worldwide Coronavirus pandemic.

The report reveals that the typical third-quarter 2020 home sale in the United States generated a gain of $85,000, up from $75,000 in the second quarter of 2020 and $66,000 in the third quarter of last year. The typical $85,000 home-sale profit represented a 38.6 percent return on investment compared to the original purchase price, up from 37.5 percent in the second quarter of 2020 and up from 33.7 percent a year ago.

Both the raw-profit and return-on-investment figures stood at the highest points since the U.S. economy began recovering from

Read More

Should You Take Down Family Photos When Trying to Sell a Home?

Staging a home has long been credited with helping a home sell faster. If you’re staging a space you’re still inhabiting, you might be tempted to leave up those family pictures to create a warm, inviting space that will attract potential homebuyers. After all, it can only help to display all those wonderful memories that were created while living under that roof, right? Not necessarily.

Take photos down or leave them up?

There are definitely two camps when it comes to leaving photos up, but here’s why it makes sense to just take them down.

It neutralizes the space

When potential buyers come through an open house, they want to be able to visualize themselves living in the home. Family pictures remind them your home is still very much yours. Feel free to replace your family photos with other artwork if the walls are looking too bare.

It removes distractions

Read More

Elderly residents may lose home of 50 years after falling victim to reverse mortgage scam

CHICAGO — The story is all too familiar: homeowner Kerwin Cockrell said in 2014 a knock on the door of his West Humboldt Park home was followed by promises of a free home repair program. 

“Young lady came out with a flyer, asking people if they needed work done on the house, you didn’t have to have no money; just call that number and talk to Mark, Mark Diamond,” Cockrell said.

It’s a scam Diamond had been running for years: preying on elderly, black homeowners with promises of a free home repair program that in reality was a reverse mortgage. 

Kerwin Cockrell and his brother Bruce eventually agreed to sign up to get work done on their home in 2014. 

“He started working on the house, putting a new roof on the house and after that you couldn’t find him, you call him and he wouldn’t show up,” Cockrell said.

Read More

Amid Wisconsin coronavirus outbreak, researchers explore link between college cases, nursing home deaths

For most of 2020, La Crosse’s nursing homes had lost no one to covid-19. In recent weeks, the county has recorded 19 deaths, most of them in long-term care facilities. Everyone who died was over 60. Fifteen of the victims were 80 or older. The spike offers a vivid illustration of the perils of pushing a herd-immunity strategy, as infections among younger people can fuel broader community outbreaks that ultimately kill some of the most vulnerable residents.

“It was the very thing we worried about, and it has happened,” Kabat said.

Local efforts to contain the outbreak have been hamstrung by a statewide campaign to block public health measures, including mask requirements and limits on taverns, he added. “Your first responsibility as a local government is really to protect the health and safety and welfare of your residents,” he said. “When you feel like that’s not happening and you have

Read More

How Soon Can You Sell an Owner-Occupied HUD House After Buying It? | Home Guides

For home buyers looking for affordable housing, the U.S. Department of Housing and Urban Development (HUD) offers several solutions. “HUD homes,” as foreclosed Federal Housing Administration (FHA)- backed homes are called, can be bought at online auction by hopeful home buyers. HUD, of course, has rules for those intending to buy and then occupy a HUD home, including length-of-occupancy requirements. Generally, owner-occupants of HUD homes must live in those homes for at least 12 months before selling them.

HUD Home Requirements

HUD homes are sold exclusively through an online auction system and for a defined “exclusive listing period.” HUD home auctions are initially open to hopeful owner-occupants, HUD-approved nonprofits and government entities on a high bidder system. HUD prefers owner-occupant bidders but allows investor property bidders at various points in its online bidding processes. For HUD owner-occupied homes, a 12-month occupancy period before resale is allowed is mandatory.

Buying HUD

Read More

Can you move house in Tier 3? How new Covid lockdown restrictions affect buying or renting a home

The Government unveiled a raft of new Covid-19 restrictions in October to prevent the spread of Covid-19.

Boris Johnson announced a three-tier system to rank regions in order of how severe numbers of cases of the virus were per 100,000 people over a week-long period.

Tier three – known as the “very high” alert, imposes measures similar to those that were placed across the country at the end of March. It includes a ban on household mixing, all but essential travel and the closure of hospitality venues unable to operate as a take away.

Tier two, which London was placed under last week, is less strict. A ban remains on household mixing, though does mean restaurants and pubs remain open for now under the 10pm curfew times.

One big difference in earlier lockdown strategies and this one is the property market isn’t set

Read More

Who Is Responsible for Errors on the HUD-1 Statement? | Home Guides

Required by the Real Estate Settlement Procedures Act (RESPA), the HUD-1 settlement statement is given to buyers and sellers prior to a home’s closing. A real estate settlement agent or closing agent prepares the HUD-1, which itemizes all charges to the seller and buyer. This form is an important part of a home’s sale, so its figures must be accurate. However, certain information for a HUD-1 may come in just before the closing, so errors can occur.

Settlement Statement Preparation

Settlement agents are responsible for preparing the HUD-1 statement that’s given to home sellers and buyers.These agents may be attorneys, real estate brokers, lender employees, mortgage brokers or title-company employees. Regardless of who the particular settlement agent is, a HUD-1 goes through several layers of review prior to a home’s closing. Settlement agents are also responsible for making necessary corrections when errors on a HUD-1 are identified.

Statement Preparation Process

Read More

Longtime home of late ‘Boyz n the Hood’ director John Singleton surfaces for sale

The hillside home takes in city and mountain views from a turf backyard and balcony.
The hillside home takes in city and mountain views from a turf backyard and balcony. (Dean J. Flowers)

In Baldwin Hills, the longtime home of the late film director John Singleton is up for grabs for the first time in 30 years, hitting the market for $1.8 million.

Singleton — who directed hits such as “Baby Boy” and “2 Fast 2 Furious” — has been the home’s only owner since it was built in 1989. Records show he bought it for $700,000 in 1990, a year before the release of his debut film, “Boyz n the Hood,” which is set in nearby Crenshaw.

The house sits on a third of an acre on a hillside cul-de-sac overlooking Los Angeles. A turf backyard, as well as a private balcony attached to the owner’s suite, take advantage of the scenic setting.

Inside, four bedrooms and four bathrooms are spread across 4,900 square

Read More

The Zacks Analyst Blog Highlights: M.D.C. Holdings, Meritage Homes, PulteGroup, TRI Pointe Group and Taylor Morrison Home

For Immediate Release

Chicago, IL – October 21, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: M.D.C. Holdings, Inc. MDC, Meritage Homes Corporation MTH, PulteGroup, Inc. PHM, TRI Pointe Group, Inc. TPH and Taylor Morrison Home Corporation TMHC.

Here are highlights from Tuesday’s Analyst Blog:

Great Homebuilding Stocks to Maximize Your Gains

The pandemic has been an unexpected boon to the homebuilding industry, with people scrambling to find places that they consider better suited for social distancing and operating from home.

But that’s just one of the drivers. Equally strong, also related to the pandemic, is the fact that more and more companies are looking at working from home as a permanent mode of operation. This could be the

Read More