Home Sweet…. Whatever

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Adding an addition to my own home sent me to the internet for ideas. Typing in the words sustainability and recycling materials sent me down a few rabbit holes….see for yourself.

It seems Francie Rehwald wanted a home with curvilinear, feminine shapes for a 55-acre property in the Malibu, Calif., hills that overlooks a mountain range, a valley, and the Pacific Ocean. In fulfilling her dream, architect David Hertz designed “Wing House” … and recycled a Boeing 747-200 to do so.

According to an article by Susan Galleymore:  “That airplane was selected from among the hundreds of retired airplanes that sit in California’s deserts. They are typically sold for the price of aluminum. This purchase — an aircraft measuring more than 230 feet long, 195 feet wide and 63 feet tall, with more than 17,000 cubic feet of cargo area — cost less than $50,000 dollars.

All of the structures on Rehwald’s property incorporate components and pieces of that aircraft. Both main wings and two stabilizers from the tail section — more than 2,500 square feet to scale — make up the roof for the master bedroom.

A fire pit and water element are constructed out of the engine cowling. A separate art studio uses a 50-foot-long section of the upper fuselage as a roof. The roof of the guesthouse incorporates the remaining front portion of the fuselage, and upper first-class cabin deck.

The lower half of the fuselage and cargo hold forms an animal barn, while a separate meditation pavilion made from the entire front of the airplane is 28 feet in diameter and 45 feet tall — the cockpit forms a skylight.”

The trend in recycling structures not traditionally considered “real estate” spans the gamut from residences to restaurants to luxury hotels and is not limited to airplanes — it also includes shipping containers, retired railroad cars and locomotives, among other creative conversions.

Even Bob Villa has gotten into the act, posting on his website an article about how to transform shipping containers into Home Sweet Container.… “Steel shipping container homes, also called storage container homes, offer a fast, green, and sustainable approach to building. These inter-modal steel building units (ISBUs) are manufactured in a factory-controlled environment so they are standardized and reliable. They can be used to build an average-sized home with almost no wood.”

You can use four 40x8x8-foot ISBUs laid side-by-side to create a three-bedroom, 1,280-square-foot home without a hint of its original corrugated-steel exterior or get creative with unconventional shapes and layouts.

Speaking of unconventional shapes: people have been thinking outside the box for years when it comes to their own abode…consider the Mushroom House in Ohio or the Bubble House in Cannes, France. All over the world there are some interesting and strange dwellings. Just remember, Falling Water by Frank Lloyd Wright was once considered bizarre. For other interesting and whimsical homes visit http://www.oddee.com/item_96556.aspx

Wonder what our Planning and Zoning Department would think about some of these….

Information contained herein is deemed reliable but is not guaranteed and should be independently verified. 
Wendy Dixon Fog specializes in New Canaan real estate, a top listing and top selling agent assisting buyers and sellers throughout the area. Access the MLS, receive a free home evaluation, and subscribe to daily home listings updates . Call or text 203.979-6277, email wendy@wendyfog.com

Are The Banks Relaxing The Credit Noose?

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Capital Economics expects the housing crisis to end this year, according to a recent report. One of the main reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is consistent  with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

All in all, better news for home owners. House prices have stabilized and, combined with historically low interest rates, now is a great the time to buy a home.

 

Source: DSNews.com

Information contained herein is deemed reliable but is not guaranteed and should be independently verified. 
Wendy Dixon Fog specializes in New Canaan real estate, a top listing and top selling agent assisting buyers and sellers throughout the area. access the MLS, receive a free home evaluation, and subscribe to daily home listings updates . call or text 203.979-6277, email wendy@wendyfog.com

A Nod to Elegance and Ease in New Canaan

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Life’s little extras make living easier and a bit more peaceful. When those extras are integrated into a home this close to town, they intimate a sense of grace and delight.

Nine foot ceilings, marble fireplaces, Venetian plaster walls, state of the art gourmet kitchen, heated swimming pool and spa, 3000 bottle wine cellar, four car garage are just a sampling of some of the luxuries included in this lovely home. Please visit www.wahackmeroad.com for more information or email me. Offered at $3,545,000.

The State of the New Canaan Real Estate Market / a Snapshot of 2011

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First let me thank all of my clients who ventured into the local real estate market in 2011. It is a joy and a privilege working with such wonderful people who honored me with multiple closings including the listing and selling of one of New Canaan’s landmark homes in less than a week. I appreciate all your referrals and business.

This past year was the second straight year of modest improvement for New Canaan real estate. While we are not back to our 2006 highs, we have experienced two consecutive years of volume and price appreciation.

The real estate market has stabilized.  We are getting more of the distressed properties sold and out of the bank system. It was predicted that Shadow Inventory (foreclosed or ready for foreclosure homes) would flood the market. Well, it never happened. Foreclosure filings in Connecticut dropped sharply in 2011 compared with the previous year, plunging 48%, according to RealtyTrac.

New Canaan saw year over year increases in every category, a trend suggesting a growing optimism on the part of buyers and sellers for 2012 market conditions. Here are some important numbers for the past year:

2011 Single Family Homes:

Median Price: $1.60 million as compared to $1.46 million in 2010, up 9.4 %

Average Price: $1.90 million as compared to $1.69 million in 2010, up 11.9%

Homes Sold: 214 homes sold in 2011 as compared to 195 a year ago, up 9.7%

Absorption Rate: 10.7 months of inventory compared to 15.38, an improvement of 30.4%

Active Inventory: 207 houses for sale compared to 236 a year ago, an improvement of 12%

 

2011 Condominiums:

Median Price: $657,000 as compared to $595,000 in 2010, up 12 %

Average Price: $711,000 as compared to $656,000 in 2010, up 8.2%

Condos Sold: 62 condos sold in 2011 as compared to 39 a year ago, up 59%

Absorption Rate: 7.88 months of inventory compared to 21.94, an improvement of 64%

2011 Land Sales:

Perhaps the most dramatic increase has come in the market for land sales, again indicating an increased optimism on the part of builders and their customers.

The median sale price for the 3 lots sold in 2010 was $1,025,000.  For 2011 the median price fell 31% to $700,000 and builders did respond, buying 19 lots this past year, an increase of 533% in volume.  New construction activity has picked up as a result; builders are buying land at a cost that makes sense to build, primarily midrange homes.

The rental market has improved. The absorption rate for rentals has dropped from 7.4 months to 4.1 months. That is how long the current inventory of properties would last at the current rate of sales. The number of rentals closed in 2011 increased 16.5% to 120 from 103.  And while the average rental price has increased 40% to $3550, the median rental price has increased 162% to $4200.  The rental market tells us a good deal about the broader market. The reduction in the rental inventory and higher rental rates is due to a number of reasons; tighter lending requirements, people’s damaged credit, loss of equity hence the inability to produce a down payment, job insecurity and the continued lack of confidence in the overall economy. For some it is a wait and see before purchasing.

The rental market is starting to produce much better cash flow and investors are actively purchasing more rental real estate.

Interest rates broke their historical lows of 2004-2005. The rates on average are about .5% to .75% below last year rates. A sample of rates as of first week of November 2011 with zero points: Loans under $417K=3.87% (conforming loans). Loans between $417K to $625K=4% (this is the new Jumbo conforming) Loans above $625K=4.5% (this is Jumbo loans). $729K  is no longer the jumbo loan limit.

This year was a much better year than last year and we expect it to continue to get even better next year.  The reason?  We’re experiencing an improving economy, low interest rates and an upcoming presidential election. Historically, presidential elections bring about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, it will help the New Canaan market to continue to grow in the coming year.

Finally, it is always important to bear in mind that in real estate there are neither “good” nor “bad” markets.   The market is simply the market and value is ultimately a function of supply and demand.  In the current market cycle, as we see an alignment between the expectations of buyers and sellers, the statistics are encouraging.  But while statistics provide a snapshot of the marketplace there is no substitute for the full picture.   For reports like this throughout the year come visit my website, https://wendyfog.com  and please call me.

Wishing you and your family a prosperous 2012!

 

New Canaan’s Holiday Stroll

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A fun event for all. Enjoy the festivities and get into the spirit!

 

It’s All in the Fine Print

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Good mortgage brokers keep up not only with the ever changing interest rates and economic forecasts, but also the slightest alterations or modifications to a lending institution’s requirements. No one wants last minute surprises, delayed closings or no transaction at all.

This new update comes courtesy of Debra Boyle, Senior Loan officer at at PNC Mortgage in Fairfield Connecticut. How many transactions have included items such as these?  Worth paying attention to.

” While Personal Property given to the buyer or purchased by the buyer from the seller has always been considered a Sales Concession, there is now greater emphasis and guidelines mandated by Fannie and Freddie Mac,  impacting  purchase transactions.

Personal property is defined as any item not permanently fixed, such as furniture, curtains, curtain rods, TV’s, pool equipment, etc.

Any item defined as personal property that does show on the contract  will need to have a third party value, ie. E- Bay. If a large percentage of furniture,  a qualified  independent company will have to asses the value.  In either case the value ascertained will be deducted from the Sales Price,  impacting the down payment, LTV and  the timeliness of the transaction.

Deleting the  personal property and or initialing and crossing off the contract is not ACCEPTABLE either!  Such action will imply that the items crossed off or deleted are being sold and not considered as a sales concession.  In this instance a bill of sale and proof of payment will be required!

ADVICE . . .   Any personal property that is being given or sold to the borrower KEEP OUT of the contract, binder, and or sales memorandum!
Utilize a separate addendum to show sale or donation of personal property! ”