Real Estate By BK

Charlotte, NC
For sale: $149,900
Address: 8933 Holland Park Ln.

A three-bedroom home in Charlotte’s prestigious Ballantyne area. Photo: Zillow

With major financial institutions such as Bank of America and Wachovia calling Charlotte home, the city has been a longtime hub of relocation activity, which could in turn help relocation sales. Despite home values declining 6.8 percent year over year, the city has modest growth in home values since last quarter, and median Charlotte home values remain affordable at $125,600.

This 3-bedroom, 2.5-bath home on the Charlotte real estate market is located in Southampton Commons in south Charlotte’s prestigious Ballantyne area. The home has an open-concept floor plan and features a large great room with gas fireplace, master bedroom with en suite bathroom, and one-car garage. Amenities at Southampton Commons include a pool, clubhouse, playground, sitting parks, and nature trails.

Houston, TX
For sale: $150,000
Address: 11957 Chanteloup Drive

The three-bedroom Houston home was built in 2005. Photo: Zillow

According to 2010 Census data, Houston grew 7.5 percent, up to a population of 2.1 million, to sit secure in its spot as the fourth-largest city in the U.S. The Houston housing market held to positive territory as 2012 began, with January marking the eighth consecutive month of increased home sales. Median home values in Houston have settled at around $159,000.

For $150,000, this 3-bedroom, 2.5-bath Houston home for sale could be yours. Built in 2005, the one-of-a-kind home has been fully customized and upgraded with features such as cherry hardwood floors throughout, high-efficiency insulation, granite slab showers and a covered dream patio. Current low mortgage rates make this home’s monthly payment around $550 with a 20 percent down payment and 30-year-fixed mortgage.

Atlanta, GA
For sale: $145,000
Address: 2399 Paul Ave NW

A three-bedroom bungalow in suburban Atlanta. Photo: Zillow

While the sprawling metro is still a major hub for the south, the economy has dropped prices of Atlanta single-family homes12.8 percent compared with a year earlier. Still an attractive city to musicians and millionaires alike, it’s possible to snag a prime piece of Atlanta real estate for a steal.

While A-listers and music stars have multi-million-dollar mansions and condos in downtown Atlanta, you can pick up a relatively new home on the more suburban Riverside real estate market for under $150,000. This 3-bedroom, 2-bath bungalow was built in 2003 and features finished hardwoods, vaulted ceilings, a large dining area, and large front porch with unobstructed views.

Nashville, TN
For sale: $151,990
Address: 4005 Alicia Ln, Antioch, TN

This brick home includes four bedrooms and 2,224 square feet. Photo: Zillow

The Nashville housing market saw improved job growth and inventory levels during the fourth quarter, which shows positive signs for 2012. Analysts are attributing low mortgage rates and high rental costs to the list of factors that could end up driving potential buyers into the market this year. With the Nashville real estate market stabilizing, there are plenty of great deals on homes attracting more than just country music stars and pro athletes.

Located just 11 miles southeast of Nashville, in the small town of Antioch, is this smart and trimmed brick “Venice-style” home that offers 2,224 square feet of living space with 4 bedrooms and 3 bathrooms. Nine-foot ceilings, oversized bedrooms and an enormous open kitchen offers a comfortable sense of space.

Phoenix, AZ
Price: $144,900
Address: 3821 W Townley Ave.

This ranch-style Phoenix home has five bedrooms. Photo: Zillow

House sales in Phoenix have been rising for the 12th straight month on a year-over-year basis, and distressed real estate accounted for the smallest share of purchases since 2008. However, Phoenix led the 25 largest U.S. metropolitan areas with two-thirds of its mortgaged homes in negative equity at the end of the third quarter and steep discounts have lured investors and bargain hunters to Phoenix in hopes of capitalizing on the real estate overhang. Current Phoenix median home values are significantly below the national level, hovering around $119,000.

Priced just under the U.S. median home value, this 5-bedroom, 2.5-bath house recently took a $5,000 price cut. Built in 1965, the home has had numerous upgrades. The Phoenix home for sale is a ranch-style home and features an open floor plan, as well as a backyard pool for cooling off during those summer heat waves.

Check out the five states with the most homes in foreclosure:

5. New York
2011 foreclosure rate: 4.6%
December, 2011 unemployment: 8% (23rd highest)
Home price change (2006Q3-2011Q3): -13.6% (23rd largest decline)
Processing period: 445 days

New York’s processing period for foreclosures is 445 days — by far the longest among all states. This could explain why the state has such a high foreclosure rate for mortgaged homes. And although New York’s housing prices didn’t decline as much as in other states, the 13.6% decline since the third quarter of 2006 is still quite large. Moreover, home prices are forecast to decrease among the most in the country over the next year and drop nearly 6% by the third quarter of 2012.

4. Nevada
2011 foreclosure rate: 5.3%
December, 2011 unemployment: 12.6% (the highest)
Home price change (2006Q3-2011Q3): -59.3% (the largest decline)
Processing period: 116 days

For Nevada, things aren’t going well. Its already dismal economy and housing situation are still getting worse. Nevada didn’t experience a glut of foreclosures last year because the state has a particularly lengthy foreclosure process. Between the third quarter of 2006 and the third quarter of 2011, the median home value in the state tumbled by nearly 60%. By the third quarter of this year, Fiserv-Case Shiller projects home prices will fall an additional 13.9% — by far the worst drop in the country. Nevada has the worst unemployment rate in the country, at 12.6%, and 13.4% of mortgage owners were delinquent on payments for 90 days or more last year.

3. Illinois
2011 foreclosure rate: 5.4%
December, 2011 unemployment: 9.8% (7th highest)
Home price change (2006Q3-2011Q3): -29% (7th largest decline)
Processing period: 300 days

Home prices in Illinois have dropped 29% from the third quarter of 2006 — one of the largest declines in the country. It also takes 300 days to process foreclosures in the state. And Illinois residents are not lining up to pay off their mortgages either. The state’s 90+ day delinquency rate for mortgage payments is 9.2%, the fourth highest in the country.

2. New Jersey
2011 foreclosure rate: 6.4%
December, 2011 unemployment: 9% (13th highest)
Home price change (2006Q3-2011Q3): -22.6% (14th largest decline)
Processing period: 270 days

New Jersey has one of the longest foreclosure processing periods in the country at 270 days. The state also has a 90+ day delinquency rate of 10.6%, which is the third highest rate in the country. On top of this, the state’s housing market is not expected to rebound for some time. In fact, home prices are forecast to decrease an additional 3.9% by the third quarter of 2012.

1. Florida
2011 foreclosure rate: 11.9%
December, 2011 unemployment: 9.9% (6th highest)
Home price change (2006Q3-2011Q3): -49% (3rd largest decline)
Processing period: 135 days

A forlorn home in Spring Hill, FL. Photo: Flickr | Richard Elzey

Florida’s 2011 foreclosure rate for mortgaged homes is not only the highest in the country, but it is almost twice that of New Jersey — the state with the second-highest rate. As with many other states on this list, Florida has a very long foreclosure processing period of 135 days. There is more to the state’s high foreclosure rate than just that, however. Home prices dropped 49% since the third quarter of 2006, which is the third-largest drop in the country. The state’s unemployment rate of 9.9% is among the highest as well. Finally, the state’s mortgage payment delinquency rate is 17.4% — the nation’s absolute highest.

Après-Ski Spa
Location: Aspen, CO
Listing price: $25 million

The European-style home overlooks the Rocky Mountains. Photo: Zillow

Unwind after a few downhill runs in a retreat home only six miles from the slopes. The European-style home features a deep, free-standing tub facing the Rocky Mountains and the city below. Sitting on 4.13 acres, the Aspen estate also has a dramatic infinity-edged pool and outdoor living spaces for when the snow melts.

Glass-Walled Dip
Location: Santa Barbara, CA
Listing price: $19.95 million

This glass-walled bathroom is not for the shy. Photo: Zillow

For those who don’t mind being part of the scenery, the bathroom in this Montecito home for sale may be appealing. Like the rest of this modern home, the bathroom walls are all glass with views of the surrounding lawn. The listing agent of the Glass Pavilion claims the property is private, but the bathtub’s location may test the comfort level of any shy bather.

Marble Bath
Location: Naples, FL
Listing price: $21.5 million

The marble tub sits in a house with 125 feet of beachfront. Photo: Zillow

Bathe as the Romans did, surrounded by marble tile in the tub in this house for sale in Naples. Situated on 0.8 acres, the property includes 125 feet of beachfront and membership to the prestigious Port Royal Club. Built in 2002, the home includes a recently updated audio/visual system with HVAC control and lighting control.

Stoneware Soak
Location: La Jolla, CA
Listing price: $14.99 million

The tub is just one over-the-top feature in this home. Photo: Zillow

Forget porcelain or ceramic. The stunning soaking tub (pictured at top) in this home is carved from solid granite and weighs one ton. Situated in the master suite, the tub is only a small sampling of this home’s luxury. From a hospital-grade air filtration system to a home theater with a 20-foot screen, nearly every fixture in this La Jolla home is over-the-top.

Heat it Up
Location: Bellingham, WA
Listing price: $1.695 million

A gas fireplace heats up this tub in the bedroom. Photo: Zillow

Forget about feeling chilly drafts when you’re in for the long soak. This Bellingham, WA home for sale has smartly situated a gas fireplace right next to the bathtub. What makes the setting even more inviting is that the soak area is part of the master bedroom, where the tub and gas fireplace combination makes for the ultimate winter retreat.

Jennifer Aniston and Justin Theroux
Location: Los Angeles
Price: $21 million
Beds / Baths: 4 / 6
Square Footage: 8,500

Aniston bought her $21 million home at a discount. House: Realtor.com | Couple: Getty Images

Jennifer Aniston recently continued the “Friends” alum real estate shuffle by buying a mid-century modern house in the Bel Air section of Los Angeles. The actress bought the house at a reduced price, as it originally listed for $24.9 million, according to Realtor.com. Apparently this home was her idea of simplifying, since that’s the reason she sold her last home for $38 million.

The new digs are situated on just under two acres, with glass walls to ocean and city views and a vineyard, koi pond and guest house. No information is available about Aniston’s actor boyfriend Justin Theroux’s level of involvement in the sale, but numerous reports say they are living together.

Robert Pattinson and Kristen Stewart
Location: Bel Air, Calif.
Price: $5.995 million
Beds / Baths: 5 / 5
Square Footage: 4,044

This home was rented last year by Pattinson and Stewart. House: Realtor.com | Couple: Getty Images

This modern house , which was rented by silver-screen pair and real-life couple Robert Pattinson and Kristen Stewart for several months last year, went on the market around the premiere of“Twilight: Breaking Dawn.”

With its Southern California location, its fabulous views of Canyon Reservoir, its abundance of natural light and its pool and patio, it’s easier to picture shirtless teen werewolves living here than sparkling vampires. Whatever their reasons or plans, the famously private couple continue to remain mum.

Jennifer Connelly and Paul Bettany
Location: New York
Price: $8.495 million
Beds / Baths: 3 / 4
Square Footage: 4,000

Connelly and Bettany put their TriBeCa penthouse on the market. House: Prudential Douglas Elliman Real Estate | Couple: Getty Images

Jennifer Connelly and Paul Bettany (both known for roles in “A Beautiful Mind”) were formerly the leading acting duo of Park Slope, Brooklyn, though when they defected to TriBeCa a few years back that title went to Maggie Gyllenhaal and Peter Sarsgaard. Now, the pair might be moving to another ‘hood again: They’ve just listed their TriBeCa penthouse.

It is situated atop a building built in 1890 and converted to 14 co-ops in 1984, with original features like exposed brick walls and wooden box beams. Other highlights include a Hudson River view and a chef’s kitchen with Viking appliances and a subway-tiled white backsplash. The sizable roof terrace covers about 1,380 square feet, and there’s a glass-enclosed sunroom accessible from the library/media room.

Gabrielle Reece and Laird Hamilton
Location: Haiku, Hawaii
Price: $2.79 million
Beds / Baths: 4 / 4
Square Footage: 6,400

The home’s entire first floor is a gym, befitting a sports couple. House: Realtor.com | Couple: Getty Images

This property is the most sporting of the collection. Volleyball star and model Gabrielle Reece and her pro surfer husband Laird Hamilton recently offered for sale their Hawaiian getaway on nearly 10 acres. (It is now off the market.) The entire first floor is a gym. Hamilton chose this home as a training base for its proximity to Jaws, a famous surf break.

As for the more relaxing times when they’re not exercising or training, there’s a 1,000-square-foot canopied wrap-around lanai to make use of outdoor space despite trade-wind showers, as well as a million-gallon fish pond and a natural swimming pool with waterslide that’s supplemented by waterfalls.

Khloe Kardashian and Lamar Odom
Location: Dallas
Price: $7,500 / month
Beds / Baths: 2 / 2

The reality TV stars are biding their time at the W Hotel. House: Realtor.com | Couple: Getty Images

The socialite from the inescapable Kardashian clan and the NBA player for the Dallas Mavericks recently settled into the W Dallas Victory Hotel and Residences. As the Realtor blog points out, Odom might not stay with the team for the long term, hence the rental.

The spacious condo features slate flooring, Miele appliances in the kitchen, mother-of-pearl tiles in the bath and a pool table. Being part of the W hotel, residents have access to its fitness centers, Bliss spa, infinity pool and a “Whatever Whenever” concierge service.

David Calvert | Bloomberg | Getty Images

Anyone with any cash in hand should be buying a house right now.

That’s what any real estate agent will tell you, obviously, but that’s also what many investors now believe.

Unfortunately, the potential home-buying public…isn’t buying it.

January’s consumer confidence report found a drop in the number of Americans who plan to buy a home in the next six months. If, however, you take out the confidence issue, the fundamentals for buying are strong:

Home prices nationally are down 33 percent from their bubble peak, according to the latest S&P/Case-Shiller report, mortgage rates are hovering near record lows, and housing supply, while falling, is still historically high. In other words, it’s more of a buyer’s market than it’s ever been.

And yet the home ownership rate continues to fall, and rental demand, occupancies and rates continue to rise.

“Federal plans to sell real estate owned properties to investors might provide some relief, but rental value growth is still likely to hit 3 percent this year and average rental yields may rise to around 5.5 percent,” wrote Paul Diggle of Capital Economics, who believes the downturn in homeownership may still have further to run.

Mortgages

30 yr fixed 3.85% 3.91% 30 yr fixed jumbo 4.36% 4.44% 15 yr fixed 3.17% 3.31% 15 yr fixed jumbo 3.63% 3.77% 5/1 ARM 2.85% 3.15% 5/1 jumbo ARM 3.02% 3.21%

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Both Diggle and Standard and Poors’ David Blitzer cite still tight credit as the major obstacle to housing demand. Rates are low, but to get those rates you need a significant down payment. The low down payment route, the FHA, has raised fees and premiums, which for some are a barrier to entry. A full third of the market is now all-cash.

“We have to get the demand up, we have to tighten the supply a little bit before we will see any shift in prices and we haven’t seen that,” said Blitzer in an interview on CNBC. But how do you tighten supply of foreclosed homes in neighborhoods that are so empty that the homes are deemed “unsellable.” Blitzer made an interesting observation:

“Periodically in studies of urban renewal, people come up with arguments that, take such and such a neighborhood, level it, fence it off for the next fifteen years until we need the land and then come back in,” said Blitzer. “That’s in effect what’s going to happen to some of these areas.”

5. Rochester, N.Y.
One-year change in home prices: 7.1%
Median home price: $114,900
Change in price since peak: 6.7%
Unemployment rate: 6.7%
Foreclosure rate: 1 of every 2,220 housing units (0.05%)

Home prices rose 7.1% in Rochester over the past year.

Rochester, headquarters of flailing Kodak, is another of those well-kept secrets of upstate New York. Or, as one local real estate agent says, “It gets a bad rap for the lagging upstate economy, job layoffs and snow, but once people come, they don’t want to leave.”

Sales rose during the past year, inventory fell to 4.5 months supply — balanced between buyers and sellers — and home prices grew more during that time than they did in the six years since the local housing market’s peak. Unemployment is relatively low, and foreclosures are hard to find.

4. Utica-Rome, N.Y.
One-year change in home prices: 8.8%
Median home price: $94,700
Change in price since peak: 16.2%
Unemployment rate: 7.1%
Foreclosure rate: 1 of every 9,757 housing units (0.01%)

Avoiding the housing bubble has helped Utica’s home prices stay strong. Photo: Saffron Blaze

While the national housing market ran like the hare, Utica (and most of upstate New York) plugged along like the tortoise, with slow and steady home-price increases and no lending or speculative bubble. Its rate of foreclosure is minuscule, and unemployment stands below the national average. Prices have seen a bump up in the past year along with increased sales.

3. Ann Arbor, Mich.
One-year change in home prices: 9.4%
Median home price: $185,000
Change in price since peak: -28.6%
Unemployment rate: 5.7%
Foreclosure rate: 1 of every 196 housing units (0.51%)

Ann Arbor is aided by the lowest unemployment rate in Michigan. Photo: Andrew Horne

It’s all good in Ann Arbor, which boasts the lowest rate of unemployment and the highest per capita income in Michigan. It also has a moderate rate of foreclosure and an accumulation of “best city” accolades.

Sales have been stable, single-family homes have been selling fast (71 days on the market in November), and the months’ supply of homes is at the high end of balanced between buyer and seller.

2. Bridgeport-Stamford, Conn.
One-year change in home prices: 10.0%
Median home price: $497,500
Change in price since peak: -56.9%
Unemployment rate: 7.8%
Foreclosure rate: 1 of every 502 housing units (0.20%)

Fairfield County remains a relative bargain since its peak. Photo: Amol Gaitonde

Even though the median home price here approaches $500,000, that’s less than half of the price at the peak. And that counts as vastly improved affordability for the residents of tony Fairfield County, home to investment management companies and hedge funds, where the median household income is nearly $80,000.

Sales through June 2011 were up by about one-fifth from the year earlier, before falling somewhat in the traditionally slower fall months, and inventory stands at about eight months’ supply, still a buyer’s market. The rate of foreclosure is low, but job growth needs to improve to shore up buyer confidence and demand.

1. Cape Coral-Ft. Myers, Fla.
One-year change in home prices: 12.1%
Median home price: $100,000
Change in price since peak: -63.4%
Unemployment rate: 10.7%
Foreclosure rate: 1 of every 92 housing units (1.09%)

Sales vary greatly in the Cape Coral region. Photo: Euku at en.wikipedia

Cape Coral epitomized the housing boom and bust, so it’s a shocker to see it rank first among cities where prices have risen most. That’s especially true given that the rates of unemployment and foreclosure remain high and distressed properties still constitute half of all sales in the metro area, which ordinarily would exert downward pressure on demand and prices.

Sales in this appealing area, with its 400 miles of waterways and access to the Gulf of Mexico beaches, islands and fishing grounds, are steady (and traditionally rise with the arrival of winter snowbirds). The region has just four months’ supply of homes for sale, but that figure varies greatly by locale and property type (for example, from less than a month’s supply of single-family homes in Lehigh Acres to a year’s supply of condos in Ft. Myers Beach).