Real Estate News

May 16, 2004

Home sales in the lower price segments outpaced those in the luxury market in recent years due to record low interest rates, but experts have seen more upper-end activity as both the national economy and the stock market rebound. For instance, sales surged 96% for $2 million-$5 million dwellings and 157% for homes with $5 million-plus price tags in Naples, FL, between January and April. The trend is not, however, limited to Florida — which has always enjoyed an edge with luxury buyers because of its homestead protection law and its absence of state income tax. Sales activity in the $1 million-plus segment is picking up in California, Rhode Island and other areas of the country as well. Price discounts are luring buyers in some locales, while limited inventory is fueling bidding wars in others. However, experts fear limited supply and concerns about inflation and the war in Iraq could soon stamp out the sector's budding recovery.

Realtors Expect Minor Slowdown


The latest forecast from the National Association of Realtors® calls for sales of previously owned homes to slip 1.6% this year from a record 6 million units in 2003. Sales of new homes also are expected to fall back from last year's highs, dipping 1.2% to settle at 1.07 million units. The trade group's outlook additionally predicts higher property prices in both categories, with the existing-home price jumping 4.7% to a median of $178,100 and the new-home price bouncing up 5.1% to a median of $205,500. Finally, NAR projects that the long-term mortgage rate will float up to 6.6% by the end of the year.
 

Southern California Real Estate Websites

These are interesting websites that your Untitled One has found to extremely interesting and useful. OK Ok, some of them are my pals. Shh.

Playa del Rey California
Playa del Rey condos-A portal of condominiums and town houses in Playa del Rey.

Thousand Oaks and Ventura
About Real Estate-Thousand Oaks real estate-Specializing in Thousand Oaks real estate and the greater Conejo and Simi Valley areas.
 

Sacramento Real Estate
Tom Conway  of a Sacramento Real Estate site has developed a MLS Listings Service of Sacramento that feeds homes for sale to registered consumers. Tom also has a site called WeSellSacramento.com

San Diego Real Estate
San Diego Real Estate-Get listings in San Diego's North County.
San Diego Listings Portal-Listings in the greater San Diego areas.
Eileen Drutman has a nice North San Diego Real Estate site.

South Bay Real Estate
South Bay Homes

LA's South Bay Realtor Guide