Frank Lloyd Wright’s famed Ennis House to be sold

The 6,000-square-foot Los Angeles estate is being sold by the Ennis House Foundation, which recently completed the initial phase of a stabilization and restoration project following years of decay and damage from earthquakes and torrential rains. In March 2005, it was placed on the National Trust for Historic Preservation‘s most-endangered list.

Asking price $15million!!!

http://news.yahoo.com/s/nm/20090619/stage_nm/us_lloydwright

Foreclosure Plan Doesn’t Reach Everyone

Not everyone was a winner under the program to help troubled homeowners announced Wednesday by the Obama administration.

The refinancing plan does nothing for people whose mortgages have dropped substantially in value because it’s limited to borrowers who owe no more than 5 percent more than their home’s current value. Borrowers who are severely underwater don’t qualify.

It also won’t help borrowers whose main breadwinner has lost a job or those who are drowning in other debts on top of their mortgages.

The ineligible borrowers are concentrated in California, Florida, Nevada and Arizona, but are also in the Midwest, particularly in Detroit.

“This is not going to save every person’s home,” said Robert Gibbs, the White House press secretary. “The plan is not intended to … augment somebody’s loan for a house that they couldn’t afford under any economic situation, good or bad.”

Source: The Associated Press, Alan Zibel 

10 Cities Boasting Mini Sales Booms

Some cities that were hardest hit by the real downturn are experiencing mini sales booms.Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.

Motivated buyers accounted for 64 percent of Las Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest rate in the country.

“There’s a pretty active housing market, it’s simply at a lower-priced inventory,” says Michael Feder, chief executive of Radar Logic. “And there are now bidding wars taking place over homes in foreclosure.”

Phoenix and San Diego are reporting similar experiences.

“We’re clearing out the bad news,” says Kiva Patten, a director at Merrill Lynch specializing in housing derivatives.

“By the end of 2010 – that’s where we’re calling the bottom in the forward market. You’re going to get a small price appreciation in 2011,” says Patten. “It’s not like the turn is 10 percent per year, it’ll be something like 3 percent or 4 percent.”

Here are the cities where experts say it makes the most sense to buy now.

  1. Las Vegas
  2. Sacramento, Calif.
  3. San Diego, Calif.
  4. Los Angeles
  5. Detroit
  6. Phoenix
  7. San Francisco
  8. Washington, D.C.
  9. San Jose
  10. Atlanta

Source: Forbes, Matt Woolsey

 

Business Picks Up Where Prices Have Tumbled

Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say.

The housing market in deflated markets–like Arizona, California, Florida, and Nebraska–are beginning to show signs of a rebound. Analysts say that prices have fallen to the point that those with average salaries can afford to buy once again.

“The buyers are returning,” says Lawrence Yun, National Association of Realtors chief economist. “And in such a strong way that, now, we are hearing in some cases there is multiple bidding, which hints that maybe pricing is reaching a bottom point. But inventory remains high.”

In California’s San Joaquin County, sales in September and October reached sales levels about equal to business at the height of the boom in 2005, says DataQuick, which provides property data.

But new buyers are primarily first-timers and investors looking to cash in. Local practitioners say the buyers are primarily local residents who have cash to spend.

“It’s the couple down the street that has a nice nest egg and who wants to put it into something that will give them a good return,” says Bev Marlow, head of the Central Valley Association of REALTORS®.

Source: The Christian Science Monitor, Ben Arnoldy

NACA: Save The Dream

NACA
NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA
WWW.NACA.COM
Bruce Marks
CEOHeadquarters:
Boston, MA
(888.) 297-5568OFFICES:

ATLANTA, GA
      (404) 377-4545 AUGUSTA, GA
      (706) 855-7464 BALTIMORE, MD
      (410) 783-0465 BIRMINGHAM, AL
      (205) 942-8111 BOSTON, MA
      (617) 250-6244 BUFFALO, NY
      (716) 834-6222 CHARLESTON, SC
      (843) 556-0497 CHARLOTTE, NC
      (704) 536-7676 CHICAGO, IL
      (773) 723-6222 CLEVELAND, OH
      (888.) 297-5568 COLUMBIA, SC
      (803) 255-0223 DALLAS, TX
      (972) 283-1171 DENVER, CO
      (303) 217-7015 HOUSTON, TX
      (713) 706-3400 JACKSON, M S
      (601) 922-4008 JACKSONVILLE, FL
      (904) 306-9272 KANSAS CITY, MO
      (816) 531-6222 LAS VEGAS, NV
      (702) 562-4387 LAWRENCE, MA
      (978.) 687-3993 LITTLE ROCK, AR
      (501) 687-2960 LOS ANGELES, CA
      (310) 412-2600 MEMPHIS, TN
      (901) 348-0115 MILWAUKEE, WI
      (414) 442-6222 NASHVILLE, TN
      (615) 783-1696 NEW HAVEN, CT
      (203) 562-6220 NEW ORLEANS, LA
      (504) 482-3000 NEWARK, NJ
      (973) 679-2601 OAKLAND, CA
      (510) 652-6622 PHIL ADELPHIA, PA
      (888.) 297-5568 PHOENIX, AZ
      (602) 383-3744 RALEIGH, NC
      (919) 855-8484 SAN ANTONIO, TX
      (210) 826-2828 SPRINGFIELD, MA
      (413) 788-6220 ST LOUIS, MO
      (314) 645-8333 TAMPA, FL
      (813) 287-5051 WASHINGTON, DC
      (202) 328-6333
Dear NACA Member,WE NEED YOUR PARTICIPATION!We are having a historic event in Washington D.C. called “Save the Dream” to counsel and provide affordable solutions for thousands of homeowners with an unafforable mortgage payment. This will take place from Saturday July 19th through Wednesday July 23rd at the Capital Hilton Hotel (Its Free). We are closing all of our local offices from July 18th through July 23rd for all staff and volunteers to participate.

While we have successfully restructured mortgages to reduce interest rates to 5% and less for thousands of homeowners with major lenders, we need to advocate against others to achieve similar solutions. This will include the homeowners meeting with their Congressmen, Senators and regulators to get them to advocate for the homeowners. We will hold these lenders accountable and push them to accept the NACA affordable solution for at-risk homeowners.

YOUR PARTICIPATION IS EXTREMELY IMPORTANT. We need the particpation of all NACA Members throughout the country even if you live far from Washington D.C. Here is how you can help:

For materials and to participate please contact NACA 1-888-302-NACA (6222) select option 1 or email at homesave@naca.com. Please encourage as many people as possbile to particpate in this Save The Dream Event. While attending will be the best opportunity to achieve a longterm affordable mortgage solution, at-risk homeowners can call in during the event to begin the process: call 1-888-302-6222. Over the five days NACA will assist thousands of homeowners. Participants should make an appointment on our website at www.naca.com or by clicking here (walk-ins are welcome but may need to wait). We expect to get solutions the same day for many participants.

Your active participation allows us to provide all of our services for free and to achieve incredible results. We look forward to your active participation.

Sincerely,

Bruce Marks
CEO

P.S. If you have concerns about our services, please contact our call center and speak to a counselor at 1-888-302-6222 from 8:30 a.m. to 9:00 p.m. eastern time.

Midcentury Modern Homes Are Hot

Homes built in the midcentury modern style continue to fetch ever-increasing prices from preservationists and others who love their rich woods and minimalist design.

The Kaufmann Housein Palm Springs, Calif., designed by Richard Neutra in 1946, brought $16.8 million with commission last week at a Christie’s auction.

Marc Porter, Christie’s president in America, said the buyer, whom he declined to name, exercised an option to purchase an orchard adjacent to the property for an additional $2.1 million that includes three cacti that were a present from Frank Lloyd Wright to original owner Edgar Kaufmann, Pittsburgh department store magnate, on his first visit to the home.

The 1960 Esherick Housein Chestnut Hill, Pa. — one of the few private residences designed by the influential Louis Kahn — is part of a contemporary-design auction on May 18 at Richard Wright in Chicago. It is expected to bring $2 million or $3 million.

Many of these homes aren’t very livable. For instance, the Esherick House has only one bedroom and the kitchen. The five-bedroom Kaufmann House comes with restrictions that bar its new owner from making any structural changes.

Source: The New York Times, Carol Vogen (05/14/), and Newsweek, Cathleen McGuigan (05/19/)

Nia Fact: I love midcentury modern- and am a collector of the furniture….however looking at the price tag of these homes, I may need to find a new hobby.

Squatters Get Comfy in Abandoned Houses

Squatters are moving into foreclosed homes and posing as tenants so they can live in comfort until the bank either goes through the eviction process or bribes them to leave.

In a process known as “cash for key,” the squatters call the bank and boldly ask for money in order to move.

“There are people who move in and know exactly who to contact and say, ‘If you want this house, why don’t you come out here and offer me cash,'” says Detective Erin Camphouse of the Los Angeles Police Department’s Real Estate Fraud Unit.

“It’s just cheaper for the banks to do that rather than going into the courts,” she says. “The squatters are getting sophisticated and turning it on these banks who own the properties.”

California real-estate practitioner Steve Smallson says he finds about three squatting cases a month, compared to none all of last year, in his region of Woodland Hills, a middle-class district of Los Angeles. That includes a case in April involving a foreclosed home worth $1 million where police were called after neighbors reported squatters filming pornography in the house.

Source: Reuters News, Jason Szep (0518/)