Lower mortgage rates are causing an epic housing shortage

Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically. Roughly five million mostly entry-level homes have been turned into single-family rentals, and strong demand for those rentals means investors are unlikely to put the homes up for sale anytime soon. The demand is being fueled by lower mortgage rates. Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which m


Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically. Roughly five million mostly entry-level homes have been turned into single-family rentals, and strong demand for those rentals means investors are unlikely to put the homes up for sale anytime soon. The demand is being fueled by lower mortgage rates. Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which m
Lower mortgage rates are causing an epic housing shortage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, summer, inventory, epic, lower, homes, rates, housing, surged, supply, demand, sales, market, rentals, mortgage, shortage, strong, causing


Lower mortgage rates are causing an epic housing shortage

Anyone out hunting for an affordable home today knows that the pickings are slim – and they are about to get slimmer.

Housing inventory hit a record low about two years ago, but a lull in home sales over the past year helped build back much-needed supply, especially in the mid-priced range. Then a sharp drop in rates this summer brought demand back and has depleted that supply dramatically.

National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com

Supply has always been leanest on the low end, as investors have been very active in that price range since the foreclosure crisis.

Roughly five million mostly entry-level homes have been turned into single-family rentals, and strong demand for those rentals means investors are unlikely to put the homes up for sale anytime soon.

In addition, an unseasonably strong surge in demand at the end of summer and into this fall now has the supply of homes priced below $200,000 down 10% compared with a year ago.

The demand is being fueled by lower mortgage rates. The average rate on the 30-year fixed surged over 5% last November and stayed above 4.5% through March, according to Mortgage News Daily. That made for a lackluster spring housing market, traditionally the busiest time for buying.

Rates then began falling in May and particularly sharply in July and August. By the start of September the average rate was around 3.5%, and sales of both new and existing homes were surging back. Clearly there was substantial pent-up demand from the spring.

Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which make up 60% of the market, flat-lined in September, after 18 months of strong inventory growth. Supply is now expected to decline in the months ahead.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, summer, inventory, epic, lower, homes, rates, housing, surged, supply, demand, sales, market, rentals, mortgage, shortage, strong, causing


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Typhoon Hagibis leaves as many as 36 dead; rescue crews dig through mudslides in Japan

Rescue crews in Japan dug through mudslides and searched near swollen rivers Monday as they looked for those missing from a typhoon that left as many as 36 dead and caused serious damage in central and northern Japan. Kyodo News service, assembling information from a wide network, counted 36 deaths caused by the typhoon with 16 people missing. Survivors and rescuers will also face colder weather with northern Japan turning chilly this week. Areas in Miyagi and Fukushima prefectures in northern J


Rescue crews in Japan dug through mudslides and searched near swollen rivers Monday as they looked for those missing from a typhoon that left as many as 36 dead and caused serious damage in central and northern Japan. Kyodo News service, assembling information from a wide network, counted 36 deaths caused by the typhoon with 16 people missing. Survivors and rescuers will also face colder weather with northern Japan turning chilly this week. Areas in Miyagi and Fukushima prefectures in northern J
Typhoon Hagibis leaves as many as 36 dead; rescue crews dig through mudslides in Japan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14
Keywords: news, cnbc, companies, left, missing, crews, typhoon, rain, hagibis, northern, homes, japan, areas, stranded, dead, serious, leaves, rescue, dig, mudslides


Typhoon Hagibis leaves as many as 36 dead; rescue crews dig through mudslides in Japan

Search and rescue crews sort through the debris of a building destroyed by a tornado shortly before the arrival of Typhoon Hagibis, on October 13, 2019 in Chiba, Japan.

Rescue crews in Japan dug through mudslides and searched near swollen rivers Monday as they looked for those missing from a typhoon that left as many as 36 dead and caused serious damage in central and northern Japan.

Typhoon Hagibis unleashed torrents of rain and strong winds Saturday that left thousands of homes on Japan’s main island flooded, damaged or without power.

Authorities warned more mudslides were possible with rain forecast for the affected area during the day Monday.

Kyodo News service, assembling information from a wide network, counted 36 deaths caused by the typhoon with 16 people missing. The official count from the Fire and Disaster Management Agency was 19 dead and 13 missing.

Hagibis dropped record amounts of rain for a period in some spots, according to meteorological officials, causing more than 20 rivers to overflow. In Kanagawa Prefecture, southwest of Tokyo, 100 centimeters (39 inches) of rainfall was recorded over the last 48 hours.

Some of the muddy waters in streets, fields and residential areas have subsided. But many places remained flooded, with homes and surrounding roads covered in mud and littered with broken wooden pieces and debris. Some places normally dry still looked like giant rivers.

Some who lined up for morning soup at evacuation shelters, which are housing 30,000 people, expressed concern about the homes they had left behind. Survivors and rescuers will also face colder weather with northern Japan turning chilly this week.

Rescue efforts were in full force with soldiers and firefighters from throughout Japan deployed. Helicopters could be seen plucking some of the stranded from higher floors and rooftops of submerged homes.

Prime Minister Shinzo Abe said the government will set up a special disaster team, including officials from various ministries, to deal with the fallout from the typhoon, including helping those in evacuation centers and boosting efforts to restore water and electricity to homes.

“Our response must be rapid and appropriate,” Abe said, stressing that many people remained missing and damage was extensive.

Damage was serious in Nagano prefecture, where an embankment of the Chikuma River broke. Areas in Miyagi and Fukushima prefectures in northern Japan were also badly flooded.

In such areas, rescue crew paddled in boats to each half-submerged home, calling out to anyone left stranded.


Company: cnbc, Activity: cnbc, Date: 2019-10-14
Keywords: news, cnbc, companies, left, missing, crews, typhoon, rain, hagibis, northern, homes, japan, areas, stranded, dead, serious, leaves, rescue, dig, mudslides


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Confidence in housing weakens just as homes become more affordable

Lower mortgage rates are making buying a home slightly more affordable, but financial concerns are outweighing that benefit and lowering overall confidence in housing. “Consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month,” said Doug Duncan, Fannie Mae’s chief economist. The drop in mortgage rates has pushed the average monthly payment down by about $124 from November of last year. Low mortgage rates co


Lower mortgage rates are making buying a home slightly more affordable, but financial concerns are outweighing that benefit and lowering overall confidence in housing. “Consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month,” said Doug Duncan, Fannie Mae’s chief economist. The drop in mortgage rates has pushed the average monthly payment down by about $124 from November of last year. Low mortgage rates co
Confidence in housing weakens just as homes become more affordable Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, lower, housing, weakens, rates, low, mortgage, confidence, homes, interest, affordable, payment, income, monthly, market


Confidence in housing weakens just as homes become more affordable

Lower mortgage rates are making buying a home slightly more affordable, but financial concerns are outweighing that benefit and lowering overall confidence in housing.

Consumer sentiment in housing fell in September from its August high, according to a monthly survey from Fannie Mae. While more respondents think now is both a good time to buy and sell a home, there was a much larger drop in the share of those who said they were not concerned about losing their jobs. It was the second straight month that the component of the survey fell.

“Consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month,” said Doug Duncan, Fannie Mae’s chief economist. “Job confidence remains high but still well shy of its July reading.”

The share of those saying their household income is significantly higher than it was a year ago was unchanged at just 21%. Although there was improvement in both buying and selling sentiment, far more consumers think now is a good time to buy rather than sell.

The survey comes as mortgage rates sit at the lowest level in over a month and are significantly lower than they were a year ago. While rates did jump in September, they were back down by the end of the month.

With the average rate on the 30-year fixed mortgage around 3.64%, only about 21% of the national median income is required to make the monthly principal and interest payment on the average-priced home. This is the second lowest payment to income ratio in 20 months, according to a new report from Black Knight, Inc.

The average monthly payment on the average priced home is now 10% lower than it was last November, when mortgage rates peaked around 5%. That even includes a 4% home price increase since then.

“Back in November 2018, we were reporting on home affordability hitting a nine-year low,” said Black Knight Data & Analytics president Ben Graboske. “Interest rates were nearing 5%, pushing the share of national median income required to make the principal and interest (P&I) payments on the purchase of the average-priced home to 23.7%. While still below long-term averages, that made housing the least affordable it had been since 2009, spurring a noticeable and extended slowdown in home price growth.”

The drop in mortgage rates has pushed the average monthly payment down by about $124 from November of last year. That in turn boosts buying power by $46,000. In other words, lower rates today mean a buyer can purchase a home that costs $46,000 more and pay the same monthly payment as they would have last November on the cheaper home.

Home prices are still rising, but the growth eased throughout much of this year and then flatlined in August.

“It remains to be seen if this is merely a lull in what could be a reheating housing market, or a sign that low interest rates and stronger affordability may not be enough to muster another meaningful rise in home price growth across the U.S.,” noted Graboske.

The key factor fueling prices continues to be low supply, and it has not increased meaningfully in a few years now. Low mortgage rates could help, giving homeowners who already have low rates more incentive to move and not lose that rate. As rates rise, more owners tend to stay in place, unwilling to pay higher interest rates for the same debt.

Of course all real estate is local, and affordability varies market to market. California continues to be the worst, with seven of the ten least affordable housing markets in the nation. In Los Angeles, it currently takes 43% of the median household income to be able to purchase the average-priced home. That’s an improvement from the 48% required at the end of last year, but it still ranks as the lease affordable market in the nation.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, lower, housing, weakens, rates, low, mortgage, confidence, homes, interest, affordable, payment, income, monthly, market


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Solar power can boost a home’s value in these 10 states the most

There’s another way to look at the question: Does adding solar power increase a home’s value at time of sale? The other piece is that there is true value provided by solar panels — namely, future energy savings.” In New Jersey, homes with solar panels can sell for 9.9% more than homes without solar-energy systems. And in California there are major fluctuations within metro areas: while the solar premium statewide is 3%, in San Francisco, it increases to 4.4%, in Los Angeles to 3.6% , but in Rive


There’s another way to look at the question: Does adding solar power increase a home’s value at time of sale? The other piece is that there is true value provided by solar panels — namely, future energy savings.” In New Jersey, homes with solar panels can sell for 9.9% more than homes without solar-energy systems. And in California there are major fluctuations within metro areas: while the solar premium statewide is 3%, in San Francisco, it increases to 4.4%, in Los Angeles to 3.6% , but in Rive
Solar power can boost a home’s value in these 10 states the most Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: valentina sanchez, jacob douglas, stephanie maier, director of responsible investment at hsbc global asset mana
Keywords: news, cnbc, companies, value, panels, state, solar, states, zillow, boost, utility, power, medianvalued, energy, sunrun, premium, homes


Solar power can boost a home's value in these 10 states the most

Solar installations fill a neighborhood in the southwestern United States. Sunrun

California will be the first state in the U.S. to require solar panels on all new homes starting 2020, but the legislation’s passage did not end the debate over a key question: Does the cost of installing solar pay off for homeowners? Some developers are not even waiting for 2020 and are pressing ahead with solar-powered homes for what they say is the best reason: it is simply what best serves the homebuyer market matching energy demands to efficiency and cost. The state estimates the new solar power rule will help homeowners save about $19,000 in a 30-year period. Others say the mandate will push up housing costs too much for many homebuyers. There’s another way to look at the question: Does adding solar power increase a home’s value at time of sale? According to real estate information company Zillow, in some states the answer already is yes. Zillow’s research indicates that in the same way homeowners are willing to pay thousands of dollars for renovations like a new kitchen or finished basement, they need to evaluate the return on investment from investing in solar energy. Installing solar panels in a home not only helps to reduce current monthly utility bills; it can potentially increase the home’s value by up to 4.1% more than comparable homes with no solar panels, according to recent solar research done by Zillow — or an additional $9,274 for the median-valued home in the U.S.

Green houses

Recent natural disasters like the California wildfires, heat waves throughout Europe and extreme melt events have inspired many to seek more eco-friendly lives, including home buyers. “There is increased demand for green living. More than 80% of buyers now say energy-efficient features are important in selecting their home,” said Sarah Mikhitarian, Zillow senior economist. “We are increasingly finding that these attributes are important to prospective homebuyers. This is part of the reason that there is a premium associated with it. The other piece is that there is true value provided by solar panels — namely, future energy savings.” The energy savings depends in part on how a specific home consumes energy. For example, a home that features heated floors might see a greater premium from the addition of solar (though this was not a correlation Zillow specifically researched). “For homeowners who know they consume a lot of power, those future savings are worth spending a bit more money up front,” Mikhitarian said. To identify the solar premium in each state, Zillow compared the sale prices of homes with and without solar-energy systems listed for sale and sold within the research period — March 2018 and February 2019. The company examined all transactions that occurred and identified which homes featured solar panels in their listing descriptions, controlling for observable attributes including size, age, location, and market value at the time it was listed for-sale. Zillow also controlled for local market dynamics and the time of the year that the home sold.

In New Jersey, homes with solar panels can sell for 9.9% more than homes without solar-energy systems. That is a profit of $32,281 for the median-valued home in that state. Here’s the top 10 states with the highest solar premiums, according to Zillow’s findings: New Jersey: 9.9% or $32,281 for the median-valued home. Pennsylvania: 4.9% or $8,589 for the median-valued home. North Carolina: 4.8% or $8,996 for the median-valued home. Louisiana: 4.9% or $7,037 for the median-valued home. Washington: 4.1% or $15,916 for the median-valued home. Florida: 4% $9,454 for the median-valued home. Hawaii: 4% or $24,526 for the median-valued home. Maryland: 3.8% or $10,976 for the median-valued home. New York: 3.6% or $10,981 for the median-valued home. South Carolina: 3.5% or $5,866 for the median-valued home. However, solar premiums can vary within state lines. While the solar premium for the state of Florida is 4%, it increases to 4.6% in Orlando, Florida. In New York City the solar premium is 1.8% more than it is statewide, which translates to $23,989 more in value for the typical home in New York. And in California there are major fluctuations within metro areas: while the solar premium statewide is 3%, in San Francisco, it increases to 4.4%, in Los Angeles to 3.6% , but in Riverside, the solar premium declines to 2.7%. Other states like Utah, did not have enough homes with solar-energy systems installed to identify the solar premium. “There’s been a widening of reasons why people are going solar,” said Evelyn Huang, chief customer experience officer at Sunrun, the biggest solar installation company in the U.S. — it competes directly with Tesla, which acquired its main competitor SolarCity. “One of the reasons is savings, I think that’s the obvious one. The second one is control,” Huang said, referring to monthly expenses. “Our utility companies are needing more and more money to maintain, and they pass on that cost to the homeowner. But that is pretty unpredictable for a homeowner. You just don’t know how much your prices are going to increase,” Huang said. “I think that is another reason why customers are considering solar. They want to know how much they are going to pay every month. If you’re on a fixed income, you need a budget. You need to know what to expect.”

Homeowners who made the solar switch

Lisa and Jerry Chretien, a couple from Cape May County, New Jersey, decided to lease solar rooftop panels from Sunrun a year ago. High utility bills and the desire to live cleaner and greener lives inspired them to make the decision. Since going solar in June 2018, the Chretien’s electric bills have decreased, especially in the summertime. “As soon as we would open the pool and turn on the air conditioners in May … our electric bills would run close to $800, sometimes more,” said Lisa Chretien. “Saving money, especially with kids in college, has been a big help and a big saving. And there are a lot of incentives, tax wise you get a break. It has just been a plus all the way around.” For Kerrie Lane, owner and operator of a cleaning service and resident of South Jersey, the experience was similar. After moving into her new home, she received her first electric bill: a staggering $1,100. Kerrie knew she needed to do something to make her electric bills affordable. “I’m 60 years old, so I’m getting up there. I do a physical job for a living but I can’t do it forever. … So having my bills being manageable was very important to me,” Lane said. “My first electric bill in this house was $1,100. I knew I needed to correct this situation and make it manageable and Sunrun gave me the consistency that I was looking for. ”

A Sunrun spokesman said that assuming annual utility rate increases —the current national average utility rate increase per year is around 3% — solar customers see an average utility bill savings of anywhere from 10% to 40%. Solar contracts include a fixed price of energy per kilowatt/hour that is typically lower than utility rates in most regions across the U.S. The Sunrun spokesman noted that customers still must pay basic utility infrastructure charges separate from the power generation cost, for wire maintenance, for example, and may also still use some power generation from the utility’s sources, depending on the size of their home and level of energy use, as well as the season. Seasonality is an issue for utilities too. In the summer, for example, prices tend to be higher to meet the demand, according to the U.S. Energy Information Administration. Depending on their deal with Sunrun — which offers service plans, loans, prepayments and cash purchases — customers may also pay monthly charges to the company. Sunrun says that more than 85% of customers do not buy the system outright but pre-pay a set amount and then make monthly service plan payments.

We saw that there was an opportunity here to try and give the best of both worlds to our home buyers. Brandon De Young executive v.p. of net-zero energy homebuilder De Young Properties

Residential home construction company De Young Properties in California built its first net-zero energy building in 2013 — that means it has the potential to produce as much clean energy as it would consumer on a yearly basis. De Young began redesigning its traditional home prototype in 2008 in order to find a way to build comfortable, energy-efficient homes, at an affordable price. “We wanted to build better homes. We didn’t want to stagnate and just build the same home that my grandfather used to build because we felt that it was important to continue to progress,” said Brandon De Young, executive v.p. of the company, which has three decades of history. “Basically, you either have to sacrifice your comfort for your energy bill or your energy bill for your comfort. And we saw that there was an opportunity here to try and give the best of both worlds to our home buyers,” said De Young.

Caveats


Company: cnbc, Activity: cnbc, Date: 2019-10-05  Authors: valentina sanchez, jacob douglas, stephanie maier, director of responsible investment at hsbc global asset mana
Keywords: news, cnbc, companies, value, panels, state, solar, states, zillow, boost, utility, power, medianvalued, energy, sunrun, premium, homes


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These 4 mansions have incredible secrets buried underneath them — take a look inside

Source: Williams & Williams Estates GroupSource: Williams & Williams Estates GroupBut this seven-bedroom, 11-bath house has whole other world hidden down below. Source: Williams & Williams Estates Group…and a spa with plunge pools. Source: Williams & Williams Estates GroupThe wellness area includes a hair salon and massage room. Source: Williams & Williams Estates Group…and a fireside lounge. Source: Williams & Williams Estates GroupRight next to the lounge is a tasting room with glass walls


Source: Williams & Williams Estates GroupSource: Williams & Williams Estates GroupBut this seven-bedroom, 11-bath house has whole other world hidden down below. Source: Williams & Williams Estates Group…and a spa with plunge pools. Source: Williams & Williams Estates GroupThe wellness area includes a hair salon and massage room. Source: Williams & Williams Estates Group…and a fireside lounge. Source: Williams & Williams Estates GroupRight next to the lounge is a tasting room with glass walls
These 4 mansions have incredible secrets buried underneath them — take a look inside Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: ray parisi
Keywords: news, cnbc, companies, theres, secrets, hidden, levels, pool, buried, source, senada, subterranean, inside, homes, estates, mansions, look, underneath, williams, incredible


These 4 mansions have incredible secrets buried underneath them — take a look inside

These mansions are not what they seem, hiding secrets from a massive underground spa to a covert man cave buried under the front lawn. Take a look inside four homes with incredible subterranean lairs that you have to see to believe.

Subterranean secrets in St. Moritz

From the outside, this chalet in St. Moritz, Switzerland looks like a relatively modest one-story home. But in reality, it’s a behemoth with seven levels, most of which are hidden underground.

The deceivingly exterior of a St. Moritz home that has seven levels, most of them hidden underground. Source: Senada Adzem

When the home hit the market in 2017, its for $185 million price tag made it the most expensive home for sale in Switzerland.

Master bedroom Source: Senada Adzem

The home’s most extraordinary amenity is six levels down by elevator, built into the rock below: a massive subterranean spa. “This place was built to make a billionaire’s jaw drop,” said Douglas Elliman/Knight Frank global agent Senada Adzem who represented the seller. Off the elevator there’s a giant pool with a Venetian sculpture suspended above it.

The subterranean pool with Venetian art installation hanging overhead. Source: Senada Adzem

Right next to the pool is a huge candle-lit hot tub.

The steam-covered hot tub overlooking the pool. Source: Senada Adzem

Steps away from the hot bath is steel-clad ice chamber.

Ice chamber Source: Senada Adzem

There’s also a Himalayan salt room with glowing rock walls.

Lounge chairs inside the glowing Himalayan salt room. Source: Senada Adzem

Adzem says the owner declined two offers and ultimately decided to keep the home.

Moroccan surprise

In Rolling Hills, California is a mansion called “Hacienda de la Paz” that also looks deceivingly small from the outside. But don’t let the villa’s single-story exterior fool you.

Exterior view of the modest looking single-story villa “Hacienda de la paz” CNBC

This massive homes spans 51,000 square feet, much of which falls below ground. It took the original owner, food magnate John Blazevich, almost two decades to build the nine-bedroom, 25-bath residence. Community rules restricted him from building above the first level , so he built down…way down. And if you know where to find it, there’s a secret passageway that leads to a mind-blowing subterranean lair more than 20 feet below ground-level.

CNBC’s Robert Frank and Alex McLeod walk down the hidden staircase to the home’s lower levels. CNBC

One of the lower levels includes a 10,000-square-foot Moroccan-themed spa with an authentic Hammam and elaborate archways that lead to a stunning lap pool.

The luxurious lap pool hidden deep below “Hacienda de la Paz” CNBC

The more than seven-acre estate has another pool in the sun drenched backyard.

Backyard pool CNBC

On another below-ground level is a tennis court built into a 15,000-square-foot space that was designed to convert into a subterranean ballroom. (If you prefer playing on a clay court, there’s one of those out back as well, with views of the Pacific.)

Subterranean tennis court that can be turned into a ballroom. CNBC

Once listed for $53 million, the mega-home sat on the market for several years with no takers. Blazevitch eventually put it up for auction in 2018 when it sold for a fraction of the asking price, bringing in just $22.4 million.

Covert man cave

The former CEO of Patron Spirits built an extraordinary beach-front mansion in Manalapan, Florida. The 40,000-square-foot home has nine bedrooms, 16 baths and two levels that you can see from outside. But there are more below ground.

Source: Andy Frame Photography

What you can’t see when you look at the exterior is what’s buried under the front lawn.

The living room has 30 foot windows that are filled with ocean views. Source: Andy Frame Photography

A doorway off the lower part of the estate’s driveway leads to a covert man cave. The space includes an underground lounge and bar, as you might guess it’s stocked with tequila. Next to the bar is where Brown, who is also a race car driver, parked his Ferrari 458 and Le Mans prototype race car. He’s also put a racing simulator and giant TV down here.

Underground bar with Brown’s race car parked along side it. Source: Andy Frame Photography

A waterfall spills into the pool in the home’s backyard. Source: Andy Frame Photography

In 2017 the home was on the market for the $48.9 million. It sold that same year for $40 million.

Hidden in the Hills

From ground-level, this Beverly Hills residence could be mistaken for a one-story modern mansion…

Source: Williams & Williams Estates Group

…with a very nice pool out back.

Source: Williams & Williams Estates Group

Source: Williams & Williams Estates Group

But this seven-bedroom, 11-bath house has whole other world hidden down below. These steps lead to an underground level where you’ll find a glass waterfall that spills into the home’s second pool.

Source: Williams & Williams Estates Group

And while it’s subterranean, it’s still open to the sky above, so you can still get a suntan.

Source: Williams & Williams Estates Group

Off the pool there’s a sleek gym…

Source: Williams & Williams Estates Group

…and a spa with plunge pools.

Source: Williams & Williams Estates Group

The wellness area includes a hair salon and massage room.

Source: Williams & Williams Estates Group

On the other side of the pool, there’s a full bar that glows…

Source: Williams & Williams Estates Group

…and a fireside lounge.

Source: Williams & Williams Estates Group

Right next to the lounge is a tasting room with glass walls filled with bottles of wine.

Source: Williams & Williams Estates Group

And if you’re up for some subterranean Netflix and chill, there’s also a movie theater down here.


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: ray parisi
Keywords: news, cnbc, companies, theres, secrets, hidden, levels, pool, buried, source, senada, subterranean, inside, homes, estates, mansions, look, underneath, williams, incredible


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The final home designed by Frank Lloyd Wright will go up for auction

The legendary Norman Lykes house, designed by architect Frank Lloyd Wright, will be up for auction on Oct. 16. It was the last residence designed by Wright, who designed many iconic homes, including “Fallingwater” in Pennsylvania, as well as the Solomon R. Guggenheim Museum in New York City. The home was last listed for $2.65 million by The Agency, but it has been on and off the market since 2016. “This no-reserve auction presents a tremendous opportunity for fans of Frank Lloyd Wright to own hi


The legendary Norman Lykes house, designed by architect Frank Lloyd Wright, will be up for auction on Oct. 16. It was the last residence designed by Wright, who designed many iconic homes, including “Fallingwater” in Pennsylvania, as well as the Solomon R. Guggenheim Museum in New York City. The home was last listed for $2.65 million by The Agency, but it has been on and off the market since 2016. “This no-reserve auction presents a tremendous opportunity for fans of Frank Lloyd Wright to own hi
The final home designed by Frank Lloyd Wright will go up for auction Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: taylor locke
Keywords: news, cnbc, companies, heritage, auction, frank, wrights, including, designed, look, wright, lloyd, schar, final, homes


The final home designed by Frank Lloyd Wright will go up for auction

The legendary Norman Lykes house, designed by architect Frank Lloyd Wright, will be up for auction on Oct. 16. It was the last residence designed by Wright, who designed many iconic homes, including “Fallingwater” in Pennsylvania, as well as the Solomon R. Guggenheim Museum in New York City.

The home was last listed for $2.65 million by The Agency, but it has been on and off the market since 2016. The Phoenix, Arizona, home will be auctioned off, regardless of price, by Heritage Auctions.

“This no-reserve auction presents a tremendous opportunity for fans of Frank Lloyd Wright to own his very last residential design,” says Nate Schar, director of Luxury Real Estate for Heritage Auctions, in a release. “[The home’s] stewards have been careful to preserve as much as possible of Wright’s vision. It’s a very special home.”

The look of the three-bedroom, three-bathroom home was influenced by Wright’s “fascination with geometry,” Schar says, including his signature circular designs. Take a look inside the 3,095-square-foot home.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: taylor locke
Keywords: news, cnbc, companies, heritage, auction, frank, wrights, including, designed, look, wright, lloyd, schar, final, homes


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Millennials are fleeing big cities for the suburbs

But the Journal notes other, more affordable, metropolitan areas are also gaining millennials, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle. A 2018 report from SmartAsset revealed similar results. It found that the most popular cities for millennials to move to include Seattle, Denver and Minneapolis — not New York or San Francisco. Notably, workers early in their career who are younger than millennials are still moving to big cities to find career opportuniti


But the Journal notes other, more affordable, metropolitan areas are also gaining millennials, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle. A 2018 report from SmartAsset revealed similar results. It found that the most popular cities for millennials to move to include Seattle, Denver and Minneapolis — not New York or San Francisco. Notably, workers early in their career who are younger than millennials are still moving to big cities to find career opportuniti
Millennials are fleeing big cities for the suburbs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-29  Authors: alicia adamczyk
Keywords: news, cnbc, companies, big, millennials, fleeing, revealed, 2018, suburbs, homes, similar, san, york, cities, smartasset


Millennials are fleeing big cities for the suburbs

Breaking news: Millennials are getting older. And as they enter the next stage of life — marriage, kids, higher salaries —Gen Y is beginning its exodus from busy cities, just like the generations that came before it.

Data released by the U.S. Census Bureau earlier this week show that some 27,000 millennials between the ages of 25 and 39 left big cities like New York, San Francisco and Houston in 2018 for greener, and less expensive, pastures, the Wall Street Journal reports. Chicago, Las Vegas, Washington, D.C. and Portland, Oregon, are also seeing large numbers of residents leave.

That marks the fourth year in a row that there has a noticeable decline in the millennial populations in major cities.

And where are they moving? To combat the ever-increasing housing costs and lack of access to family-friendly amenities, to nearby suburbs, mostly, Axios reports. But the Journal notes other, more affordable, metropolitan areas are also gaining millennials, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle.

A 2018 report from SmartAsset revealed similar results. Using 2016 Census migration data, SmartAsset compared the number of people aged 20 to 34 who moved to over 200 U.S. cities to the number who moved away from them. It found that the most popular cities for millennials to move to include Seattle, Denver and Minneapolis — not New York or San Francisco.

Notably, workers early in their career who are younger than millennials are still moving to big cities to find career opportunities.

A 2018 survey of 1,200 adults aged 20-36 from Ernst & Young also revealed that more millennials are buying homes in the suburbs than in cities. Much of that is likely to do with the price: A 2018 report from Zillow found that home buyers will pay 26.5% of their income each month for a median-value home in a city, compared to 20.2% for a similar home in the suburbs.

“It was a surprise to me to see this generation increasingly choosing suburban locations to buy homes,” Cathy Koch, EY’s Americas tax policy leader, told CNBC Make It. But “the ‘suburbs’ may very well be smaller cities close to larger urban areas — these still afford the richness of city living (including employment opportunities) at maybe lower home prices.”

As more millennials buy houses, that trend will likely continue.

Don’t miss: Almost 70% of millennials regret buying their homes. Here’s why

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Company: cnbc, Activity: cnbc, Date: 2019-09-29  Authors: alicia adamczyk
Keywords: news, cnbc, companies, big, millennials, fleeing, revealed, 2018, suburbs, homes, similar, san, york, cities, smartasset


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Lending to house flippers hits a 13-year high as prices and competition heat up

Home prices are high, there are very few distressed or foreclosed properties available to buy cheaply, and the competition among investors is fierce. So investors are more cash-strapped and have to use more financing to flip their homes. “We have been seeing a steady incline in total financed purchase dollar volume every quarter since about 2015 and now we are reaching pre-recession dollar volume highs,” said Todd Teta, chief product officer at ATTOM Data. “It’s always smarter to use a mortgage


Home prices are high, there are very few distressed or foreclosed properties available to buy cheaply, and the competition among investors is fierce. So investors are more cash-strapped and have to use more financing to flip their homes. “We have been seeing a steady incline in total financed purchase dollar volume every quarter since about 2015 and now we are reaching pre-recession dollar volume highs,” said Todd Teta, chief product officer at ATTOM Data. “It’s always smarter to use a mortgage
Lending to house flippers hits a 13-year high as prices and competition heat up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-27  Authors: diana olick
Keywords: news, cnbc, companies, profit, prices, 13year, hits, volume, mortgage, homes, quarter, heat, motwani, flip, house, lending, flippers, high, dollar, investors, competition


Lending to house flippers hits a 13-year high as prices and competition heat up

It is getting much harder to profit on house flipping today. Home prices are high, there are very few distressed or foreclosed properties available to buy cheaply, and the competition among investors is fierce.

So investors are more cash-strapped and have to use more financing to flip their homes. The good news is, mortgage rates are historically low for bank lending, and private lenders are eager to invest their cash somewhere other than the volatile stock and bond markets.

As a result, the dollar volume of financed flip purchases in the second quarter of this year jumped 31% annually, from $6.4 billion to $8.4 billion, according to ATTOM Data Solutions.That is the highest level since the third quarter of 2006.

“We have been seeing a steady incline in total financed purchase dollar volume every quarter since about 2015 and now we are reaching pre-recession dollar volume highs,” said Todd Teta, chief product officer at ATTOM Data. “With profit margins dropping on home flips, an increase in financing could up the risk for investors who have to factor interest payments into their deals.”

Vipin Motwani is an investor with Iron Gate Development in the Washington, D.C. area. He expects to flip about 15 homes this year.

“It’s always smarter to use a mortgage because you get leverage, you can do many more deals, right?” said Motwani. “Also the banks have become a little bit more easy in lending on this flip business. It used to be a lot tougher.”


Company: cnbc, Activity: cnbc, Date: 2019-09-27  Authors: diana olick
Keywords: news, cnbc, companies, profit, prices, 13year, hits, volume, mortgage, homes, quarter, heat, motwani, flip, house, lending, flippers, high, dollar, investors, competition


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Reality-star-turned-fraudster highlights the risks of house flipping

Recession fears could lead to some harsh realities in the house flipping marketA combination of low interest rates, tight inventory and a booming economy has created near-ideal conditions for house flippers who buy property, fix it up, then sell it for a quick profit. Denchfield says he has been flipping homes since he was 17 (he is now 25). Data from the first three months of this year suggests the flipping market has already begun to cool off. Flippers turned around more than 49,000 homes in t


Recession fears could lead to some harsh realities in the house flipping marketA combination of low interest rates, tight inventory and a booming economy has created near-ideal conditions for house flippers who buy property, fix it up, then sell it for a quick profit. Denchfield says he has been flipping homes since he was 17 (he is now 25). Data from the first three months of this year suggests the flipping market has already begun to cool off. Flippers turned around more than 49,000 homes in t
Reality-star-turned-fraudster highlights the risks of house flipping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: scott cohn, ajcasanova, getty images
Keywords: news, cnbc, companies, getting, highlights, house, sales, flipping, realitystarturnedfraudster, real, quarter, recession, market, homes, risks, flippers


Reality-star-turned-fraudster highlights the risks of house flipping

Recession fears could lead to some harsh realities in the house flipping market

A combination of low interest rates, tight inventory and a booming economy has created near-ideal conditions for house flippers who buy property, fix it up, then sell it for a quick profit. But prospects of a recession could quickly change that equation, experts warn.

“We’re certainly reaching the top of the bubble,” said Taylor Denchfield, a Washington, D.C.-area real estate broker, in an interview with CNBC’s “American Greed.”

Denchfield says he has been flipping homes since he was 17 (he is now 25).

Data from the first three months of this year suggests the flipping market has already begun to cool off.

Flippers turned around more than 49,000 homes in the first quarter, according to real estate research firm Attom Data Solutions. That represented 7.2% of all home sales for the quarter, which was the highest rate since 2010. But profits from those sales declined by nearly 10% from the same period one year ago. The average return on investment — 38.7% — was the lowest since mid-2011. And the number of flippers dropped 11%.

“Investors may be getting out while the getting is good, before the market softens further,” said Todd Teta, chief product officer at Attom.

But Denchfield said that is no reason to panic.

“There is still some money to be made, but you have to be a lot more diligent in the deals that you’re doing today,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: scott cohn, ajcasanova, getty images
Keywords: news, cnbc, companies, getting, highlights, house, sales, flipping, realitystarturnedfraudster, real, quarter, recession, market, homes, risks, flippers


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India’s 25 best start-ups to work for, according to LinkedIn

In fact, for the second year running, OYO Hotels and Homes ranks as the best start-up to work for in India. The six-year-old company places top among LinkedIn’s hottest Indian start-ups to work for in 2019. It is joined in the top 25 by start-ups covering a range of industries, from healthcare to e-learning, but all with the country’s thriving tech scene at their cores. They were then ranked based on LinkedIn user feedback across four pillars: Employment growth; engagement with employees; job in


In fact, for the second year running, OYO Hotels and Homes ranks as the best start-up to work for in India. The six-year-old company places top among LinkedIn’s hottest Indian start-ups to work for in 2019. It is joined in the top 25 by start-ups covering a range of industries, from healthcare to e-learning, but all with the country’s thriving tech scene at their cores. They were then ranked based on LinkedIn user feedback across four pillars: Employment growth; engagement with employees; job in
India’s 25 best start-ups to work for, according to LinkedIn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: karen gilchrist
Keywords: news, cnbc, companies, homes, younger, employees, work, linkedin, hotels, indias, according, startups, best, list, job, oyo


India's 25 best start-ups to work for, according to LinkedIn

India’s largest hospitality chain OYO not only does a good job of making guests feel at home in its global network of hotels and homes, it also manages to extend that feeling to its staff.

In fact, for the second year running, OYO Hotels and Homes ranks as the best start-up to work for in India.

The six-year-old company places top among LinkedIn’s hottest Indian start-ups to work for in 2019. It is joined in the top 25 by start-ups covering a range of industries, from healthcare to e-learning, but all with the country’s thriving tech scene at their cores.

To be considered for this year’s list, companies had to be privately-held, be seven years or younger, and have 50 or more employees. They were then ranked based on LinkedIn user feedback across four pillars: Employment growth; engagement with employees; job interest; and ability to attract top talent from leading employers.

CNBC Make It takes a look at the full list of 25 most attractive start-ups in India right now.


Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: karen gilchrist
Keywords: news, cnbc, companies, homes, younger, employees, work, linkedin, hotels, indias, according, startups, best, list, job, oyo


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