A Hit To Their Bank Account
A report from the New York Times. "If not for the financial crisis, it’s entirely possible that American TV viewers would never have heard of shiplap or considered Waco, Tex., a cool place to visit. Chip and Joanna Gaines, the hosts of HGTV’s hit show 'Fixer Upper,' popularized farmhouse chic as they went about their inexpensive but stylish home renovations. The Gaineses pulled the plug on 'Fixer Upper' last year. The couple wanted 'to catch our breath a bit,' Mrs. Gaines said."
"Their exit at the peak of their popularity was a shock to their fans. Especially since they had achieved their larger goal. The housing market in Waco is 'booming,' and there’s even a bus tour of 'Fixer Upper' homes. Perhaps, like savvy investors, the couple sensed another bubble about to burst."
The Burlington Free Press in Vermont. "In February 2015, Michael and Denise Metz put their property at 6 Turtle Moon Road in Charlotte on the market for $2.1 million. Nearly three years later, on Jan. 3, 2018, the house finally closed for a price of $1.13 million, nearly $1 million less than the original asking price. And that tells you a lot of what you need to know about lakefront property in Chittenden and surrounding counties. The market remains relatively soft."
"'It's not a high-end market around here, in Vermont,' said Jay Strausser of Four Seasons Sotheby's International Realty in Burlington. 'We are highly taxed in this state. There are still more wealthy people moving out of this state than are sitting put. I don't see the state addressing that issue.'"
The News Press in Florida. "A Cape Coral mansion at 5832 Armada Court has sold for $4.125 million, marking the highest-priced residential home sold since 2013, when the same home sold for $5.3 million. Ted Stout, Realmark Realty broker and son of Will Stout, the home’s original owner and builder, brokered the deal, which officially went for $3.9 million but inflated to $4.125 when counting furniture and a third lot adjacent to the property."
"Originally listed at $5.9 million, the price drop about matched the amount of work that will go into fixing it up, Stout said. 'It is a substantial sale, and that’s important for that Cape Coral market,' said Michael Polly, president of Royal Shell Real Estate, which is listing the house next door, 5845 Armada Court, for $2.7 million. 'They see the value of the property. It’s really four lots in that sale. Those lots usually go for $2 million apiece. There are 13 air conditioners in that property. That gives you an idea of the magnitude of that house.'"
From Curbed Hamptons in New York. "A 3-acre estate in the south-of-the-highway Georgica section of East Hampton has just taken more than $2 million off its original $16.9 million asking price. Located at 253 Cove Hollow Road, the shingled home is now asking $14,495,000. This is the first price cut that the property has seen since it was listed for sale in October of 2017."
From Mansion Global on New York. "One wealthy resident of Manhattan’s One57, the blue-hued glass building on Midtown’s grandiosely named Billionaires’ Row, took a hit to their bank account on Monday when their penthouse sold for $42 million—almost $6 million less than they paid for it. The seller, listed in property records under the shell company Unit 58A Acquisition Corp., paid $47.78 million in cash in 2015 for the full-floor apartment, after entering into contract on the condo in 2012, two years before the building opened its doors to residents, according to property records."
"In early 2017, the four-bedroom apartment hit the market for $52 million, but the price was later reduced. It was most recently asking $44 million, property records show."