Priciest Zip Codes Ranked by Forbes

Forbes Ranks Most-Expensive ZIP Codes(April 25, 2006) --

The list of the 500 most expensive ZIP codes compiled by Forbes.com is based on the highest median home prices in the country.

The ZIP code 11962 topped the list, as the median price in Sagaponack, N.Y. — located in the Hamptons — reached $2.8 million in 2005.

More than 50 percent of the 500 priciest ZIP codes were in California, and 20 percent were in New York. The remainder were mainly in Massachusetts, Connecticut, Arizona, Maryland, and Florida.

A few of the upscale ZIP codes belong to urban areas; but most are on the coast or in the mountains, with breathtaking views, spacious estates, country clubs, golf courses, and other luxury amenities.

Source: MSNBC, Sara Clemence (04/24/06)

Downtown Arena Authority Vote

The Riverfront site at Second Street & Main in downtown Louisiville remains lawmakers' choice for Louisville's downtown arena, but John Schnatter & David Jones, Sr. think there's a better way.

No matter the site, the arena must be built. Too much hinges on its completion. Downtown's vitality is higher than it's been in decades, and so much of that momentum has been gained from the promise of this arena.

Auction: Grand Crescent Hill Victorian

Some houses attract all kinds of curiosity. Some garner attention for being uniquely an eye-soar, however, some for being uniquely gorgeous. This 19th Century Crescent Hil Victorian located on Hite Avenue falls into the latter category. If ever a house should be auctioned, this is it.

• What: Auction of historic Crescent Hill Victorian
• When: Saturday, April 22, 2006, 10:00 a.m.
• Where: 131 N. Hite Ave.

Downtown Louisville's Waterfront Park Update

The final piece of the immaculate Waterfront Park in downtown Louisville will be closed on Thursday, however, according to this C-J blip more funding is needed to improve the parcel of land consistent with what has already been developed. This final phase includes the walking bridge conversion from the currently abandoned railroad bridge. Given the fact that the conveyance of the land is nearly finalized, I'd say funding to complete the project will be secured.

Assassin's Boyhood Home Still Needs a Buyer

No Bidders for John Wilkes Booth's House(April 14, 2006) --

The Bel Air, Md., boyhood home of Abraham Lincoln assassin John Wilkes Booth failed to sell at auction yesterday.

Only 25 people showed up and only two were registered bidders. The auctioneers started the bidding at $875,000, but it dropped quickly until it hit $805,000 and was withdrawn.

The seller Robert Baker and his wife Beth, who own a landscaping business, bought the house at auction in 1999 for $415,000. The owners say they will now rely on a real estate professional to sell the property.

Source:[ The Baltimore Sun], Justin Fenton (04/13/06)

Ed.'s Note: Good luck is all I have to say. Not sure how the history regarding this particular house will serve its sales success.

City Seeking Restoration of Historic Dwelling

Anyone up for a fixer-upper? If so, the restoration of this 1860s mansion could keep a handy-man busy for quite awhile.

Downtown Marriott a Success

From today's C-J, the hotel chain's downtown location is doing well for itself, in addition to doing well for other downtown hotels & the downtown area in general.

Local Blog is a Feast for All Things "Louisville"

Granted, I write a predominantly "Real Estate-Themed" blog that attempts to focus mostly on real estate in Louisville, KY. However, I'd like to direct anyone interested in finding out more about the "guts & insides" of this city to visit a great local blog: Louisville's Water Cooler also better known as morethanderby.com. There you'll find lots of interesting info on a variety of topics that shape our city. Differing viewpoints abound, it's great fun, and it's run by blog champions Todd Earwine & Rob May among others.

Affordable Housing Alert: Get Out of L.A.

Half Million Dollars Doesn't Buy Much in L.A.(April 13, 2006) --

If you're looking for an affordable home, steer clear of Los Angeles. Southern California continues to be one of the most expensive places in the country to buy a house, new research shows.

Median prices in Los Angeles County passed $500,000 for the first time last month, according to DataQuick Information Systems, which analyzes property transactions. In March, the median hit $506,000, up 15 percent from a year earlier and 3 percent from February.

Orange and Ventura counties' medians sailed through the $600,000 level in the middle of last year, and San Diego's broke through the $500,000 point last fall.

$500,000 doesn’t buy a palace. Forget Beverly Hills. It might get you 1,500 square feet with three bedrooms and two baths in South Los Angeles.

To buy a house at the median price, a household would need an annual income of at least $120,000 to qualify for conventional financing with a 20 percent down payment. The Los Angeles County's median household income is $47,000.

Source: Los Angeles Times, Annette Haddad (04/13/2006)

Ed.'s Note: That statistic at the bottom of the paragraph is an interesting one, isn't it? My question remains, who then is buying up all these median priced homes in the $500,000 range? If they're merely priced there, then the situation will work itself out, but if they're also selling there, then to whom?

Here's an Idea for old Central State Hospital

Developers Turn Old Asylums Into New Homes(April 13, 2006) --

Despite their sometimes spooky histories, former hospitals for the mentally ill are finding new life as condominiums, apartments, and townhomes.

The former Danvers State Hospital in Massachusetts was once called “the scariest building in the world.” But today there’s not much left to be frightened of — except for the pricey rents of $1,400 a month.

Rents are even pricier at the former New York City Lunatic Asylum on Manhattan’s Roosevelt Island. Studio apartments start at $1,700.

And in Oregon, more than 600 people signed up for the first 60 homes built on the site the former Dammasch State Hospital, south of Portland, where the smallest townhouses sell for $250,000.

Source: Associated Press, Ken Maguire (04/12/2006)

Tax Time: Mortgage Rate Deduction a Nice Break

Mortgage Interest Deduction Can Save Taxpayers Big(April 11, 2006) --

Believe it or not, home owners frequently don’t itemize deductions and as a result, they could be overpaying their federal taxes by as much as $1 billion a year.

The Government Accountability Office, the research arm of Congress, reports that about 2.2 million home owners last year took the standard deduction on their tax returns rather than itemizing deductions. They paid $945 million more in federal taxes than they needed to.

Home owners may not think they have enough write-offs to overcome the standard deduction. But if their mortgages are large or fairly new, they're probably wrong, says Larry Cox, owner of several Jackson Hewitt Tax Service franchises in the Denver area.

Why overlook this government gift? Some do-it-yourself taxpayers find itemizing deductions daunting; others may not have enough deductions to offset the increasingly generous standard deduction, speculated CPA Robert Burke of Jacksonville, Fla.

Source: Denver Post, Aldo Svaldi (04/09/06)

Replacing Old with New

The former site of the Clarksdale Public Housing Project is getting a new face. The row of rundown brick apartments along Clay Street on the fringe of downtown Louisville is being transformed into Liberty Green, an ecclectic mix of new lofts, apartments, townhomes, & single family homes.

New Listing: Strathmoor Village

Please click here to view more details of this portrait of curb appeal!

Thinking about Selling?

If you're one of the many who will attempt to sell their home this spring, everyone seems to have an opinion on what improvements or repairs should be made prior to listing the property. It's been my experience that the first $500 a seller spends in preparing his or her home for marketing that can be the biggest value-builder.

Some inexpensive ways to help your home stand out in a somewhat bloated market:

• Clean the clutter. Eliminate anything that appears to crowd your home. Reduce the amount of furniture in smaller rooms. Organize closets & reduce their contents.
• Clean the dirt & grime. This includes having windows & floor coverings professionally cleaned. I can't tell you how many homes I've shown that these steps haven't been taken, and what could be & probably is a perfectly good home shows poorly & gives the potential buyer the feeling that there's more wrong with it than its cleanliness.
• Manicure the landscaping. No need to go nuts & plant a flower garden, but instead improve on what is already in place. Minimal landscaping is fine as long as it is neat in its appearance.
• Have systems (electical, HVAC) examined/serviced by a professional.
• Patch, paint, & repair. Walls, floors, moldings, cabinets, counters, etc. can be made to look passable, if not great, with just a little work. Rarely do I recommend replacing floor coverings, counters, cabinets, etc. but again, take what is in place, and make it look outstanding.
• Ask your real estate professional if decor is fairly neutral or appealing to the profile of the potential buyer for your property. Most people think they should paint all the walls neutral. I disagree to a point. If your decor is fairly recent & not terribly bold, then keep it & shape it up to look brand new. Also, just because your decor is deemed "bold" by some, depending on what the likely profile of the buyer is for your house, you might want to keep it. That's why it's important to ask your agent what works & what doesn't.

If you're willing to spend around $500 in readying your home for sale, and you do it intelligently & with qualified guidance, you will probably realize thousands more in equity, and your house will sell much faster.

If you have further questions, please email me at cthomas@mulloyproperties.com

New Law Regarding Electrical Work on Personal Residences

This C-J blip outlines what electrical work requires a permit & what doesn't with regard to one's personal residence.