A report from the Coeur d’ Alene Press in Idaho. “The wild real estate market ride in Kootenai County might be calming down. As of Sept. 9, there were over 1,200 local MLS listings. That’s more than triple the number of listed homes in January.”
From Valley News Live in North Dakota. “After a red hot summer for home sellers here in the FM area, there is change brewing in the real estate market. According to local real estate experts, the market has slowed down off its peak, which some realtors say is typical for this time of year.”
From WJHL in Tennessee. “With high demand and low inventory, it’s certainly a seller’s market and that hasn’t changed, but a slight cool-down when it comes to the housing market could soon be coming to the Tri-Cities. ‘The cooling is in regard to the multiple offer situations that buyers and sellers have been seeing for a year and that’s what’s sort of cooling off a little bit,’ said broker Kelly Moran.”
From Market Watch. “The frequency of bidding wars on homes has dropped to the lowest level this year — the latest sign that the housing market may be cooling and reverting back to its usual seasonal patterns. ‘Sellers are still pricing their homes very high, but a lot of buyers have had enough and are no longer willing to pay the huge premiums they were six months ago. Instead of 25 to 30 offers on turnkey homes, we’re now seeing five to seven,’ Nicole Dege, a Redfin real estate agent in Orlando, Fla., said in the report.”
The Albuquerque Business Journal in New Mexico. “A home sat for just an average of 12 days in August, according to the latest Greater Albuquerque Association of Realtors report, but some Albuquerque agents are seeing a more tempered response from buyers and sellers.’We’re seeing a little bit of a cooling off where it’s not quite as hectic as it was two or three months ago,’ said John Castillo, owner of Southwest Elite Real Estate. These days, Castillo said that the number of home showings have remained steady. But, he estimates, the number of offers for a home have dropped from 10 to 15 per listing to about two or three.”
From Vail Daily in Colorado. “An offshoot of supply and demand is that when prices rise too much, demand tends to soften. Matt Fitzgerald, the Eagle County president for Slifer Smith & Frampton Real Estate, said it’s too soon to tell if demand has started to be affected by pricing. A home in the right location that isn’t overpriced tends to sell quickly. ‘It’s highly dependent on the individual property,’ Fitzgerald said, adding that a super-quick sale ‘isn’t the blanket statement it was even a few months ago.’”
From Sentinel Colorado. “Recent market conditions have accounted for a slight decrease in median sale prices across the metroplex. According to the association, prices were down about 2% from July to August. The overall state picture looks much the same with median prices falling about 1% from July to August. ‘We are seeing many price reductions and sellers who were hoping for a quick sale and top dollar and are suddenly more realistic now and more motivated. The time for buyers to buy will be in the next 3 months so they can take advantage of this situation and purchase before interest rates increase next year,’ Boulder realtor Kelly Moye advised in the week’s real estate trend report.”
The Houston Chronicle in Texas. “Pricing, HAR officials noted, has eased a bit since setting record highs in June. ‘The Houston housing market is beginning to show signs of easing, which was to be expected with summer behind us, schools back in session and inventory levels still exceptionally low, albeit improving,’ said HAR Chairman Richard Miranda. ‘We are also hearing anecdotally that there aren’t quite as many competitive bids on property listings as we observed earlier this year, which drove prices into record territory in June.’”
The New York Post. “‘Real Housewives of New York’ star Sonja Morgan has been forced to take her Manhattan townhouse off the market once again after eight years without an offer, The Post can report. Morgan, 57, initially listed the Upper East Side home back in 2013 for $9.95 million amid her divorce battle with J.P. Morgan heir John A. Morgan. It has seen several price cuts since, including a $7.2 million price tag back in 2015. In 2018, after receiving no offers, she tried renting the five-story residence for $32,000 per month, property records show.”
“After extensive remodeling, the home was back on sale last summer for $8.75 million, in hopes the vibrant market amid the pandemic would be in her favor. But after a year without any prospects, Morgan delisted the property last week. ‘At this point, this house is nothing more than a financial drain, an emotional drain,’ she explained.”
From Realtor.com. “While courts and creditors sort out whether Bravo-lebrity Erika Jayne and her estranged husband, the lawyer Tom Girardi, funded their lavish lifestyle with money stolen from his clients, the value of one of their major assets—a mansion in Pasadena, CA—continues to plummet by more than a million dollars every month. The home was initially listed in early May for $13 million, and its price has since been cut three times in the past four months, in an effort to snare an offer. It’s now priced at $8.9 million, 32% off the original price.”
“And in other bad news: They may have to cut the price again, to bring it in line with current Pasadena pricing. The Girardi mansion is currently priced at $866 per square foot, still well above the city’s median list price of $656 per square foot.”
“While Erika is defending herself off camera in legal proceedings, she’s also clashing with fellow Beverly Hills ‘Housewives’ over questions about her spending and marriage, which has made for some must-see TV this season. ‘I do not believe there’s a single person at this table that doesn’t want to see you come out of this,’ Dorit Kemsley told Jayne during a recent episode. ‘I’m going to support you to the bitter end. I will do anything you need, anything. But holy s***, when you’re reading about the victims and the orphans, that’s very hard to digest.’”