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Friday, June 12th, 2020

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Posted by: | Posted on: June 12, 2020

Not Deserted But Different: Retailers Adapt Their Physical Spaces in a Sign of What’s to Come

When customers quit coming to physical stores as the COVID-19 pandemic swept in, some brick-and-mortar retailers found ways to stay in business. But rather than skirting stay-at-home orders and flouting federal health advisories, they modified their models.

A new report from Reonomy examines different tacks physical retailers took when they went into crisis mode.

Some repurposed and adapted their spaces, according to Reonomy. Restaurants, for example, began selling groceries in addition to fulfilling takeout and delivery orders. Panera Bread continued selling signature items but also added dairy products. Just Salad went a step further and started offering toilet paper with delivery orders.

Big-box retailers, with their vast spaces in prime locations, kept the lights on but the doors locked while becoming e-commerce fulfillment centers instead of welcoming shoppers, according to Reonomy. Bed, Bath, and Beyond closed many of its stores temporarily and converted about 25% of its locations, including

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Posted by: | Posted on: June 12, 2020

Spectacular $68M Newport Coast Mansion Is the Week’s Most Expensive New Listing

A spectacular mansion in Newport Coast with “unrivaled views” and “absolute privacy” is this week’s most expensive new listing on realtor.com.

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A spectacular mansion in Newport Coast, CA, with “unrivaled views” and “absolute privacy” is this week’s most expensive new listing on realtor.com®. It just landed on the market for $68 million, which also makes it the most expensive listing in Orange County.

A sale at or close to list price could place it on the “short list of priciest home sales for 2020,” according to the Orange County Register. It could also set a county record if it eclipses a $55 million sale in 2017.


“The quality of construction is really exceptional,” says listing agent Rob Giem with Compass. “This is not a

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Posted by: | Posted on: June 12, 2020

Mortgage Rates Were Up, Then Hit a Record Low of 2.9%

Anyone who’s planning to buy a home, or thinking about refinancing the loan on their current abode, has probably been giving mortgage interest rates a lot of attention—and getting frustrated as they fluctuate up and down.

The average interest rate for the most common type of loan hit a new all-time low of 2.94% on Thursday, according to Mortgage News Daily. That’s for a fixed-rate 30-year loan. While that’s great news for borrowers, who can potentially save hundreds of dollars a month as a result, rates may not stay below 3% for long.

Mortgage rates have been all over the place, falling after the coronavirus pandemic threw the nation’s economy into turmoil, then rising temporarily as lenders were deluged by a tsunami of refinance applications. Last week, they were on the upswing again, climbing to 3.24% on Friday, after May’s unemployment report showed the economy was recovering.

The most recent

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Posted by: | Posted on: June 12, 2020

What Recession? Summer Home-Buying Season Heats Up as Prices Rise

An official recession, a deadly pandemic, and a national reckoning on racism aren’t blunting the housing market’s rebound.

As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report. That’s correct: Prices are going up despite this week’s announcement that the U.S. officially entered a recession in February.

While that’s below the typical 5% to 6% annual price appreciation this time of year, it’s nearly back to what it was before the coronavirus pandemic. Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.

“The big surprise of the housing market is that prices

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