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

Where Buyers are Picking Up Housing Bargains

Smart investors in all parts of the country are picking up fabulous housing bargains.

Bill Leon, president of Florida’s Broward (County) Real Estate Investors Association, has been buying and selling investment property for years, but he thinks today’s deals are unprecedented. “People are afraid not to sell because they don’t know where the bottom of the market is,” he says.

David Dweck, a hard-money lender, believes the best buys are in what he calls “workforce housing,” aging bungalows on small lots. They are selling for as little as 10 cents on the dollar compared to what they were going for in 2006, he says, then fixed up and resold or rented quickly.

“People have been beaten down by fear, negativity, constant media bombardment,” says Dweck. “There is a silver lining. The future looks bright.”

Sheresa Pompay, an associate with Hunt Real Estate ERA in Chandler, Ariz., says bad publicity is good for real estate investors. “I love the people who read about all the gloom and doom, because they stay on the sidelines and go, ‘It hasn’t hit bottom.’ Whatever. By the time everyone jumps back in, we’ll be out and doing something else.”

Fortune magazine predicts that these will be the 10 worst-performing real-estate markets – and the best places for finding bargains – in 2009:

Los Angeles, down -24.9 percent
Stockton, Calif., -24.7 percent
Riverside, Calif. -23.3 percent
Miami-Miami Beach, -22.8 percent
Sacramento, -22.2 percent
Santa Ana-Anaheim, Calif., -22 percent
Fresno, Calif., -21.6 percent
San Diego, Calif., 21.1 percent
Bakersfield, Calif., -20.9 percent
Washington, D.C., -19.9 percent

Source: Fortune, David Whitford

* Take note, owner occupant buyers- don’t let fear keep you from getting in the game!

Big-City Home Prices Are Faring Well

America’s largest downtowns have become some of the best places to hide during the housing downturn. Here’s a rundown of home-pricing trends in the central core of a sampling of the country’s largest cities:

  • Chicago The city’s prized Gold Coast neighborhood had record sales prices in the last year, but bargains abound in the city’s periphery. In Bronzeville, a gentrifying community, prices have dropped to as low as $85,000. Chicago’s desirable North Shore suburbs are continuing to do well: Prices are up, though sales volume has declined.
  • New York Manhattan neighborhoods like SoHo, the Lower East Side, Greenwich Village and the Upper West Side are all up in the last year. Brooklyn is also holding up well. Meanwhile, sales in New Jersey and Connecticut commuter suburbs are down 8 percent from the peak in mid-2006.
  • Boston Prices in the core part of the city are flat or slightly higher over the past year, though sales are taking longer. However, Condo prices in suburban Brookline, one of the most desirable neighborhoods, are down about 7 percent. City neighborhoods like Jamaica Plain and West Roxbury are up about the same amount.
  • San Francisco Prices are up strongly in the city’s favorite neighborhoods, including the Financial District, Telegraph Hill and Russian Hill. Distant suburbs have weakened. Sales in Alameda and Contra Costa, across San Francisco Bay, are down 18 percent and 27 percent respectively.
  • Los Angeles Without an active downtown residential core, L.A. is an anomaly, Riverside and San Bernardino counties are down sharply. Lower-priced homes in Palm Springs have lost about 24 percent of their value. Less-affluent cities like Ontario and Chino are down between 15 per cent and 31 percent. But prices are up in posh areas like Brentwood, Westwood, and the Hollywood Hills

Source: The Wall Street Journal, Jeff D. Opdyke 05/20/