The Real Estate Buzz

THE REAL ESTATE BUZZ!!



There’s something in the air. Have you noticed it? Downtown is busier, restaurants are crowded and retail sales are up. The same is true in the real estate market. Pending home sales improved in December, marking the fifth gain in the past six months. New home sales are up 17.5 % nationwide according to the Department of Housing and Urban Development.

Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), credits this upswing to affordability, favorable mortgage rates and an improving economy. Yun predicts, “The positive trend is likely to continue in 2011. Current activity suggests a sustainable, healthy volume of a mid-5 million in total home sales for this year.”

Our local market is reflecting this upswing. Builders are starting to build in preparation for sales at higher prices in the year to come. Inflation is a concern that drives some to buy now. By the end of February, more homes will come on the market. The spring season of March, April and May are traditionally very active. Now may be the time to evaluate your options and capitalize on the spring market.

JUST ASKQ: What are the new trends in remodeling?
A: Since December, there has been an upswing in remodeling nationwide according to the National Association of the Remodeling Industry (NARI). The cost of a remodel is running about 10 to 15% less than two years ago. In general, NARI reports that the project size is smaller.

Instead of expanding your home, consider borrowing space from oversized rooms. Instead of building a wine room, install a wine storage appliance. Instead creating a separate home theater in the basement, avoid the cost of expensive electronics and make a multipurpose room. I wonder whether the phase of bigger homes, bigger basements and bigger toys is ending or just slowing. Many clients say that they do not use those extra rooms. Let me know what you think.

MY TOWN

The National Restaurant Association's What's Hot in 2011 survey of more than 1,500 professional chefs revealed that local sourcing, healthy children's meals, sustainable seafood, and gluten-free cuisine will be among the hottest trends on restaurant menus in 2011. 30% of those surveyed said that pop-up restaurants will be the hottest trend in 2011.

Pop-up restaurants have been gaining notoriety in the world of “foodies” and mainstream America is starting to take notice. Rather than taking on the burden of a long term lease, a pop-up restaurant allows established, known chefs to temporarily rent space in a bakery or small restaurant and offer meals only at certain times. Bakeries and delis by day are transformed into high-end restaurants by night.
Ludo Levebre, one of the founders of this movement, earned Mobile Travel Guide Five Star awards at two of Los Angeles' most prestigious restaurants before opting for freedom. Chef Levebre’s website compares his traveling restaurant, LudoBites, to a band: “Like a club band we have been touring locally…and playing different parts of Los Angeles.”

Go online to find a pop-up restaurant near you. Search for: "pop up restaurants in (your city here) 2011," and peruse the options. Let me know if you try out one of the hottest food trends of 2011.

FYI

Got any home improvement plans lined up for the New Year? The following online programs are free and offer a great way to design your home projects before you start:

•Autodesk Homestyler is created by the same company that makes AutoCAD architectural software. This robust, easy-to-use application lets you arrange and design your project by simply dragging and dropping elements such as windows and doors, furniture and appliances.

•Google Sketchup is a sophisticated software application that lets you build 3D models of your home. Online video tutorials will help you get started. Users can upload their creations to a shared database where you can peruse others’ works for inspiration.

•Ikea Planner lets you build a room and furnish it with Ikea products.

For minor upgrades such as new flooring and paint colors, try these online resources.

•With Colorjive you can upload a photo of the room you want and try on new color schemes. Adjust lighting conditions then process your image to obtain the color index numbers for Sherman Williams and Benjamin Moore paints.

•Daltile’s website lets you design your own project, select and arrange coordinating tiles, and tally up the final price of your project.

•Armstrong Flooring displays stock photos demonstrating a number of flooring options from laminates to hardwood