Morning Briefing: New York state home sales begin to feel impact from tight inventory

by Steve Randall07 Nov 2016
New York state home sales begin to feel impact from tight inventory
New York state saw an 11 per cent gain in home sales in the first nine months of 2016 compared to a year earlier but tight inventory is starting to subdue the market.

“The New York state housing market remains strong as we close out the third quarter and we anticipate moderate growth to continue into the fall,” said Duncan R. MacKenzie, CEO of the New York State Association of Realtors.

There were 95,453 closed sales in the first nine months of 2016 with 38,629 of them in the third quarter. Inventory at the end of the third quarter represented 6.8 months’ supply, down almost 30 per cent compared to a year earlier.

“Looking ahead, the modest closed sales increases in September and the third quarter may signal that the continued decline in available homes is starting to impede closed sales growth,” MacKenzie added.

The median price of $250,000 for the third quarter was 4.2 per cent higher than the same period of 2015.
 
Ol’ blue eyes’ vacation home is back on the market
The home Frank Sinatra built as a retreat to enjoy with his Rat Pack buddies has gone on the market.

Set high above California’s Palm Beach and Coachella Valley, the 10-acre compound of three buildings was named Villa Maggio by Sinatra after this character in the 1953 movie “From Here to Eternity.”

The main house comprises five bedrooms, six bathrooms, two kitchens and seven stone fireplaces, TopRealEstateDeals.com says. There is also a guest house, where the likes of Sammy Davies Jr. and Dean Martin would have enjoyed some peace; and a pool house including two saunas and a mini-kitchen.

Outdoor space includes a tennis court, private helipad and parking for 25 cars.

The listing is with Marcus Cantor of Berkshire Hathaway California Properties and the asking prices is $3.9 million.
 
Portland becomes first in US to require deconstruction for old homes
Vintage housing stock in Portland, Oregon will no longer be demolished after the city become the first in the US to require deconstruction by code for all buildings built before 1916.

Taking a building down piece by piece is a strategy favored by preservations as demolition destroys heritage features, while deconstruction also benefits neighborhoods by being less disruptive.

“It’s going to change the world,” Sara Badiali, a member of the Deconstruction Advisory Group that helped to draft the code changes, told Citylab.com.
 

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