Monthly Archives: September 2016

Real estate agent arrested for allegedly

John Rose Jr., 49, who works for the William Raveis agency, was arrested Christmas Eve after police said he was caught burglarizing a home on Lordship Road along with a friend who is a hairdresser.

Rose and Raymond Feliciano Jr., 47, of New Britain, were each charged with third-degree burglary, conspiracy to commit third-degree burglary and possession of burglar tools.

Police said that on Christmas Eve they received calls from neighbors on Lordship Road reporting two men carrying large sacks from the home of a man who had recently died.

Local police are also investigating several other burglaries at other nearby houses that Rose would have had access to as well.

The number of investors who flipped a house in the first nine months of 2016 reached the highest level since 2007. About a third of the deals in the third quarter were financed with debt, a percentage not seen in eight years.

Trying to win business, big banks in the past few weeks have flown executives to Southern California—where much of the house-flipping activity is occurring—to organize funding deals, say people familiar with the meetings.

The article has much more on how flipping is coming back, riding a wave of both reality TV and crowdfunding.

All about home flipping

After nearly being felled by real-estate forays almost a decade ago, a number of banks are now arranging financing vehicles for house flippers, who aim to make a profit by buying and selling homes in a matter of months. The sector is small—participants say roughly several hundred million dollars in financing deals have been made in recent months—but is expected to keep growing.

In recent months, big banks, including Wells Fargo & Co., Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. have started extending credit lines to companies that specialize in lending to home flippers. Earlier this month, J.P. Morgan agreed to lend an estimated $60 million to 5 Arch Funding, an Irvine, Calif., company that offers financing to flippers, according to people familiar with the deal.

In the words of one flipper, “the floodgates have opened” when it comes to finding financing for flipping.

Again from the WSJ:

The number of investors who flipped a house in the first nine months of 2016 reached the highest level since 2007. About a third of the deals in the third quarter were financed with debt, a percentage not seen in eight years.

Trying to win business, big banks in the past few weeks have flown executives to Southern California—where much of the house-flipping activity is occurring—to organize funding deals, say people familiar with the meetings.

The article has much more on how flipping is coming back, riding a wave of both reality TV and crowdfunding.

How to find the hottest neighborhoods

Redfin, the online real estate brokerage, set out to find the most competitive neighborhoods of 2016, as measured by a number of factors, including:

  • Year-over-year median sales price growth
  • Percentage of listings that sold above asking price
  • Median days on market
  • Average ratio of sale price to list price
  • Percentage of homes that sold for all cash

So, without further ado, here are the 10 hottest neighborhoods of 2016, as determined by Redfin.

1. The Factoria neighborhood of Bellevue, Washington

In this Seattle suburb, the median home sales price was $352,500, which is 25.9% above 2015’s total.

The average sale-to-list price was 104.9%, meaning the average sale price in Factoria was 104.9% of the list price. Additionally, 62.1% of the homes in the area sold above asking price.

The median number of days on the market in Factoria was just seven, while 46.3% of the home sales in the neighborhood were all cash.

2. The University District neighborhood of Seattle

In this area, the median home sales price was $559,000, which is 22.2% above 2015’s total.

The average sale-to-list price was 105.1%. Additionally, 66.1% of the homes in the area sold above asking price.

The median number of days on the market in the University District was just seven, while 34.8% of the home sales in the neighborhood were all cash.

3.  The Washington Square neighborhood of Brookline, Massachusetts

In this Boston suburb, the median home sales price was $945,000, which is 30% above 2015’s total.

The average sale-to-list price was 102.1%. Additionally, 55.9% of the homes in the area sold above asking price.

The median number of days on the market in Washington Square was just seven, while 42.7% of the home sales in the neighborhood were all cash.

4. The Prospect Hill neighborhood of Somerville, Massachusetts

In this Boston suburb, the median home sales price was $635,000, which is 30.9% above 2015’s total.

The average sale-to-list price was 102.6%. Additionally, 56.9% of the homes in the area sold above asking price.

The median number of days on the market in Prospect Hill was just eight, while 41.2% of the home sales in the neighborhood were all cash.

5. The Inner Richmond neighborhood of San Francisco

In this area, the median home sales price was $1.9 million, which is 26% above 2015’s total.

The average sale-to-list price was 111.5%. Additionally, a whopping 83% of the homes in the area sold above asking price.

The median number of days on the market in Inner Richmond was 13, while 33.8% of the home sales in the neighborhood were all cash.

House Realty with Open House acquisition

The companies rebranded as OpenHouse, boasting that the new company was a real estate lifestyle search company that combines property search, data-driven real estate agent recommendations, and in-depth neighborhood and community information.

Now, OpenHouse is selling its technology platform to In-House Realty, which says that it is seeking to combine all of the elements of the home buying process into one platform.

“In an effort to eliminate the complexities and stress that can sometimes accompany buying or selling a home, we are focused on combining online home search, obtaining a mortgage and connecting with an agent into a more seamless experience for consumers,” said Doug Seabolt, In-House Realty CEO.

The deal will see In-House Realty acquire OpenHouse Realty, and its home and real estate agent search technology platform.

According to In-House Realty, the deal will “further strengthen In-House Realty’s core business of matching homebuyers and sellers with qualified pre-screened agents across the country, providing them a superior real estate experience.”

A spokesperson for OpenHouse said that the company is retaining its brand and its brokerage, but selling its technology platform.

“Finding a reputable agent and a great home go hand-in-hand,” said Ron Frankel, OpenHouse Realty CEO.