Some Of The Crazy Stuff Is Calming Down

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A report from 5280 on Colorado. “Will 2019 be the year you finally find (and get!) your Denver dream home? The metro-area’s hot housing market has definitely cooled, so much so that in the suburbs, the luxury sector has officially become a buyer’s market. According to the DMAR Market Trends December report, overall housing inventory in November 2018 was 46.76 percent higher than in November 2017.”

“Outside the luxury market, we’re seeing more sluggish sales going into the new year. DMAR’s latest snapshot shows a 17.27 percent drop in sales between October 2018 and November 2018, making this November’s number of transactions the lowest in the past three years.”

“In recent weeks, Jill Schafer, DMAR Market Trends committee chair, has even seen sellers taking contingency contracts. ‘Anecdotally, I would say that buyers are less panicked,’ she says. ‘Some of the crazy stuff we’ve seen is calming down. Sellers are still getting good prices, but buyers aren’t feeling like they have to put all their chips on the table.'”

“A seasonal slowdown is typical, Schafer says, but in terms of prices, ‘we’re still higher year over year.’ ‘I expect to see prices continue to go up,’ Schafer says, ‘just not crazy double digits. I think we’ll be in a healthier 6 to 8 percent range.'”

From My Northwest in Washington. “With Seattle’s home prices already falling, recent reports see that trend continuing into the new year. According to Redfin, a handful of major housing markets that saw prices go up in 2018 will ‘experience the biggest slowdowns in price growth in the first half of 2019.'”

“Such markets include Seattle, San Francisco, Portland, San Diego, Los Angeles, Denver, and Honolulu, where Redfin expects ‘demand to cool the most. ‘”

“That seems to fall in line with data published in a recent report from the Northwest Multiple Listing Service. In the report, the NMLS predicted less of a free-fall in home prices, and more of a balancing of rates.”

“‘We will experience a strong/surge housing market in the spring, which will taper off to a strong market for the remainder of 2019,’ said J. Lennox Scott, John L. Scott Real Estate CEO, in the report. This aligns with falling home prices in late-2018 across the Seattle area.”

From New Jersey Advance Media. “Originally listed for $2.4 million, ex-WFAN host Craig Carton continually lowered the listing price of his sprawling Chester mansion over the last year. As the price dropped, Carton was embroiled in a legal battle that eventually led him to be convicted on multiple fraud charges last month for his role in a Ponzi scheme-like ticket brokering scam. He faces up to 45 years in prison.”

“The 9,345-square-foot ‘global luxury custom colonial’ is now set to sell for under $1 million, according to its Zillow listing, less than half of what it was initially listed for. Before finding a buyer, Carton dropped the listing price four times. It was last listed for $1.9 million before the Zillow listing noted the home had a pending offer.”

“The home, which Carton purchased with his wife, Kim, in 2015 for $2.1 million, according to property records, has six bedrooms, nine bathrooms and is located on more than four acres of private property.”

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