Median U.S. Home Price Hits Nearly $320,000, a New Record, Redfin Says

U.S. home prices surged to new heights in September, though there are signs the country’s frenzied housing market may be cooling off, according to a new report.

The median home sold for $319,769 in the four weeks ending Sept. 27, a 14% increase from a year ago and the highest price on record, according to the report from real estate firm Redfin on Monday. U.S. home prices haven’t increased that dramatically since mid-2013.


The pandemic, which forced millions of Americans to shelter, work and school at home, has spurred intense home-buying activity. Pending sales were up 30% year-over-year in September, according to the Redfin report.

Redfin created their own measure of demand recovery, an index that in the last week of September was 34.8% higher than pre-pandemic levels in January and February.

Meanwhile, the number of active listings on the market hit a new all-time low in September, with 28%

Read More Read more

$2.7M Scottsdale home has climate-controlled garage

CLOSE

Courtyards, an outdoor kitchen and a putting green are among the luxury features in some of this week’s most expensive home sales in metro Phoenix.

Among the buyers: A commercial bank executive, a retired pharmacist and a Scottsdale travel agency CEO.

$5,775,299

Retired pharmacist Lanny Lahr and his wife, Marlene, used a family trust to purchase an estate with Camelback Mountain views in Paradise Valley’s Invergordon Manor community.

The 6,209-square-foot contemporary-style house has four bedrooms and five bathrooms. The property was built in 2019 and includes a four-car garage.

Cameldale Land, LLC, an Arizona limited liability company, sold the home.

$4,075,000

Phil Cox, chief operations officer of Silicon Valley Bank based in Santa Clara, California, and his wife, Nichola, purchased a corner lot mansion in Phoenix’s Edgewood Estates subdivision.

Silicon Valley Bank announced plans last fall to hire an additional 300 employees over the next three years at its

Read More Read more

Owners of Westin Cleveland Downtown, already mired in FBI probe, face mortgage foreclosure lawsuit

CLEVELAND, Ohio – The owners of the Westin Cleveland Downtown – currently mired in an FBI investigation into whether they helped launder money through the purchase of real estate in the U.S. – are now facing a foreclosure lawsuit for the hotel.



a group of people standing in front of a building: The Westin Cleveland Downtown, seen here in a file photo.


© Plain Dealer file photo/cleveland.com/TNS
The Westin Cleveland Downtown, seen here in a file photo.

Optima 777 owes $35 million in the unpaid principal of a mortgage for the 484-room St. Clair Avenue hotel, as well as nearly $500,000 in interest and a $1.4 million late fee, according to a lawsuit filed Friday in Cuyahoga County Common Pleas Court. The company obtained the loans from Cleveland International Fund of Cleveland Heights, a firm that connects foreign investors seeking residency in the U.S. with real estate development opportunities.

Loading...

Load Error

Cleveland International Fund CEO Stephen Strnisha said in an interview Monday that Optima 777, which owns 95 percent of

Read More Read more

Quibi Reportedly Exploring Possible Sale Amid Struggles

Short-form video streaming platform Quibi may be put up for sale after struggling to attract subscribers amid the COVID-19 pandemic.

Quibi is exploring a possible sale among several options under review with advisers, the Wall Street Journal reported, citing sources familiar with the matter. The company is also thinking about raising more money after its initial $1.8 billion cash raise, or going public through a merger with a special purpose acquisition company.

Quibi, an abbreviation for “quick bites,” was founded by Disney and DreamWorks alumni Jeffrey Katzenberg and led by CEO Meg Whitman, formerly of Hewlett Packard Enterprise. The service was designed to work on mobile devices, for a monthly subscription fee of $5 for ad-supported access and $8 for ad-free viewing.

The service pushed through with its launch in April despite the coronavirus outbreak, with Whitman saying in an interview with Digital Trends that it was fast-tracking the launch

Read More Read more

Regal Cinemas Closure: What it Means for Real Estate Investors

The coronavirus pandemic has impacted businesses across a wide range of industries, and movie theaters are no exception. And on October 5, Cineworld Group (LSE:CINE), the parent company of Regal Cinemas, announced plans to shut down all of its U.S. and U.K. movie theaters less than two months after those establishments were able to reopen.

The reason? It’s not a lack of consumer demand, but rather, a lack of movies to screen. With so many film releases being postponed due to the pandemic, movie theaters are now in a position where they want to welcome guests but don’t have content to entice them. Cineworld CEO Mooky Greidinger likened the situation to that of a grocery store with no food to sell — there’s little point in opening the doors.

Cineworld’s announcement comes on the heels of the newest James Bond movie being postponed yet again to April of 2021. The

Read More Read more

Americans Want Homes, but There Have Rarely Been Fewer for Sale

The pandemic has aggravated the housing market’s longstanding lack of supply, creating a historic shortage of homes for sale.

Buyers are accelerating purchase plans or considering homeownership for the first time, rushing to get more living space as many Americans anticipate working from home for a while. Many potential sellers, meanwhile, are keeping their homes off the market for pandemic-related reasons.

The combined effect has created an extreme drought of previously owned homes for sale. At the end of July, there were 1.3 million single-family existing homes for sale, the lowest count for any July in data going back to 1982, according to the National Association of Realtors. In the week ended Sept. 12, total for-sale inventory was down 29.4% from a year earlier at the lowest level since at least late 2017,

Zillow Group Inc.

said.

“Every year we think, ‘We’re hitting new record lows, it can’t get worse,’

Read More Read more

Coated in Calm: Nationwide Survey Reveals DIYers Are Transforming Their Homes Into Peaceful Retreats

CLEVELAND, Oct. 5, 2020 /PRNewswire/ — It’s still prime painting season, and Dutch Boy® Paints is sharing insight about how do-it-yourselfers (DIYers) plan to tackle their painting projects this fall. The brand engaged nearly 1,100 DIYers from across the country to uncover their go-to painting resources, color palettes and much more. The brand’s survey revealed that an astounding 84% of respondents plan to paint in the next six months, and most prefer “Earthy and Calm” colors for their at-home retreats.

“With people spending more time at home, it’s no wonder they’re looking to transform their spaces with color that makes them feel relaxed and at ease,” said Michelle Bangs, senior brand manager, Dutch Boy Paints. “When given the choice for their dream home, 43% of our survey respondents preferred ‘Earthy and Calm’ hues over ‘White and Clean’ and ‘Grey and Trendy,’ which were a near-tie for second

Read More Read more

14 NJ hospitals, nursing homes fined by feds for COVID violations

CLOSE

Health care workers learn how to don and doff protective gear to prepare for the Coronavirus, held at Holy Name Medical Center in Teaneck on 02/24/20. Video by Mitsu Yasukawa.

NorthJersey

Fourteen health care institutions in New Jersey, including hospitals, nursing homes and an ambulance company, have been cited by the federal Occupational Health and Safety Administration for failing to provide enough equipment and other protections to health care workers who fell sick and died during the pandemic. 

More facilities in New Jersey were cited in the OSHA violations announced Monday than in any other state. The fines totaled $252,150.

They included $46,266 for Clara Maass Medical Center in Belleville, where Barbara Birchenough, 65, a nurse from Midland Park, died in April after contracting the coronavirus just days before she was to retire. A nurse’s aide who worked with her, Nestor Bautista, 62, also contracted the virus and died.

Read More Read more

Chicago aldermen advance new members for Northwest Side home equity board

Chicago aldermen on Monday advanced a group of appointees to a Northwest Side taxpayer-funded commission that guarantees home sale prices for members in several bungalow belt neighborhoods, a program that was created decades ago to try to stem white flight.

Some aldermen questioned the policies of the Northwest Home Equity Assurance Program, which has collected more than $10 million in small property tax payments from all homeowners within its boundaries since the late 1980s, but has handed out just a few payments in that time to residents whose houses didn’t sell for a set minimum price.

“People pay into this program via their tax bill, and it has $9.5 million, $10 million sitting in an account,” said Northwest Side Ald. Gilbert Villegas, 36th, who has for years criticized the agency for not doing more with its reserves. “And it has staff. And what we need to do is to

Read More Read more

Iowa agency keeps secret the number of COVID-19 staff deaths in nursing homes

Clark Kauffman, Iowa wCapital Dispatch
Published 2:29 p.m. CT Oct. 5, 2020

The Iowa Department of Public Health is refusing to disclose the number of Iowa nursing home workers who have been infected with, or died from, COVID-19.

For months, the department has released only combined staff-and-resident numbers for both infections and deaths in Iowa nursing homes.

The agency has refused requests to separate the number of staff deaths and infections from the number of resident deaths and infections.

The department’s COVID-19 Communications and Emergency Preparedness Planner Alex Carfrae told the Iowa Capital Dispatch Thursday the agency would not provide requested information on staff deaths “due to privacy concerns.”

After being asked to cite the specific law that allows the agency to withhold non-identifying statistical information of that sort, an agency official said the department intends to review its policies and the applicable state laws.

More: Iowa eases visitor limits

Read More Read more