MCM Home Sales: Hot or Cold

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khummer
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MCM Home Sales: Hot or Cold

Postby khummer » Fri Aug 07, 2009 5:59 pm

How are MCM sales compared to traditional housing during what has been a really challenging time for home sales? Picking up, flat, everyone wants a new home for cheap? What's the beat on the street for MCM? Historic homes are for lookie loo's who want a peek only?

Just curious...

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PaulKaplan
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Postby PaulKaplan » Mon Aug 10, 2009 3:21 pm

I specialize in MCM homes in Palm Springs- and I can tell you that sales have been extremely strong lately. MCM homes listed under $200,000 in Palm Springs, incite bidding wars, with multiple offers. These homes are selling for way about asking. (Typically Alexander homes designed by William Krisel, or Mieselman homes, in the Racquet Club Road Estates neighborhood.)

As for as "done" homes, those sales are strong too. There's very little inventory as most people aren't selling in this market unless they have to. As a result, low inventory = more demand. Prices seem to have hit bottom and in some cases seem to be creeping up a little bit.

How are other markets doing?
The Paul Kaplan Group, Inc
Architectural Real Estate
1701 N Palm Canyon Dr. #5
Palm Springs, CA 92262
www.MidCenturyModernPS.com
760-459-1396
DRE 01325586

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Postby rightintwo » Wed Aug 12, 2009 9:33 am


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Miguel
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Postby Joe » Thu Aug 13, 2009 2:34 pm


khummer
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From the SGV

Postby khummer » Thu Aug 13, 2009 4:54 pm

It looks flat all the way around... the same houses staying on the market again and again and day after day. A few interesting opportunities out there for fixer upper's.

Perhaps the ones that are selling are offering creative opportunities. What they are I don't know?

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moderns selling

Postby allen » Thu Aug 13, 2009 7:13 pm


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Perks
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Postby Perks » Thu Aug 13, 2009 9:15 pm

At least in L.A., I'm seeing two drastically markets:

1) Real sales. Foreclosures mostly, with a few "normal sales," i.e., people with enough equity to sell without a short sale. Prices have fallen off so dramatically that unless there's something terribly wrong with the place, they tend to sell fairly quickly, often very quickly and with multiple offers. The outlying areas (read: Inland Empire, Antelope Valley, Coachella Valley, etc.) aren't doing so well due to overbuilding, but the more established areas seem to be recovering in terms of sales. Collapsing prices seem to have stabilized, although we know that the banks are holding on to quite a shadow inventory of foreclosed properties that haven't hit the market yet.

2) Short sales. I don't even consider them as part of the "actual" market, given the difficulty in scoring one. One of my neighbors spent six months in various states of escrow-limbo when they purchased their house as a short sale. My immediate next-door neighbors had their house on the market as a short sale for well over a year, and they finally pulled it (though apparently they could still afford the payments, since they're still in the house and not even in default).

Anyway, the local MCMs are plentiful enough around here that they're just part of the normal landscape and in many cases do command a premium. My impression--not as someone in the real estate business but as someone who still enjoys killing untold amounts of time on Redfin--is that they don't sit for any longer, or any less, than a non-MCM house. How long they wind up sitting is mostly a function of which of the above two groups they fit into.

In some areas, and I'm thinking especially of Palm Springs, MCM homes probably do have the strong advantage. The new/newer home market is absolute carnage; I was out there in January scoping out new home tracts and it was far beyond depressing. Barren land, half-finished homes withering away in the sun, abandoned model homes left to be destroyed by vandals (and more than a few had been). But the Alexanders, being in Palm Springs proper and fitting the "spirit" of the town, do seem to have fallen to prices that allow more interested buyers to get into the game. I'm still watching things down there, and if prices fall just a little bit further by the time my employer retracts the big pay cut they just handed me, I could afford a unit in a Krisel-designed condominium I've had my eye on. Two years ago, any vacation home would have been way out of my reach.
Andy Perkins, Broker/Owner

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Postby JJHUNSECKER » Sat Aug 15, 2009 8:33 am


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Postby Perks » Sun Aug 16, 2009 6:21 pm

Andy Perkins, Broker/Owner


khummer
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Great news on your home

Postby khummer » Mon Aug 17, 2009 4:15 pm

Very cool. Pictures would be cool. So we can say that's hot!

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Postby Joe » Mon Aug 17, 2009 6:19 pm


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Postby txmod » Tue Aug 18, 2009 8:42 pm

In Houston the market is a bit different. Prime areas are still selling well while overbuilt cookie cutter stuff and areas hit hard with foreclosures, (often one in the same), have taken a price hit.

Specifically with mid-century modern I have found the market to be stronger than the norm. Houston is not Palm Springs and there just weren't the same volume of modern houses built in the 50's here, add to that the rapid McMansionization (is that a word?) of areas like Memorial Bend, and you have an ever decreasing inventory of good mods. Right now a lot of people are not putting their homes on the market if they don't have to sell, all of this has caused the inventory to be limited in a lot of areas.

I have some colonials and plain ranches listed in Glenbrook that have yet to sell, but if I could get a good mod in decent shape I could sell it three times over. Buyers that have their heart set on a true mod and not a ranch have very limited options right now but often times will not settle for anything else. I had one listing in Memorial Bend and got a price that was higher than some similar size ranch houses that were updated in mainstream tastes. Of course the buyer was a mod enthusiast (thank God!) and was willing to pay a premium for the architectural element.

So to make a short story long, the mod market here seems to perform better than the standard market, at least in some areas.

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Postby JJHUNSECKER » Sun Aug 23, 2009 1:36 pm

Alright! You guys asked for it, here are some pictures:

http://picasaweb.google.com/PeterjKaminski/NewHouse#

You'll have to use your imagination a bit... ;) But I think there are good bones and lots of potential.

Next comes the really hard part... now where are my tools?

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Perks
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Postby Perks » Sun Aug 23, 2009 3:57 pm

Cool house! Definitely needs some work, but that's half the fun. It seems to have a lot of P&K styling (esp. the light trough and the particular patio overhang). I'd be interested to know anything you've learned about the architect/builder thus far.
Andy Perkins, Broker/Owner


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Joe
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Postby Joe » Sun Aug 23, 2009 7:57 pm

maybe a P&K. you should check with your local building department for past building documents. looks like a great project!

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Postby JJHUNSECKER » Sun Aug 23, 2009 10:28 pm

thank you so much for the advice, i actually didn't know how to find out who designed the place. i'll do it and report back...

khummer
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Cool Pics

Postby khummer » Thu Sep 03, 2009 4:51 pm


ModernCharlotte
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Mid Century Modern Sales Hot or Cold

Postby ModernCharlotte » Thu Sep 03, 2009 9:50 pm

The word from Charlotte NC- My sales are good on homes in the low $200's of which blew out at the first of the year. The $400K range is really really slow and I have some beauties in that price range that get a ton of showings but no takers!
Charlotte was one of the last to get hit by the downfall, and prices are down around 10% as an average. But there are very few buyers. People are not moving to Charlotte since the Wachovia and BofA debaucles of which both are located here..or were. The residents of Charlotte cannot buy because they can't sell their homes and is useless to accept an "contigent upon the sale of their home" contract!
I miss my California buyers that were moving to Charlotte due to job relocations! Our homes were cheap for them and they were so happy with what they could buy for $400K or so.
The only good thing about this rotten market..the tear down rate has come to a halt and some of our most endangered MCM's have been granted a stay!
ModernCharlotte is the ONLY realtor in the greater Charlotte NC area that specializes in Mid Century Modern and Contemporary Architecture.


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