The Multi-functional Kitchen

The Multi-functional Kitchen

Nothing can kill a sale faster than a dated, closed-in kitchen area. Many of today’s buyers see the kitchen as the home’s command center, and not just a place for cooking and eating. They want the kitchen to be many things at once, hence the rise in popularity of what is known as the multi-functional open-concept kitchen.

If your clients are looking to renovate an existing kitchen, or you need to advise them on building one that’s brand-new, the Washington Post shared some background on how they can design a kitchen space so that it’s functional in many different way.

“Whether you are renovating existing structure or building new, architects fully recognize the need for space that is designed for movement and flow,” says Stephanie Brick, senior designer at Sustainable Design Group, in Gaithersburg, Md. “There are still rules and important elemental guidelines — you do not want to just delete all of the walls on your first floor. But by being selective in the design, materials and professionals you work with, you can easily achieve a space that does not merely react to, but anticipates, your bustling lifestyle.”

The two main considerations when designing a multi-functional space are wall placement and storage. While it may seem like an easy solution to knock down walls, Brick says there are other architectural solutions, like open doorways, that can give a similar effect while keeping the space architecturally interesting.

Being as honest as possible about individual organizational and storage needs is key when creating a multi-functional kitchen. For some owners who want to use the kitchen as a makeshift homework area or as a place to handle their bills, adding storage for these needs will be necessary. If your clients do a lot of cooking and entertaining for large groups, they will want to make sure the kitchen has space and storage to accommodate that process. If the family has small children, the kitchen can be designed with their safety in mind.

Brick has one final piece of advice when designing this type of kitchen space. “Honesty with your architect is key to creating a strong working relationship and delivering an equally beautiful and functional space in your home.”

Source: “How to create a live/work/play space at home,” The Washington Post (June 8, 2016)

Loan Rolls Student Loan Debt in With Mortgage

Loan Rolls Student Loan Debt in With Mortgage

A new loan from a mortgage originator is designed to rescue student loan–burdened millennials struggling to save up for a down payment on a home or qualify for a mortgage. Developed by Burkey Capital, the new loan wants to help move college graduates into home ownership by rolling their student loan debt into a 30-year fixed mortgage.

The “BurkeyLoan,” said by the company to be the first of its kind, is expected to roll out this fall.

The loan reportedly is to be geared to the top 20 percent or so of earning households — those with stellar credit and at least three to four years of work experience, earning a minimum of $150,000 a year. The company expects the criteria to be popular with college grads in fields such as medicine and others known to have more job stability.

In the beginning, the program will be offered only for jumbo loans, which start at $417,000. Eventually, the loan program will help with the purchase of properties in the mid-$200,000s, John Burkey, the CEO of BurkeyLoan and Burkey Capital, told realtor.com®.

Borrowers who participate will also need to be able to come up with a 10 percent down payment on the price of the home and the outstanding student debt added up together.

“We want them to have skin in the game,” Burkey says.

There are some risks to the loan. But if a home appreciates enough, the borrower could potentially have his or her student loan debts wiped out when it comes to selling the home. But borrowers will need to weigh whether taking out a second mortgage instead to pay off their student loans would be a safer bet, in case the property doesn’t appreciate as quickly.

Source: “Could a Mortgage for Debt-Ridden Millennials Be Too Good to Be True?” realtor.com® (June 3, 2016)

Hef’s Neighbor Buys Playboy Mansion

Hef’s Neighbor Buys Playboy Mansion

Here’s why you should consider marketing homes to the neighbors: Daren Metropolis, who owns the property adjacent to the Playboy Mansion, is under contract to purchase Hugh Hefner’s infamous home.

Metropoulos, the principal at the private equity firm Metropolis & Co. which famously rescued Twinkie snacks from extinction, noted in a statement that he is not as interested in the fame around the mansion’s wild parties but is more interested in preserving the architectural significance of the home.

“The heritage of this property transcends its celebrity, and to have the opportunity to serve as its steward would be a true privilege,” Metropoulos said in a statement.

The home was listed for $200 million by broker Mauricio Umansky of The Agency and Gary Gold and Drew Fenton of Hilton & Hyland. Metropoulos declined to disclose the purchase price.

Hyland told The Wall Street Journal that the price, however, would set a record for the highest priced residential sale in Los Angeles. Hyland also said the property received multiple offers.

The Playboy mansion made headlines when it went up for sale earlier this year with an unusual caveat: The sale was contingent on Hugh Hefner, 90, the Playboy founder and longtime resident of the home, being able to remain in the home as long as he lives.

Once Hefner leaves the property, Metropoulos says he plans to connect the Playboy estate to his current estate and create a 7.3-acre compound. Metropoulos had purchased the house next door in 2009 from Hefner for $18 million.

The Wall Street Journal reports that the Playboy mansion sale comes at a time when there has been a surge in $100 million-plus listings. About 27 properties across the world are listed for $100 million or more. That compares to 19 last year.

Source: “Playboy Mansion’s Neighbor to Buy the Property,” The Wall Street Journal (June 6, 2016)

Top Cities for Dog Lovers

Top Cities for Dog Lovers

A whopping 54.4 million households – or 44 percent – own at least one dog, according to the 2015-2016 American Pet Products Association survey. That trumps the 35 percent of cat-owning households.

Americans sure do love their pets. In fact, spending on pets has doubled from 2001 to 2015, up from $28.5 billion to $60.28 billion, according to the APPA.

In some cities, the number of dog owners, in particular, is growing. Realtor.com®’s research team sniffed out the 10 best cities for dogs, factoring in the percentage of households that own a dog as well as the number of dog parks and trails, dog-friendly restaurants, pet stores, and dog walkers.

These cities go to the pooches:

1. Charleston, S.C.

• Median home price: $349,000
• Households who own a dog: 68%

2. Temecula, Calif.

• Median home price: $519,000
• Households who own a dog: 85%

3. Las Vegas

• Median home price: $249,000
• Households who own a dog: 62%

4. Scottsdale, Ariz.

• Median home price: $596,500
• Households who own a dog: 69%

5. San Diego

• Median home price: $689,000
• Households who own a dog: 63%

6. Austin, Texas

• Median home price: $450,000
• Households who own a dog: 61%

7. Tampa, Fla.

• Median home price: $230,000
• Households who own a dog: 57%

8. Fort Collins, Colo.

• Median home price: $419,000
• Households who own a dog: 67%

9. Atlanta, Ga.

• Median home price: $314,900
• Households who own a dog: 54%

10. Seattle, Wash.

• Median home price: $609,000
• Households who own a dog: 52%

Source: “Top 10 American Cities for Dogs (and the People Who Love Them),” realtor.com® (June 6, 2016)

Test Your Website’s Mobile Friendliness

Test Your Website’s Mobile Friendliness

How business-friendly is your website? Luckily you can now find out using Google’s new business tool that tests your website’s mobile friendliness as well as the page speed for your desktop and mobile sites.

You just put in your website URL and you’ll instantly receive three scores from 0 to 100 based on mobile friendliness, mobile speed, and desktop speed. Google will then send you a more detailed report that will offer up some ideas on how you can improve your site in those areas.

Google gauges mobile friendliness on factors like whether your site has tappable buttons, is easy to navigate from a small screen, and has important information front and center. Mobile speed is factored in by how long it takes your site to load on mobile devices while desktop speed is measured by how long it takes to load the site on a desktop computer.

It’s not just consumers’ web connection that determines speed but also the elements on your website can have a part in how fast it loads.

Source: “Google Launches Business-Friendly Tool That Tests Your Website Mobile-Friendliness and Page Speed,” Search Engine Land (June 2, 2016)

Sellers May Have You Under Surveillance

Your conversations might not be so private when you’re on a home showing with your buyer. Reports are showing a rise in sellers using surveillance cameras around their home, from those hidden in hallways to a camera placed in that smiling teddy bear in the corner.

Home surveillance cameras are allowing owners to monitor the activity inside and outside their home in real-time. Multiple listing systems don’t require disclosure of such recording devices, real estate professionals say. But agents say they’re increasingly spotting them around homes, according to a recent Bankrate.com article.

Some real estate professionals say they aren’t creeped out by the surveillance cameras. In fact, they say it’s a positive thing to have in homes for sale, particularly to deter any thefts during home showings.

“There’s nothing wrong with it,” Jose Tijam, a real estate professional at Grand Avenue Realty in Los Angeles, told Bankrate.com. He has seen Nest and Canary cameras turned on in sellers’ homes. “The setup is easy and they’re motion-triggered, so if something moves, that sends an alert to the home owner and they can use their smartphone to see what’s happening in their home. … I don’t think home owners are doing it to be nefarious. It’s just that it’s their home, and they want to see what’s going on in their home.”

Some home sellers also may be using the cameras to find out what real estate professionals and buyers have to say about their home.

“It’s curiosity, but also making sure the agent is pointing out things [the seller] thinks they should point out and speaking about the house the way [the seller] thinks they should be speaking about the house,” says Janine Acquafredda, associate broker at House-N-Key Realty in New York’s Brooklyn borough. But Acquafredda says the cameras can leave a bad impression with potential home buyers if they think the sellers are snooping on them.

“No one likes being followed around,” says Acquafredda.

Source: “Buyers Beware: Some Home Sellers Use Home Surveillance Cameras to Spy on You,” Bankrate.com (May 27, 2016)

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