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Friday, September 30, 2011
A Rustic Architect to the Stars
Howard Backen is famous for his rustic luxe buildings as well as his ability to work with high-profile clients like Apple's Steve Jobs and director Nancy Meyers.
Thursday, September 29, 2011
Housing Supply Overview - April 2011
A thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status for the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/HSO/hso_2011_04.pdf
Square Feet: Yahoo and Other Online Giants Are at Home Orbiting Madison Ave.
Giants like Google, Facebook and Yahoo have been expanding their offices, or buying new ones, in and around Madison Avenue.
Source: http://feeds.nytimes.com/click.phdo?i=988d5d58bd754a440bee2cade9968ba5
Wednesday, September 28, 2011
Existing home sales jump in August
Home buyers are starting to creep back into the housing market, lured by rock-bottom prices.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/3JV_99UqIqs/index.htm
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I bought my dream retirement home -- cheap!
Taking advantage of today's beaten down home prices and record-low interest rates, some baby boomers are buying their dream retirement homes -- years before leaving the workforce.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/S8uPpcY5PjM/index.html
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Tuesday, September 27, 2011
Playboy Mansion Listing Revealed
Located in a 110-year-old building on Chicago's Gold Coast, this nearly 7,900-square-foot condominium was once part of the Playboy Mansion.
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The 200+ - April 2011
MAAR's tracking tool for local housing market activity has been updated with data through April 2011.
Source: http://www.mplsrealtor.com/the200plus.aspx
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Monday, September 26, 2011
Tech company founders leave management roles at Mason-McDuffie
Frank Richards, Dan Worley joined brokerage firm a year ago
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Weekly Market Activity Report - April 25, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of Apr 25, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_04-25.pdf
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End of Comparison to Heightened Spring 2010 Tax Incentive Market Draws Nigh
News release covering Twin Cities housing statistics for April 2011.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-05.pdf
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Sunday, September 25, 2011
enotes - February 28, 2011
MAAR's weekly electronic newsletter for the week of February 28, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_02-28.htm
Saturday, September 24, 2011
enotes - February 14, 2011
MAAR's weekly electronic newsletter for the week of February 14, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_02-14.htm
Real estate sales continue rise in August
CHARTS: National median price drops 5.1%
Source: http://feedproxy.google.com/~r/inmannews/~3/Df48e4bHdeU/real-estate-sales-continue-rise-in-august
Symbols of Our Nation
Ada Louise Huxtable visits "The American Style" at the Museum of the City of New York and looks at the role the Colonial style has played in our history.
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Friday, September 23, 2011
Thursday, September 22, 2011
enotes - April 11, 2011
MAAR's weekly electronic newsletter for the week of Apr 11, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_04-11.htm
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Currents | Goods: KleinReid?s New Chalices and Goblets
Prime, a series of hand-turned porcelain vessels with walnut pedestal bases, is the newest collection from the New York design studio.
Source: http://feeds.nytimes.com/click.phdo?i=ef865d5b527b32f69fab4c041124e23a
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Wednesday, September 21, 2011
Home Sales Rise As Buyers Grab Foreclosures
Filed under: News
WASHINGTON -- The number of Americans who bought previously occupied homes rose in August. But sales were driven by an increase in foreclosures, evidence that the housing market remains weak.The National Association of Realtors says home sales rose 7.7 percent last month to a seasonally adjusted annual rate of 5.03 million homes. That's below the 6 million that economists say is consistent with a healthy housing market.
Last month's pace was slightly ahead of the 4.91 million sold in 2010, the weakest sales year in 13 years.
Homes at risk of foreclosure made up 31 percent of sales, up from 29 percent in July.
The segment of first-time homebuyers was unchanged at 32 percent of all sales. They normally make up about 50 percent of sales in healthy markets.
%Gallery-133958%
Copyright 2011 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
Also see:
Why No New Homes Sales May Be a Good Thing
Banks to Offer Toll-Free Hotline for "Robo-Signing" Victims
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.
Permalink | Email this | Comments
Source: http://realestate.aol.com/blog/2011/09/21/home-sales-rise-as-buyers-grab-foreclosures/
Groundbreaking set for Brookdale Walmart
Gatlin Development Co. will hold groundbreaking ceremonies Thursday at 1:30 p.m. for its $100 million renovation of the former Brookdale Center into a shopping center called Shingle Creek Crossing. Minneapolis-based Kraus-Anderson Construction Co. is working with Gatlin on the site preparation work. It began demolishing parts of the 50-year-old regional shopping mall in Brooklyn Center earlier this month. Kraus-Anderson is also renovating Brookdale's former food court into space for small retail shops...
Mortgage rates at record low: 30-year nears 4%
Mortgage rates hit yet another record low this week amid ongoing economic concerns both at home and in Europe.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/ArQ2GhR3A6M/index.htm
Tuesday, September 20, 2011
Frank Dunbar's firm gives west metro complex back to lender
The developer of a 128,000-square-foot office complex in Golden Valley has turned the buildings over to the lender. "We gave them the keys. I can confirm that," said Frank Dunbar, principal of the development firm and one of the investors in Valley Creek Development LLC, the entity listed as title holder, according to Hennepin County Assessor's Office. The lender, which will assume control of the buildings when the title gets cleared up, is Berkadia Commercial Mortgage, based in Irving, Calif. Berkadia was the special servicer that controlled the debt on behalf of investors who bought commercial mortgage-backed securities...
Monday, September 19, 2011
The Perfect Florida Ski Chalet
Lawyer Steve Krigbaum's rural lake retreat in Hobe Sound offers a minimalist backdrop for his passion, competitive water skiing.
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Reduce Energy Use at Home
Innovative techniques to cut energy consumption in the home may pay off sooner than you expect. Here's a look at concrete countertops, blown fiberglass insulation and more.
Beverly Hills 'Housewife' Lisa Vanderpump Sells Home
Filed under: Design, News, Buying, Celebrity Homes, Lifestyle, Selling
Guess we won't be seeing much more of Beverly Hills "housewife" Lisa Vanderpump's mansion in Beverly Park on her show. Sources close to the deal tell AOL Real Estate that Vanderpump, of the "The Real Housewives of Beverly Hills," is about to close escrow on her 17,000-square-foot Richard Landry-designed home there.
It had been circulating as a not-very-quiet pocket listing -- here's the website -- with a price tag in the $29 million range. The home was sold to a foreign buyer.
Mauricio Umansky, uber-Beverly Hills agent who is married to Kyle Richards, another star of "The Real Housewives of Beverly Hills," represented Vanderpump and was a principal agent involved. He declined to speak to AOL Real Estate because of a confidentiality agreement. Umansky recently left the umbrella of Hilton & Hyland Real Estate -- a boutique agency to which he's related through marriage to the Hilton namesake -- and co-founded his own boutique agency named, appropriately enough, The Agency.As for Vanderpump (pictured at left), she's planning on sticking around in the 'hood, but moving to a smaller mansion now that daughter Pandora is off and married to Jason Sabo and that just leaves Lisa, the four dogs and her restaurateur husband, Ken Todd, to amble around the empty ballrooms and spare bedrooms -- all seven of them.
Click through the slideshow below
See Lisa Vanderpump give a video tour of the home below.
See other homes for sale in Beverly Hills, Calif., and other celebrity real estate, on AOL Real Estate.
Also see:
Mark Wahlberg Puts Beverly Hills Home in the Ring
Jason Priestley Lists His Valley Villa
Lauren Conrad Leaving The Hills -- or Is It The Flats?
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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Source: http://realestate.aol.com/blog/2011/09/16/beverly-hills-housewife-lisa-vanderpump-sells-home/
Sunday, September 18, 2011
The Bay Area: Living at the Intersection of Public Need and Housing Pride
The plan to turn a vacant building in the Mission district of San Francisco into group housing for newly released felons has drawn opposition from residents of a nearby public housing project.
Source: http://feeds.nytimes.com/click.phdo?i=097c01aa1e484b5644e7bee56ebc3170
Weekly Market Activity Report - May 16, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of May 16, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_05-16.pdf
Saturday, September 17, 2011
Square Feet: Schrager Makes Over a Legendary Chicago Hotel
Ian Schrager will open his first new project since the 2008 downturn, the Ambassador East Hotel, now called the Public.
Source: http://feeds.nytimes.com/click.phdo?i=976aed6cab55eaebc70ab92999ec96ff
Friday, September 16, 2011
Will Baby Boomers Rock the Housing Market?
Filed under: News
As first-time buyers struggle with higher hurdles at the bank, some experts are pinning their hopes on baby boomers to boost the flagging housing market.Roughly defined as the generation bookended by the close of World War II and the rise of the civil rights movement, baby boomers -- ages 47 to 65 -- are in a better position to buy today than they have been in years, says Walt Molony, a spokesman for the National Association of Realtors.
According to the group's Housing Affordability Index -- which measures how much house a family making the national median income can buy in today's market -- affordability is near an all-time high, Molony says. In July, the index climbed to 176.9, meaning that a family making a 20 percent down payment can comfortably afford a house that costs 176 percent more than the national median (about $175,000 in July). To give some context, the index topped out at just 137 in 2008; in 1981, the peak was an unthinkably low 68.
Click the thumbnails below for a peek at what boomers are buying today.
Because the index only considers buyers making a hefty 20 percent down payment, Molony says the data "broadly captures" the buying power of the boomer generation. In other words, with affordability at record highs, boomers should be right in the middle of bailing this generation out of the housing morass.
But that's not the case -- at least not yet, anyway. The problem lies with those meddlesome Gen-Xers. As long as Junior can't score a mortgage in today's restrictive lending environment, the boomer buying spree may have to wait.
"The roadblock is really with first-time buyers," Molony says. "And many of them are being thwarted by credit issues."
Stricter lending, low appraisals and high foreclosure rates -- all of these impediments make it more difficult for first-timers to buy, and less likely that repeat buyers can unload their current homes. And since most owners can only afford to move once this swap occurs, no amount of bargain-baiting can convince them to buy sooner -- even as affordability nears historic levels.
So Why Bet on Boomers?
Even so, boomers are nonetheless poised to reinvigorate the housing market for two important reasons. Since most homeowners of middle age and older have lived in their homes for several years, they have a far larger home equity cushion to fall back on -- a luxury that many first-time buyers who purchased during the housing boom lack. Unlike many younger home buyers, boomers can also tap into their home equity to take out a reverse mortgage in a pinch. Second, and most important for the ailing home building industry, the generation that put a man on the moon has some very persnickety tastes.
"Boomers are looking for something different. They want to change their lifestyle," says Sharon Dworkin Bell, senior vice president of the 50+ Housing Council at the National Association of Home Builders.Across the board, ease of living drives many of the boomers' biggest housing asks. In the most recent survey on boomer buying habits from the Met Life Mature Market Institute and National Association of Home Builders, 61 percent of boomers who moved into "age-qualified" homes (where the community's minimum age requirement is 55 or older) said that they chose their new home based on the layout of the rooms.
The same was true for those living in non-age-restricted communities -- the vast majority of boomers -- with nearly two-thirds of respondents (62 percent) saying that room layout was their biggest reason for buying. In practice, many boomers are looking for single-story homes, where the master bedroom is on the first floor, says Bell. (Read more about boomer buyer habits in this NAHB survey.)
Couple these findings with the fact that households in the over-55 demographic account for almost a quarter of all new custom-home purchases, and you find an outsize market of buyers ready to move the needle in the right direction.
At last count, there were 39.5 million 55-plus households in America -- more than a third of the total households in the nation. Moreover, households in that age group account for about 12 percent of the households that change addresses in a given year, according to the Mature Market Institute report.
Recovery on Hold
So why haven't builders done more to cater to boomers? It's not for lack of trying, says Molony.
Home builders are contending with a huge overhang of existing homes on the market, and having a harder time getting banks to sign off on construction loans, he says. To make matters worse, austere appraisal standards since the bubble burst have led to situations in which newly built homes are being appraised for less than what it cost to build.
"It's kind of hard to make a profit in that environment," he says wryly.
Still, the impact that boomers are having on the market is already being felt. First-time homebuyers -- who are typically considered the backbone of a healthy market -- purchased only 35 percent of homes in the second quarter of 2011, according to the NAR. That's down from 46 percent in the same period in 2010.
Meanwhile, repeat buyers jumped to 56 percent of the market share, up from 40 percent the year before. And, not surprisingly, a majority of repeat buyers (62 percent) are 45 or older.
So while a full housing rebound may still be years away, when it does take hold, says Bell, we'll know who to look to.
"When the recovery starts," she says, the boomer segment "will be the one that moves fastest."
From that vantage, it's not a matter of how the boomer generation will impact the housing revival, but when.
Also see:
Real Estate Investing: Learn What the Pros Know
Vacation Homes: Buy Here, Not There
Young Workers See Sharpest Salary Drop, Flock Back Home
Forget Empty Nesters, We Now Have Full-Nest Syndrome
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Source: http://realestate.aol.com/blog/2011/09/16/will-baby-boomers-rock-the-housing-market/
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End of Comparison to Heightened Spring 2010 Tax Incentive Market Draws Nigh
News release covering Twin Cities housing statistics for April 2011.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-05.pdf
enotes - February 7, 2011
MAAR's weekly electronic newsletter for the week of February 07, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_02-07.htm
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Thursday, September 15, 2011
Wednesday, September 14, 2011
Weekly Market Activity Report - June 13, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of June 13, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_06-13.pdf
Viewpoint: Hey Mr. President, How About Housing?
Filed under: Advice, Economy, Financing, Foreclosures, Refinancing, Selling, Credit
President Obama devoted exactly 57 words to the housing crisis in his 34-minute speech about jobs. Yes, we understand that the speech was intended to be about jobs -- pass this bill -- and that the lack of jobs -- pass this bill -- has pushed Americans to the brink.
Still, watching the president's speech were millions of Americans who are upside down on their home loans. And with all due respect, Mr. President, the only patient in the room who hasn't had a chance at the morphine drip has been the homeowner. Homeowners need relief from their lenders in the form of principal reductions and the ability to refinance at current low rates.
Many of them, staring down the gun barrel of a foreclosure, wanted to hear you say something besides these 57 words: "And to help responsible homeowners, we're going to work with federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4 percent -- a step that can put more than $2,000 a year in a family's pocket, and give a lift to an economy still burdened by the drop in housing prices."
Given the limited words we have to judge the president's intentions, we are forced to parse what we heard -- and it wasn't much to help the struggling housing market.
Let's start with "responsible homeowners." The President didn't give us a clue who he considers responsible and irresponsible. Is the guy who lost his job irresponsible for falling behind in his loan payments? How about the family that got snookered into an adjustable rate loan that reset in the midst of the world's deepest recession; were they irresponsible?
And perhaps more important, will the president hold John Q. Underwater to the same level of "responsibility" that he held the banks when Washington gave them hundreds of billions in bailout money?
"Federal housing agencies," Mr. President? Does that mean that only those whose loans were government-backed will reap the rewards of your largesse? What about those who weren't but still have the same struggles making their mortgage payments? Have you ever applied for a home loan, sir? Trust us when we say that most people sit in an escrow office and sign a stack of papers without reading them. Half of America probably can't tell you what an APR or a loan point is, let alone whether they stumbled into a loan that had FHA backing. The government can mandate all the good faith estimates and disclosures it wants and still, nobody is going to read them. Get real. Make this simple and make this inclusive. Bail everyone out the same.
". . . help more people refinance their mortgages at interest rates that are now near 4 percent." That's a lovely thought, and we certainly do need changes to the current lending standards that are so stringent that only a fiscal contortionist can meet them. But refinancing to a lower rate is a pretty dumb thing for people who are upside down to do. Refinancing the same loan amount -- an amount that exceeds the current value of the property -- makes the assumption that the property value is going to rise. Try and sell that idea to someone who's been struggling these past few years.
Let's put this one in context for you, Mr. President: If the White House was worth $331.5 million three years ago and last January was worth just $253.1 million, would you still want to be borrowing $100 million on it? Wouldn't you want your new loan to reflect the current market, not the market that you bought in? Or might it just be easier to let the bank -- or in your case, the GOP -- take the house from you?
Also see:
Low Mortgage Rates Are Great -- But Most Can't Qualify
Mortgage Mod Hell: Trapped Between Lenders, Collectors
HAMP Mortgage Modification Program Still No Help
The Mortgage Fix That Can Save the Economy
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.
Permalink | Email this | Comments
Source: http://realestate.aol.com/blog/2011/09/09/viewpoint-hey-mr-president-how-about-housing/
Monday, September 12, 2011
In the Region | Westchester: Renting Is All the Rage - In the Region/Westchester
Many home-seekers in Westchester are choosing to rent rather than buy, and a hopping rental market reflects this.
Source: http://feeds.nytimes.com/click.phdo?i=333688dbba3fe3844902b7c45ab2fc5b
Is It Better to Buy or Rent?
Compare the cost of renting and buying equivalent homes.
Source: http://feeds.nytimes.com/click.phdo?i=10805a92ab7eab41532213d83b15c357
Sunday, September 11, 2011
CSM details retail plans for Lockheed site in Eagan
CSM Corp. has laid out an outline for what it plans to do with the 51-acre Lockheed Martin corporate campus it bought in June. To summarize, it's planning 480,000 square feet of retail and 75,000 square feet of office space, plus it has not named any prospective tenants. When it made the deal to buy the site, CSM bet it could meet current office and retail real estate market conditions and keep the city of Eagan happy. The city had been used to having about 1,000 jobs on the site occupying a 623,000-square-foot facility at 3333 Pilot Knob Road...
Saturday, September 10, 2011
New index tracks metros with growth in real estate prices, permits and jobs
Homebuilders trade group launches Improving Markets Index
Friday, September 9, 2011
Thursday, September 8, 2011
Obama's jobs plan doesn't do enough for housing, critics say
President Obama Thursday outlined a plan to stimulate the U.S. economy and revitalize the job market through a combination of spending and tax cuts.
The proposal, which various news reports calculated could cost anywhere from $300 billion to $447 billion, would slash payroll taxes for small businesses, fund infrastructure improvements at 35,000 public schools, and extend [...]
The proposal, which various news reports calculated could cost anywhere from $300 billion to $447 billion, would slash payroll taxes for small businesses, fund infrastructure improvements at 35,000 public schools, and extend [...]
Wednesday, September 7, 2011
Weekly Market Activity Report - March 21, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of March 21, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_03-21.pdf
Tuesday, September 6, 2011
Cordray heads to Senate for CFPB nomination hearing
Richard Cordray, President Obama's nominee to head the Consumer Financial Protection Bureau, will appear in front of the Senate Banking Committee Tuesday to outline his plans for the agency.
The new agency released Cordray's opening remarks in which he states the bureau will use litigation judiciously and work with businesses to ensure they have a [...]
The new agency released Cordray's opening remarks in which he states the bureau will use litigation judiciously and work with businesses to ensure they have a [...]
Monday, September 5, 2011
Housing Supply Overview - June 2011
A thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status for the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/HSO/hso_2011_06.pdf
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11 Things Today's Home Sellers Must Do
The environment for home sales becomes more difficult with each passing month. Some estimates put 11.1 million mortgages, about 23 percent of the U.S. total, underwater, meaning that homeowners owe their banks more than the underlying properties are worth. Home foreclosures reached 212,764 in July. The number for the year could rise above three million according to research firm RealtyTrac. Foreclosed homes are usually sold at a discount to market so that banks can rid themselves of inventory. These artificially low prices pull down the value of homes in adjacent neighborhoodsThe federal government let its tax benefit for homeowners expire in April 2010 and has not renewed it since then. The program did boost sales in 2009 and early last year. Shoppers must now face a market without the credit in which many home prices continue to fall.
(Click the gallery below for the full list of home-selling tips.)
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The clamor over flawed foreclosure paperwork and robo-signers could further chill the housing market. People who might have bought a home in foreclosure will now worry about obtaining proper documentation and effective transfer of title.
24/7 Wall St. spoke with experts at real estate research firms Zillow.com and RealtyTrac to find the best way to sell a home. We also interviewed management from the National Association of Realtors, a number of real estate brokers, bank managers and elected officials in affluent communities. What emerged from these conversations and our research is the following: Successful home sellers often do the same small number of things correctly. These tactics are often the difference between finding a buyer and not.
More from 24/7 Wall St.:
Where People Pay Most/Least In Taxes
Best Paying Jobs with a High School Diploma
Cities Where Americans Can't Get Work
More on AOL Real Estate:
11 Most Active Real Estate Markets
Seller Financing: An Idea Whose Time Has Come
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
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Source: http://realestate.aol.com/blog/2011/08/31/11-things-todays-home-sellers-must-do/
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enotes - June 27, 2011
MAAR's weekly electronic newsletter for the week of June 27, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_06-27.htm
Sunday, September 4, 2011
Time for a new 'New Deal'?
Commentary: U.S. jobs problem looms larger than lip service
Source: http://feedproxy.google.com/~r/inmannews/~3/1qbe5H7TG2M/time-a-new-new-deal
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Saturday, September 3, 2011
New-home sales dip in July
New-home sales fell once again in July, the third straight month of declining sales for hard-pressed home builders.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/lttWeE_Na8I/index.htm
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Friday, September 2, 2011
Across the Hall, Diversity of Incomes
Because developers of luxury buildings must include affordable units to qualify for tax incentives, dozens of buildings are now home to strikingly diverse populations.
Source: http://feeds.nytimes.com/click.phdo?i=4eed986127fb93aa94e152a5c52624ff
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enotes - May 23, 2011
MAAR's weekly electronic newsletter for the week of May 23, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_05-23.htm
Thursday, September 1, 2011
Buy This House -- With the Seller Still In It
Filed under: News, Buying, Lifestyle, Selling
A man is selling his long-time Los Angeles home for $899,000 -- with a catch. He wants to be able to live in his bedroom off the kitchen with his wife, rent-free, for the rest of his life. Timothy Bopp is in his late sixties; his wife is in her eighties. Bopp has lived in this 3,396-square-foot home his entire life and simply wants to spend his final days here.
The other four bedrooms are currently rented out to tenants, and the home's asking price is substantially below similar listings in the area, which run between $1.3 million and $1.4 million.
Listing agent Kristle Breland of the Keller-Williams Brentwood office says that the low price has generated a lot of interest, and she's been fielding questions about Bopp's health and even his life expectancy. But she declines to discuss those things out of respect for her client.
She said that he has a conservator who manages his affairs and that Bopp and his wife are "a nice quiet couple who keep to themselves" in the house.
The real kicker: Bopp owns 72 other properties in the greater Los Angeles area that are being listed for sale, so he is clearly a man of means who could spend his final days in more comfortable accommodations than his 1927 home, which is in need of a major remodel.
Breland says that Bopp has a strong emotional attachment to the property, which has been in his family for generations. "He is just not ready to let go of his home," she said.
The listing offer gives Bopp a life estate in the property and stipulates that he may remain in the property at no cost to him or his estate for the remainder of his life. If he pre-deceases his wife, she would remain in the home under the listing offer.
When asked who she envisions the buyer to be, Breland said "hopefully someone with compassion."
Also see:
11 Most Active Real Estate Markets
Seller Financing: An Idea Whose Time Has Come
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Permalink | Email this | Comments
Source: http://realestate.aol.com/blog/2011/08/31/buy-this-house-with-the-seller-still-in-it/
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CSM details retail plans for Lockheed site in Eagan
CSM Corp. has laid out an outline for what it plans to do with the 51-acre Lockheed Martin corporate campus it bought in June. To summarize, it's planning 480,000 square feet of retail and 75,000 square feet of office space, plus it has not named any prospective tenants. When it made the deal to buy the site, CSM bet it could meet current office and retail real estate market conditions and keep the city of Eagan happy. The city had been used to having about 1,000 jobs on the site occupying a 623,000-square-foot facility at 3333 Pilot Knob Road...
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