Soft Spots in the Market; Buyers
Try to Get More for the Money

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.)

Finding a home for Wild Things

In Manhattan's pricey real-estate market, some would-be homeowners are offering trades of valuables and services in the hopes of securing a property, says The New York Times. For example, one Kingston, N.Y., resident hopes to swap a Maurice Sendak  ("Where the Wild Things Are") drawing for an apartment in the city. The piece's owner estimates its worth at $650,000, the paper says. (Which, if exchanged for the artwork's estimated value, might not get a very large apartment in Manhattan -- the average price per square foot for a home there tops $1,000, according to The New York Times.) Buyers are not only bartering for residential property -- one sales associate from the Corcoran Groups says she represents a plastic surgeon who wants to offer his services as part of an offer on a mixed-use building to house his practice.

Thin and trim houses

First-time home buyers in the Portland, Ore., area are slimming down their new-home expectations -- literally, says The Oregonian. Spurred by both high prices and a scarcity of buildable land, developers are constructing "skinny" houses on smaller plots of land, the paper says. These homes can be as narrow as 25-square-feet wide, the article says, and are found in high-density neighborhoods with little or no backyards. Also catching on are three-story houses that pack in more living space on less land, The Oregonian says. Such developments squeeze 10 to 15 homes on an acre, compared to the four to six per acre of 10 years ago, one builder executive says. Land in the area is priced at about $500,000 an acre, the paper says. While an affordable option for prospective homeowners, these houses are also attractive to empty nesters who don't want the hassle of yard upkeep, The Oregonian says.

Mexicans cross border to buy in San Antonio

The residential real-estate market in San Antonio is getting a boost from middle-class Mexican buyers, says an article by Express-News. There is increased interest among Mexican nationals in purchasing homes between $100,000 and $150,000, the paper says. Upon purchase, these homes are often left vacant and held as financial investments, Express-News says. The median price for a home in the city in the first quarter of 2006 was $131,900, 9% above the median price of $121,200 the year before, the article says. One local real-estate agent says he has two times the number of Mexican clients than usual, the paper reports.

The fault line in Florida's market

To find the fault line in Southwest Florida's housing market, go to North Port, Fla., the Herald Tribune says. Once a hot spot for buyers looking to purchase brand-new houses, the town is the only other place in the state besides Orlando, Fla., where builders are offering incentives to lure potential home buyers, the paper says.  Among the enticements being dangled in front of consumers are free trips, cars and upgrades, the article reports. Local builders are blaming the slowdown on investors trying to unload homes, the Herald Tribune says. "Buyers are out there, looking for great bargains," the paper quotes one new-sales manager as saying.

Rushed buyers take a breather in L.A.

Bidding wars and word-of-mouth sales, once commonplace in the Southern California housing market, are now less frequent, says an article published by the Los Angeles Times. Homes are staying on the market for increased periods of time -- in Los Angeles County, the median time it took a residential property to sell at the end of April was 34 days, a rise from 25 days from the same period last year. In parts of Westside and Malibu, the median time in April was 85 days. Real-estate agents say that sellers are cutting their prices to sell, such as one Malibu, Calif., couple who lowered their asking price by $200,000 before getting a buyer. But despite such price-tag cuts, the median Southern California home price was $485,000, or 9% higher than April 2005's median price, the article says.

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