HousingWatch

The Curse of Zombie Shopping Malls

Katie McCaskey — 2010-03-04T16:00:00 00:00

Filed under: News

What happens to "zombie" commercial spaces and, in particular, those dead shopping malls? Is your local "zombie mall" the masked, serial slasher in your hometown's struggle for economic recovery?

The recession has left many desolate malls and office buildings in its wake, and this poses a potential economic crisis. If these malls and commercial properties fail, they could take down hundreds of small and medium-sized banks with them. This, in turn, may lead to reduced lending and even eviction of families from rental properties, MSNBC recently reported.

Shopping malls were particularly hard hit by the economic crisis that bean in 2008, as consumers reined in their legendary spending and national chains such as Circuit City, Sharper Image, and Lillian Vernon went bust, leaving gaping vacancies at many shopping centers. Suddenly, the mall -- the temple of American consumerism -- was in trouble. Today, consumer spending is still down and commercial property values have fallen 40 percent from their peak. The landscape is littered with struggling or dead malls.

There are no government programs for underwater commercial property owners who owe more than the property is worth. Has the time come for the shopping mall to be reinvented?

For many people, the answer is yes. In fact, you might be surprised by some of the folks who have publicly rejected the mall concept.
Victor Gruen, the Los Angeles-based architect credited with building the first shopping malls, said in a 1978 speech that he swooned in horror at "the ugliness...of the land-wasting seas of parking" around most shopping malls, and the soul-killing sprawl beyond.

The recession may only hasten cultural changes already underway. Today, people have embraced online shopping and big-box discounters such as Wal-Mart. Wal-Mart models itself as a "mall" which provides an array of deeply discounted items under one roof. A full thirty percent of Americans are said to shop at Wal-Mart every week.

After decades of furious growth, no new malls have been built in the last two years. And in 2008, more than 150,000 individual mall stores closed, according to a report by CBS News Early Show. Once the anchor tenants leave or default (hello, Circuit City), smaller stores frequently suffer from significantly decreased foot traffic and eventual closure. (That's one reason why General Growth Partners, one of the nation's largest mall operators, filed for bankruptcy protection last year).

If the inventor of malls isn't too happy with the result, and shoppers are pinching pennies or buying online, what will become of the once-mighty American mall that has become a central feature of the landscape?

Some malls are simply torn down. Others are rebuilt. Some are revamped to resemble a "town square" with play areas, dining, and even apartments or condos in a compact, walkable format -- a sort of Disneyfied downtown. Others are rebuilt as strip malls with side-by-side individual stores sharing a common parking lot. Some more creative thinkers envision a future where dead malls will be remade into "water parks, wave machines, or other fascinations."

Meanwhile, the zombies lurch forward. For a glimpse of our mall-challenged future, take a look at the difficulties experienced by Chicago's "Block 37" project, which was hardly filled to capacity when it opened. Here's a video showing its multiple empty floors.

There's even a web site that tracks the decline of this cultural and economic institution: DeadMalls.com. (Click on "Features" to find one near you).

Good riddance, you might say. But a dead mall creates more than just job losses and built-environment waste. These zombies can also damage your hometown in other, less obvious ways.

Smaller banks are more vulnerable to dead mall losses since commercial real estate makes up a larger portion of their portfolios. A shopping plaza project turned disaster can wreck a small bank, bringing down every other depositor and small business with it, or curtail lending in the area.

Small banks, however, might be bolstered by the grassroots movement to do business with small institutions, rather than large mega-banks -- you know, the ones that brought on all of the trouble we're now in. (See Huffington Post's call to action as well as the website Move Your Money). More deposits could cushion the loss of a dead mall for a local bank.

Still, with the mall model heavily reliant on cars and fuel, shopping malls may soon exist as dinosaur parks of another age.

Related:
"On the Brink: Sbarro's Braces for the Great Shopping Mall Recession" [Daily Finance]
"Borders Will Axe 200 Waldenbooks Stores, 1,500 Jobs" [Daily Finance]

Are You Tweeting Your Way to Higher Premiums?

Katie McCaskey — 2010-03-03T10:31:00 00:00

Filed under: News

Are you announcing your whereabouts on Facebook, Twitter, FourSquare, or other social media platforms?

The pitfalls of too much sharing have been all too evident lately, with a rash of robberies and destructive party-crashings after the victims publicized their plans on social media sites.

Apparently, insurance companies have noticed as well. Be warned: You could be one status update away from higher home insurance premiums. (#OMG. #HigherHomeInsurance?)

At least, this is the speculation of the U.K.'s Daily Telegraph.
The Daily Telegraph quotes Darren Black, the head of home insurance at Confused.com, a site for comparing insurance rates. Black said: "I wouldn't be surprised if, as social media grow in popularity and more location-based applications come to fore, insurance providers consider these in their pricing of an individual's risk."

WalletPop reports that, while possible in theory, in practice it would be difficult to monitor individual policy holders. At least, that's what David Hilgen, a spokesperson for Chubb Group of Insurance Companies, a property and casualty insurer based in Warren, NJ, seems to think. He's quoted as saying, "We don't monitor this kind of activity. Who has the time to do that?"

Well, maybe not busy insurance companies. But an unscrupulous individual with the motive and the time might be watching your whereabouts online to pinpoint the best time to pounce.

With all the digital interconnectedness, some privacy seeking people have been moved to do something drastic: log off forever. There are sites that exist to help people commit "social network suicide" by permanently deleting all their online profiles, friends, messages and log-ins. (One site, the Web 2.0 Suicide Machine, has been dubbed "a digital Dr. Kevorkian" by TechCrunch).

But not so fast: while your profile is permanently deleted, it still lives on the great cache in the Internet sky. Lawsuits abound concerning your "right" to delete your online profiles. So, your digital "suicide" doesn't solve everything.

To protect your online privacy -- and possibly your home insurance rates -- think twice before announcing to strangers in real time where you are in real life. Even if you're just chill'n at home. You never know who's watching.

Improve Your Quality of Life in Minnesota

Katie McCaskey — 2010-02-25T13:45:00 00:00

Filed under: Design

Want to take better care of your heart and keep it healthy? Consider moving to Albert Lea, Minn. Residents decided that the best way to prevent heart disease was to pursue public policies to prevent it.

People living in this city 90 miles south of Minneapolis, became the first in the nation to sign on to the AARP/Blue Zones Vitality Project - an effort to define what steps need to be taken to increase your life's longevity. With a population that tips the scales at a 60 percent overweight or obesity rate, this health overhaul couldn't come at a better time.

Dan Buettner, the author of "The Blue Zones: Lessons for Living Longer from the People Who've Lived the Longest", is the brains behind this project. He's well aware that where we live influences how long we'll live.Here are a few of the measures taken by city officials and residents for the "town makeover" that made their homes and lifestyle more heart-healthy and how they may have raised their property values at the same time.

First, the city laid new sidewalks linking residential areas with schools and shopping centers. Space was also carved out for community gardens and a recreational path around a lake. Creating walking groups, expanding bike paths and even adding windows to the downtown-area buildings are also being considered to re-energise the city.

Next, restaurants changed their menus to offer healthier food options. Public schools reduced snacking opportunities by banning eating in the hallways and sold wreaths for fundraising instead of candy. Volunteers grouped school children into "walking school buses" to escort them to and from school on foot.

The results? Even the residents who weren't initially interested in the changes benefited. In six months participants lost 2.6 pounds and boosted their life expectancy by about 3 years. There were economic benefits, too: health care claims for city and school employees fell for the first time in a decade.

Heart disease costs Americans an estimated $403 billion dollars in 2006. Homes with healthy benefits such as "walkability" have been shown to be worth more on the market. They may even retain their value during the recession.

The lessons learned in Albert Lea, Minnesota could be implemented in public policy across the country if the political will exists. In fact, one team of filmmakers is raising money to make a documentary about re-inventing neighborhoods and cities with health as a focus.

Check the available home listings in Albert Lea - your next home, and improved health, could be a heartbeat away.

Buy This Michigan Bungalow for a Buck

Katie McCaskey — 2010-02-23T17:45:00 00:00

Filed under: Design, News

A single dollar can buy you this two-story, four bedroom 1926 Arts and Crafts-styled bungalow in Michigan. There's just one catch: it must be moved from its Detroit suburb to make room for a local park.

Moving this one-buck, fixer-upper is estimated to cost about $20,000. Add in renovations on the 2,110 square foot home, plus the cost of the land on which to place it, and it will likely cost more than last year's purchase price of $76,415..

If no one buys this Arts and Crafts-style home for $1 by May 31, 2010, it will be demolished. So what factors do you need to consider when uprooting and relocating a house?
Almost any home can be moved. You'll need to hire the services of a specialist who can coordinate the complexity of the task. Generally speaking the smaller the home and the less distance between lot locations, the less expensive it will be to move. However, other factors can influence cost. Some of these factors include: the structural condition of the house prior to move, the distance, and the crew required to travel with and reassemble the home at the new site.

Fees to move an entire house conservatively start at $8,000 and quickly ramp up from there. Other payables associated with moving an entire house include new insurance and permits, new utilities, labor costs, and contractor services required to build a brand new foundation.

Still, for some lucky buyer, a home for a $1 could be an opportunity to snap up a home crafted in one of the most popular and enduring architectural styles. Craftsman homes typically contain built-in cabinetry, heart-pine wood, and highly-skilled crafted details all but lost in most of today's home construction.

In addition, older Craftsman homes, perhaps even this Michigan bungalow, are frequently built from natural resources that today are more expensive and more rare than when these homes - popular in the turn of the last century - were constructed.

Enticing buyers with the promise of a whole house for a "clam", even a whole house for just 100 pennies seems like a good idea for unique, older homes in need of preservation. For instance, the city of Saint Paul, Minnesota is trying to sell a neighborhood of homes for a dollar each to attract and retain residents. The bonus of a Saint Paul purchase? No need to put the home on wheels and move it, whole hog, to another location.

Jon & Kate Minus Home

Katie McCaskey — 2010-02-23T14:00:00 00:00

Filed under: News

Reality-show stars Jon and Kate Gosselin have sold the Pennsylvania home that once housed both their 10-member family and their out-sized marital tension.

The now-divorced couple listed their Cape Cod style home on Andrew Avenue in Elizabethtown for $385,000 in March 2009. The 3,446 square foot home features five bedrooms and two and one-half bathrooms, and sold for $258,000, according to The Wall Street Journal.

That's a selling price of $22,000 less than what they purchased it for in 2006.
This was the Gosselin family home prior to making a name for themselves as the parents of a set of twins and sextuplets on the popular TLC reality show "Jon & Kate Plus 8".

The show documented their lives, and, with growing children and TLC paychecks the couple upgraded to a $1.1 million, 6,000 square foot mansion in Wernersville, Pennsylvania in 2008. The newer home, where Kate and kids now reside, sits on a 24 acre, fenced property with a large, metal gate, according to People magazine.

The bitter Gosselin divorce may have terminated the marriage, but not the television show. The New York Post reports the family is under contract for another series.

Jon Gosselin made news again a few months ago when he moved into a Manhattan apartment with his girlfriend.

The Gosselins are not the only entertainment figures to sell at a loss. Ashley Olson and Scarlett Johansson are listing their Los Angeles homes at a loss, too.

Kill Your Lawn, Earn Some Green

Katie McCaskey — 2010-02-19T12:43:00 00:00

Filed under: Design, News, Cities

Southern California residents have not one, but two thousand more reasons to rip out their water-wasting turf: a check in the mail.

The Los Angeles Department of Water and Power (LADWP) and a handful of other utility companies are paying SoCal residents to rip out their suburban lawns. In exchange, homeowners are required to replace grass with drought-tolerant, native plant species or install permeable surfaces which filter water back into the ground. Common permeable surface choices include flagstone, brick, and gravel. The rebate is $1 per square foot, up to a maximum of 2,000 feet.

The process works like this:The homeowner notifies the utility company of changes made to their lawn. The utility company comes to verify changes have been made and then issues the check. Specific enrollment details can be found on the Socal Water$mart Web site.

Cyberhomes blogger Marcie Geffner writes:

The rebate might not be enough to persuade homeowners who really love their lawns. But for me, the offer was a no-brainer as I wanted to replace my big boring lawns with flagstone walkways, cactus and other plants that are more natural to the climate, if not necessarily native.

Other water-saving rebates available through LADWP include incentives to replace toilets and clothes washers with high-efficiency models, timer controlled irrigation, and pressure-reduced sprinkler nozzles. If you're willing, there is even a rebate for installing synthetic turf.

Check with your local utility company or DSIRE.org to see what environmentally-conscious rebates are available in your area.

"Beverly Hills 90210" Beach House for Sale

Katie McCaskey — 2010-02-19T10:00:00 00:00

Filed under: News, Cities

Would you like to own the beach house that Donna (played by Tori Spelling) shared with her on-and-off boyfriend David (Brian Austin Green) in a little show called Beverly Hills 90210?

Oh yes, you would, you "I Love the Nineties" fan. All you need is $10.5 million. For that chunk of change, you'll receive a nearly flawless beach-front property no teenager in real life could ever possess (except, perhaps, Tori Spelling herself in the 1990s).

Let's have a look at this spectacular home. For starters it has two things most beach homes do not have: an actual, fenced yard (78' feet of beach to the front and 58' on the north side), and, a decent location, beach notwithstanding.

What could possibly be flawed with this gorgeous home? Well, there is one small number that others have overlooked...
Donna and David's Hermosa Beach home is advertised as a "short walk to downtown Manhattan [Beach]." This is true. But, the beach home only has a Walk Score of 60, out of a possible 100. That means some stores and amenities are within walking distance, but transportation is still required. That won't impress some, but, for car-centric Angelenos faced with notoriously tight beachside parking, it's not bad.

Naturally, the home's real value rests in its awe-inspiring views from several wrap-around decks and a host of high-end amenities you'd expect. Inside you'll find six bedrooms and five bathrooms split between the main portion of the house and the guest quarters. Other amenities include laundry room, fireplace, and ground floor bedroom right on the sand.

See all the details yourself in the actual listing.

Still looking for some '90s nostalgia? You could buy the home of this Baywatch actor.

Obama Budget Would Kill Historic Preservation Programs

Katie McCaskey — 2010-02-12T10:00:00 00:00

Filed under: Design, News

President Obama warned the nation that we would have to sacrifice like a family on a budget in order to get the economy moving. Still, he's shocked historic preservationists by recommending in his latest budget to flat out kill the Preserve America and Save America's Treasures programs. Both help local communities preserve historic gems through grants and other support.

The programs have restored and protected sites in every state (find one near you), including Ellis Island in Manhattan and Taliesin, Frank Lloyd Wright's famous Wisconsin home.

Has some Washington bean counter lost his damn mind? Or has someone forgotten how a restored public building or private home can contribute positively to a local economy?
While historic preservation protects our architectural heritage, it also contributes to the economy's bottom line. Studies have shown it boosts the economy in at least three ways: through the economic activity sparked by construction, restoration, and rehabilitation; by generating more money for local governments through property taxes assessments that increase in tandem with higher-valued real estate; and by keeping more money in the community.

With all the good historic preservation does for buildings, homes, and the local economy, why the move to dismantle these programs, which account for a full quarter of our nation's overall Historic Preservation Fund (HPF)? The answer may be found in the unusual way the programs are funded.

Save America's Treasures, for example, has strong bi-partisan support in Congress and "has saved over 1,200 of America's most significant places in all 50 states, supporting jobs and economic development in every single project it covers," writes Pat Lally at PreservationNation.org. Ironically, the proposed cuts come just as a grassroots movement emerged to get the HPF fully funded.

In fact, the Save America's Treasures program includes a requirement for private matching funds -- creating a public-private effort backed up by the local community willing to fund a particular historic preservation project.

Here's the "little secret" behind the funding of HPF: It isn't paid for by you and me, the taxpayers. The Historic Preservation Fund is actually funded by taking a small cut from revenue received from offshore oil and gas leases on the Outer Continental Shelf.

As Lally explains,

Years ago, Congress had the foresight to place historic preservation in this dedicated account along with other "conservation" activities. Their rationale was that as non-renewable resources are expended (such as fossil fuels), some of the associated revenue should help pay for the conservation and preservation of other non-renewable resources, such as sensitive ecosystems and nationally-significant buildings, collections, and objects.

Predictably, over the years those funds have been allocated to other projects. Now that Obama has proposed slashing the HPF budget - and killing two of its programs altogether - where will the money come from?

Since these funds never came from the taxpayer in the first place, it appears that our American family won't be tightening our collective belt as much as giving up a "luxury".

But is it fair to call preserving our architectural heritage a "luxury?"

Cincinnati-Dayton Merger Could be Boon for Home Prices

Katie McCaskey — 2010-02-11T14:00:00 00:00

Filed under: Cities

The 2010 census may re-classify Cincinnati-Dayton - another tangle of commercial sprawl grown together - as one urban area. Following in the steps of Minneapolis-St.Paul and Dallas-Ft.Worth, Cincinnati-Dayton could function as one cohesive area. Should the area ready itself for increased economic opportunities and prestige?

Aside from debate over what to call the urban merger ("C-D"? "Cinton"? "Daynati"?), it's likely that Interstate 75 would effectively act as its "Main Street." The new classification would combine 19 Cincinnati-Dayton area counties into a combined population of 3 million. It would make Cincinnati-Dayton the 15th highest population center in the country. Currently, Cincinnati-Middleton ranks as 24th and Dayton ranks as 61st most populous.

The hyphenate reclassification could raise the economic profile of southwestern Ohio. This, of course, would also have some spillover consequences for local real estate...
For starters, it would mean that C-D would be among only four metro areas with two top-100 commercial airports. Access to international air travel makes an area even more attractive to business investment. According to "cluster theory," each new business becomes more valuable to the next in terms of recruiting and retaining talent, particularly in higher-paying, more specialized fields.

More businesses and economic opportunities, in turn, drive even greater population growth. Population has already tripled in the area since the 1990s. Growing population, plus economic opportunities, typically push home values and commercial leases higher. That could be a boon for existing home owners and commercial owners.

So which Cincinnati-Dayton real estate areas might grow even hotter? Look toward continued reinvestment in downtown and adjacent areas. Anticipate sections along Interstate 75 to move to define themselves and market themselves as viable neighborhoods the way Oakley, DeSales Corner, and Gateway Corner are re-inventing themselves.

There may also be pressures to expand public transit to more easily connect the geographically, far-flung corners of C-D as car traffic, and its associated costs and hassles, increase. Homes near to public transit such as Metro-Sorta (Southwest Ohio Regional Transit Authority) may see significant increases.

Who knows? Perhaps Cincinnati will even eventually decide to re-open its forgotten, buried subway, too.

Looks Like Rubbish, Feels Like Home

Katie McCaskey — 2010-02-05T15:22:00 00:00

Filed under: Design

You wouldn't be faulted for thinking the Unicat home is a garbage truck. However, it is a high-end, off-road mobile home. Yes, you read that correctly: mobile home. Fasten your seat belt, too, because when you discover this breed of mobile home starts at $500,000 you might get whiplash.

Have a look at the surprisingly comfortable interior of the Unicat and let's compare investing in the off-roading, overnighting, garbage-tank-looking vehicle to homes less mobile...
The Unicat mobile homes come in three basic sizes and can be configured in any number of ways based on the size and scale required for living, seating, and kitchen space. The largest size has a chassis of 240" and the smallest, trimmed down version is an enhanced truck cab. The middle size configuration, the Americo Unimog, is built on a Mercedes-Benz high-tech off-road chassis. According to product literature the Unicat may have the power to turn almost-ready-to-retire Baby Boomers into globe-trotting members of the "expedition lifestyle" class with the start of the engine.

True, the Unicat can do things most mobile homes cannot - like climb the all-terrain of exotic locales and impress visitors with sleek interior design. But is it the right home choice for you? If the Jack Kerouac On the Road lifestyle isn't for you, here are a few options in the same price range as the Unicat:

In Dallas, for example, you can get this one-story, traditional-style home. It has wood floors, a swimming pool, renovated kitchen and bath. Boomers: you can't "off-road" in this house, but, the level entryway will keep your knees happy.

Lofts more your thing? In Chicago this brand-new condo is also on the market for $500,000. It features tall ceilings, wooden floors, three bedrooms and two bathrooms. The best part is the outdoor deck overlooking Lincoln Park.

Or... here's a radical idea. Save yourself $485,000 (or more) in that retirement kitty and snuggle into this cozy mobile home an hour outside of Pittsburgh. It's clean, near a golf course, and with all that cash you can travel the world in style with ever needing to take your house in for a wash and wax.

Radon in the Home Still a Silent Killer

Katie McCaskey — 2010-02-04T14:30:00 00:00

Filed under: News

Gloria Linnertz was so angry and grief-stricken that she told The Chicago Sun-Times that she only wanted to do one thing to her home: Tear it to the ground.

Her husband, Joe Linnertz, died of lung cancer in 2006. The cancer was brought on by radon gas levels in their home that registered four times higher than the U.S. Environmental Protection Agency standard. Their home was not new, but, at 18 years old, wasn't ancient, either.

Sadly, her husband had once suggested testing their home for radon after seeing a story about it on the news. Unfortunately, that never happened. A year later, Joe Linnertz, a non-smoker, developed lung cancer.

You, too, are at risk -- regardless of whether you live in a house or an apartment.
Fears concerning radon are legitimate. Radon is the second-leading cause of lung cancer in the United States. Not a single state in the country is immune from this colorless, odorless, radioactive gas. It seeps in from the soil through heating and ventilation systems.

Worse, radon gas exposure can accumulate even more in newer homes and apartments since they are typically better sealed.

To assess your risk, homeowners and apartment dwellers are encouraged to buy a radon test kit which retail for less than $30 and are available at your local hardware store. The individual instructions vary but typically require exposing a passive device to interior air conditions and then sending it to a certified lab for review. While postage is generally not included with the kit price, lab testing costs are included. Professional radon testing usually costs between $125-$350 depending on where you live.

Apartment dwellers and home renters who discover excessive radon levels should contact their landlord immediately. Most states do not have established rules concerning the landlord's responsibility when it comes radon (Maine will the be first state in 2012 to require landlords to test for radon exposure). However, given that renters have the negotiating upper hand these days, and the fact that rent levels continue to free fall nationwide, a smart landlord will make the changes necessary to keep happy (and healthy) tenants. More tips for renters dealing with radon can be found here.

Homeowners who discover lethal radon levels should immediately hire a professional to mitigate the health risks. Mitigation typically costs between $800-$1,200, and should be performed by certified professionals by the National Radon Proficiency Program (NEHA-NRPP).

Matt and Deena Warner, a Virginia couple, discovered high levels of radon when they purchased their home. For health and resale reasons they immediately located a contractor and fixed the problem. "They sunk a pipe through the concrete slab beneath our house and hooked a vacuum pump to it that continually sucks the air out from beneath the house and vents it to the outside," explains Mr. Warner.

The couple says that fixing the problem has given them peace of mind since they have a young family and spend hours working in their design studio. Adds Warner, "I still test our radon levels every year, but we haven't had any problems since the system was installed."

A more in-depth report about radon's risks prepared by the Environmental Law Institute can be downloaded in pdf form here.

The Homes of Paris and Prince Michael Jackson

Katie McCaskey — 2010-02-02T14:15:00 00:00

Filed under: News

Michael Jackson's children stole the show at Monday night's Grammy awards when they accepted their father's lifetime achievement award.

The recluse children have been largely out of the public eye. Yet, young Paris, Prince Michael, and Prince Michael II (aka, "Blanket"), have lived in some of the world's most lavish homes.

Michael Jackson's last place of residence was a rental home in the Holmby Hills area of Los Angeles which he rented for $100,000 a month.

To understand the full story of the privilege enjoyed by Paris Jackson and her brothers it is important to see the in a modest home Jackson shared with his family in Gary, Indiana...
The Jackson Family's ascent in the music world is well-documented. Humble beginnings gave way to ever-larger successes, and, by extension, ever-larger homes.

Contrast the exterior of Jackson's first home....

.... and his last:

But Michael Jackson's most famous abode was his Neverland estate. He purchased the land near Santa Yenez, California, in 1988. The construction cost for the home in 1989 was $17 million.

Among other things it boasted 16 amusement park rides, a menagerie, and movie theater. A staff of 40 security guards manned the property.

Neverland (below)was the first home Paris, Prince Michael, and Blanket ever knew.

The children reportedly lead a nomadic life after excessive debts drove Michael Jackson from Neverland. Jackson reportedly defaulted on a $24.5 million loan meant to save Neverland in 2008. The compound's future remains unclear.

Jackson and his children rented the Holmby Hills mansion in Los Angeles prior to his death last year. Photos of the OTT French Chateau interior design can be found here. After his unexpected death last year the children moved in with their paternal grandparents.

It's difficult to guess where the Jackson offspring might live next.

Currently, Paris, Prince Michael I and Prince Michael II are living in an undisclosed location in Encino, California. Michael Jackson's mother, Katherine Jackson, was seen recently purchasing sleeping bags and children's toys.

Hasselhoff's Overpriced "Fortress of Hoffitude": Just $3.5 M

Katie McCaskey — 2010-02-01T09:30:00 00:00

Filed under: News

Internationally-known television actor David Hasselhoff just placed his home - dubbed the "Fortress of Hoffitude" - on the market.

His five bedroom, six bath, Encino, California home is on the market for $3.5 million red Speedos, err, dollars.

For a man flashy enough to sport a sequined jacket, his home, the "Fortress of Hoffitude," sure does disappoint. Did he trade his surf board for the entire catalog of Crate and Barrel? Take a look...

Sure, when you stage your home for sale the general recommendation is beige and boring. But Hasselhoff? He's taken predictable interiors to heart. Perhaps we should remember he hosted "America's Got Talent,", not "America's Got Taste."

For example:

A completely beige kitchen. He probably never eats whole grains or oats. How could he, if he can't see them against this beige room?

A palm-tree-frond fan in his dining room? No international actor -- certainly no one with a house at this price point --should have fixtures available to the unfilmed masses. That's a rule.

Finally, what's up with this boring, beige media room? The only unique detail seems to be the fur-covered footstool.

One thing the "Fortress of Hoffitude" does have going for it? Lush, and lovely, exteriors. Thumbs up there. Take a virtual tour of the entire estate here -- but be warned, turn off your speakers. The sappy music will make you wish you were a drowning character on "Baywatch" -- just to end the misery.

"Miserable" Calif. Town Tops Foreclosure List

Katie McCaskey — 2010-01-29T10:00:00 00:00

Filed under: News, Cities

From Hooker, Oklahoma to Accident, Maryland homeowners proudly have a thing or two to say about their home-city's reputation. The residents of Hell, Michigan, for example, can't help but smile as they call theirs "a town on its way up."

Stockton, California residents? Not so much. They don't want to embrace their town's new nickname: "Foreclosureville." Who would?

According to MSNBC the inland town 80 miles east of San Francisco got the name two years ago from the Los Angeles Times. It also earned the number one spot on Forbes' "most miserable cities" index, a feat typically marked with street-cred-enhancing-shout-outs on albums.

But so-called "Foreclosureville" doesn't suffer alone...Perhaps the decade-old Eminem lyrics should be re-worked: "May I have your attention please? Would the real "foreclosureville" please stand up, please stand up"? Here are 10 other cities with top foreclosure street cred...

The blog Collateral Vision posted the top 10 foreclosure counties based on records from activity in the FNC's National Collateral Database[TM] . They were:

Los Angeles, California

Maricopa, Arizona

Clark, Nevada

Riverside, California

San Bernardino, California

San Diego, California

Miami-Dade, Florida

Broward, Florida

Sacramento, California

Additional counties that made appearances in the quarterly top 10 were Orange County, California; Wayne County, Michigan; and Cook County, Illinois.

Yes, there's plenty of "underwater" to go around, Slim.

Sarah Palin Shoots Wolves; Home Prices

Katie McCaskey — 2010-01-27T12:31:00 00:00

Filed under: News

Sarah Palin may enjoy hunting wolves via helicopter, but, nearby homeowners might want to ask about her ability to shoot down something else: the valuation on her Wasilla home. The Palin home is worth a lot less than her neighbors' homes -- reducing her property tax obligations.

If Palin isn't paying her fair share, who's really picking up the tab for trash removal in Wasilla?
The wolf-hunting, abstinence-promoting granny lives at 1140 West Parks Highway in Wasilla, Alaska. Her four-bedroom house, which sits on two lakefront acres, is presently valued at roughly $240,000 or $500,000, depending on whose estimates you use. Its overall value has decreased in line with other home values in Wasilla and the national overall.

But a little digging on Wasilla, Alaska homes listings raises an interesting question: Did Palin put a "death panel" on her home's valuation? It might appear so given the vast difference in valuation compared to her the many million-plus dollar homes in the area.

Take Sarah's neighbor's house (below) on the market at 1377 Parks Highway, a mere 0.3 miles away - just 47 seconds drive by car. The house (asking price $899,000) has been on the market for 135 days.

A short, 7.3 mile drive to another neighbor's listing at 1991 Driftwood Circle (asking price $1,695,000). It's been on the market 136 days.

It seems strange that Palin's home is valued so much lower than her neighbors. Were special favors were called in to reduce her property tax bill? (Just say'n!)

Palin, who "went rogue" and quit her day job as Alaskan Governor last year, recently signed on as an intellectual heavyweight at FOX News.

No Boring Box Homes Here

Katie McCaskey — 2010-01-15T12:30:00 00:00

Filed under: Design

A country built on a firm belief in individualism? Tell that to the housing developers who stamp out look-alike houses like factory widgets. If you live in one of these habitats you might be suffering from BBF, or "boring box fatigue."

The cure? The resolve to "strike out and stick out."

Some homeowners in the U.S. and Great Britain are doing just that by personalizing their house exteriors in ways that can only be described as highly individualist (see left).

Two excellent photo galleries feature an assortment of these unconventional homes. The first, from Telegraph.co.uk is appropriately titled "Bizarre Painted Homes." Another, on Powersiteblog.com features "Strangely Painted Homes." Have a look.

I applaud their determination to make a statement against the ordinary.

But...

You have to wonder how the neighbors feel about living next door to such "creative" types. Are they amused and inspired or do they fret, "there goes the neighborhood?" You also have to ask how these unusually-tricked out buildings impact their neighbors' property value. And what does it does it do for their own resale value?

Conventional staging and selling wisdom dictates that you neutralize your home's interior and exterior as much as possible to appeal to the masses, who want to put their own imprint, subtle or otherwise, on the home they buy.

Such a house could benefit from its unusual designs or be hindered by it, depending on who happens to be shopping for houses when it goes on the market. The same goes for the house next door. Still, most owners seem to think such flamboyancy would only hurt one of their largest financial assets.

Many neighbors and planning departments who see unusual exteriors also see red.

But beyond the financial vehicle a house may be from time to time, it's also primarily the place where we live, and a very personal opportunity for self-expression.

I say, if you love it, who cares what the neighbors think?

Skinny House Goes For Fat Wad

Katie McCaskey — 2010-01-13T18:00:00 00:00

Filed under: Design, News

New York City's skinniest house - measuring just a svelte nine and a half feet wide - has sold to an undisclosed buyer for a big, fat price: $2.75 million, reports the New York Daily News.

The West Village townhouse, located at 75-1/2 Bedford Street, was built in 1873. Some famous people have lived and entertained within its narrow walls. Folks connected to the arts and the sexual revolution, in fact.
Anthropologist Margaret Mead - whose academic reports are partially credited for changing sexual attitudes that lead to the sexual revolution of the 1960s - once lived there. So did poet Edna St. Vincent Millay, the first woman to ever win the coveted Pulitzer Prize in Poetry. Oh, and don't forget well-loved actors Cary Grant and John Barrymore, who were one-time residents, too, according to Curbed.com.

How can so much history, let alone stuff, be packed into such a small space? New Yorkers and others living in small apartments can tell you: very carefully. Just check out this New York couple sharing 175 square feet.

By coincidence, the skinniest house in London is currently for sale, too -- and it's half as wide at just 66 inches wide. Amazingly, it is not the narrowest house in England, either.

Everybody squeeze in - small might just be the biggest trend around. The roof over your head may be the biggest reason to stick to your New Year's resolution to downsize your girth.

Low Appraisals on the Rise

Katie McCaskey — 2010-01-05T10:00:00 00:00

Low appraisals are on the rise and they're killing real estate deals right and left.

The problem stems from a combination of short sales and foreclosures. Both are contributing to difficulties accurately pricing homes, according to MSNBC.

Roughly 40 percent of all home sales last year were foreclosures and short sales, meaning the property sold for less than the remaining mortgage. The National Association of Realtors reports that nearly one in four Realtors report losing a sale due to lower-than-expected appraisals. The National Association of Home Builders reports low appraisals sinking overall valuation.

Here's how it could spell trouble for you...
Generally, foreclosures are not used as a comparison for a standard sale. But among areas hard hit by the bubble - such as Las Vegas and Phoenix, which have seen drops in value of 50 percent - it's becoming more common.

This means that if you're trying to sell your house and you live in a neighborhood suffering from foreclosures, an appraiser could conclude your house is worth less - even significantly less - than expected.

It could also spell disaster if you're trying to buy a home and cannot get funding based on disputed home value.

Critics point to new industry standards for appraisals. Meant to prevent conflicts of interest that can bias an appraisal, the rules bar mortgage brokers from doing the appraisals themselves. Now, appraisals are made through a mortgage lender. This can result in appraisers hired by outside firms that may not be familiar with the hyper-local knowledge necessary to accurately determine a home's value.

The MSNBC article states that The Joint Center for Housing Studies examined home sales over a period of 20 years in Massachusetts and discovered that a foreclosure within less than 100 yards of a home lowers the price of that home by 1 percent.

This means there's lots of "wiggle room" in determining your home's value... which may make you feel as if you're tied up above hot coals, wiggling to free yourself.

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Is Your Neighborhood Killing You?

Katie McCaskey — 2009-12-09T10:00:00 00:00

Filed under: Cities

Yes, your neighborhood can significantly impact your health - and life span.

Two recent, unrelated reports provide some insight. The first, a study by the Alameda County Public Health Department, was completed to determine the non-medical causes of disease of varying populations in the San Francisco Bay Area.

The second study, by the University of California's Department of Atmospheric and Oceanic Sciences, measured air pollution in neighborhoods near regional airports.

Conclusion? Location matters.

Let's begin with air pollution caused by regional airports. It turns out this has greater health impact than first believed. Despite mandated buffer zones, small airports near residential areas easily pollute nearby neighborhoods. These neighborhoods suffer from ultra-fine pollution particles in "significantly elevated" concentration. The UC report shows as much as 10 times more particle pollution than that of background pollution levels. Worse, the neighborhood next to the airport had levels five-to-eight times higher than a similar neighborhood next to a highway.

Similarly, research from Alameda makes the case that unhealthy neighborhoods play a far greater role in triggering diseases than germs, bad genes or irresponsible behavior. They conclude that more health care dollars should be spent on the root causes of ill health, and neighborhood conditions play a role. The researchers found that health can be linked to neighborhood factors such as:

Infrastructure - Choosing healthy lifestyle habits is more difficult in neighborhoods that lack basic resources such as safe parks, libraries, good schools and neighborhood grocery stores.
Stress - Constant stress, induced, for example, by living in fear of neighborhood crime or under the burden of financial problems, floods the bloodstream with cortisol and adrenaline. High levels of these stress-hormones are linked with the onset of numerous chronic diseases.

Social support - Community centers and schools, as well as healthy personal relationships - are weaker in poorer neighborhoods. Social support plays a powerful role in living longer according to numerous studies.

What can be done? To reduce airport pollutants some suggest replacing regional air service with light rail. Others advocate for new urbanism development and planning that call for the re-introducing people-scaled, walkable neighborhoods as a means to increase a neighborhood's health. Long-term, we must challenge the isolated, car dependent, and oil-dependent status quo of residential developments in the last 50 years.

In the short term, if possible, pack your bags and move.

via Tree Hugger, The Oakland Tribune

College Killing Homeownership Dreams

Katie McCaskey — 2009-12-03T10:00:00 00:00

Filed under: News

College graduates who want to buy a home should fear next Saturday, Dec. 12th.

That's the day Fannie Mae, the quasi-government mortgage finance company, will demand a few frighteningly new requirements. Ready? First, you'll need a credit score above 640, 40 points more than previous requirements. They will also insist that buyers bring a 20 percent down payment, too. And the worst requirement, young graduates:

Fannie Mae will reject loans where the borrower has more than 45 percent of their gross monthly income going toward paying debt, including student loans.

Ouch. Tuition bills just keep kicking you, don't they?
It's no secret that young graduates strapped with college debt are being blamed for "disrepect'n" the concept of a mortgage. Now, the elders seem bent on excluding young people from even getting a toehold in the housing market all together. Practically-speaking this means the youth of today are being robbed of the potential economic gains that come with home ownership over time.

Why? Fannie Mae and its sister company Freddie Mac purchase the majority of residential mortgages. Their rules are frequently followed industry-wide. If Fannie doesn't like you, chances are neither will her friends.

The Washington Post features the story of a young teacher named Emily McCombie, a recent college graduate with good credit. By some combination of good fortune, thrift, parental help, or possibly an Act of God, McCombie graduated with enough saved for a decent down payment and so was pre-approved for a $200,000 loan.

"But when it came time to buy, she was surprised to learn that her salary and her debts, mostly school loans, did not meet new debt-to-income requirements imposed by her lender. She was only able to secure $185,000. "It was a big drop for me," McCombie told The Post.

Oh, how easy it is for older generations to wag fingers and try to impose some so-called "responsibility."

Must be nice to do so from the comfort of paid-for homes, purchased when wages grew proportionately to time invested and education earned.

hat tip: Cyberhomes