Foreclosure conversions in the Windy City
The Obama administration is looking to entice investors into redeveloping foreclosed properties. Amy Hoak of the Wall Street Journal shares the story of one Chicago-based real estate firm that’s been in the business of converting foreclosures into rentals for some time. Mack Companies cherry-picks houses located in communities with solid infrastructure and good schools. Of course, the mechanics of the house also matter. Older homes that require new plumbing, roofing, and windows, for example, may be passed up for newer properties that need moderate repairs or updates. Mack companies is on track to redevelop 250 homes this year, setting the pace for investors elsewhere.
Homeownership is good for the heart
CNN Money reports that homeownership is good for love. That’s not hard to believe, since owning a house can signal fiscal responsibility to some romantics. But Trulia put the theory to the test.
On Trulia’s behalf, Harris Interactive queried 1,000 single men and women on home-related traits they found most appealing. While there is a marked preference for homeowners, survey results showed that renting is certainly no deal-breaker. More than a third of women responded that they preferred to date homeowners, whereas 18% of men felt the same.
But while both homeowners and renters can find love, one demographic will be romantically-challenged. Jobless young adults who have returned home after graduating from college may need to put their employment search into high gear. Less than 5% of singles surveyed would date boomerangers. Which rooms of the house found favor with both sexes? The master bath, walk-in closet, and gourmet kitchen.
Best apps for remodeling
Homeowners of the 21st century have access to the latest tools of the trade. Whether you prefer to tackle your own projects or hire professionals to complete them, technology offers helpful shortcuts. This Old House has published its “Best New Home Products of 2011″ list, which includes design and carpentry apps that can be downloaded for a small price. Remodeling is not just about measuring and hammering; it’s also about doing the research and visualizing finished spaces before starting the work.
- Designing a kitchen is simpler with icabinetapp.com, which allows the user to drag and drop cabinets and appliances into virtual place.
- How much paint, tile, and carpet does one room really need? Calculate the amount of materials required for a specific job by entering measurements with clevermatrix.do.uk.
- Whether woodworking is a hobby or profession, the U.S. Army’s 223-page Field Manual on carpentry is indispensable and now available in digital copy at doubledogstudios.com.
- The Woodshop Widget app provides information on 288 types of wood materials and their expansion and contraction properties in varying conditions; woodshopwidget.com.
- To properly plan a redesign, you need to be able to see it first. Create a floor plan in 2-D and 3-D on livecad.net.
A good neighborhood makes the best houses
What is the best way for a household with children to determine if a community is right for them? Real estate consultant Barbara Corcoran shares her favorite safety barometer — look at the SAT scores of the high school(s) in the area. High test scores indicate that property values will hold steady or increase. Why? Corcoran says that smart families look specifically for neighborhoods that feature top quality schools.
If you’re in the market to buy a house, Corcoran recommends that parents scope the area in strategic fashion:
- Tour the home and the neighborhood in the morning and on evenings to catch a glimpse of potential neighbors and to observe noise levels.
- Go to the local playground or sports games to watch the interaction of children, parents, and caregivers.
- Visit the town on nights and weekends to get a real time complexion of the people who live there and their favorite hot spots.
According to Corcoran, many homebuyers focus on the property alone, paying too little attention to the people who make up the neighborhood. Unless your household is comprised of hermits, your neighbors have the unique ability to make the community feel more or less like home. Watch the full video at Forbes.
Transform your house to sell
Spring is around the corner, and it’s the time of year when many households consider putting their properties on the market. If the sheer idea of preparing your house to sell feels daunting, watch this video from Expert Real Estate Tips. One professional stager and two homeowners walk us through the before and after takes. In the entry, living room, dining area, and master bedroom, the trio de-personalize, de-clutter, and decorate to create spaces that invite prospective buyers to re-imagine themselves living in the home.
What’s real estate got to do with the Superbowl?
The National Retail Federation Survey forecasts that consumer spending on Superbowl paraphernalia — food, munchies, booze — will hit a record high of $11 billion dollars. That exceeds the heights of holiday spending this past year, when Americans spent $7 billion on Halloween and another $6 billion on Christmas decorations. (Has your jaw dropped yet?)
An estimated 110 million viewers will watch the New York Giants and New England Patriots vie for the championship. But that’s not all. Big companies plan to unveil commercial ads that aim to humor, entertain, and pull at consumer heartstrings. Will real estate get in the game? You betcha. Century 21 Real Estate will make a debut appearance with a 30-second spot during the third quarter. The ad features Donald Trump and notables in the sports world being outsmarted by none other than a real estate pro.
Will you be watching Superbowl XLVI? Game starts at 6:30 p.m. EST on NBC this Sunday, February 5. Catch a preview of the ad at Inman News.
Seattle says no to auto courts
Town-houses try to pack it all in — living spaces in smaller lots and parking garages for individual units. The architectural result is sometimes awkward. In Seattle, that will change, according to the Seattle Times.
Last year, the Seattle City Council updated its multi-family building code with rules and incentives to discourage developers from utilizing the auto-court style. The City hopes to foster visible pedestrian entry doors and windows that face the street. Common outdoor spaces in town-house complexes are now allowed, and developments located in areas with superior access to transit service need not include individual unit parking.
Seattle has lagged behind Snohomish County, where the multi-family code was updated in 2009 to help create town-house complexes with better curb appeal. Bellevue has not had much of an issue with auto courts; it’s simply not been a design focus there.
For prospective home buyers who want town-house living with greater architectural aesthetics, the new code could mean multi-family neighborhoods where the garage is the back door.
Real estate dictionary in the works
Buyers and sellers utilize multiple listing services to gain information about homes on the market. How many baths does the house have? How many days has the property been on the market? The answers to these and other house-related questions might get different answers, depending on the local or regional MLS that manages the property information entered by individual real estate professionals. Variances may soon become streamlined, however, as a formal real estate dictionary is in the works.
The Data Dictionary is a project led by the Real Estate Standards Organization (RESO). The goal? With the input of various MLS organizations, vendors, and consultants, the Data Dictionary aims to define common field names used in MLS entries. Over 900 MLS providers exist around the nation. Professionals in the industry who champion the cause feel that the project is a necessary step in standardization.
Board members for the Real Estate Standards Organization (RESO fosters the development and use of data standards in the real estate industry) will meet in April to decide the project’s adoption. In the future, buyers and sellers may finally agree on terms such as full, half, and quarter bath.
How to repurpose old stuff
There are hundreds and thousands of ways to reuse old stuff. Examples can be found in magazines as well as individual sites on the web. Young House Love do-it-yourself remodelers turn an egg carton into a jewelry divider and glass apple juice bottles into flower vases. Trash2Treasure transforms an ordinary spice rack into a cool sorcerer’s apothecary kit. Yes, there is more than one way to use any household object. But the question for today is — can the discarded or broken find renewed purpose?
Martha Stewart Living says yes, featuring whimsical pieces that get a second chance to shine.
- Stacked-bench shelf — it’s just what it sounds like. Sturdy benches placed one on top of another to create an uncommon showcase piece.
- Lid-rack mail sorter — wooden pot-lids or dish-racks, for that matter, are ideal for holding letters and catalogues.
- File drawer – traditional wooden chests don’t adorn bedrooms as much as they used to, but they are perfect for organizing paperwork in a home office. Plus you’ve got a bench to sit on.
- Wooden-shutter wall organizer — don’t throw out the old shutters; convert them into dramatic wall accents that double as paper holders!
So get your creativity on. Repurpose those non-functioning objects into pieces that add story and function to the home or office.
