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Archive for Sunday, January 16, 2011

Lawrence home sales fall in 2010 despite increase in number built

January 16, 2011

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It was an odd year for Lawrence’s real estate and building industries, a new set of statistics show.

Lawrence home sales fell slightly in 2010, but the number of new homes built in the city increased by about 23 percent for the year.

Here’s a brief look at the data, which comes from the annual figures from the Lawrence Board of Realtors and the city’s building permit report.

• Partially stimulated: The federal stimulus program that offered homebuyers several financial tax credits did produce healthy months for Lawrence real estate sales early in 2010. But for the entire year real estate sales fell by 1.1 percent. The Lawrence Board of Realtors reports 1,239 sales were made by its members in 2010, down from 1,253 in 2009. The numbers also are down from 2008 totals when 1,286 homes were sold.

• Building bounce-back: The city issued 152 building permits for single family and duplexes in 2010. That’s up 23 percent from 2009’s total of 126. It also is up from the total of 114 in 2008.

• A taste for the new: Perhaps builders started more new homes in 2010 because that is what buyers wanted. The number of newly built homes sold in 2010 was 115, up from 96 in 2009. That’s an increase of 19.7 percent. It also marks a reversal from a serious slump in 2009. New homes sales in 2009 dropped by 26 percent.

• Price increases: Although sales were a tad weaker, prices were a tad higher in 2010. The median sale price in 2010 was $158,000, up from $155,000 in 2009. The median price is down from 2008 totals, when it was $159,900. The median selling price of new homes also increased slightly in 2010. The median was $229,822, up from $225,725 in 2009.

• Topping $100 million: Overall, the city issued building permits for $101.8 million worth of projects. That was up from $75.3 million in 2009, but down from $146.5 million in 2008.

Here’s a look at the 10 largest construction projects of 2010:

• $9.45 million for a new Lawrence retirement center at Sixth and Folks Road

• $7.99 million for a new seven-story apartment, office and retail building at Ninth and New Hampshire

• $5.5 million for a first-floor remodel of Lawrence Memorial Hospital

• $4.86 million for the first phase to rebuild the former Boardwalk Apartments at 546 Frontier Road

• $2.9 million for a city and Kansas University transit facility at 1260 Timberedge Road

• $2.34 million for a new city pump station at 3820 Greenway Circle

• $1.6 million for a new Orscheln’s store at 1541 E. 23rd St.

• $1.48 million for Deciphera Pharmaceuticals’ new office and laboratory space on the upper floors of 643-647 Mass.

• $1.44 million for a city pump station expansion at 3613 Brush Creek Drive

• $1.43 million for the city’s Carnegie Library expansion at Ninth and Vermont.

Comments

CorkyHundley 3 years, 10 months ago

Odd year? hmmmm...

Will you ever sell your house?

"Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home etc. When did this happen? It's in the health care bill. Just thought you should know. SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) Why 2013? Could it be to come to light AFTER the 2012 elections? REAL ESTATE SALES TAX So, this is "change you can believe in"? Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote more important? Oh, you weren't aware this was in the Dudecare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either"

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

Alceste 3 years, 10 months ago

Get your facts straight, CorkyHundley (them SPAM emails are for the dumb):

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

Thus, for the vast majority, the 3.8 percent tax won’t apply. The Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) "will hit approximately the top-earning two percent of families" when it takes effect in 2013.

http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

http://www.snopes.com/politics/taxes/realestate.asp

Alceste 3 years, 10 months ago

The sky is falling! The sky is falling! hahahahahahahhahahaha.....you guys are a great source of amusement in the am....

Alceste 3 years, 10 months ago

Get your facts straight, TomShewmon:

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

Thus, for the vast majority, the 3.8 percent tax won’t apply. The Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) "will hit approximately the top-earning two percent of families" when it takes effect in 2013.

http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

Zachary Stoltenberg 3 years, 10 months ago

Lots of these builders are ending up renting the house when done. They can't sell them due to the new restrictions on lending. No one can get financed. But they have to build, it's their job. They have empty lots they pay for every month, they have crews who depend on them for a paycheck. They have to do something and renting a finished house is better than paying for an empty of and being out of business. That's why your seeing building without sales that match.

irvan moore 3 years, 10 months ago

this never ending building for the sake of building lowers property values in Lawrence. look at the apartments, the city commission keeps giving the ok for new ones and raises the vacancy rate on the old ones,

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