Housing analysts forecast summer warming trend
NEW YORK – Jan. 17, 2007 – Housing experts, speaking at a recent Real Estate Connect conference, said stabilization or improvement in mortgage rates, residential prices and household incomes will spark a rebound in the housing market by the middle of the year.
Freddie Mac chief economist Frank Nothaft forecasts “some pretty clear, consistent signs of recovery in home sales and single-family construction” by summer. Expectations that the Federal Reserve will hold interest rates steady or take steps to boost the economy by cutting rates are responsible for predictions of a housing rebound, with experts noting that a jump in interest rates or unemployment rates could worsen the downturn.
Housing economists also anticipate problems in the subprime niche, with some cash-strapped borrowers forced out of their homes as their monthly payments rise and become less affordable. This pattern could drive up inventory and exert downward pressure on prices.
Source: Investor’s Business Daily (01/12/07) P. A8
Thursday, January 18, 2007
Market News
Housing analysts forecast summer warming trend
NEW YORK – Jan. 17, 2007 – Housing experts, speaking at a recent Real Estate Connect conference, said stabilization or improvement in mortgage rates, residential prices and household incomes will spark a rebound in the housing market by the middle of the year.
Freddie Mac chief economist Frank Nothaft forecasts “some pretty clear, consistent signs of recovery in home sales and single-family construction” by summer.
Expectations that the Federal Reserve will hold interest rates steady or take steps to boost the economy by cutting rates are responsible for predictions of a housing rebound, with experts noting that a jump in interest rates or unemployment rates could worsen the downturn.
Housing economists also anticipate problems in the subprime niche, with some cash-strapped borrowers forced out of their homes as their monthly payments rise and become less affordable. This pattern could drive up inventory and exert downward pressure on prices.
According to California Association of Realtors chief economist Leslie Appleton-Young, “Housing is always going to be sexy, but I think some of the buzz, when there’s less money being made, is going to go away.”
Source: Investor’s Business Daily (01/12/07) P. A8
NEW YORK – Jan. 17, 2007 – Housing experts, speaking at a recent Real Estate Connect conference, said stabilization or improvement in mortgage rates, residential prices and household incomes will spark a rebound in the housing market by the middle of the year.
Freddie Mac chief economist Frank Nothaft forecasts “some pretty clear, consistent signs of recovery in home sales and single-family construction” by summer.
Expectations that the Federal Reserve will hold interest rates steady or take steps to boost the economy by cutting rates are responsible for predictions of a housing rebound, with experts noting that a jump in interest rates or unemployment rates could worsen the downturn.
Housing economists also anticipate problems in the subprime niche, with some cash-strapped borrowers forced out of their homes as their monthly payments rise and become less affordable. This pattern could drive up inventory and exert downward pressure on prices.
According to California Association of Realtors chief economist Leslie Appleton-Young, “Housing is always going to be sexy, but I think some of the buzz, when there’s less money being made, is going to go away.”
Source: Investor’s Business Daily (01/12/07) P. A8
Saturday, January 13, 2007
North Hampton
Golf Membership Advantage Program 2007
Rules, Regulations & Procedures
LandMar and Hampton Golf will offer a special opportunity to allow buyers contracting in 2007 to have the Hampton Golf Membership Initiation Fee waived.
1. Buyers in North Hampton will be offered the opportunity to join The Club at North Hampton as a Full Golf Member and have the initiation fee waived. This offer is good only on purchases with contracts written on or after January 1, 2003 and extends throughout the 2007 year.
2. The LandMar Realty Agent must complete a Golf Membership Advantage Certificate with the buyer when a purchase agreement is completed for a homesite and submit the completed certificate to the Information Center.
3. The Information Center Manager will record the Certificate.
4. This Certificate will be forwarded by the ICM to the Membership Director for the Club who will contact the buyer to complete the membership application.
5. Buyers may select either a full golf (single or family) or a golf social (single or family) membership.
6. Buyers must complete a Club Membership Application, pay any processing fees and begin paying applicable monthly dues within FORTY-EIGHT (48) months to activate membership.
7. Buyers may activate their membership anytime following the clearing of contingencies on their contract and submission of a Golf Membership Advantage Certificate to the Club. The offer expires if the Buyer does not activate a membership within FORTY-EIGHT (48) months from closing on the homesite.
8. This offer is transferable ONE (1) time from the original purchaser during the FORTY-EIGHT (48) month period.
9. This offer is not redeemable for cash.
10. Offer is not valid on resale purchase contracts.
11. Program is subject to change and/or cancellation without notice.
Rules, Regulations & Procedures
LandMar and Hampton Golf will offer a special opportunity to allow buyers contracting in 2007 to have the Hampton Golf Membership Initiation Fee waived.
1. Buyers in North Hampton will be offered the opportunity to join The Club at North Hampton as a Full Golf Member and have the initiation fee waived. This offer is good only on purchases with contracts written on or after January 1, 2003 and extends throughout the 2007 year.
2. The LandMar Realty Agent must complete a Golf Membership Advantage Certificate with the buyer when a purchase agreement is completed for a homesite and submit the completed certificate to the Information Center.
3. The Information Center Manager will record the Certificate.
4. This Certificate will be forwarded by the ICM to the Membership Director for the Club who will contact the buyer to complete the membership application.
5. Buyers may select either a full golf (single or family) or a golf social (single or family) membership.
6. Buyers must complete a Club Membership Application, pay any processing fees and begin paying applicable monthly dues within FORTY-EIGHT (48) months to activate membership.
7. Buyers may activate their membership anytime following the clearing of contingencies on their contract and submission of a Golf Membership Advantage Certificate to the Club. The offer expires if the Buyer does not activate a membership within FORTY-EIGHT (48) months from closing on the homesite.
8. This offer is transferable ONE (1) time from the original purchaser during the FORTY-EIGHT (48) month period.
9. This offer is not redeemable for cash.
10. Offer is not valid on resale purchase contracts.
11. Program is subject to change and/or cancellation without notice.
Wednesday, January 10, 2007
Market News
NEW YORK – Nov. 21, 2006 – Conflicting data this week showed that the housing market, like a bull in the ring, is wounded yet still powerful. It takes an experienced toreador to discern whether the beast will succumb to the knife or come charging back. The course it takes may hinge on which matters more to buyers: falling interest rates [a big positive] or fear of falling prices [a big negative].
For now, at least, housing construction is clearly in a localized recession. The freshest evidence came on Nov. 17 from the Census Bureau, which announced that starts on construction of single-family homes plunged 14.6 percent in October, to the lowest level since July 2000. On top of that, permits fell 6.3 percent, to the lowest level since December 1997, indicating that construction could dip even further in the months ahead.
But that’s not the end of the story. Buyers could still save the housing market, depending on how they react to current economic conditions. Mortgage rates, after rising at the beginning of this year, have dipped in recent months, from a peak of 6.80 percent on average for a 30-year fixed loan in July to 6.24 percent last month, according to Freddie Mac. There’s also speculation that the Federal Reserve could cut rates in the months ahead, if inflation is under control and the economy flags.
Divided Economists
If buyers take heart from the decline in mortgage rates and step up to buy, the backlog of unsold homes could shrink quickly – especially with the production of new homes having abruptly fallen. That would put the market back on sound footing within a few months. On the other hand, if potential customers decide that an investment in housing is “dead money” because home prices are going to flatten or decline for an extended period, then no jiggering of interest rates is going to encourage them to part with their down payments.
Economists are sharply divided over the prospects for housing because they disagree over how potential buyers will react. Ian Shepherdson, chief North American economist of High-Frequency Economics in Valhalla, N.Y., is a bear on housing because he thinks the prospect of further price declines, or at least a lull, will scare away buyers. During the boom, he says, people were effectively being paid to buy homes because the annual appreciation they got was greater than the interest on their loans. That is no longer true.
But economists who are more bullish say buyers don’t seem to be frightened despite the flood of bad publicity about housing. They point to the recent resilience of demand. For example, the Mortgage Bankers Assn. announced on Nov. 15 that its seasonally adjusted index of mortgages to purchase homes rose 2.7 percent in the week ended Nov. 10, to its highest level since July. The biggest factor: lower mortgage rates. Rates for 30-year fixed mortgages fell to 6.15 percent, their lowest since this past January.
Waiting for the Recovery
And people are putting those mortgage loans to work: Sales of both new and existing homes are up from their summer lows. “We’re probably seeing the turn. We’re starting fewer homes even though we’re continuing to sell them,” says Michael Englund of Action Economics.
The housing slump is far from over, but the conditions for an eventual recovery are in place: Builders are sharply cutting back, and buyers are cautiously continuing to buy. That means the backlog of unsold homes should begin to diminish. The welcome decline in mortgage rates may seem small compared to the reversal in price trends, from soaring to sinking. But it appears enough to put at least some people back in a buying mood.
For now, at least, housing construction is clearly in a localized recession. The freshest evidence came on Nov. 17 from the Census Bureau, which announced that starts on construction of single-family homes plunged 14.6 percent in October, to the lowest level since July 2000. On top of that, permits fell 6.3 percent, to the lowest level since December 1997, indicating that construction could dip even further in the months ahead.
But that’s not the end of the story. Buyers could still save the housing market, depending on how they react to current economic conditions. Mortgage rates, after rising at the beginning of this year, have dipped in recent months, from a peak of 6.80 percent on average for a 30-year fixed loan in July to 6.24 percent last month, according to Freddie Mac. There’s also speculation that the Federal Reserve could cut rates in the months ahead, if inflation is under control and the economy flags.
Divided Economists
If buyers take heart from the decline in mortgage rates and step up to buy, the backlog of unsold homes could shrink quickly – especially with the production of new homes having abruptly fallen. That would put the market back on sound footing within a few months. On the other hand, if potential customers decide that an investment in housing is “dead money” because home prices are going to flatten or decline for an extended period, then no jiggering of interest rates is going to encourage them to part with their down payments.
Economists are sharply divided over the prospects for housing because they disagree over how potential buyers will react. Ian Shepherdson, chief North American economist of High-Frequency Economics in Valhalla, N.Y., is a bear on housing because he thinks the prospect of further price declines, or at least a lull, will scare away buyers. During the boom, he says, people were effectively being paid to buy homes because the annual appreciation they got was greater than the interest on their loans. That is no longer true.
But economists who are more bullish say buyers don’t seem to be frightened despite the flood of bad publicity about housing. They point to the recent resilience of demand. For example, the Mortgage Bankers Assn. announced on Nov. 15 that its seasonally adjusted index of mortgages to purchase homes rose 2.7 percent in the week ended Nov. 10, to its highest level since July. The biggest factor: lower mortgage rates. Rates for 30-year fixed mortgages fell to 6.15 percent, their lowest since this past January.
Waiting for the Recovery
And people are putting those mortgage loans to work: Sales of both new and existing homes are up from their summer lows. “We’re probably seeing the turn. We’re starting fewer homes even though we’re continuing to sell them,” says Michael Englund of Action Economics.
The housing slump is far from over, but the conditions for an eventual recovery are in place: Builders are sharply cutting back, and buyers are cautiously continuing to buy. That means the backlog of unsold homes should begin to diminish. The welcome decline in mortgage rates may seem small compared to the reversal in price trends, from soaring to sinking. But it appears enough to put at least some people back in a buying mood.
Tuesday, January 9, 2007
Club Villa - Amelia Island Plantation
3058 Club Villa Sea Marsh Rd.
Amelia Island Plantation
Completely Refurbished & Renovated Materials and Craftmanship
New interior plumbing throughout,New 8 foot sliding glass doors (3 in total)
New 6 panel front door and hardware, New interior doors throughout the unit
New maple kitchen cabinets, New solid surface kitchen countertops
New kitchen sink and faucet (Kohler), New recessed lighting cans in living area
New fixtures and wiring, New ceiling fans, New recessed lighting in both bedrooms
New carpet on Stairway, New carpet on second floor, New stair handrail
New full length mirror in master closet, New bathroom vanities, tile, toilet
New Bathroom fixtures, tubs, enclosure, New bathroom pedestal sink
New tile shower and frameless glass door, New paint and accent colors
New window treatments and hardware.
Structural and Design
Removed kitchen wall to create open space , All interior woodwork trim was replaced
Added extensive crown molding, Knockdown ceilings, Installed Travertine tile on first floor, Custom cabinets and built-ins under staircase, Installed separation wall adjacent to living room, Converted owner’s closet to executive office space, Design center modifications and furnishings.
Amelia Island Plantation
Completely Refurbished & Renovated Materials and Craftmanship
New interior plumbing throughout,New 8 foot sliding glass doors (3 in total)
New 6 panel front door and hardware, New interior doors throughout the unit
New maple kitchen cabinets, New solid surface kitchen countertops
New kitchen sink and faucet (Kohler), New recessed lighting cans in living area
New fixtures and wiring, New ceiling fans, New recessed lighting in both bedrooms
New carpet on Stairway, New carpet on second floor, New stair handrail
New full length mirror in master closet, New bathroom vanities, tile, toilet
New Bathroom fixtures, tubs, enclosure, New bathroom pedestal sink
New tile shower and frameless glass door, New paint and accent colors
New window treatments and hardware.
Structural and Design
Removed kitchen wall to create open space , All interior woodwork trim was replaced
Added extensive crown molding, Knockdown ceilings, Installed Travertine tile on first floor, Custom cabinets and built-ins under staircase, Installed separation wall adjacent to living room, Converted owner’s closet to executive office space, Design center modifications and furnishings.
Call for Information 904-415-0171
Monday, January 8, 2007
American Beach
3 vacant oceanview lots available at Historic American Beach on Amelia Island. Each lot is 50 x 125 feet and situated between Greeg St and Ocean Blvd. Prices start at $429,900.
For additional info call John Holbrook - Realtor
904-415-0171
For additional info call John Holbrook - Realtor
904-415-0171
North Hampton
Make play a priority!
The final offering of retail home sites at North Hampton has just been released and we've saved the best for last. Located in the Marsh View Estates neighborhood, these home sites boast some of the most stunning views of our 18 hole Arnold Palmer Signiture golf course. Just minutes from Amelia Island and Fernandina Beach, Florida.
Call John Holbrook for sales information 904-415-0171
The final offering of retail home sites at North Hampton has just been released and we've saved the best for last. Located in the Marsh View Estates neighborhood, these home sites boast some of the most stunning views of our 18 hole Arnold Palmer Signiture golf course. Just minutes from Amelia Island and Fernandina Beach, Florida.
Call John Holbrook for sales information 904-415-0171
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