Real-Estate Blog: Record Prices
And New Home-Buying Trends

Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)

Maui average home price nears seven figures

If you are shopping for a house on the Hawaiian island of Maui, be prepared to shell out nearly $1 million, says an article published by The Maui News. There, the average price for a single-family home exceeds $970,000 the article says. In the first quarter of this year, the median home price rose 14% from the same period a year earlier to $699,000. However, that is less than the gain shown in 2005, when median home prices jumped 23%, the paper says. Closed sales of resale residential properties fell from 302 in the first quarter of 2005 to 249 in the first quarter of this year, another sign that the market may be slowing, the article says.

Record prices, but slowing sales in Orange County

Home prices continue to rise in Orange County, Calif., where a record median selling price tag of $623,000 was reached last month, according to The Orange County Register. However, the number of homes sold that month dropped 22% from a year ago to the lowest point in nine years, the article says. While home sellers should have success with setting their asking prices higher than recent sales, they should not seek more than a 10% increase, the paper says. They also should reduce their asking price if their property hasn't sold within a month. Local housing prices should level off after summer or early fall of this year, according to an analyst quoted in the article.

Investors turn from Phoenix

Real-estate investors are showing less interest in the formerly red-hot market of Phoenix, boosting the supply of resale houses available, says The Business Journal of Phoenix. The average amount of time a residential property takes to sell jumped from a low of eight days in December 2004 to 55 days in February, the paper says. Local home builders are offering discounts and incentives such as free swimming pools to lure buyers, the article says. However, area job and population growth should continue to support sales of newly built area houses, the paper quotes a representative from a national home builder as saying.

Pied-á-terres in Washington, D.C.

Second-home buyers are purchasing pied-á-terres in Washington, D.C., according to an article published by The Washington Post. These residences are used by commuters who spend part of the week in the capital, or travel long hours to a job there, according to the paper. The homes range from million-dollar penthouses for affluent professionals to more modest apartments for the younger set, the article says. One local real-estate agent says that about 20% of his business comes from buyers of pied-á-terres or investment condos, the paper says. Popular neighborhoods for purchases in these categories include Georgetown, Logan Circle and the H Street corridor in Northeast, the article says.

Building up in Las Vegas suburbs

With land prices continuing to rise in southern Nevada, local developers are building up instead of out, says an article in the Las Vegas Business Press. Increasingly common are three-floored single-family residences, the article says. "The real challenge is that the land price is so high that we are seeing what we can do to keep it down on a per-home basis," the paper quotes the president of a home-building company as saying. Developers say they can offer buyers a discount by constructing houses of comparable square footage on smaller lots, the paper says. Local builders report that demand for such residences has been good. The homes offer popular features such as third floors with no other bedrooms except the master suite, and full-floor suites for in-laws, according to the article.

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