Shades of gray: The new ‘it’ neutral paint color

 

CHICAGO – Aug. 24, 2016 – Gray walls are becoming the modern, neutral choice for a home's interior spaces. According to paint experts: "Gray is the new beige."

But you need to find the right gray.

"Although the color gray is commonly associated with cooler, cloudy days, there are both 'cool grays' and 'warm grays,'" paint company Sherwin Williams explains. "Cool grays have more blue undertones, while warm grays are grounded in yellow and brown – similar to 'greige,' a combination of gray and beige."

To find the right gray, painting experts suggest first looking at the flooring, cabinetry, lighting, and wood trim in the home. The undertone of these interior elements should match the undertone of the gray paint homeowners choose for their home. For example, brushed nickel often pairs better with cooler gray paint colors. Brick and gold, on the other hand, tend to pair better with warmer undertones, such as beige.

Gray can also be used to add dimension into a home's space. For example, for more impact, paint the ceiling gray too – but make it a shade two or three lighter than the wall color. The painted ceiling can give a smaller room a more spacious feel. For high ceilings in a large room, select a darker gray paint to make the space feel cozier.

"Whether you choose gray on the walls or on the ceilings, it offers a crisper, cleaner look than beige," the paint company notes. "And because gray paint is offered with many different undertones, it can either be the most neutral hue possible or give dramatic dimension – another great reason to add it to your palette."

Source: "Gray Tones in Your Homes," BUILDER (2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

Shades of gray: The new ‘it’ neutral paint color

Areas hit hard by downturn now see highest gains

 

MIAMI – Aug. 18, 2016 – The markets hardest hit by the real estate downturn have been registering the sharpest increases in home prices for more than a year.

A decade after becoming the epicenter of the crash, Miami's property market is seeing the highest price jumps since 2006 – the peak of its last housing boom.

Several critical factors are separating this property rise in South Florida from the last one, however. Condominium buyers are putting up bigger deposits, for example – generally 50 percent of the purchase price, compared to 10 percent to 20 percent deposits during the last buildup.

Banks are also beginning to fund more projects in South Florida, but they're asking developers for a larger financial stake, typically a substantial level of pre-construction sales.

"People are calling this another boom in Miami, but this is different," says Gil Dezer, president of Dezer Development, which is developing the Residences by Armani/Casa project in Miami's Sunny Isles Beach in partnership with Related Group. "Today's buyers have learned from the last boom – and so have developers."

It's not just Miami. The same higher-price trend can be seen in Las Vegas and in parts of Arizona and California. In Phoenix, one of the U.S. cities hit hardest by the real estate crash, home values have risen 29 percent from their previous low point.

Source: Washington Post (DC) (08/18/16) McMullen, Troy

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

Areas hit hard by downturn now see highest gains

FHA condo legislation becomes law. Now what?

FHA condo legislation becomes law. Now what?

 

August 15, 2016 — If condos are a large part of your business, you are no doubt anxious for the Housing Opportunity Through Modernization Act (H.R. 3700), signed into law July 29, to take effect. Among other things, this new law requires the Federal Housing Administration (FHA) to relax its financing regulations so more buyers can get FHA financing for condo purchases.

Fewer than 150 of about 23,000 condo projects in Florida are currently certified for FHA loans, according to the Department of Housing and Urban Development (HUD). That's likely to change as the new regulations are implemented — a process that probably will begin in 2017.

"The National Association of Realtors (NAR) will be working with regulators to make sure they pass these new regulations quickly. HUD will have to put out a public notice to implement the condo and federal assistance housing provisions of H.R. 3700, and we hope they do that quickly," says Megan Booth, senior policy representative at NAR.

HUD has 90 days to issue its proposed rule for three provisions of the law dealing with owner-occupancy, transfer fees and commercial space. A public comment period follows, and that could take as much as three months. The final rule for each provision will specify the implementation period.

Owner-occupancy ratios: Currently, 50 percent of condo associations must be owner-occupied for a community to be FHA certified. That will change to 35 percent unless FHA can provide justification for a higher percentage.

Transfer fees: H.R. 3700 forces FHA to stop rejecting condo communities that charge transfer fees when units are sold. Like Fannie Mae and Freddie Mac, FHA will back loans in communities that charge transfer fees to pay for community services such as pool upkeep, trash collection and landscaping.

Flexibility on the amount of commercial space in a condo community. The legislation gives lenders more flexibility in approving FHA condo loans in these kinds of mixed-used communities.

Condo recertifications: For a condo community to be approved to offer FHA financing, it has to be certified and then recertified every two years. This is both time-consuming and expensive. Approval takes about six months. So, a community is going through the recertification process every 18 months.H.R. 3700 requires HUD to make the recertification process substantially easier than the certification process. The plan is that communities would be updating documents rather than resubmitting documents. H.R. 3700 provides no timeline for implementation of this provision.

In addition to condo finance reform, the legislation also makes changes to the Section 8 voucher program for very low-income renters. It streamlines the rental process, making it easier for landlords to take in tenants with Section 8 vouchers, and for these low-income tenants to locate available units. It's unclear when these changes will take effect.

The law also speeds up processing of Rural Housing Service single-family home loans effective immediately.

© 2016 Florida Realtors®

Virtual reality lets you redecorate from the couch

Virtual reality lets you redecorate from the couch

 

NEW YORK (AP) – Aug. 3, 2016 – Stop moving around the new sofa to try to figure out where it fits. Forget about trying to judge a paint color from tiny samples against the wall. New tools like virtual reality measuring apps and online mood boards are trying to help consumers find easier and quicker ways to decorate homes and apartments.

The expanded services and online tools come as traditional retailers like J.C. Penney and Target are focusing more on home improvement – bringing back major appliances, creating in-store home vignettes. The interest is happening in the wake of improving technology and increased consumer spending on the home fueled by a strong real estate market.

But those creating the new tools say the future of home decor is in ways to let people envision new wall colors, furniture and curtains without having to take them home.

At a new technology lab in Boston, online home retailer Wayfair.com is digitizing its catalog and testing augmented reality and virtual reality apps, as well as 3D models of its products. It’s a move toward “constantly raising the bar to create the best possible shopping experience for the home, adapted to how consumers shop today and in the future,” says Steve Conine, the company’s co-chairman and co-founder.

The all-in-one site Houzz.com not only help shoppers get inspiration and narrow their choices down from its more than five million products from over 10,000 sellers, it also helps people find local professionals to install the curtains they just bought. And Houzz.com just launched an augmented reality app called “View in My Room” that allows shoppers to experiment with home decor options by virtually placing products from its online store into their home before you buy. It seems to be converting browsers into buyers. Fifty percent of users who made purchases in the latest version of the Houzz app used “View in My Room” to preview the product in their home, the company says.

Above all, though, says Allyson Rees, a senior editor at global forecast firm WGSN, shoppers should do their homework.

“Have a game plan, and set a budget. And decide how hands on you want to be,” says Rees. She also notes, “Know the key items you want.”

Here are three ways to redecorate from your current couch.

• Get inspired: Great ideas can still be found by flipping through home decor magazines or store catalogs, or by scrolling around on Pinterest and making mood boards, an arrangement of images to convey the design style you want to achieve. Olioboard.com lets people create two- and three-dimensional designs using products from their favorite brands, which then link to retailers’ sites for purchase. It says it also offers a community of home decor experts.

Also, check out stores’ mobile apps. Two years ago, TJX Co.’s HomeGoods launched a mobile app called The Goods for smartphones. It helps customers see photos of new items that just arrived at their local HomeGoods stores.

• Embrace new technology: More apps and online tools are using augmented reality and virtual reality technology, which Rees expects to become even more widespread. That means no more buying extra paint for samples or paying return fees on a chair that turns out to be too big for the room.

Wayfair is set to release in September an augmented reality app for Google Tango, which uses software and sensors to track motions and size up the contours of rooms. The Wayfair tool lets people see how pieces of furniture and decor will look and fit in their homes through the display on a smartphone. In Wayfair’s virtual reality experience, shoppers use headgear like an Oculus Rift that allows them to customize a room by setting the model, material and layout of the furnishings. Right now, the items for the virtual reality app are limited to patio furniture but that will be expanded eventually.

Home Depot has an app that lets customers upload a picture of the room and thumb through thousands of paint and stain colors until they arrive at one that’s right. The app can detect the lighting, shadows and other variables in the space or project and adapt the color to fit.

• Connect with local pros: Adding to free review sites like Yelp and membership programs like Angie’s List, Amazon.com has launched a service in key cities like Atlanta, San Diego and New York that lets customers locate nearby professionals for jobs like painting and even interior design. The options for finding local professionals online are growing.

Wayfair also has teamed up with the Porch.com directory to connect shoppers with home professionals in more than a dozen markets. Shoppers who need help with tasks will be able to set up an appointment with contractors, electricians, painters and more to pay for the services when they check out. Porch also is working with Lowe’s at the home improvement retailer’s 1,700 stores nationwide. Lowe’s features Porch.com signage in its stores, and Lowe’s workers pitch the Porch.com website to shoppers looking for a professional.

Houzz.com offers access to one million professionals, including interior designers to contractors.

Candace Corlette, president of WSL Strategic Retail, says all these tools are good news for shoppers.

“It enables (shoppers) to dream so much bigger and more often,” she said.

 Copyright 2016 The Associated Press, Anne D’Innocenzio. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.