Jan 6, 2010
South Bend is the best city in the nation to find value, stability and rising prices in a home while living in a community with anticipated job growth, according to a real estate expert interviewed Jan. 5 on NBC-TV's Today Show.
Barbara Corcoran, a real-estate contributor to the Today Show and CNBC, ranked South Bend first among the "Top 10 Cities for Bargain Homes."
In South Bend, Corcoran told interviewer Ann Curry, the median "price is just $89,000, and prices have been rising steadily for almost a full year now.
"Still, the median price is only half of what it is in the rest of the nation," she said. "That's an enormous difference -- a lot of house for the dollars."
Corcoran's report showed a three-bedroom Victorian home in South Bend as she commented, "Pretty! Pretty! Pretty! It's $90,000. That is a creampuff of a house – in great condition."
If the availability of housing values weren't enough to put South Bend atop her list, "the cost of living is a whopping 29 percent lower than anywhere else," added Corcoran who sold her company The Corcoran Group for $70 million in 2001.
Here is Corcoran's ranking of cities as appeared on the Today Show:
1. South Bend, Ind.
2. Akron, Ohio
3. Topeka, Kan.
4. New Haven, Conn.
5. Tucson, Ariz.
6. Minneapolis
7. Portland, Maine
8. Miami
9. Kingston, N.Y.
10. Trenton, N.J.
Thursday, January 7, 2010
Friday, November 6, 2009
The Basics: Extended Home Buyer Tax Credit 2009/2010
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
The price of the home.
The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
If you would like more information on the tax credit and how it would work for you or someone you know; e-mail The Canarecci Group at Tom@IndianasBestHomes.com or Katrina@IndianasBestHomes.com
The information above was provided by the National Association of REALTORS.
Most Affordable College Towns
This year, Akron, Ohio (University of Akron) is ranked as the most affordable college town, where a typical four-bedroom home costs $121,885. Muncie, Ind. (Ball State University) took the No. 2 spot at $144,996. Ann Arbor, Mich. (University of Michigan) came in as the No. 3 most affordable college market, where the sample size home only costs $148,000.
The annual College Home Price Comparison Index released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized 2,200 square foot; four-bedroom, two-and-a-half bathroom homes in college markets home to the 120 Football Bowl Subdivision schools.
Overall, the 2009 College HPCI revealed that real estate buyers could find a typical four-bedroom home for less than $250,000 in 62 percent of the college markets surveyed (72 total), including iconic American college towns such as:·
According to the U.S. Census Bureau's 2008 American Community Survey; Austin, Texas (University of Texas), Provo, Utah (Brigham Young University), and Raleigh, N.C. (North Carolina State University) were among the metropolitan cities with the greatest population growth in 2008. In all three rising cities, home buyers can find a four-bedroom home for very a reasonable price; only $226,642 in Austin; $231,000 in Provo; and $241,462 in Raleigh.
The annual College Home Price Comparison Index released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized 2,200 square foot; four-bedroom, two-and-a-half bathroom homes in college markets home to the 120 Football Bowl Subdivision schools.
Overall, the 2009 College HPCI revealed that real estate buyers could find a typical four-bedroom home for less than $250,000 in 62 percent of the college markets surveyed (72 total), including iconic American college towns such as:·
- Syracuse, N.Y (Syracuse University): $171,711·
- South Bend, Ind. (University of Notre Dame) $183,938·
- Athens, Ga. (University of Georgia): $205,862·
- Oxford, Miss. (University of Mississippi): $212,000·
- Knoxville, Tenn. (University of Tennessee): $223,850
According to the U.S. Census Bureau's 2008 American Community Survey; Austin, Texas (University of Texas), Provo, Utah (Brigham Young University), and Raleigh, N.C. (North Carolina State University) were among the metropolitan cities with the greatest population growth in 2008. In all three rising cities, home buyers can find a four-bedroom home for very a reasonable price; only $226,642 in Austin; $231,000 in Provo; and $241,462 in Raleigh.
Tuesday, November 3, 2009
Elkhart County Real Estate Stats - September
Monthly 2009 to 2008 Comparison
# New ListingsSept '09 - 268, Sept '08 - 286, YTD 2572
# Sold ListingsSept '09 - 118, Sept '08 - 144, YTD 1055
Median PriceSept '09 - $98,000, Sept '08 - $98,950, YTD $91,500
Avg Days on the MarketSept '09 - 105, Sept '08 - 101, YTD 112%
Sale Price to List PriceSept '09 – 94.26, Sept '08 – 96.10, YTD 93.50
Elkhart County Unemployment Rate16.0%
# New ListingsSept '09 - 268, Sept '08 - 286, YTD 2572
# Sold ListingsSept '09 - 118, Sept '08 - 144, YTD 1055
Median PriceSept '09 - $98,000, Sept '08 - $98,950, YTD $91,500
Avg Days on the MarketSept '09 - 105, Sept '08 - 101, YTD 112%
Sale Price to List PriceSept '09 – 94.26, Sept '08 – 96.10, YTD 93.50
Elkhart County Unemployment Rate16.0%
Friday, September 18, 2009
Concord Mall Gets National Recognition
Malls think outside the (big) box
In a dismal retail climate, developers are luring unconventional tenants.
By Beth Kowitt, reporter
September 9, 2009: 5:49 AM ET
NEW YORK (Fortune) -- A freeze in consumer spending, abysmal same-store sales, and a swath of retail bankruptcies have taken a serious toll on your local mall.
Nationwide, mall vacancy rates hover at 8.4%, their highest level since commercial real estate research firm REIS started collecting the data almost a decade ago. To keep their storefronts full, mall operators are starting to get creative when it comes to their definition of a tenant.
At Concord Mall in Elkhart, Ind., a 4,900-square-foot space formerly occupied by KB Toys sat basically vacant for more than four years until the evangelical Fresh Start Church moved in. Located right next to Jo-Ann fabrics, the church has seating for 150 and is known for its frequently changing window displays.
The mall's retailers might not see a noticeable increase in sales since the church moved in, but mall manager Robert Thatcher and Fresh Start's Pastor Rick Harris (a.k.a. the "Mall Pastor") say the food court's business is up; members of the congregation tend to grab a bite on Sundays after church lets out.
In Nashville, Tenn., One Hundred Oaks Mall welcomed a new kind of tenant in February: the Vanderbilt Medical Center, a sprawling facility that, at 436,000 square feet, takes up almost half the mall.
When owner Tony Ruggeri and a partner bought the space in 2006 the mall faced a dire 55% vacancy rate with a second floor that was virtually dead. Now the health care facility, which had its main opening in February, brings in almost 1,000 employees and just as many patients every day.
And when Crestwood Court in St. Louis lost Macy's (M, Fortune 500) earlier this year, rather than try to find another anchor tenant it did the same thing it did when Dillard's (DDS, Fortune 500) vacated two years ago: it turned the empty space in its wing into an artists' colony until it can renovate. Local artists can rent these empty storefronts -- turning them into a dance studio and theater, for instance -- at a seriously discounted rate.
Crestwood mall operator Jones Lang LaSalle says business at restaurants picks up when the theater is putting on a show, and stores like Children's Place (PLCE) see more traffic from parents when their kids are in dance lessons.
All told, at least 63 churches, 244 medical facilities, and 172 schools moved into retail space in the second quarter of 2009 alone, according to CoStar Group.
The motto of the moment is "tenant retention," says retail real estate consultant Steven Greenberg. Mall operators are also doing whatever they can to keep existing tenants in place, like agreeing to shorter leases and rent relief. (Asking rent for non-anchor tenants is down 3% from a year ago, says research firm REIS.) In some cases they're accepting regional retailers and nontraditional mall stores like Costco (COST, Fortune 500).
Critics say some of these alternative uses may fill space, but they don't help the customer experience. William Taubman, the COO of mall REIT Taubman Centers (TCO) (son of company founder A. Alfred Taubman, who was convicted in 2001 of price fixing while chairman of Sotheby's) says the company left a space next to a Louis Vuitton store at its Beverly Center property in Los Angeles vacant for two years rather than fill it with just any tenant.
"Customers come to the mall to eat and to shop and to hang out," he says. "Uses more tangential to that are really not as productive."
That may be so for Taubman Centers, which owns some of the most coveted malls around the U.S. But for others, putting church pews next to the food court may be the only way to stay alive.
Find this article at: http://money.cnn.com/2009/09/08/news/companies/malls_unconventional_tenants.fortune
In a dismal retail climate, developers are luring unconventional tenants.
By Beth Kowitt, reporter
September 9, 2009: 5:49 AM ET
NEW YORK (Fortune) -- A freeze in consumer spending, abysmal same-store sales, and a swath of retail bankruptcies have taken a serious toll on your local mall.
Nationwide, mall vacancy rates hover at 8.4%, their highest level since commercial real estate research firm REIS started collecting the data almost a decade ago. To keep their storefronts full, mall operators are starting to get creative when it comes to their definition of a tenant.
At Concord Mall in Elkhart, Ind., a 4,900-square-foot space formerly occupied by KB Toys sat basically vacant for more than four years until the evangelical Fresh Start Church moved in. Located right next to Jo-Ann fabrics, the church has seating for 150 and is known for its frequently changing window displays.
The mall's retailers might not see a noticeable increase in sales since the church moved in, but mall manager Robert Thatcher and Fresh Start's Pastor Rick Harris (a.k.a. the "Mall Pastor") say the food court's business is up; members of the congregation tend to grab a bite on Sundays after church lets out.
In Nashville, Tenn., One Hundred Oaks Mall welcomed a new kind of tenant in February: the Vanderbilt Medical Center, a sprawling facility that, at 436,000 square feet, takes up almost half the mall.
When owner Tony Ruggeri and a partner bought the space in 2006 the mall faced a dire 55% vacancy rate with a second floor that was virtually dead. Now the health care facility, which had its main opening in February, brings in almost 1,000 employees and just as many patients every day.
And when Crestwood Court in St. Louis lost Macy's (M, Fortune 500) earlier this year, rather than try to find another anchor tenant it did the same thing it did when Dillard's (DDS, Fortune 500) vacated two years ago: it turned the empty space in its wing into an artists' colony until it can renovate. Local artists can rent these empty storefronts -- turning them into a dance studio and theater, for instance -- at a seriously discounted rate.
Crestwood mall operator Jones Lang LaSalle says business at restaurants picks up when the theater is putting on a show, and stores like Children's Place (PLCE) see more traffic from parents when their kids are in dance lessons.
All told, at least 63 churches, 244 medical facilities, and 172 schools moved into retail space in the second quarter of 2009 alone, according to CoStar Group.
The motto of the moment is "tenant retention," says retail real estate consultant Steven Greenberg. Mall operators are also doing whatever they can to keep existing tenants in place, like agreeing to shorter leases and rent relief. (Asking rent for non-anchor tenants is down 3% from a year ago, says research firm REIS.) In some cases they're accepting regional retailers and nontraditional mall stores like Costco (COST, Fortune 500).
Critics say some of these alternative uses may fill space, but they don't help the customer experience. William Taubman, the COO of mall REIT Taubman Centers (TCO) (son of company founder A. Alfred Taubman, who was convicted in 2001 of price fixing while chairman of Sotheby's) says the company left a space next to a Louis Vuitton store at its Beverly Center property in Los Angeles vacant for two years rather than fill it with just any tenant.
"Customers come to the mall to eat and to shop and to hang out," he says. "Uses more tangential to that are really not as productive."
That may be so for Taubman Centers, which owns some of the most coveted malls around the U.S. But for others, putting church pews next to the food court may be the only way to stay alive.
Find this article at: http://money.cnn.com/2009/09/08/news/companies/malls_unconventional_tenants.fortune
Most affordable markets ranked
In its annual survey of most- and least-affordable housing markets, BusinessWeek quoted a number of experts who believe that for many people, the current low interest rates and low housing prices have combined to allow an once-in-a-lifetime opportunity to buy a home. To calculate the most- and least-affordable areas, BusinessWeek considered the share of homes sold in the second quarter of this year that would have been affordable to a family earning the local median income. Housing costs were calculated using new and existing sales records supplied by First American Real Estate Solutions and include principal, interest, estimated property taxes, and insurance.
Here are the 10 most-affordable areas:
1. Kokomo, Ind.
2. Lansing-East Lansing, Mich.
3. Mansfield, Ohio
4. Elkhart-Goshen, Ind.
5. Lima, Ohio
6. Bay City, Mich.
7. Indianapolis-Carmel, Ind.
8. Saginaw-Saginaw Township North, Mich.
9. Youngstown-Warren-Boardman, Ohio-Pa.
10. Canton-Massillon, Ohio
Here are the 10 that are least affordable:
1. New York-White Plains, N.Y.-Wayne, N.J.
2. San Francisco-San Mateo-Redwood City, Calif.
3. San Luis Obispo-Paso Robles, Calif.
4. Ocean City, N.J.
5. Honolulu
6. Los Angeles-Long Beach-Glendale, Calif.
7. Santa Ana-Anaheim-Irvine, Calif.
8. Santa Cruz-Watsonville, Calif.
9. Nassau-Suffolk (Long Island), N.Y.
10. Flagstaff, Ariz.
Source: Business Week, Prashant Gopal (09/11/2009)
Here are the 10 most-affordable areas:
1. Kokomo, Ind.
2. Lansing-East Lansing, Mich.
3. Mansfield, Ohio
4. Elkhart-Goshen, Ind.
5. Lima, Ohio
6. Bay City, Mich.
7. Indianapolis-Carmel, Ind.
8. Saginaw-Saginaw Township North, Mich.
9. Youngstown-Warren-Boardman, Ohio-Pa.
10. Canton-Massillon, Ohio
Here are the 10 that are least affordable:
1. New York-White Plains, N.Y.-Wayne, N.J.
2. San Francisco-San Mateo-Redwood City, Calif.
3. San Luis Obispo-Paso Robles, Calif.
4. Ocean City, N.J.
5. Honolulu
6. Los Angeles-Long Beach-Glendale, Calif.
7. Santa Ana-Anaheim-Irvine, Calif.
8. Santa Cruz-Watsonville, Calif.
9. Nassau-Suffolk (Long Island), N.Y.
10. Flagstaff, Ariz.
Source: Business Week, Prashant Gopal (09/11/2009)
Friday, September 11, 2009
Elkhart County Real Estate Stats - August
Monthly 2009 to 2008 Comparison
# New Listings
Aug '09 - 284, Aug '08 - 304, YTD 2298
# Sold Listings
Aug '09 - 124, Aug '08 - 145, YTD 924
Median Price
Aug '09 - $99,900, Aug '08 - $114,900, YTD $90,500
Avg Days on the Market
Aug '09 - 114, Aug '08 - 84, YTD 113
% Sale Price to List Price
Aug '09 - 93.94, Aug '08 - 95.72, YTD 93.37
Elkhart County Unemployment Rate16.7%
# New Listings
Aug '09 - 284, Aug '08 - 304, YTD 2298
# Sold Listings
Aug '09 - 124, Aug '08 - 145, YTD 924
Median Price
Aug '09 - $99,900, Aug '08 - $114,900, YTD $90,500
Avg Days on the Market
Aug '09 - 114, Aug '08 - 84, YTD 113
% Sale Price to List Price
Aug '09 - 93.94, Aug '08 - 95.72, YTD 93.37
Elkhart County Unemployment Rate16.7%
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