The sale of a Martha’s Vineyard mansion may have ruined the Obama family’s summer vacation6/29/2018 REPOSTED DIRECTLY FROM INMAN NEWS//.WFG NATIONAL TITLE THIS CONTENT HAS NOT BEEN MODERATED BY HERITAGE HOME REALTY.
The Obama's may have to look elsewhere if they want to go on vacation this summer — the Martha’s Vineyard home where the former first family spent many a summer holiday has been sold. ‘The Chilmark House,’ which also became known as the Obama’s ‘Summer White House,’ was sold in early June for $18 million, realtor.com reports. The property, which Barack Obama and his family rented during his presidency and after, boasts 7,000 square feet, six bedrooms, an infinity pool overlooking the Atlantic Ocean and a dock. The Obamas rented the sprawling Rick Sundberg-designed mansion seven out of the eight summers of his presidency. The property, previously owned by David Schulte, features access to a private beach and is shrouded by trees. The mansion itself, estimated at $2.5 million in 2015, soared in value once it became associated with the Obama family. Upon putting the property up for sale, the owners included a photo of the former president and Michelle Obama in marketing and promotional materials while playing up the fact that the “presidential palace” was for sale. Schulte, a partner at the Chilmark Firm, a corporate restructuring firm based out of Chicago, supported Obama for president early on, even if the Yale Law School graduate didn’t immediately approve of the candidate’s Harvard roots. “I said I’m really glad to meet you, but I’m not going to support you,” Schulte told Chicago Magazine in 2013, recalling the first of his many conversations with the former president. “For one thing, you went to the wrong school … And [Obama] listened. Then he started talking and in 20 minutes he had me eating out of the palm of his hand. … The next day I was writing a $2,000 check … And after that he asked me to be on his finance committee.” The identity of the buyer was not disclosed.
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REPOSTED DIRECTLY FROM INMAN NEWS//.WFG NATIONAL TITLE THIS CONTENT HAS NOT BEEN MODERATED BY Heritage Home Realty.
.Pocket listings seem to be on a lot of minds these days. Government regulators were reportedly looking into this practice of “secret listings,” and Redfin CEO, Glenn Kelman, recently criticized pocket listings at a government workshop on competition in the real estate industry. There was even recently a very popular thread on the Inman Coast to Coast Facebook page about them. The discussion has left some wondering: are they more prevalent than ever? How do they benefit buyers and sellers? Why do agents even keep some listings off the multiple listing service (MLS)? “There’s a ton of pocket listings out there,” Gary Gold, a Los Angeles-based luxury Realtor told Inman. “Buyers are asking for them, sellers are asking to have that kind of listing, and agents are using it as a tool, and it’s becoming increasingly prevalent.” Gold is speaking from his own anecdotal experience specifically to the Los Angeles market. He believes there are a number of reasons that pocket listings are increasing in volume, the first of which is simply that it’s a huge sellers market with low inventory, right now. “There’s a real demand for product,” Gold said. “If it wasn’t a seller’s market, you would have people exposing their property any way they could, because there just isn’t a ton of eyeballs. Now there’s a ton of eyeballs and people are looking under rocks for listings.” Consumers also have a ton of access to data, and competition is stiff, with the total number of agents in the country rising back to pre-recession levels, if we are to judge by membership to the National Association of Realtors. “There’s so many agents out there and buyers are already on Zillow or Trulia, and they know everything, you need something to offer than what they already have access to,” Gold said. Steven Wynands, a Virginia-based Realtor, believes it’s mostly status quo in terms of the number of pocket listings, but it may seem like it’s more prevalent because more sites are popping up that list coming-soon listings or exist specifically to show listings that don’t make it to the MLS or haven’t yet been put on the market. Sites like thepls.com and The Zenlist in Chicago, offer these pre-market listings for homebuyers to scour. Zillow has a “coming soon” option for sellers to pre-gauge interest in their home. “With competition on so many fronts, agents need to find ways to increase their value,” Wynands said, echoing what Gold also pointed out. “Pocket listings — really “Coming Soon” listings — are one method of doing so.” James Bohan-Pitt, currently the managing director at DTP Ventures, founded a pocket listings app for agents back in 2015 called HipPocket, which is now closed. “Pocket listings are no more popular than they were when we launched in 2015,” he said. Bohan-Pitt explained that there are very few true pocket listings that never actually get listed on the market. There’s a difference between pocket listings and those “coming soon,” listings that will eventually make their way to the MLS. “Now almost every house in America starts its life as an off-market, ‘coming soon’ listing,” he said. “Sellers expect some pre-market activity. They will always get to market on the MLS.” One way that agents share listings before they hit the market, according to a thread on the Inman Coast-to-Coast group, is through private Facebook groups. Multiple commenters confirmed that brokerages and agencies like Douglas Elliman, Re/Max on the Charles and Realty One Group Mountain Desert all use private groups in one way or another to share listings that haven’t yet hit the market. ListFlash is a tool from zipLogix that aims to make it easier to circulate listings that haven’t hit the market yet to other agents within the office. For sellers, there are a number of potential reasons to go the route of keeping your house off the market, according to Gold. For many, it creates a sense of urgency for the buyer. “If new Nike Air Jordans come out, there’s a line around the block,” he said. “Then three weeks later, or month later, you can just go in and buy them.” In Los Angeles, Gold also deals with many high-profile clients who may not want their homes to hit the market for one reason or another. Ultimately, Gold believes sellers are best served with their listing hitting the MLS. He imparted some wisdom from his brother, who trained him in the real estate business. “It’s hard to promote something and keep it a secret at the same time,” he said. ![]() REPOSTED DIRECTLY FROM INMAN NEWS// WFG NATIONAL TITLE THIS CONTENT HAS NOT BEEN MODERATED BY HERITAGE HOME REALTY .Temperatures aren’t the only thing heating up this summer. List-to-sale times are blazing, much like they have been for the past few years — on average, homes are being sold within 64 days, down from 77 days in April 2017. April 2018’s list-to-sale time marks the eighth consecutive year of annual declines and is a new record low Seattle, San Francisco and San Jose are home to the quickest list-to-sale times, with listings being snapped up within 36 days. Buyers in New York, on the other hand, have more time to consider their options. In Syracuse, the list-to-sale time is 144 days; and trailing not too far behind is Long Island at 132 days, and New York City at 128 days. Syracuse, New Orleans and Honolulu are the only three markets out of the 100 largest metropolitan statistical areas (MSAs) to experience longer sales times compared to last year. Buyers bought starter and trade-up homes at breakneck speed, while premium homes lingered on the market. In April, premium homes stayed on the market 13 days longer than starter homes and 15 days longer than trade-up homes. The gap is expected to narrow as we move into peak summer home buying season, but it will widen again as fall and winter draw near. “During the 12 months ending April 2018, premium homes sat on the market a median of 19.5 and 23.2 days longer than starter and trade up homes, respectively,” noted the report.
“This gap has widened slightly over the past two years, up from 14.5 and 22.4 days during the same 12-month period a year ago and 13.8 and 19.1 days two years ago.” In April, the only two markets where premium homes sold faster than trade-up homes was Detroit and Toledo, Ohio. And over the past year, premium homes have sold quicker than starter homes in 24 percent of the nation’s 100 largest MSAs. About the analysisList-to-sale time on Trulia measures the median amount of time in which homes that were sold during a given period were on the market over a given geography while attempting to remove foreclosure and real estate owned (REO) sales. For this report, we looked at monthly intervals of home sales going back to January of 2010. Typical measures of days on market usually count the time between listing and when a home goes under contract. Our measure tracks the number of days between listing and when a home’s official transaction date occurred based on public records. This can make our measure of days on market look longer than the industry standard but, we feel, also better represents the actual time it is taking for transactions to go through the whole process. National and local Days on Trulia figures by price tier are calculated using starter, trade up, and premium price tiers for all metropolitan areas (or divisions where available) in the country. We define the price cutoffs of each tier based on home value estimates of the entire housing stock, not listing price. For example, we estimate the value of each single-family home and condo and divide these estimates into three groups: the lower third we classify as starter homes, the middle third as trade-up homes, and the upper third as premium homes. We classify a listing as a starter home on the market if its listing price falls below the price cutoff between starter and trade-up homes. Perris, CAWed Jun 06 2018
This week the median list price for Perris, CA is $359,900 with the market action index hovering around 54. This is less than last month's market action index of 55. Inventory has held steady at or around 183.Click here to stay informed with the Perris market! Market Action IndexThe Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer. Strong Seller's Market The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices. Real-Time Market ProfileNever miss important changes in the Perris market. Median List Price$359,900 Per Square Foot$182 Days on Market76 Price Decreased30% Price Increased9% Relisted9% Inventory183 Median House Rent$1,825 Most Expensive$1,250,000 Least Expensive$134,999 Market Action Index Strong Seller's Market54 Avg 7-DayAvg 90-DayJun 2015Aug 2015Nov 2015Jan 2016Apr 2016Jul 2016Sep 2016Dec 2016Feb 2017May 2017Jul 2017Oct 2017Dec 2017Mar 2018Jun2018$260K$280K$300K$320K$340K$360K$380KFriday, Sep 16, 2016● Avg 7-Day: $310,000The market appears to be hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels. Market SegmentsEach segment below represents approximately 25% of the market ordered by price. Median Price Sq. Ft Lot size Bedroom Bath $625,000 3,053 1 -2.5 acres 4 3 $388,000 2,600 8,000 -10,000 sqft 4 2 $340,000 1,920 6,500 -8,000 sqft 4 2 $275,000 1,440 6,500 -8,000 sqft 3 2 |
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July 2018
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