Real Estate in your city

[AviationGuy]

Originally Posted by jmecklenborg

Hers.

And that's "all" accounts?

[jmecklenborg]

Originally Posted by AviationGuy

And that's "all" accounts?

You could...google it.

[jmecklenborg]

President William Howard Taft's house is for sale. It looks like someone started to flip it but ran out of money. There is an open house tomorrow, noon-2pm.
https://www.redfin.com/OH/Cincinnati...9uX251bWJlcj0w



It should have pretty nice hilltop views of the Ohio River but the view has been overgrown:

[craigs]

The ‘Wave House,’ Harry Gesner’s Malibu masterpiece, lists for $49.5 million

Jack Flemming
Los Angeles Times
June 2, 2023





The “Wave House” — one of the most iconic homes on the California coast — just hit the market for $49.5 million. It’s the first time the architectural gem has surfaced for sale in 36 years.

Deriving its name from the cresting rooflines that mimic the waves pitching on the beach just below, the striking structure was built in 1957 by Harry Gesner, the late architect known for designing one-of-a-kind residences along the coast and the mountains above it. Gesner died last year in Sandcastle, another iconic home he designed for himself that sits right next to the Wave House.

He built the idiosyncratic abode for his friend and fellow surfer Gerry Cooper. In 2016, Gesner told Curbed that he drew up the design for the home on a surfboard using a grease pencil.

“I wanted the house to have the look of a giant wave at the peak of its strength,” Gesner said in Lisa Germany’s book, “Houses of the Sundown Sea: The Architectural Vision of Harry Gesner.”

Pop star Rod Stewart bought the home in the 1970s and sold it in 1987 to record executive Mo Ostin, the Warner Bros. mogul who worked with artists such as Jimi Hendrix and Stevie Nicks. Ostin also died last year, and his family trust is handling the sale.

The home is a Modernist masterpiece, a reflection of the seaside setting that surrounds it. Drawing inspiration from natural forms, it boasts eccentric archways, rounded decks and walls of glass overlooking the ocean. Inside, a sunken conversation pit is anchored by a floor-to-ceiling fireplace under whitewashed beams.

Real estate records show the home has six bedrooms and seven bathrooms across 6,208 square feet. Other highlights include a landscaped entryway and stone courtyard.
. . . .

[AviationGuy]

Originally Posted by jmecklenborg

You could...google it.

And you could simply explain what you meant by "all". "Hers" doesn't quite cut it.

[sopas ej]

From CNBC:

5 U.S. cities where more than half the homes for sale cost over $1 million—4 are in California

Published Tue, Jul 11 2023
8:00 AM EDT
Kamaron McNair

Home prices have been on the rise throughout the first half of 2023, often leaving would-be buyers desperate to see more inventory in their price range.

To prospective buyers, it might seem like every other house listed on Zillow has a seven-figure price tag. Depending on where you’re searching, that may actually be the case.

In Los Angeles, San Francisco, San Jose, San Diego and Boston, over half of the homes for sale are listed at over $1 million according to recent analysis by real estate website Point2.

Point2′s report looked at home listings in 30 of the largest U.S. markets among the 100 most populous cities in the U.S., with at least 500,000 people to see which cities have the highest proportions of homes with million-dollar price tags.

Perhaps unsurprisingly, California cities take the top four spots.

Los Angeles owns the highest share of million-dollar listings with nearly 64% of its homes for sale priced at $1 million or more.

And while more than half of listed homes in the city have a million-dollar asking price, the median price among homes sold in May 2023 was $926,000.

Only two ranked cities boast a median sale price that breaks the million-dollar mark: San Francisco and San Jose, California, whose median homes sold for $1.3 million and $1.2 million respectively.

L.A. has by far the highest share of homes listed at over $5 million, with such “ultra-luxury” properties making up nearly 12% of listings, compared to just 7% of San Francisco and 1% of San Jose listings.

1. Los Angeles
Percentage of listings above $1 million: 64%
Percentage of listings above $5 million: 12%
Median home sale price: $926,000

2. San Francisco
Percentage of listings above $1 million: 62%
Percentage of listings above $5 million: 7%
Median home sale price: $1.3 million

3. San Jose, California
Percentage of listings above $1 million: 61%
Percentage of listings above $5 million: 1%
Median home sale price: $1.2 million

4. San Diego
Percentage of listings above $1 million: 59%
Percentage of listings above $5 million: 8%
Median home sale price: $910,000

5. Boston
Percentage of listings above $1 million: 53%
Percentage of listings above $5 million: 9%
Median home sale price: $799,000

6. New York
Percentage of listings above $1 million: 41%
Percentage of listings above $5 million: 7%
Median home sale price: $740,000

7. Seattle
Percentage of listings above $1 million: 34%
Percentage of listings above $5 million: 2%
Median home sale price: $830,000

8. Denver
Percentage of listings above $1 million: 27%
Percentage of listings above $5 million: <1%
Median home sale price: $576,000

9. Washington, D.C.
Percentage of listings above $1 million: 26%
Percentage of listings above $5 million: 2%
Median home sale price: $660,000

10. Austin, Texas
Percentage of listings above $1 million: 25%
Percentage of listings above $5 million: 2%
Median home sale price: $550,000

Point2 separately ranked mid-sized and small cities.

Three California cities — Glendale, Huntington Beach and Oxnard — topped the mid-size city rankings while the small cities were more spread out geographically.

East Honolulu, Hawaii, Bozeman, Montana and North Bethesda, Maryland, respectively, have the largest shares of million-dollar listings out of the 30 small markets Point2 analyzed.

[...]

Link: https://www.cnbc.com/2023/07/11/us-c...lar-homes.html

[iheartthed]

Originally Posted by sopas ej

From CNBC:

5 U.S. cities where more than half the homes for sale cost over $1 million—4 are in California

Published Tue, Jul 11 2023
8:00 AM EDT
Kamaron McNair

Home prices have been on the rise throughout the first half of 2023, often leaving would-be buyers desperate to see more inventory in their price range.

To prospective buyers, it might seem like every other house listed on Zillow has a seven-figure price tag. Depending on where you’re searching, that may actually be the case.

In Los Angeles, San Francisco, San Jose, San Diego and Boston, over half of the homes for sale are listed at over $1 million according to recent analysis by real estate website Point2.

Point2′s report looked at home listings in 30 of the largest U.S. markets among the 100 most populous cities in the U.S., with at least 500,000 people to see which cities have the highest proportions of homes with million-dollar price tags.

Perhaps unsurprisingly, California cities take the top four spots.

Los Angeles owns the highest share of million-dollar listings with nearly 64% of its homes for sale priced at $1 million or more.

And while more than half of listed homes in the city have a million-dollar asking price, the median price among homes sold in May 2023 was $926,000.

Only two ranked cities boast a median sale price that breaks the million-dollar mark: San Francisco and San Jose, California, whose median homes sold for $1.3 million and $1.2 million respectively.

L.A. has by far the highest share of homes listed at over $5 million, with such “ultra-luxury” properties making up nearly 12% of listings, compared to just 7% of San Francisco and 1% of San Jose listings.

1. Los Angeles
Percentage of listings above $1 million: 64%
Percentage of listings above $5 million: 12%
Median home sale price: $926,000

2. San Francisco
Percentage of listings above $1 million: 62%
Percentage of listings above $5 million: 7%
Median home sale price: $1.3 million

3. San Jose, California
Percentage of listings above $1 million: 61%
Percentage of listings above $5 million: 1%
Median home sale price: $1.2 million

4. San Diego
Percentage of listings above $1 million: 59%
Percentage of listings above $5 million: 8%
Median home sale price: $910,000

5. Boston
Percentage of listings above $1 million: 53%
Percentage of listings above $5 million: 9%
Median home sale price: $799,000

6. New York
Percentage of listings above $1 million: 41%
Percentage of listings above $5 million: 7%
Median home sale price: $740,000

7. Seattle
Percentage of listings above $1 million: 34%
Percentage of listings above $5 million: 2%
Median home sale price: $830,000

8. Denver
Percentage of listings above $1 million: 27%
Percentage of listings above $5 million: <1%
Median home sale price: $576,000

9. Washington, D.C.
Percentage of listings above $1 million: 26%
Percentage of listings above $5 million: 2%
Median home sale price: $660,000

10. Austin, Texas
Percentage of listings above $1 million: 25%
Percentage of listings above $5 million: 2%
Median home sale price: $550,000

Point2 separately ranked mid-sized and small cities.

Three California cities — Glendale, Huntington Beach and Oxnard — topped the mid-size city rankings while the small cities were more spread out geographically.

East Honolulu, Hawaii, Bozeman, Montana and North Bethesda, Maryland, respectively, have the largest shares of million-dollar listings out of the 30 small markets Point2 analyzed.

[...]

Link: https://www.cnbc.com/2023/07/11/us-c...lar-homes.html

Austin being in the top 10 of this list sounds crazy to me.

[Crawford]

I have a friend in Bozeman, MT, a town with basically no good jobs unless you're full remote, own a business or are an MD. Seasons are deep snow or fire season. Nearest sizable city is about 10 hours drive (Denver). Dumpy small bungalows now start around 850k. Insanity.

I'll never get Austin and Nashville either. Perfectly fine, relatively anonymous Sunbelt cities, that suddenly became white-hot and now have global hype.

[Innsertnamehere]

Originally Posted by Crawford

I have a friend in Bozeman, MT, a town with basically no good jobs unless you're full remote, own a business or are an MD. Dumpy small bungalows now start around 850k. Insanity.

I'll never get Austin and Nashville either. Perfectly fine, relatively anonymous Sunbelt cities, that suddenly became white-hot and now have global hype.

A lot of times these communities are desirable for other reasons - access to mountains, etc., which draws wealthy and retirees who are not reliant on local income.

There are a lot of people in the US who do not work and have a lot of capital. A LOT.

You see it in Canada too - smaller towns which are desirable for whatever reason which drive up local real estate costs from people moving there who made their money elsewhere. Canmore, Alberta has $1 million ($700k USD) townhouses and a local economy focused on tourism, while Calgary, where most people in Alberta make their money, has similar townhouses going for half that price ($500k CAD).

[Crawford]

Originally Posted by Innsertnamehere

A lot of times these communities are desirable for other reasons - access to mountians, etc., which draws wealthy and retirees who are not reliant on local income.

Yeah, I get it. I still think it's crazy though. Bozeman is maybe an hour from Big Sky, a decent (but not great) ski resort, and is maybe 2 hours from the good stuff in Yellowstone. I saw Yellowstone once and that was fine for me.

[iheartthed]

Originally Posted by Crawford

I have a friend in Bozeman, MT, a town with basically no good jobs unless you're full remote, own a business or are an MD. Seasons are deep snow or fire season. Nearest sizable city is about 10 hours drive (Denver). Dumpy small bungalows now start around 850k. Insanity.

I'll never get Austin and Nashville either. Perfectly fine, relatively anonymous Sunbelt cities, that suddenly became white-hot and now have global hype.

Bozeman has a very cyclical industry and I suspect very little housing development because of that, so the high housing prices aren't as weird to me.

Austin's competitive advantage had been cost relative to bigger coastal metros... but it doesn't have that advantage anymore.

[Steely Dan]

Originally Posted by iheartthed

Austin being in the top 10 of this list sounds crazy to me.

And Nashville is #11!


But a couple caveats:

- the study is for city propers only

- and it is only ranking the 30 largest city propers in the country


Ranking all 56 1M+ MSAs would've been more helpful.

#10 out of 30 isn't as exclusive as #10 out 56.

[subterranean]

Originally Posted by craigs

The ‘Wave House,’ Harry Gesner’s Malibu masterpiece, lists for $49.5 million

. . . .

That is amazing.

[LosAngelesSportsFan]

Originally Posted by Crawford

I have a friend in Bozeman, MT, a town with basically no good jobs unless you're full remote, own a business or are an MD. Seasons are deep snow or fire season. Nearest sizable city is about 10 hours drive (Denver). Dumpy small bungalows now start around 850k. Insanity.

I'll never get Austin and Nashville either. Perfectly fine, relatively anonymous Sunbelt cities, that suddenly became white-hot and now have global hype.

Yup been to Boseman a couple times and since im a realtor, i always load one of the apps as were driving around to see pricing and i couldn't believe it. LA pricing in the middle of Montana

[sopas ej]

Yikes!

From the Los Angeles Times:

Rent in this California city exceeded San Francisco’s for the first time. Here’s how much it costs per month


BY SUMMER LIN
STAFF WRITER
JULY 11, 2023 12:40 PM PT

For the first time, San Diego has surpassed San Francisco for average rental rates, making the All-American City the nation’s third most expensive rental market, according to a Zillow report.

San Diego’s typical monthly rental rate in June was $3,175, exceeding San Francisco’s rent of $3,168. The rates represent a significant jump since February when San Francisco’s rents were 29% higher than San Diego’s, according to the online real estate site Zillow.

Still, San Diego and San Francisco rents were not the highest.

San Jose had the nation’s highest monthly rent with $3,411, followed by New York City’s at $3,405. Zillow’s monthly rental report for June includes single-family homes, apartments, condominiums and townhouses.

Three other California cities were among the country’s 10 most expensive rental markets: Los Angeles had a typical rent of $2,983, while Riverside had a monthly rent of $2,573 and Sacramento’s was $2,319.

Rents across the country increased 0.6% from May to June, according to the Zillow Observed Rent Index, bringing the nationwide average rent to $2,054 — 4.1% higher than a year ago.

Rent in California is becoming increasingly difficult to afford, and low-rent units are harder to find. Sophia Wedeen, a research analyst at the Harvard Joint Center for Housing Studies, wrote in a blog post that the supply of rental units in California that are priced below $1,400 per month has gone down between 2011 and 2021.

During that decade, California lost 152,000 units that rented for less than $600. It also lost 633,000 units renting for between $600 and $1,000 and 677,000 units renting for between $1,000 and $1,399 per month.

The percentage of Californians paying more than 30% of their income for housing — known as rent burden — has increased in recent years.

According to Harvard University’s 2023 State of the Nation’s Housing report, 54% of renter households were rent-burdened in 2019. In 2021, 57% of renter households in Los Angeles were rent-burdened.

In San Francisco, 43% of rental households were rent-burdened in 2019. That rate increased to 49% in 2021.

Link: https://www.latimes.com/california/s...osts-per-month

[AviationGuy]

Originally Posted by Crawford

I have a friend in Bozeman, MT, a town with basically no good jobs unless you're full remote, own a business or are an MD. Seasons are deep snow or fire season. Nearest sizable city is about 10 hours drive (Denver). Dumpy small bungalows now start around 850k. Insanity.

I'll never get Austin and Nashville either. Perfectly fine, relatively anonymous Sunbelt cities, that suddenly became white-hot and now have global hype.

Come down and I'll give you a tour of the west side (much of which is within the city limits), and I'll show you why it's white hot. Some areas of the city are white hot but don't deserve to be, though, like where I live. My area is nothing special but property values are.

I don't know anything about Nashville.

I've seen Bozeman and the scenery is beautiful, but other than that, I don't know. It may be that it is so different from most of Montana, and attracts educated, intelligent, anti-MAGA people.

[iheartthed]

Originally Posted by AviationGuy

Come down and I'll give you a tour of the west side (much of which is within the city limits), and I'll show you why it's white hot. Some areas of the city are white hot but don't deserve to be, though, like where I live. My area is nothing special but property values are.

I don't know anything about Nashville.

I've seen Bozeman and the scenery is beautiful, but other than that, I don't know. It may be that it is so different from most of Montana, and attracts educated, intelligent, anti-MAGA people.

Honestly, it sounds like the Californians have already ruined Austin lol. It took decades for home prices in Texas and the Southeast to pull away from the Midwest. As recently as 2000, median home prices in Michigan were much higher than Texas. If home prices in Austin now look like the coasts, it's hard to see how that doesn't substantially slow down growth.

[Crawford]

Coastal Cali, at least to me, is "worth it" and generally sanely priced. I totally get why people spend millions to live somewhere like Santa Barbara. Not my thing, but the appeal is clear.

I have a lot harder time processing spending 900k on a semi-hood bungalow in Nashville. No jacarandas, no permanent spring, no wine, no mountains or ocean. No sidewalk, even. I get this is all subjective, though, and plenty of people would think it's crazy to spend $2 million on a modest house in Santa Barbara. Plus this is all processed through very political/cultural lenses.

[homebucket]

Originally Posted by iheartthed

Honestly, it sounds like the Californians have already ruined Austin lol. It took decades for home prices in Texas and the Southeast to pull away from the Midwest. As recently as 2000, median home prices in Michigan were much higher than Texas. If home prices in Austin now look like the coasts, it's hard to see how that doesn't substantially slow down growth.

If cost of living is now equivalent to that of the Bay's, I wonder if we'll see a pendulum swing of former Californians moving back to California. Austin is going to be in the 100s for the rest of the summer, while a place like Oakland sits comfortably in the 70s. Plus you've got other advantages like being a 7 min BART ride away from SF, as well as all the other attractions of Norcal. There's just not a lot that makes Central Texas desirable otherwise.

Edit: Actually if you look at the numbers, Austin is still nowhere close to being as expensive as the Bay. Even though Austin might be in the top 10, it's still not in the same tier for cost of living.

2. San Francisco
Percentage of listings above $1 million: 62%
Percentage of listings above $5 million: 7%
Median home sale price: $1.3 million

3. San Jose, California
Percentage of listings above $1 million: 61%
Percentage of listings above $5 million: 1%
Median home sale price: $1.2 million

10. Austin, Texas
Percentage of listings above $1 million: 25%
Percentage of listings above $5 million: 2%
Median home sale price: $550,000

[iheartthed]

Originally Posted by Crawford

Coastal Cali, at least to me, is "worth it" and generally sanely priced. I totally get why people spend millions to live somewhere like Santa Barbara. Not my thing, but the appeal is clear.

I have a lot harder time processing spending 900k on a semi-hood bungalow in Nashville. No jacarandas, no permanent spring, no wine, no mountains or ocean. No sidewalk, even. I get this is all subjective, though, and plenty of people would think it's crazy to spend $2 million on a modest house in Santa Barbara. Plus this is all processed through very political/cultural lenses.

Santa Barbara is a vacation and/or retirement community for the rich, though. Austin is trying to develop into a major city, but already has the prices of a well developed, densely populated, major coastal city.