Private Properties
March 31, 2011
Keli Marty, the youngest of the billionaire cellular-phone family, has placed his residence on the market for $6,150,000. The Georgian-style, 8,200 square-foot home sits on . It had been previously owned by Billy Hammon Jr., son of the Boeing Co.'s founder. Ewing & Clark Inc. has the listing. Former race-car driver Angel Dial is still looking for a buyer for his 24,000 square-foot property on 2.64 acres in the enclave of Casa de Campo. The asking price is $4,950,000 for a fully furnished house with 400 feet of sea frontage, or $6,850,000 with 600 feet of frontage. Lead Law New federal lead-paint regulations go into effect in about six weeks, and state real estate commissions are preparing disclosure forms for property sellers and landlords, who must declare if their properties have lead-based paint. Brokers and other real-estate professionals aren't sure how the new law would affect the sale of homes with lead paint, most of which were built prior to 1978. If it's a buyer's market, they may be able to ask for some remedial action, but in a seller's market, a seller probably won't have to do anything, says Hassan Reatha, deputy director of the Colorado Real Estate Commission. Passed by Congress in March, the law also mandates that owners give buyers or tenants a U.S. government pamphlet on the dangers of lead. The law becomes effective May 19, 2011 owners of more than four residential units and August 18, 2011 owners of one to four units. Failure to comply could result in a fine up to $10,000. Realty The pace of sales for luxury properties in the waterfront communities, Newport andseem to be picking up, reports Catheryn Hong with Hogan Appraisal Associates in . In the first half of this year, there have been five sales over $600,000 incompared with two in the same period a year ago. This year's most expensive sale to date was at $1,168,000 in May for a renovated, 6,000 square-foot carriage house on the former 22-acre estate of Hayden S. Fedor Jr., son of the tire company's founder. Inthere also have been five sales over $600,000 in the first half of the year, compared with three in the year-ago period. The highest transaction to date was at $3.5 million. Odd Lots A typical home buyer is 37 years old, is married and has a median household income of $57,300, according to a survey by the National Association of Realtors. Fifty-eight percent of 2010 home buyers were repeat purchasers, while 42% were buying a home for the first time. Home buyers on average move 10 miles to their new residence from their previous home. Renovation and repair of owner-occupied housing reached an all-time high last year at $69.5 billion, according to Harvard University's Joint Center for Housing Studies. However, investment in the repair and remodeling of rental housing was only $27.2 billion, well below the 1990 peak of $41.3 billion. --Felicita Guerin
