Home Ownership Matters!

Did You Know: Net Worth, Home Owners vs. Renters

November 16, 2010

By Danielle Hale, Research Economist

• In the past 12 years, the net worth of the typical home owner has ranged between 31 and 46 times that of the net worth of the typical renter.
• Home owner equity is a substantial component of home owner wealth. The Federal Reserve's Survey of Consumer Finances, conducted once every three years, provides a snapshot of family income and net worth along with basic demographic details and more detailed information on where families keep the wealth they have accumulated.
• The most recent survey, concluded in 2007, offers a picture of the situation before home price declines and the tumbling equities market hit household balance sheets. At that time, median home owners had well over $200,000 in net worth or 46 times that of the median renter who had just over $5,000. Furthermore, $200,000 was the median value of owners’ homes.
• Looking at aggregate data, the National Association of Realtors® estimated the impact for renter and home owner households through mid-2010 taking home price and stock market performance into account. The result suggests that despite declines in equity and housing markets, homeowners have a net worth orders of magnitude greater than renters.
• How has the recovery of the stock market and a sluggish housing market affected owners and renters? For the first time ever, the Federal Reserve resurveyed the 2007 participants in 2009 to directly measure how the crisis and recession affected their finances. These results are expected later this year.

This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >

Comments? Questions? E-mail NAR Research.

Photos Can Help Prepare for Unexpected Losses

Photographing the interior of your home is a great way to document your belongings & most valued possessions, just in case disaster strikes. While it is never convenient for theft, natural disaster, or fire to damage your property, unfortunate things do happen and being prepared can give you a great head start in rebuilding your life.

To create a digital inventory of your home and possessions, simply use a digital camera to take shots of each room at varying angles, while making sure to include all valuable objects. These digital images can later be used to identify your exact losses.

Photos should be stored on a flash drive or CD-R and kept in the safe or safe deposit box, and this digital inventory should be updated every few years.

Marking time on the La Playa Trail

Monument to days gone by has moved

BY MATTHEW T. HALL

WEDNESDAY, NOVEMBER 24, 2010 AT 8 A.M.

PATTI ADAMS / LA PLAYA TRAIL ASSOCIATION

A decades-old monument to the centuries-old La Playa Trail endures in the Midway area.

First erected in 1934, a concrete monument marking the oldest European commercial trail in the west weathered time relatively unnoticed in a median on Rosecrans Street until a community group formed to give it some care and attention five years ago.

Now that group, the La Playa Trail Association, has intervened again to make sure the marker endures.

Recent improvements to the busy intersection south of Midway Drive prompted the removal of the monument, and the nonprofit organization found a new home for it in front of a nearby strip mall along a more modern commercial trail, called a sidewalk, which connects stores like Pick Up Stix and Jamba Juice.

"The beautiful plaque and inscription could only be read and appreciated by those awaiting the change of traffic light at Midway," Realtor Patti Adams said. "It has now been replaced in a grassy area on the east side of Rosecrans in a spot much safer to stop and admire the monument."

The marker was one of six historical monuments designed by Old Town sculptor Rose Hanks and erected in the 1930s to memorialize the 1769 La Playa Trail. Two of the six markers have since been lost, and the others have all been refurbished, according to the La Playa Trail Association's website. The route was the main link between the San Diego Mission and La Playa, which served as the area's major port until Alonzo Horton's founding of New San Diego in 1869.

From the association's website: "The La Playa Trail is every bit as relevant to the history of the United States as are the better known Lewis & Clark Trail, U.S. 101, Boston's Freedom Trail, or Tidewater, Virginia's Colonial Parkway. In fact, it predates them by many score years. There is a strong argument that the Trail should be recognized and treated as a National Historic Site with heroic plantings of trees, monuments, public art, and an air of continual celebration."

Well, one step at a time.

matthew.hall@uniontrib.com • (619) 293-1335 • Twitter @SDuncovered

10 Autumn Home Design & Décor Trends

By Elaine Williamson, Elaine Williamson Designs

With temperatures reaching record highs throughout the U.S., thoughts of autumn seem but a woeful wish. The fall season evokes thoughts of home and hearth, as families and friends eagerly anticipate re-connecting with one another amid busy lives.

Of course, most want a home design and décor that will impress, and help de-compress, impending company – one with that autumn sensibility that exudes comfort and warmth … and duly stimulates the senses.

With this in mind, here are 10 top home design and décor trends for fall:

Photo Credit: Elaine Williamson Designs

1. Vintage accents. What’s old is new again. French-burlap is no longer just for sack-racing. This Earth-friendly fiber is being used for chic pillows imprinted with a vintage stamped design or even a family initial.

Accent chairs can also be seen covered in gray linen imprinted with vintage “document” script writing. Vintage couture lamps (and their replicas) are utter perfection this year, especially those with milk glass and natural material bases, drum shades, and antique brass finials.

Aged, color-washed wood accessories such as candlesticks, urns, and bowls are popular as oversized accessories to accent and update a time-worn look.

2. Wallpaper! With a decreasing demand for faux finishes and walls painted in solid primary colors, wallpaper is making a comeback in a big and decidedly fashionable way.

From bright and bold to subdued and elegant, today’s wallpapers are easy to apply and even easier to remove, making updating the seasonal look of a room easier than ever before. here are a seemingly endless number of choices from solids to patters, and everything in between.

Photo Credit: Elaine Williamson Designs

3. Timeless art. When shopping for items to occupy wall space, ditch the quick fix, “matchy-matchy” picture. Art doesn’t have to be expensive but it should certainly have meaning. Buy what you love. Mix mediums and styles. To add depth and character to your pieces, forego the glass cover that can be distracting and casts a glare that actually detracts from your interior design.

4. Elemental color. While neutrals have made a strong showing in design this year for primary design elements like walls and baseline furnishings, boldly colored accent pieces give a space visual interest and appeal.

Brightly colored and/or patterned pillows, rugs and other accessories will bring an otherwise bland space to life. Of course, these accessories can be readily transitioned to exude the spirit of a given season.

5. Space simplification. With a strong desire to ease and reprioritize our homes and lifestyles, de-cluttering — even with respect to editing down furnishings and accessories — is the best way to gain control of your surroundings and feel a refreshed sense of purpose.

It is very important to streamline not only the lines of your furniture, but the bulkiness as well. But, this does not mean giving up comfort for style. Many times we place too many items in a room by way of accessories, pillows, throw rugs, and family photos.

Pick and choose very carefully the most important items and then pare down from there. There is brilliance in restraint.

6. Rug rage. There has never been a more exciting time than now in the area rug industry. Whatever style, shape, and design you can imagine is within your reach.

Even if a space has wall-to-wall carpeting, place an area rug to establish a layered look and add depth and personality to a room and also tie in other disparate color components. A rug’s color palette and pattern can easily establish the desired style and tone of a season.

Photo Credit: Elaine Williamson Designs

7. Bed basics. Bedding has also changed this year. The pomp and circumstances of overstuffed pillows that seem to multiply in the night are out. Way out.

Exquisite, neutral colored linens are in, especially when paired with a luxurious top blanket and a clean lined duvet.

For those who desire more color that’s representative of fall or any other season, indulge in two medium sized pillows placed in front of each sham.

Photo Credit: Elaine Williamson Designs

8. Pillow talk. Today’s pillow designs offer an array of textures, colors, shapes, sizes, and accents, and can completely transform a room’s aesthetic. Accordingly, pillows have become the ultimate interior design accessory, especially since they are so versatile.

Choose an assortment of pillows for the spring and summer and other set for the fall and winter. This is an easy way to seasonally transition a room in an easy and budget-friendly way.

Also, resist the urge to “karate chop” pillows to give them a center crease as this look is not style savvy.

9. Window treatments. While many love luscious fabrics, an overuse of material on your windows can quickly overpower an otherwise streamlined room. Linen panels are now very trendy since they beautifully outline and soften windows. This classic and timeless fabric is now available in a staggering array of colors to coordinate with any interior palette.

10. Brass. Yes, brass is back but a bit older and wiser. Antiqued brass and even antiqued gold have both made a large comeback on everything from drapery rods, to cocktail tables, to door and cabinet knobs to décor figurines.

The light reflecting surface of brass adds warmth, glow and movement to a space and, thus, is perfect in a room with a fireplace.

ABOUT THE AUTHOR: Luxury interiors expert Elaine Williamson is the principal of Elaine Williamson Designs, a full service, award-winning firm specializing in high-end residential and commercial interior design. She may be reached online atwww.ElaineWilliamsonDesigns.com, accessed on Facebook at http://tinyurl.com/ewd-facebook, and followed on Twitter at “ElaineWDesigns”.

$5.3 million 'shack' just 651 square feet

When calculated for square footage, this home is actually the nation's most expensive.

Posted by Mai Ling at MSN Real Estate on Friday, November 19, 2010 10:47 AM

Just how much are you willing to spend on a view?

• What's the value of a view?

This 651-square-foot home overlooking California's Pacific Coast may look like little more than a shack, but it's actually worth more per square foot than Candy Spelling's $150 million mansion.

Stephane Fitch with Forbes argues that this home, listed at nearly $5.3 million, is actually the nation's most expensive home -- at a cost of $7,060 per square foot. (Thanks to HousingWatch for the link.) Fitch says that's nearly three times Spelling's asking price per square foot for her 123-room, 56,500-square-foot home set on 4.6 acres in the Holmby Hills neighborhood of Los Angeles. (Bing: Photos of some of the world's best beaches)

• Check out some of the world's most expensive homes

In contrast, the beach home pictured above, in the tony beach community of Carpinteria, has three bedrooms and just one bathroom, and it sits on just less than a half-acre. But listing agent John Henderson notes in the Forbes post that its 92 square feet of beachfront are twice what neighboring properties have.

So yes, you're really just buying the view. Already, the city has given its approval for the existing home to be torn down and replaced with a 2,600-square-foot house. Fitch considers the options:

So maybe it's not so expensive. If you plunk down $5.3 million for this house and spend $300 a square foot building a high-end home that fits with the approved plans, the $6.1 million total investment will bring your per-square-foot price down to $2,300.

But honestly, I don't see what's so wrong with the existing beach home, and I personally wouldn't call it a shack. Sure, it's a little on the small side, and Henderson even notes in the Forbes piece that, "It’s got probably the smallest master bedroom I’ve ever seen," but it's way too bright and cheery for my idea of a shack.

• Check out photos of the listing on Realtor.com (an MSN Real Estate partner)

However, homebuyers with $5.3 million to spare on beachfront property may have a very different interpretation of what is "cute" and what is a "shack."

And believe it or not, the home has quite a bit of competition for the most-expensive-per-s​quare-foot category. In research Zillow conducted for the Forbes piece, it found plenty of other homes smaller than 1,000 square feet listed at more than $1 million, including about a half-dozen also worth more than Spelling's mansion.

• Scene stealers: How to deal with view-blocking neighbors

News From the Updesk...: Pacific Sotheby's International Realty® Launches i...

News From the Updesk...: Pacific Sotheby's International Realty® Launches i...: "SAN DIEGO (Nov. 22, 2010) Sotheby’s International Realty Affiliates LLC today announced that Windermere Pacific Coast Properties in San Dieg..."

Pacific Sotheby's International Realty® Agent Recognized by The San Diego Association of Realtors®

Press Release   

The San Diego Association of Realtors® today recognized Patti Adams for providing volunteer services in her community.

San Diego, CA November 12, 2010:  At the 2010 Annual Meeting held November 12, 2010, The San Diego Association of Realtors® recognized Patti Adams of Pacific Sotheby's International Realty® for her volunteer service in her community.  This is the fifth year that Ms. Adams has been honored for her community service.  Her efforts this year included her work with the La Playa Trail Association which erected another monument marking the La Playa Trail, The Point Loma Associations Summer Concert Series which presented five free concerts for the community this summer, and the Fall Town Hall Forum for the Point Loma Association held this last  month. 

The award states that  the “ San  Diego Association of Realtors® is proud to recognize your outstanding volunteer commitment and dedication to the community”. 

Adams credits her fondness for community service to her years as a Branch Manager in the Banking business, particularly San Diego Federal Savings and Loan.  “Gordon Luce was our mentor and encouraged all the staff and officers of the S&L to be involved in our communities” said Adams. “It really is a great way to really know what is going on in the community and that helps me better serve my clients,” she added.

Since moving from the financing side of real estate transactions to the sales side in 1997, Adams has excelled.  Her previous education as a Certified Financial Planner (CFP®) enables her to help her clients feel safe and well protected in today’s complex Real Estate Market.  She likes to live by a quote from Albert Einstein: “Let us not strive to be people of success but people of value and when we are people of value to our companies, our clients, and our communities, then we will be successful.