“House Party” is realtor.com®’s official podcast about the overlapping worlds of real estate and pop culture, hosted by Natalie Way, Erik Gunther, and Rachel Stults. Click the player above to hear our takes on this week’s hot topics.
There’s a lot of internet noise about COVID-19, and sometimes it can feel impossible to know what’s true and what’s not. Will the novel coronavirus get inside your open windows? Should you microwave your mail to kill the virus? On this week’s episode, we debunk the most common household coronavirus myths that you should stop believing immediately.
Other topics we cover:
Jay Cutler and Kristin Cavallari just filed for divorce, but their Nashville, TN, mansion has been on the market for two years. What happens to the estate now?
Tom Brady accidentally “trespasses” in Tampa, FL—and we learned how easily it can happen to you, too!
And, as always, we highlight our week’s celebrity real estate winner and loser.
Ready to listen? Subscribe on Apple Podcasts, Google Play Music, Spotify, or wherever you get your podcasts. And please: Throw us a five-star rating if you like what you hear. The more good ratings and reviews we have, the easier it is for people to find us.
Want to chime in? Have your own crazy home-related story you’re dying to share? We’re all ears, eagerly waiting to discuss all of your burning real estate questions on “The Mailbox” segment. Email us at podcast@realtor.com, follow us on Facebook, or tweet us @housepartypod on Twitter.
The migratory patterns of Raider Nation to the state of Nevada are underway. Las Vegas Raiders head coach Jon Gruden has doubled down on Sin City—he purchased a modest condo in Vegas for $359,000 and a plot of land in an exclusive community for $750,000.
In March, Gruden purchased a two-bedroom condominium in the One Las Vegas complex, which lies about 5 miles south of the brightest lights of the Strip.
When it landed on the market in early February, the unit was touted as being “just minutes from the new Raiders stadium.”
Which is all it probably took to entice the boss of the Silver and Black. The unit went pending shortly thereafter, and the deal closed in late March.
The 1,300-square-foot condo does have views of the Vegas Strip, but offers just the right amount of distance from the go-go lifestyle on the Strip.
The place comes with two master suites to choose from, a huge balcony, granite countertops, hardwood floors, and new appliances.
The building offers an array of amenities for residents, including a two-story fitness center, resort pool, and business center. We’d be hard-pressed, though, to believe the famously workaholic coach would indulge in any of those features.
Another plus? Gruden will have a short, 5-mile commute to Allegiant Stadium, where the Las Vegas Raiders hope to make their debut this fall.
One Las Vegas
realtor.com
The condo is likely to be a stopgap measure for a season or two.
Back in August, Gruden and his wife, Cindy, purchased a plot of land for $750,000 in the exclusive, guard-gated community of Southern Highlands Golf Club. About 10 miles south of the Strip, this will be the site of a future Gruden mansion.
Listing details say the lot is surrounded with views of the nearby mountain and foothills. Just shy of an acre, it is prepped and ready for a mansion. The private golf club at the center of the community is members-only and involves a reported initiation fee of $50,000.
After a successful first run with the Oakland Raiders and a Super Bowl-winning stint with the Tampa Bay Buccaneers, Gruden was hired by ESPN as an analyst on “Monday Night Football” in 2009.
In 2018, the Raiders coaxed Gruden back onto the sideline with a 10-year, $100 million contract.
The condominium was listed by Traci Martin of Northcap Commercial. Gruden worked with Heidi Holly of Lifestyle LV.
While the coronavirus has put many people’s house hunts on hold, there’s one couple who’s forging on: Prince Harry and Meghan Markle.
According to the New York Post, the ex-royals are shopping for mansions in the $15 million to $20 million range near Los Angeles. Eager to put down roots with their sweet tot Archie, who’s nearly a year old, they’re homing in on such tony enclaves as Beverly Hills and Brentwood.
Meanwhile, they continue to rent a 10,000-square-foot estate in the great white north of Canada on Vancouver Island.
So is a forever home in L.A. finally in the cards for the couple?
“While it may seem like there are endless options for the newly ‘unroyal’ couple, it really comes down to what’s going to make the most sense as they balance an energetic, growing family with the need for utmost privacy and security,” says Cara Ameer, a real estate agent with Coldwell Banker in Los Angeles.
To that end, we asked the pros (aka real estate agents) to sift through the luxe amenities and expansive landscapes of L.A.-area homes for ones that would suit the power couple. Here are the five megamansions they deemed worthy.
New construction is always a draw—and this seven-bedroom, 12-bath manor with a pool, pool house, and six-car garage is part of a gated community, adding necessary privacy for the famous pair.
“This house has a traditional feel with a modern spin, so it blends with Harry’s British roots and Meghan’s contemporary style,” says Ameer.
This 12,000-square-foot abode is wired for smart technology, which should appeal to a younger set that’s used to running their lives with apps, she adds, and the built-in home theater and fitness center mean the couple won’t have to leave the property to hang out with friends or to exercise.
This move-in ready manse has a quaint English cottage aesthetic thanks to its Nantucket style and paved driveway flanked by grass.
“The layout is very well-appointed with finishes that are transitional and universal, which would work well for a young family,” says Ameer. The only neighbors here are verdant hills and the ocean—and the elevated perch affords spectacular views of both.
Along with an infinity pool and spa, plus 12 bedrooms and eight baths, the master suite features its own balcony and fireplace. And when it’s time to entertain, the 11,800-square-foot mansion doesn’t disappoint: There’s a 10-seat theater, billiard room, and wine cellar that holds nearly 1,000 bottles.
This swanky six-bedroom, 10-bath aerie sits high up in Brentwood Hills and offers endless canyon views and an acre lot for roaming with a toddler.
“And while the house itself is stunningly large, it flows in a simple yet elegant style that makes it livable and conducive to children,” says Odest T. Riley Jr., CEO of WLM Financial, a real estate brokerage firm in Inglewood, CA.
This Cape Cod–style home features a gym, home theater and a wine cellar within, plus a pool, spa, and putting green on the grounds.
“It makes good sense that the young couple would choose this neighborhood as it’s a community in which they can easily move around without their wealth and celebrity being a huge deal,” he adds.
“For something a little more secluded at the end of a cul-de-sac, this choice might be the perfect situation,” says Riley.
City and water vistas are included in this Mediterranean-style villa, along with six bedrooms, six baths, a wine room, and a walk-in refrigerator for convenient late-night snacking.
But a price cut may help it to move.
“If the house could be had for around $12 million instead, it’d be a great deal because the ocean views make it worth enduring a renovation project, and with the $3 million to $8 million left in the budget, you can customize it to meet all of your needs,” says Cedric Stewart, a real estate agent with Keller Williams Capital Properties in Washington, DC.
This glass-front wonder makes it seem more museum than home, but the grounds, including over 4 acres with plenty of recreational options out back, add up to a quality find for the couple, says Stewart.
Security abounds in this 10-bedroom, 11-bath manse, with a gated enclosure and 200-foot driveway.
Drenched in sun, thanks to sparkling glass walls and windows in every room, this spot also includes a 30-car motor court for guests and staff. And the outdoor property is a veritable wonderland, complete with koi ponds, waterfalls, a grotto, pool, and tennis court.
“Archie would have his choice of playing basketball, tennis, swimming, chasing his puppy—you name it,” Stewart adds.
May is shaping up as a clash between renters and landlords, as soaring unemployment could leave millions of tenants unable to pay, and some organizers of rent strikes urge even those with means to hold back.
April rent payments turned out better than expected, landlord representatives said. With the economy still strong in the first half of March—before the worst hit from the coronavirus pandemic—about 9 in 10 renters in professionally managed apartments paid at least some of their April rent, according to the National Multifamily Housing Council, a landlord trade group.
Now, rent for May is coming due after millions of Americans have been unemployed for weeks. Many more are worried about keeping their jobs, and housing activists in at least 15 cities, including New York and Chicago, are organizing rent strikes. They are calling on tenants to withhold May payments in hopes of provoking federal and state lawmakers to provide more financial support for renters.
“I am concerned,” said John Ragsdale, who owns four rental houses in Newton, N.J. He said he hadn’t heard from most of his tenants about May rent as of April 30. “Nobody’s said they’re not going to be ready, but I won’t know really until I show up” to collect rent on May 1.
Other landlords and their lenders say they are worried that unpaid rent in May could be worse than it was in April, with the organized strikes on some of their minds.
“We thought [unpaid rent] stabilized, but then who knows if everyone’s going to go on a rent strike,” Joseph DePaolo, the head of Signature Bank, a prominent lender to multifamily landlords in New York, said on an April 23 earnings call. “We don’t believe that most people want to do that. So it’s hard to say if it’s going to move up or down any further.”
The best estimates of how many people fail to pay on time this month won’t be available for at least a week, but early polls suggest that many Americans are unsure they can pay in full.
A survey of 25,000 renters by real-estate research firm Kingsley Associates and listings website Apartments.com this week found that barely half of renters said they were confident they could pay their entire May rent. Nearly 70% said they had paid their April rent in full.
National real estate trade groups have recommended landlords create payment plans for struggling tenants. Renter households had a median income of $40,500 in 2018, according to the Census Bureau, compared with $78,000 for owner households.
Before the pandemic, nearly half of the roughly 44 million U.S. renters were paying 30% or more of their income on rent and utilities, according to the Harvard Joint Center for Housing Studies.
The federal government is sending out stimulus payments to Americans. Those payouts are helpful for renters but not sufficient, advocates say, especially in cities where median monthly rents exceed the maximum $1,200 stimulus payment. Unemployment insurance payments were also expanded in the stimulus, but many state governments report their unemployment systems are overwhelmed and payments are delayed.
Renters who are facing hardships could be at risk of eventual eviction if they don’t pay rent every month, unless they can individually negotiate payment plans or get temporary forgiveness from their landlords. Unpaid rent is one of the most common causes of eviction.
The federal stimulus law halted evictions for 120 days for renters who live in properties financed by federally backed mortgages. At least 28% of rental properties in the U.S. are estimated to fall under these rules, according to the Urban Institute.
The stimulus package that Congress passed in March allows homeowners with federally backed loans who are facing financial hardship due to the pandemic to defer monthly mortgage payments for up to a year, a process called forbearance. In contrast, eviction moratoria typically don’t defer the requirement to pay rent.
“What we’re offering renters is a lot less than what we’re offering homeowners, because we’re not offering them help paying their rent,” said Laurie Goodman, co-director of the Urban Institute’s Housing Finance Policy Center.
About 40 states have enacted a full or partial statewide moratorium on evictions, according to Emily Benfer, director of Columbia Law School’s Health Justice Advocacy Clinic. In two states—Idaho and Kansas—the moratoria are set to expire May 1, and another 10 statewide moratoria are set to expire by the end of May, she said.
Some Democrats in the House of Representatives, as well as in state and local legislatures, have called for “canceling rent” in solidarity with the rent strike movement.
“We need to make sure that we’re taking very clear federal action to suspend both mortgage and rent payments in this time,” New York Rep. Alexandria Ocasio-Cortez said during a live event on Facebook this week.
Former NBA All-Star Peja Stojakovic has dribbled away from his Sacramento, CA, home. The Mediterranean-style villa was just sold for $3,455,000.
Formerly a frontcourt star with the Sacramento Kings, Stojakovic now serves as the team’s assistant general manager.
The NBA vet purchased the place in 2016 for $3,125,000. The residence came on the market two years ago for $3.5 million, and then increased to $3.75 million in 2019. Still, Stojakovic made a modest profit on this sale.
Built in 2005 in Arden Oaks, a “premier” neighborhood, according to the listing, the home has been updated.
Design details include Grecian columns, arched French doors, stucco with handmade Spanish tiles, as well as a terra-cotta-tiled barrel roof.
The 5,805 square feet of living space includes five bedrooms and 5.5 bathrooms. The airy layout features a large chef’s kitchen, which opens to a family room and dining area. Additional amenities include a formal living room withbeamed ceiling, an office, and a media room. French doors open to a covered living and dining area with a fireplace, built-in barbecue, and kitchen.
Now 42, Stojakovic played for the Kings, Indiana Pacers, New Orleans Hornets, Toronto Raptors, and Dallas Mavericks, where he helped win the NBA championship in 2011. Citing ongoing injuries, he retired after the 2011 season. In 2015, the Kings hired him as their director of player personnel and development. His current role oversees the Stockton Kings, the team’s NBA development league squad.
Kim Pacini-Hauch with Re/Max Gold Sierra Oaks represented the seller. Sharon D’Arelli with Coldwell Banker Realty–Sacramento-Sierra Oaks represented the buyer.
Home sellers can take heart. Despite the fervent wishes of buyers, home prices are ticking up during this coronavirus crisis—instead of down.
In a surprise, the median home list price rose 1.6% annually in the week ending April 25 compared with the same week a year ago, according to the most recent national data from realtor.com® looking at the 99 largest metropolitan areas. Real estate experts have been predicting that price growth would level off or even dip, as prices had been up only 0.3% year over year in the previous week and just 0.8% in the week prior to that.
That was a stark contrast to just a few months ago, when prices were rising by more than 4% annually before the coronavirus pandemic essentially put the U.S. on lockdown.
The median home price was $324,9000 in the week ending April 25, up from roughly $320,000 since mid-March.
“The slight increase this week is because prices are ‘sticky,'” says realtor.com Chief Economist Danielle Hale. “Home sellers are strongly resistant to lowering prices, and they’d gotten really close to declining, so we see a bounce-back. I don’t think this is a return to big price increases.”
That doesn’t mean prices won’t eventually fall, and many experts predict they soon will. Many buyers will refuse to pay top dollar given the sharp economic downturn that has resulted in more than 30 million layoffs so far. Plus, if there is another wave of foreclosures down the line, that could also depress prices.
The number of homes for sale has been declining for years, reaching new lows earlier in the year. But then the pandemic hit and the supply of properties plunged. Annual inventory was down 16.9% in the week ending April 25.
Meanwhile, the number of new listings plummeted 43.1%. That’s a bad sign for the spring buying season, as the warmer-weather months are typically the busiest for the real estate market. It’s when the most homes go on the market and buyers come out of the woodwork to flood open houses. Families often prefer to move while the kids are on summer vacation.
“Buyers may still struggle with finding the right home among limited options,” says Hale. “It may feel like, ‘what you see is what you get.'”
Many sellers have pulled their listings or chosen not to list their homes due to health or financial concerns. Some don’t want strangers touring their homes or don’t want to move during a pandemic. Others are waiting until their communities begin allowing open houses and in-person tours again before they relist their homes.
Another sign of the slowdown is that homes are sitting on the market for longer for just over two months, at a median 66 days nationally. Days on market were up nine days, or 16%, compared with a year earlier.
“The homes that are up for sale are sitting a bit longer because buyers are making fewer offers given all the uncertainty in the economy,” says Hale. “A higher days on market means sellers can anticipate the selling process taking longer, and buyers may find that they have more time to think about submitting an offer before another buyer swoops in ahead of them.”
Perched on the shore of Doe Valley Lake in northern Kentucky is a ranch house with a nautical surprise—a private lighthouse. It has lighted its own way to a spot atop the most popular homes on realtor.com® this week.
Built in 1974, the home is loaded with everything needed for lakefront fun and was recently updated throughout. The looming lighthouse out back is a bonus, with primo views for miles.
Speaking of views, you also clicked like crazy on a house outside Seattle, complete with its own hangar and airstrip. For a buyer who loves the friendly skies, this nearly 11-acre property has a manicured grass runway for takeoffs and landings.
You were also interested in a bungalow begging for a chic makeover in Laurel, MS—a town that’s buzzing with activity, thanks to HGTV’s “Home Town.” Oh, and there are must-see listing photos on a meticulously maintained midcentury modern in the woods of South Carolina.
We won’t ask you to be our lighthouse keeper, but we would like you to sail into the safe harbor of this week’s most popular homes …
Why it’s here: Built in 1900, this charming two-story farmhouse sits on nearly 5 lush acres.
Highlights of the three-bedroom home include a huge, remodeled kitchen with fresh black-and-white checkered tile, multiple fireplaces, and beamed ceilings.
Outside, there’s a roomy front porch where you can sit back, relax, and breathe in the fresh country air.
Why it’s here: It’s a beautiful brick house! Constructed in 1876, this historic four-bedroom Italianate residence is located in the center of downtown Franklin, IN. It still has its original hardwood floors, a dramatic winding staircase, antique light fixtures, and a fireplace.
The formal library is decked out with enviable floor-to-ceiling bookshelves, complete with a sliding ladder. Outside, the spacious lot is filled with mature trees and includes a wraparound porch, basketball court, and hot tub.
Why it’s here: Affordable and adorable! Oversized windows, hardwood floors, and an open floor plan are just a few of the notable features of this charming four-bedroom home.
The blond brick beauty was constructed in 1980 and sits astride two lots in the desirable Park Hill part of town.
Why it’s here: Another Hoosier State honey. This one is a brick Tudor Revival built in 1928. The four-bedroom home includes more than half an acre in the Watson-McCord neighborhood on the city’s north side.
Highlights of the house include an elevator, a 25-foot barrel ceiling in the great room, atrium doors and windows made of leaded glass, and marble fireplaces.
Why it’s here: Pilot’s license required? Park your plane, and fly in and out of this Seattle-area home with its own airstrip, hangar, and workshop.
The four-bedroom house is set on nearly 11 acres and is close to trails, golf, yet just 25 minutes to Seattle’s King County airport.
Inside, the home is filled with light and views of the treetops below, thanks to the huge walls of windows throughout. And if you’re not taking flight, simply soak in the sun from one of the home’s extensive decks.
Why it’s here: Must-see midcentury modern! Impeccably preserved and wonderfully funky, this five-bedroom home was built in 1962. Walls of windows allow for plenty of natural light, and there’s an upper deck for grilling with a view of the surrounding woods.
The home is ringed with multiple patios, has a fenced backyard, and comes with an attached two-car carport with a workshop and storage.
Why it’s here: A huge bargain. Measuring in at nearly 12,000 square feet, this massive mansion with mountain views is priced to move at just $65 per square foot.
The six-bedroom Colonial was built in 2005, and features a two-story entry, a rec room, and an exercise room, as well as a huge kitchen and butler’s pantry.
Outdoors is a heated in-ground pool and cabana with changing rooms. This bargain beauty also sits on a gated, private 5-acre lot.
Why it’s here: With a five-digit price tag, this 1940-built bungalow comes with a quarter-acre on the Avenues of Laurel, made famous by the HGTV show “Home Town.” It’s loaded with potential for a buyer who wants to emulate the renovation formula of the show’s hosts, Ben and Erin Napier.
A savvy buyer would probably want to take up the carpets and make best use of the home’s large rooms and natural light.
Why it’s here: This double A-frame is constructed with an intriguing shape. Built in 1974, the three-bedroom home has plenty of space to spread out.
It has tall ceilings, exposed beams, massive windows, and even a floating fireplace. Two sets of spiral staircases lead upstairs, where you’ll find a loft and stained-glass windows.
The secluded location and four-car garage with a shop make this an ideal choice for a buyer in search of something off the beaten track.
Why it’s here: Built in 1976, this lakefront property has a feature we rarely see—its own private lighthouse.
The three-bedroom home was recently updated throughout, with new paint, floors, and siding. It also has a finished walkout basement for entertaining, with a game room, wet bar, private office, and full bathroom. Gorgeous views of the lake are visible from the kitchen, breakfast room, and great room.
But who are we kidding? We’d spend most sunny days perched at the top of the lighthouse!
