Tuesday, April 22, 2014


Lovely Townhouse in Colchester

You'll be pleasantly surprised when you enter the front door of this wonderful two bedroom end unit. Feel the warmth of the newly refinished hardwood floors in the living room and dining room.

Living Room

2 level townhouse plus full basement. Many upgrades including new sliding glass door to rear deck, front storm door. New carpet and vinyl flooring. New stove and dishwasher. Lot of new paint too. Nice back yard with garden space.

Basement Rec Room

Easy drive to Burlington. Great access to many parks and rec paths and Lake Champlain.   Move in condition.

Spacious Master Bedroom


Price:  JUST REDUCED TO  $174,900.
Bedrooms:  2
Levels:  3 (including full basement)

Offered by:  Pilla Real Estate LLC
                   Charlotte, VT 05445
                   802 343-1335

Thursday, April 19, 2012

Home Prices Close to Bottoming to Rise in 2013

By Lucia Mutikani | Reuters – Thu, Apr 12, 2012

WASHINGTON (Reuters) - The relentless decline in home prices is nearing an end and prices should rise for the first time in seven years in 2013, but a possible new wave of foreclosures could threaten the recovery, according a Reuters poll of economists.
The median forecast of 24 economists polled by Reuters was for the S&P/Case-Shiller 20-city home price index to end the year unchanged. That was the same finding back in January for this house price gauge, which covers 20 cities.
"We are expecting a gradual improvement, but if we get a big wave of new foreclosures coming to the market, price declines could be even greater," said Yelena Shulyatyeva, an economist at BNP Paribas in New York.
The survey forecast the S&P/Case-Shiller home price index rising 2.0 percent next year, up from 1.5 percent in the January survey.
The housing market's collapse pushed the economy into its longest and deepest recession since the 1930s. Historically, housing has led the economy out of recession, but it has been the weakest link in the recovery that started in mid-2009.
While residential construction accounts for a mere 2.3 percent of gross domestic product, home prices have an oversized reach in the economy, influencing a wide range of consumption decisions by households.
House prices have so far fallen about 32 percent from their peak at the end of 2005, and an estimated 11 million Americans now owe more on their homes than they are worth.
A resulting tide of foreclosures has held back the housing market's recovery.
The survey predicted about 1.5 million foreclosed properties will come on to the market this year. While there is no comparison for this figure, most analysts believe the foreclosure wave has either peaked or is close to topping out.
Given that foreclosures and the accompanying fear of further price declines are the main obstacles to any housing market recovery, few analysts say that further purchases of mortgage backed securities by the Federal Reserve will help.
Fed officials meet on April 24 and 25 to debate whether further steps are needed to drive borrowing costs lower to spur stronger economic growth.
Mortgage rates are already near record lows and house affordability is the best in history.
"The problem with the housing market is not necessarily that mortgages are expensive," said Millan Mulraine, a senior macro Strategist at TD Securities in New York.
"It's more the expectation that prices may continue to fall and cause a lot of potential buyers to sit on the sidelines to wait for more attractive entry points. I don't think there is lot more mileage to be achieved from MBS purchases."
Further MBS purchases by the U.S. central bank, however, could help keep mortgage rates low as the economy's recovery gains momentum.
The survey forecast the 30-year mortgage rate averaging 4.00 percent in 2012, down from 4.15 percent in the January poll.
Although job growth slowed in March, the labor market is expected to continue strengthening this year.
That should help to lift home sales. Sales of previously owned homes are expected to register an annualized 4.70 million unit annual pace in both the second and third quarters of this year before topping at 4.80 million units in the fourth quarter.
That compares to a rate of 4.60 million units and 4.70 million units in the second and third quarter respectively in the January survey.
"This gradual healing is encouraging, but we must tread carefully as the housing market is still far from a robust recovery," Michelle Meyer, an economist at Bank of America Merrill Lynch in New York.
(Reporting by Lucia Mutikani; polling by Snehasish Das and Aakanksha Bhat; Editing by John Stonestreet)

Friday, March 9, 2012

January Pending Home Sales Rise

Market on Uptrend

Washington, DC, February 27, 2012
Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.
Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago. In the West the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.
Also released today are annual data revisions. Each February, NAR Research incorporates a normal review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. There are no changes to unadjusted or annual data.
The home buyer tax credit and a greater investor share in winter months likely contributed to a larger-than-normal adjustment to the seasonal factors.

Tuesday, January 24, 2012

The Year Ahead: Real Estate’s Best Bets in 2012

Whatever your specialty, you can find opportunities for business growth.
Slowly, a recovery seems to be taking hold. “More jobs, rising rents, a rising stock market, and continuing high affordability conditions” are combining to get more people into the market, says NAR Chief Economist Lawrence Yun. On the commercial side, all the major sectors are seeing improving fundamentals, and more positive trends are expected in 2012. Against that backdrop, we asked some of you to tell us what you expected to be your best source of business this year.


With prices expected to rise slightly in both existing- and new-home sales in 2012, buyers may not get quite the same bargain they got last year. Still, conditions remain favorable for buyers, and NAR is forecasting a 5 percent increase in existing-home sales over 2011. Here are three pockets of opportunity.
1. International investment. With U.S. real estate values down, a favorable currency exchange rate, and the promise of a stable place to invest while Europe deals with debt crises in Greece, Spain, Italy, and other countries, foreign buyers continue to stream steadily to the United States.
“People [are trying] to move their cash somewhere safer,” says Brian Block, broker-associate with ­RE/MAX Allegiance in Arlington and McLean, Va.
Elaine Murphy Carlson, a broker-associate with RE/MAX Palos Verdes Realty in Palos Verdes Peninsula, Calif., says foreign investors who stayed away during the darkest days of the financial crisis are coming back. Indeed, NAR’s 2011 Profile of International Home Buying Activity shows foreign households bought $82 billion worth of residential real estate last year, up from $66 billion in 2010.
Block says the investors he works with are professionally successful individuals with cash available. “They will buy when they see a good deal,” he says. He has gained investor business by demonstrating a solid knowledge of the market and finding networking opportunities, from local Chamber of Commerce meetings to regular real estate industry functions.
2. Distressed inventory in centrally located neighborhoods. Affordable housing in inner-ring suburbs or center city areas may be real estate’s sweet spot in 2012, Block says, because buyers today aren’t looking just for bargains, they’re looking for convenience and lifestyle amenities. A 2011 survey of U.S. adults conducted for NAR by research firm Belden Russonello & Stewart seems to support Block’s assertion. Nearly six in ten adults (58 percent) said they’d prefer to live in a neighborhood with a mix of houses and stores and other businesses within an easy walk.
Block says he has seen first-hand the shift among both first-timers and retirees toward smaller, close-to-the-city homes in walkable neighborhoods. He reaches out to potential clients by using social media and blogging to talk about issues like lengthy commutes.
3. Rentals. Rising rental rates in many markets are making home ownership a more appealing option, especially for those seeking to buy distressed property. But many households aren’t financially ready to buy, either because of credit dings or the continuing overly tight credit restrictions of lenders. Others are waiting to make sure home prices have bottomed out. That’s why many real estate companies have shifted their business model to include rental and property management.
Bill Bloomberg, broker-owner of Distinctive Rental Homes in Eden Prairie, Minn., opened his business in 2011 with high-end rentals as his central focus, providing assistance to both renters and owners who choose to rent rather than sell their property.
Bloomberg, who has nine years of experience working in conventional real estate sales, says helping owners find tenants is a great way to retain clients who might otherwise have turned to another real estate professional.
“If a listing isn’t selling, it’s usually because of price. However, most owners are going to try to switch to another agent first to see if that will make a difference,” Bloomberg says. “Presenting an option such as renting can prevent that from happening.”
And when owners opt to rent their property rather than sell it, they may be providing a unique opportunity, helping renters get one foot into a neighborhood that’s currently beyond their buying power, says Gina Chirico, sales associate with Lattimer Realty in Fairfield, N.J.
Best Year Ever!
Real Estate Today, the radio show about all things real estate, is opening the year with a series of shows devoted to helping sellers, buyers, property owners, and investors make 2012 the “best year ever.” The weekly two-hour show is broadcast in 165 markets and in all 50 states. To embed the free audio player on your Web site, visit www.retradio.com.

To attract rentals and tenants, Bloomberg says, he keeps up with sites that renters frequent such as Craigs­list and syndication sites such as ListHub, Postlets, and vFlyer. He also relies on referrals, listings bringing other listings, and basic cold calling.
“As long as wages go down, traditional homes sales will suffer,” Bloomberg says. “People say I’m pessimistic, but understanding how the economy works has helped me make the adjustments I needed to make it in my business.” Another plus, he says: Rentals are less stressful than sales.
Meanwhile, Bloomberg recognizes that today’s renters could well become buyers of the future. The majority of renters (63 percent) say they are at least somewhat likely to purchase a home in the future. Among them, young adults (age 18 to 24) have the strongest aspirations for home ownership, according to an NAR survey of 3,793 adults conducted by Harris Interactive and released in January 2011.



All of commercial real estate’s main sectors — office, industrial, retail, and multifamily—began improving last year, but a solid turnaround is still another year away at least, according to Yun’s research. Here’s a look at what to expect in each sector.
Office. The office sector is seeing improving fundamentals, particularly in larger metro areas, with absorptions this year expected to be twice that of completions. Yun is forecasting vacancies in 2012 to drop from 17.3 percent this year to 16.3 percent next year and 15.9 percent in 2013, with the 2011 median rental rate of just under $28 per square foot, increasing 1.7 percent in 2012 and 2.4 percent in 2013.
Greg Schenk, SIOR, of The Schenk Co. Inc., in Columbus, Ohio, says he’s capturing business in today’s climate by encouraging clients to think about renewing their leases well before they come due so that they can take advantage of today’s attractive interest rates. It’s also a good time to negotiate on behalf of tenants with building owners who need to refinance the debt on their building, because they’re looking for long-term leases that will put them in a stronger position with lenders. Under such conditions, owners who aren’t willing to offer a favorable renewal deal risk losing tenants.
“I just helped a small retailer by showing the owner there were 10 other places within a mile that would fit the tenant,” says Schenk. “The landlord said, ‘Look, you already have this renewal option for x amount,’ so I showed him the other properties that would pay for the tenant to move and reduce the rent 30 percent. We got the landlord to reduce the lease by 15 percent, my client didn’t have to move, and they extended for five years.”
Industrial. Warehouses, distribution centers, and manufacturing plants on a national basis are also seeing strong absorption. It’s now three times as high as completions. Even so, Yun expects vacancy rates to rise for another year, from about 11.1 percent to 11.9 percent next year. That’s because there remains slack in the market. Vacancies should drop back down to 11.1 percent in 2013. The rental rate, at a median of $4.60 per square foot, will rise 1.8 percent in 2012 and 2.34 percent in 2013.
David Murphy, CCIM, SIOR, of CB Richard Ellis in Orlando, says he’s reaching out more to e-commerce companies looking to expand their warehousing and distribution capabilities and to “m-commerce” companies, e-commerce companies that focus on consumers who make purchases on mobile devices.
“Tenants today are more comfortable signing longer-term leases,” he says. “Two or three years ago, they only wanted to sign leases for 18 months, but they’re more comfortable today with where their business is going. So we’re seeing more three-, five-, and even 10-year leases, and they can get really attractive rental terms. Whenever we close a deal with one of these companies,” he adds, “we pull that company’s SIC code [a federal “standard industrial classification” code for categorizing business types], and we’ll reach out to companies in the same field and say, ‘Hey, we just represented a company that had a requirement similar to what you might have and we’re available to assist you in your real estate needs.’ ”
Confidence in the business climate is creeping back into his central Florida market, among both building owners and tenants. That means negotiations are becoming more tactical, with neither side having a market advantage, particularly for deals involving larger properties. “We have very little inventory in properties of 100,000 square feet or above,” he says.
As with the office market, because properties with long-term leases are more “bankable,” says Stuart Kingma, SIOR, of NAI Wisinski of West Michigan in Grand Rapids, he can help both tenants and owners get what they want by negotiating favorable rates for the tenants in exchange for a strong long-term lease. “We see how lenders are solving issues on a broad front, and the information gathered from that experience allows us to assist clients with an individual issue,” says Kingma.
Retail. Although sales picked up during the 2011 holiday season, retail continues to struggle the most as consumers continue to retrench on their spending. Yun is forecasting vacancies to rise from 11.1 percent to 12.2 percent next year before dropping to 11 percent in 2013. The rental rate, at just under a median of $19 a square foot, is projected to rise 0.7 percent next year and 1.4 percent in 2013. Absorption could pick up if there’s improvement in the dollar volume of retail sales, which remains below its pre-recession peak. 
Palmer Bayless, CCIM, of Emerge Real Estate Services, in Roswell, Ga., outside of Atlanta, leverages social media to help communicate his expertise in locating and negotiating retail deals and build his brand as a specialist with his two high-profile clients, Starbucks and Pet Supermarket. “The first thing every potential client does before working with you is to Google your name,” he says. So he maintains a high-profile presence on LinkedIn and writes about retail real estate strategy on his blog. By covering topics such as signage, demographics, and traffic patterns, he’s able to demonstrate his grasp of market and showcase his transactions. “It ultimately comes down to the relationships, not social media, but this gets my name out there,” he says. (For a more in-depth look at retail trends, see page 16.)
Multifamily. Apartment rentals are once again expected to be the best-performing commercial sector. For the second year in a row, absorption of existing units is far outpacing completions of new units: Almost 170,000 units were absorbed in 2011, against completions of about 38,000 units. In 2010 the spread was even wider. As a result, vacancies continue to drop and rental rates continue to rise.
Yun is forecasting multifamily vacancies to drop to 4.6 percent in 2012 from 5.3 percent this year, and to drop to 4.5 percent in 2013. The rental rate, at a median of $1,066 per unit, is expected to increase 3.5 percent next year and 3.8 percent in 2013.

Thursday, January 5, 2012

Construction Spending Rises, Hopeful Sign for Economy

Construction Spending Rises, Hopeful Sign for Economy

Construction spending on single-family homes, apartments, and remodeling projects increased in November, helping the economy finish 2011 strong and start 2012 with yet another sign that points to an economy finally in recovery mode, the Associated Press reports. The news joins other recent reports that show consumer confidence is up, manufacturing activity is pushing higher, and the unemployment rate is at a three-and-a-half-year low. 
Construction projects in November increased 1.2 percent in November to a seasonally adjusted annual rate of $807.1 billion, the largest increase since August. Yet, the number is still about half the $1.5 trillion pace that economists consider healthy for the sector. 
"While spending on single-family construction still remains extremely depressed, it has now increased for six straight months and looks consistent with other indicators signaling some improvement in the housing market," Daniel Silver, an economist with JPMorgan Chase, told the Associated Press.
In November, spending on home improvement projects soared 9.5 percent, the Commerce Department reports. Single-family home construction spending increased 1.5 percent, and apartment building spending increased 1.3 percent in November.  

Thursday, November 17, 2011

Tree Falls Over Property Line: Who Pays? Who Picks Up the Pieces?

By: Ann Cochran
Published: March 23, 2011
If a neighbor’s tree falls over your property line, file an insurance claim for repairs and cleanup. No house damage? Check if chopping and hauling debris is covered.
When a tree falls
Your neighbor is responsible when a tree falls over your shared property line only if you can prove he was aware that his tree was a hazard and refused to remedy the problem. Regardless, your insurance company restores your property first, and later decides whether or not to pursue reimbursement from the neighbor or his insurer if the neighbor was negligent in maintaining the tree.
Before a tree falls
Write a letter to your neighbor before his dead, diseased or listing tree falls through your roof or over your property line.

The letter should include:
·         Description of the problem
·         Photographs
·         Request for action
·         Attorney letterhead--not necessary but indicates you mean business.
Trim their trees
If the limbs of a tree hang over your property line, you may trim the branches up to the property line, but not cut down the entire tree. If a tree dies after your little pruning, the neighbor can pursue a claim against you in civil or small claims court. Depending on the laws of your state, your neighbor may have to prove the damage was deliberate or caused by negligence, but may also be able to recover up to three times the value of the tree. 

Before you cut, tell your neighbors what you intend to do to protect your property. They may offer to trim the whole tree instead of risking your half-oaked job.
Your tree falls
It’s always a good idea to take care of your big and beautiful trees, and keep receipts for trimmings and other care. 

But if your tree falls over a neighbor’s property line, do nothing until their insurance company contacts you. You may not be liable unless you knew or should have known the tree was in a dangerous condition.  If you pruned a tree or shored up trunks to prevent problems, gather your receipts to prove your diligence.

Thursday, November 10, 2011

Recently Listed in Winooski, Vermont

Nicely Renovated 3 bedroom home in Winooski.  Quiet dead end street, convenient to I-89.

Only $214,900.

For more details click here:      MLS 4105604