High-End Home Sales Soar throughout California

By RE Insider

While home sales throughout much of California have remained flat throughout this spring and early summer, a new study has indicated that multimillion dollar homes are selling in record numbers, offering hope that the market is still improving and prompting many to wonder what’s holding the rest of the market back.

According to a recent study performed by San Diego-based DataQuick, $1 million-plus sales grew at a 9.1% clip statewide compared with last year, while sales overall fell 7.4%. Additionally, California in the second quarter set all-time records for the number of homes sold for more than $2 million, more than $3 million, more than $4 million and more than $5 million.

What’s driving these high-end home sales? According to market-watchers, there are several factors.

One is the hot technology sector in the Bay Area and some affluent parts of Southern California, which is minting new millionaires who can afford seven-figure homes. Another is the 11.6% price growth in California over the last year, which means a house worth $925,000 last summer may be worth $1.03 million today. And there’s the influx of international buyers, which is pushing up prices at the high end.

“It’s always fascinating to watch this part of the real estate market. It behaves differently, responds to its own set of criteria,” said DataQuick analyst Andrew LePage. “These buyers, especially those in the multi-million-dollar market, are less likely to agonize over credit scores, income and job security, down payments and mortgage interest rates.”

With this in mind, do you think this the market is improving as a whole? And considering that mortgage rates remain historically low, what do you believe is holding other buyers back?

http://re-insider.com/2014/08/18/high-end-home-sales-soar-throughout-california/

Refinancing is Out. Home Buying is In!

Refinancing is Out. Home Buying is In!

by Courtney Soinski | The Real Estate Book

Are you thinking about refinancing your home this year?  Take a breather and listen to what the expert economists have to say about mortgage rates, housing starts, and new household creations in 2014.

Let’s take a look back.

When our economy was going through the housing boom, the U.S. was producing 1.4 million additional households every year.

In the aftermath of the Great Recession, there is a significant pent-up demand to form households and even to build homes.  At least 3 million fewer households formed over the past five years than would normally have been expected.  During this period, many college graduates were forced to double-up or move in with their parents.

However, we have come an incredibly long way since then.  Over the past year, there has been a significant revival of single-family home production.

What does this mean for 2014?

Housing will continue its climb toward higher ground this year.  According to NAHB Chief Economist David Crowe, consumer confidence has returned to pre-recession levels and year-over-year household formations are on the rise.  In fact, they are now averaging 620,000 compared to just 500,000 during the housing downturn.

There will be an upward pressure on mortgage rates this year, but don’t worry – it’s not enough to harm housing affordability.  As mortgage rates gradually rise, fewer homeowners will look to refinance. Also, purchase originations are expected to increase as the overall housing market strengthens.

“As we move into the 2014 home buying season, it will be a market dominated by home buying originations rather than refinance originations,” says Frank Nothaft, vice president and chief economist at Freddie Mac.  “This will be the first time since 2000 that purchase originations will dominate the market.”

For more information, visit www.nahb.org.

The Hottest Home Design Trends for Spring

The Hottest Home Design Trends for Spring | by Courtney Soinski

Now that we’re coming out of Winter and into Spring, get ready to celebrate warmer weather through hot new home designs with bright colors, beautiful bouquets, and a light, spacious style.  If you want to give your home a new look this Spring, here are some of the most buzzed-about home design trends to incorporate into your next home project.

Embrace Spring Colors!                                      

A hot trend this Spring is the use of color in a light and airy design.  You can keep the room light and airy by combining blue and yellow along with some white.  Also, using spring-inspired hues like turquoise and red can also liven up a room in the most colorful way.  These bright accents will give your room all the energy it was missing in Winter.

  Wood is the New Neutral.

  This season’s trend toward wood textures pairs the warmth,  richness, and     texture of real wood.  Installing engineered wood  ceilings and wainscoting can       bring the unique look of wood into  any environment.  Think wood-textured   textiles, tree-printed  wallpapers and embossed soaps that have the  appearance of wood.

Bring the Shores to your Front Door.

If you’re inspired by the lifestyle and environment of coastal living, Spring is a great time to bring the beach shores to your front door.  Weathered and white-washed wood ceilings are a subtle yet stunning addition.  They are especially great when coupled with interior accents like decorative shells and drift wood furniture.

The Power of Texture.

 Color is a great addition when it comes to spring home design trends,  but even more popular in 2014 is the use of texture.  So put down your  paintbrush and add interest to your home with high-gloss finishes,  metallics, sequins, and mirrors.  Textured tile walls draw visual interest  and can have an even greater impact on the senses with contrasting  high-gloss lacquer or low-gloss matte accessories.

Manipulated Metals.

The use and versatility of manipulated metals is a great addition to any home.  Ranging from hand-crafted artisan to contemporary high-gloss, these metal designs are very popular this Spring.  The use of copper, pewter and nickel can be styled in many different ways, including hammered metal sink basins, tin-look ceiling times, antiqued copper light fixtures and brushed stainless steel cabinet hardware.

Using these home design trends this season, you can easily make a stunning impact on your home’s style.  Watch out Spring, here we come!

Source:  http://www.armstrong.com/residential-ceilings

Finding ways to help young adults make their first home purchases

Tough new underwriting standards stand in the way of many potential buyers in their 20s and 30s, but growing numbers of friends and relatives are stepping in to help.

By Kenneth R. Harney | Los Angeles TimesWASHINGTON — Parents, grandparents and young adults know the problem only too well: Heavy student-debt loads, persistent employment troubles stemming from the recession, plus newly toughened mortgage underwriting standards are all standing in the way of vast numbers of potential first-time home buyers in their 20s and 30s.

But are there effective techniques that family members, friends, even employers can use to bridge the generational gap by offering a helping hand — without hurting their own finances in the process? You bet.

First, some sobering numbers:

•Citing Census Bureau data on homeownership by age, demographer Chris Porter of John Burns Real Estate Consulting calculates that Americans who were 30 to 34 in 2012 — those born between 1978 and 1982 — had the lowest homeownership rate of any similarly aged group in recent decades, 47.9%. By contrast, Americans born between 1948 and 1957 had a 57.1% ownership rate by the time they hit the 30 to 34 bracket. This is despite record low mortgage rates and bumper crops of bargain-priced foreclosures and short sales.

•Debt-payment-to-income ratios increasingly are mortgage application killers for would-be first-timers. Adoption nationwide last month of a new federal 43% maximum debt-to-income ratio for "qualified mortgages" is particularly poorly timed for young buyers. Because of large student debts, which average $21,402 but sometimes balloon into six figures, they may not be able to meet the 43% standard for years.

Typically they're already paying out large amounts on credit cards, auto loans or leases and their student debt — about 30% of current monthly income for those ages 21 to 30 as of 2012, according to a new research report from research economist Gay Cororaton of the National Assn. of Realtors. Factoring in the monthly cost of a typical mortgage for an entry-level purchase, the debt-to-income ratio as of 2012 for these individuals exceeded 60%, Cororaton estimates. Even with a 5% increase in income per year, they will not be able to qualify under the 43% debt-to-income test until 2019.

That's a long time to postpone a purchase. Yet consumer research consistently finds that the overwhelming majority of Americans in their 20s and 30s would like to own a home, once they're able to put together the financial pieces to make it feasible.

So what are some of the solutions available to help bridge the gap? The most popular is also the oldest: Growing numbers of relatives are stepping in with gift money to help defray the down payment and closing costs — 27% of first-time buyers last year, according to one industry estimate.

Down payment gifts do not address the crucial debt-to-income ratio problem, but for young buyers who can get close to the 43% mark for conventional loans (Fannie Mae and Freddie Mac) or slightly higher at the more flexible FHA or VA, they can be extremely important.

Rules on gifts vary among funding sources, but there are some shared basics: The money cannot be disguised as a gift if it is actually a loan; there needs to be a formal gift letter that spells out the purpose of the gift and the specific transaction for which it is to be used; and the source of the funds and the capacity of the gift giver to provide the money need to be documented. For down-payment help outside the family tree, check out http://www.downpaymentresource.com.

But an increasingly important and fast-growing resource is turning the gift concept on its head: Rather than simply handing over their cash with no repayment arrangements, family members are becoming mini-lenders themselves.

With a little professional assistance, they are providing either second mortgages or first mortgages that are custom-designed to deal with whatever financial hurdles — including paying off student loans to reduce debt-to-income ratios — their young relatives are confronting. Properly structured, these loans provide annual returns to family members well in excess of money-market funds or bank deposits, and open the door to homeownership for their kin.

The largest player in the field, National Family Mortgage (www.nationalfamilymortgage.com), has structured and serviced more than $155 million of intra-family transactions in the last two years and is on track, according to founder and Chief Executive Tim Burke, to do $150 million in volume during 2014.

"There is a lot going on" in this field that can help entry-level buyers strapped with student-loan debt, Burke says.

Distributed by Washington Post Writers Group.

Copyright © 2014, Los Angeles Times

http://www.latimes.com/business/realestate/la-fi-harney-20140216,0,7652846.story#ixzz2timBpjU1

4 More PV Schools Nominated for Distinguished Schools Honor

California Distinguished School honorees will be announced in late March.

Posted by Nicole Mooradian (Editor)|Palos Verdes Patch

Four more schools in the Palos Verdes Peninsula Unified School District have been invited to apply for the California Distinguished Schools honor, according to a notice on the PVPUSD website.

Lunada Bay, Mira Catalina, Montemalaga and Rancho Vista elementary schools are all eligible for the honor awarded by the California Department of Education, according to the school district.

Previously, the district announced that Cornerstone at Pedregal, Pointe Vicente, Silver Spur and Vista Grande elementary schools were nominees.

Schools "invited to apply for the Distinguished School honors must meet a variety of eligibility criteria, including designated federal and state accountability measures based on the Elementary and Secondary Education Act and the state's Academic Performance Index requirements," according to the news release.

The honorees will be announced in late March.

Elementary and secondary schools are honored as Distinguished Schools in alternate years.

http://palosverdes.patch.com/groups/schools/p/4-more-palos-verdes-schools-nominated-for-distinguished-schools-honor

Developer teams with L.A. nightclub owner on Hollywood complex

Camden Property Trust hopes its new apartment and retail complex will attract tenants seeking VIP access to clubs and restaurants operated by Sam Nazarian.

By Roger Vincent|LA TIMES

A $140-million apartment and retail complex in Hollywood will get a shot of glamour from Los Angeles nightclub impresario Sam Nazarian.

Nazarian, who also operates a string of trendy hotels and restaurants known for their playful, over-the-top decor, hopes to make the Camden seem like a cross between a resort and an upscale apartment community. Residents will share stylishly crafted common areas in the building and have special VIP access to other Nazarian-operated properties, such as the Colony nightclub and Katsuya restaurant.
"That's our captive tenant, the person who wants access," said Ben Brosseau of Camden Property Trust, which is building the 287-unit complex at the southeast corner of Vine Street and Selma Avenue. The site between Sunset and Hollywood boulevards is a former parking lot.

The neighborhood near the famed intersection of Hollywood and Vine has seen billions of dollars' worth of splashy real estate improvements over the last decade as apartments, condominiums, hotels and restaurants were built in the once-blighted area. More major developments including offices and residential skyscrapers are planned.

Camden Property Trust of Houston is one of the country's largest publicly traded apartment landlords and owns other complexes in Southern California, but the Camden is its first foray into the city of Los Angeles.
In an effort to attract young entertainment industry professionals as renters, the Camden trust joined forces with Nazarian's company, SBE, and its Los Angeles real estate development partner, the Souferian Group, to create a Hollywood-centric apartment complex.

In that vein, the Camden will house an outdoor "artists' annex" intended for the use of photographers, painters, writers and sculptors, as well as a soundproof musicians' studio and a movie screening room.
The amenities are part of Nazarian's plan to see that shared spaces aren't ignored by residents, he said.
"In many apartments, there is no energy in the common areas" such as theaters, pools and club rooms, he said. "Why spend money on amazing amenities if no one is going to use them? We want to really encourage people to get to know each other."

As designed by TCA Architects, the hub of the Camden will be a large indoor-outdoor recreational space with a fully equipped kitchen, a resort-style pool with cabanas and daybeds, and an outdoor spa.
Another area will house a dog park with a media setup that will allow residents to share their favorite pet photos and videos. There will be outdoor area set aside for yoga and other exercise, and a lushly landscaped garden with lounge areas and hammocks. Some units will be furnished.

"We're bringing a hospitality perspective," said Nazarian, who built an empire on over-the-top decor starting with a series of nightclubs more than a decade ago. His Hollywood haunts such as Hyde Lounge and Shelter lured young celebrities and became prime hunting grounds for the paparazzi.

He moved on to managing restaurants, including Gladstones in Pacific Palisades, and opened his first inn, the SLS Hotel at Beverly Hills, in 2008. His company now has an SLS hotel in the South Beach area of Miami Beach and others planned in New York, Seattle and China. An SLS hotel and casino is set to open in Las Vegas this year, and an SLS hotel and condominium complex is slated to open in Miami in 2015.
Nazarian's knack for pleasing the sensibilities of the Millennial generation with what he has called "a cross between playfulness and sophistication" will now be tested on apartments. Most complexes, according to his development partner Behzad Souferian, tend to follow formulaic conventions.

"They are too predictable. You know what you are going to get before you walk in," Souferian said. "Our mandate is to do this with more of a boutique feeling."

Nazarian, who put 177 styles of chairs in his hotel on La Cienega Boulevard, vowed to rein himself in a bit at the Camden. For the look of an apartment building, "timelessness is important," he said, "unlike in hospitality, which needs to be edgy."

Born in Tehran, the 38-year-old entrepreneur immigrated to the United States after the 1979 Iranian revolution. He founded a telecommunications business in 1998 and started investing in real estate in 1999. He controls more than 80 commercial properties that are open or in development.
The seven-story Camden will have neighborhood-serving retail outlets at the ground floor when it opens in 2016, said Brosseau of Camden Property Trust. It will have two super-graphic outdoor advertising signs, including one on the roof. Rents will range from $2,000 to $4,000 a month.
Camden is also building a large apartment complex in Glendale.

With an improving economy, "the Los Angeles region is one of the best in the country for rental housing going forward for the next three to five years," Chief Executive Richard Campo said. "We think it's one of the best places to put the Camden flag down."

roger.vincent@latimes.com
Twitter: @rogervincent

Copyright © 2014, Los Angeles Times

http://www.latimes.com/business/la-fi-property-report-20140102,0,7534416.story#ixzz2pjmMocsd

Contemporary Kitchen Cabinets

Contemporary kitchen cabinets are generally composed of minimal ornamentation and flat surfaces. The cabinetry style is intentionally non-traditional, avoiding decorative moldings in favor of simplicity and function.

This black and white kitchen features contemporary cabinets by ALNO, AG. [+] More Pictures

Historic Influences: Contemporary kitchen designs date from the 1940s to the present, and trace many of their stylistic origins in Europe.

      

Elements of Style: For a clean and spacious look, contemporary kitchen design typically avoids excess ornamentation. Crown molding, wood carvings, and raised panel door styles are almost never used. Small spaces can be made to feel bigger if there is less visual stimulation. Therefore the relatively flat surfaces found in contemporary kitchens can be of benefit to smaller modern homes.

Materials: Most materials in contemporary kitchen designs are man-made, including metal, plastic, concrete, glass, and recycled goods. While these man-made materials can often feel cold and sterile, many designers like to incorporate natural elements such as wood veneer and natural stone to bring some warmth back into the room. Simple decorations such as a potted plant or a bowl of fruit can also give your kitchen a more natural ambiance.

      

Color Schemes: Many contemporary kitchens have monochromatic color schemes, featuring various combinations of black, white, and gray. These kitchens tend to look very modern and sharp. Some contemporary designs, however, incorporate unique colors or exotic wood in order to create a visual impact and showcase the homeowner's favorite materials or hues.

Kitchen Design Photos: Below are some pictures of kitchens featuring contemporary cabinets. If you enjoy the beauty and simplicity of these kitchens, be sure to take a look at our galleries of European, Asian, and Modern kitchens as well. Enjoy the photos!

     

Read more: http://www.kitchen-design-ideas.org/contemporary-kitchen-cabinets.html#ixzz2iaPib6pn

How to Organize a Kitchen: 10 Tips & Ideas

Learning how to organize a kitchen not only ensures that your kitchen is consistently neat and tidy, but also helps to streamline kitchen activities. Regardless of whether you have just moved into a new house or want to improve the functionality of your current kitchen, we believe these tips will help.

One of the most popular ways to organize a kitchen is to start with a good drawer divider system. See more of this ALNO kitchen here.

1. Dispose of Clutter: Donate or discard anything that you are no longer using in the kitchen. You can hand it down to a relative, donate it to charity, or sell it on eBay or at a yard sale. While some of the cookware in your kitchen may have some sort of sentimental value to you, be sure to weigh how much you use it versus how much space it consumes. For example, when did you last use the cookie press? Is the melon baller gathering dust? Do you use all the gizmos in your kitchen? Getting rid of kitchenware that you no longer use will create space for the items you really use. If you want great de-cluttering ideas and inspiration, read Clutter's Last Stand by Don Aslett.

2. Go Shopping: If there is broken kitchenware, replace it with cookware that is functioning. For example, if the fry pan keeps scorching your delicate dishes, replace it with a non-stick fry pan. If you do not have the money to replace the kitchenware, include it in your birthday or anniversary request list.

3. Sort Smarter: Keep utensils that are frequently used in an area that can easily be reached. For instance, you can have a cupboard for keeping utensils that are rarely used and shelves for keeping cookware that is frequently utilized. Then again, if you lack enough room in your kitchen to build shelves and cabinets, rarely used items can be kept in an protective container in the garage.

A pull-out spice rack is a great way to keep your spices organized in one place.

4. Create Work Zones: Consider various centers of activities and keep related cookware close to one another. If you happen to be remodeling, consider building a pantry near the refrigerator to consolidate your food zones, adding a preparation area where meals are prepared before cooking, and a cooking area where the stove is to be placed with appropriate spices and utensils close by. Other zones to consider are a cleaning and waste disposal area as well as a baking and serving area. Creating these activity zones will streamline operations in your kitchen. Check out Blum Dynamic Space for more suggestions on ideal work zones, which are introduced in the video below:

5. Clear the Countertops: The kitchen counter is your main workspace. Do not forget to clean it in addition to removing clutter from it. How often do you use the appliances currently taking up space on the countertop? Is the mixer, toaster oven, rice cooker, or juicer collecting dust? If you any of your countertop appliances infrequently, consider storing them in a nearby cabinet instead to be pulled out when needed. 

Save counter space by storing your stand mixer in a base cabinet. This one is built onto a mechanized cabinet lift for frequent access.

6. Organize Shopping Lists: For couples and families, keeping a consistent place for a shopping list is very helpful, so that anyone can mark the things that you do not have in your kitchen. Also, maintaining a separate list of supplies you like to store your kitchen will help you in ensuring that your kitchen is always stocked. Maintaining this supply list aids you in buying what is necessary for your kitchen, thus avoiding impulse buying.

7. Setup a Workstation: Do you use your kitchen when sending mail or helping your kids with homework? Do you find yourself reading the morning newspaper in the kitchen? If you find yourself using the kitchen for other activities besides cooking, make sure that there is a tidy location within your kitchen where you can sit and read a book or help your child with their homework. See this gallery of Kitchen Desks on Pinterest for more inspiration.

An increasing number of families now use the kitchen for everyday tasks, from checking email to doing homework. If you plan to have a desk in your kitchen, be sure to keep it tidy. See more pictures of this kitchen.

8. Get a Tune Up: Your kitchen will not be at its optimum if there are broken or damaged components, such as leaking faucets or partially clogged drains. If something is broken in your kitchen, make a point of replacing or fixing it as soon as possible.

9. Sort by Frequency of Use: Ideally, an efficient kitchen basically boils down to having what you need at your fingertips. If there are items that you use on a frequent basis, you can keep them close to the area where they are most used, while lesser-used items should be placed in harder-to-reach areas.

10. Keep Tidy Habits: Finally, do not forget to clean the kitchen as you work. Once you are through with a pan, have it cleaned and stored away. This is the most productive habit to maintain. Cleaning as you work ensures that clutter does not pile up to unmanageable sizes in the kitchen.

Read more: http://www.kitchen-design-ideas.org/how-to-organize-a-kitchen.html#ixzz2hvIZeqZL

Luxury Kitchen Designs

Luxury Kitchen Design: Today's expensive homes are only as luxurious as the kitchens they contain. Luxury kitchens call for extraordinary details along with the use of rich materials and colors. Scroll down to see the complete gallery below.

Everything about this kitchen exudes elegance, with its the high coffered ceilings, antique white cabinets, decorative stained glass, and a contrasting wood island topped with gracefully shaped granite.

Ultimate Investment: As the most valuable room in any house, a luxury kitchen adds tremendous worth to a home. Unlike an expensive car, which can depreciate quickly, an expensive kitchen is an investment that creates value over a longer period of time.

Price Points: In my experience in the kitchen remodeling industry, I'm convinced that the old adage "You get what you pay for" holds true when it comes to building kitchens. Luxury appliances and expensive kitchen cabinets will last much longer and retain their value far better than mid-range and low-end options. I've seen mid-level cabinetry crumbling and falling off the walls after only 10-15 years. Cheap import cabinetry may "look" luxurious today but will end up in a dump in a very short time. Your best bet is to buy it right the first time. Considering a luxury kitchen design is a great place to start. A luxury kitchen can cost you anywhere from $30,000- $60,000.

Luxury Kitchen Cabinets: Cabinetry is the largest and most important investment in any kitchen remodel. Luxury kitchen cabinets often feature high-end American woods like Cherry and Walnut with rich, dark stains. Exotic woods such as Sapele Mahogany or Brazilian Cherry can take it to another level. Specialty painted and glazed finishes can also make for a luxurious kitchen. For a downright opulent look, some cabinet finishers use gold leaf to accent cabinetry details. High-end kitchens often feature flush inset, frameless, or beaded inset cabinets with deluxe undermount soft-closing drawers.

Luxury Appliances: To create a beautiful focal point in the room, an artfully crafted wood hood makes a stunning design statement. For extra elegance, luxury appliances can be framed in with decorative carved posts or fluted columns. Occasionally the appliances themselves are panelized with wood. Luxury kitchen sinks can be crafted of heavy gauge stainless steel, polished or hammered copper, or even marble or granite.

         

                





Read more: http://www.kitchen-design-ideas.org/luxury-kitchen-design.html#ixzz2ecWoLHcF