August 2012

There are 3 blog entries for August 2012.

If you're a Cubs fan you might be interested to know that Aramis Ramirez's Gold Coast Condo is for sale.  The asking price is $799,000 which is signifcantly less than the $937,500 he paid back in 2005.  It's certainly a different market in Chicago than it was back then, but we're sure that $799k will buy him quite a place in Milwaukee.
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By Alejandro Lazo, Los Angeles Times

Real estate website Zillow has a provocative data point for every renter thinking about buying these days: That move pays off after just three years on average nationwide.

The company, which lists for-sale and for-rent information on its site, has released a new analysis of what it calls the "break-even horizon," comparing what it would cost to buy or rent the same home in a number of U.S. markets over time.

The rent-or-buy calculus varies widely depending on where you live.

In the combined Los Angeles and Orange counties, the magic number is 4.3 years, assuming the buyer has made a 20% down payment. Buying wins out after only 1.6 year in the desert community of Banning. But Newport Beach residents must wait 14 years

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The condo market, long considered an affordable entry-level market, especially for first-time home buyers, isn't so easy to enter these days.

Supply is the culprit.

Depleted by investors, all-cash buyers and buyers with excellent credit and substantial down payments, inventories are also down due to a lack of sellers, often underwater homeowners who are unable to unload their home for enough to pay off the mortgage.

This June, Silicon Valley saw condo and townhome inventories plummet by nearly half, with active listings down by more than a whopping 82 percent from 1,442 a year ago, to a next-to-nothing 256 in June this year, according to data from the Market Trend Reports.

Tight supplies helped push the median condo price up
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