Source: Excerpted from CNBC August 19, 2010
They've been called McMansions, Starter Castles, Garage Mahals and Faux Chateaus but here's the latest thing you can call them - History.
In the past few years, there have been an increasing number of references made to the "McMansion glut" and the "McMansion backlash," as more towns pass ordinances against garishly large homes, which are generally over 3,000 square feet and built very close together.
What sets a McMansion apart from a regular mansion, according to Wikipedia, are a few characteristics: They're tacky, they lack a definitive style and they have a "displeasingly jumbled appearance."
Well, count 2010 as the year the last nail was hammered into the McCoffin: In its latest report on home-buying trends, real-estate site Trulia declares: "The McMansion Era Is Over."
Just 9 percent of the people surveyed by Trulia said their ideal home size was over 3,200 square feet. Meanwhile, more than one-third said their ideal size was under 2,000 feet.
"That's something that would've been unbelievable just a few years back," said Pete Flint, CEO and co-founder of Trulia. "Americans are moving away from McMansions."
The comments echoed those made in June by Kermit Baker, the chief economist at the American Institute of Architects. "We continue to move away from the McMansion chapter of residential design, with more demand for practicality throughout the home," Baker said. "There has been a drop off in the popularity of upscale property enhancements such as formal landscaping, decorative water features, tennis courts, and gazebos."
"McMansions just look and feel out of place today, given the more cautious environment everyone's living in," said Paul Bishop, vice president of research for the National Association of Realtors.
And homebuilders are heeding the call: In a survey of builders last year, nine out of 10 said they planned to build smaller or lower-priced homes.
Friday, August 20, 2010
Thursday, July 1, 2010
Kepler's on the List of Best Independent Booksellers on www.HuffingtonPost.com
Kepler's Books at Menlo Center -- Menlo Park
Thursday, June 24, 2010
Mortgage Rates Sink to Lowest Level on Record
WASHINGTON – Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday.
That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.
Rates on 15-year fixed-rate mortgages fell to an average of 4.13 percent. That was the lowest on records dating to September 1991. It was down from 4.2 percent a week earlier.
Rates on five-year adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac's records, which date back to January 2005 for such loans.
Average rates on one-year adjustable-rate mortgages fell to 3.77 percent from 3.82 percent. That was the lowest average since May 2004.
Mortgage rates have fallen over the past two months as nervous investors have shifted money into the safety of Treasury bonds. The demand for Treasurys has caused Treasury yields to fall. And mortgage rates tend to track the yields on long-term Treasurys.
Yet the falling rates have yet to spark a home-buying boom — or energize the economy. New-home sales collapsed in May after homebuying tax credits expired. The economy also remains under pressure from high unemployment. And many people don't qualify under tightened lending rules.
Source: Associated Press, By ALAN ZIBEL, AP Real Estate Writer
The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday.
That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.
Rates on 15-year fixed-rate mortgages fell to an average of 4.13 percent. That was the lowest on records dating to September 1991. It was down from 4.2 percent a week earlier.
Rates on five-year adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac's records, which date back to January 2005 for such loans.
Average rates on one-year adjustable-rate mortgages fell to 3.77 percent from 3.82 percent. That was the lowest average since May 2004.
Mortgage rates have fallen over the past two months as nervous investors have shifted money into the safety of Treasury bonds. The demand for Treasurys has caused Treasury yields to fall. And mortgage rates tend to track the yields on long-term Treasurys.
Yet the falling rates have yet to spark a home-buying boom — or energize the economy. New-home sales collapsed in May after homebuying tax credits expired. The economy also remains under pressure from high unemployment. And many people don't qualify under tightened lending rules.
Source: Associated Press, By ALAN ZIBEL, AP Real Estate Writer
Tuesday, June 15, 2010
Tuesday, June 8, 2010
Menlo Park Atherton Education Foundation -- Record Grant of 2.35M$
Menlo Park-Atherton Education Foundation announced a record grant of $2.35 million to the Menlo Park City School District for the 2010-2011 school year. This gift will fully fund 17 teachers, including full time elementary music, art and library specialists. More than 1,100 families, teachers, district staff and community members supported the Foundation’s fundraising campaign this year.
Wednesday, May 26, 2010
Prices Dropped Most Everywhere Except California
Prices Dropped!
Now let's dig into the data! As we expected, the Case-Shiller index of real estate prices published data about March home prices showing a decline across all of our markets except for Seattle, Boston and most of California.
Location Month over Change
Month Change from Max
Phoenix Area -0.5% -51.8%
LA Area -0.7% -37.7%
San Diego Area 1.5% -36.0%
Bay Area 1.5% -37.4%
DC Area -0.7% -30.2%
Atlanta Area -1.8% -24.0%
Chicago Area -2.3% -29.0%
Boston Area 0.0% -17.0%
New York Area -0.7% -21.5%
Portland Area -0.1% -23.0%
Seattle Area 0.1% -25.3%
20 City Index -0.5% -30.6%
The U.S. market has now lost seven years of appreciation, with homes selling for the same prices as in July 2003. The eye-popper here is that the Phoenix market has lost 52% of its value from the peak, and still builders are finding new aquifers and paving new developments. Crazy. Nation-wide, housing starts for single-family homes increased 10.2% in April, so many developers now believe prices have stabilized.
Now let's dig into the data! As we expected, the Case-Shiller index of real estate prices published data about March home prices showing a decline across all of our markets except for Seattle, Boston and most of California.
Location Month over Change
Month Change from Max
Phoenix Area -0.5% -51.8%
LA Area -0.7% -37.7%
San Diego Area 1.5% -36.0%
Bay Area 1.5% -37.4%
DC Area -0.7% -30.2%
Atlanta Area -1.8% -24.0%
Chicago Area -2.3% -29.0%
Boston Area 0.0% -17.0%
New York Area -0.7% -21.5%
Portland Area -0.1% -23.0%
Seattle Area 0.1% -25.3%
20 City Index -0.5% -30.6%
The U.S. market has now lost seven years of appreciation, with homes selling for the same prices as in July 2003. The eye-popper here is that the Phoenix market has lost 52% of its value from the peak, and still builders are finding new aquifers and paving new developments. Crazy. Nation-wide, housing starts for single-family homes increased 10.2% in April, so many developers now believe prices have stabilized.
Monday, May 24, 2010
House of the Week
Best West Menlo -- Bay Laurel
West Menlo's most sought after street!
Exceptional 4 bd/3.5ba ONE level home -- rebuilt 9 years ago.
Elegant formal living & dining rooms, incredible gourmet kitchen, 3 fireplaces.
Huge lot w/gorgeous landscaping & built in BBQ.
For more information, or to view other quality homes, please call
Barbara Slaton, Realtor®
DRE#01855977
Alain Pinel Realtors
1550 El Camino Real
Menlo Park, California 94025
(650) 543-1215 DIRECT
(650) 888-6628 CELL
(650) 462-1199 FAX
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