Show - - - fteanneg IlplwwmAwtIOW01WlEMTtlelWWMMBWW'MA4M! t b tf t '4IL I 4 eo:r-t- 0 "7-4-4- 4ALI iit r nP Nip ‘WP rr 5:t13M ( I A I CLASSIFIED ADVERTISING Section C - Page 1 SUPPLEMENT - - '"''' — - 1 rrql Noveiits'er Sunday Morning 11 tSMAI -- J: 'WV a41)- 1990 - aaJwit Market to'Takei::7: i:Real-Estat- e Financial News :- - NEW ORLEANS — The US real-estamarket is headed for another tumultuous year burdened by an ongoing slump in market values and new construction industry executives and economists said Indeed at the National Association of Realtors annual convention here the 20000 attendees grappled with some sobering trends Economists for NAR and other e interests believe both the residential and commercial markets will worsen before getting better svith the commercial arena bearing the brunt of the damage Only the optimists called for a recovery to begin as soon as the third quarter of e Knight-Ridde- r te real-estat- 1991 - Roger Brinner executive research said director for DRIMcGraw-Hil- l be is prepared to tell the convention-goer- s in a panel discussion that "1991 will probably be as awful as they can imagine" There are pockets of resilience in e markets around the counr and othtry But in general Briri-sieers said 1991 will look much the same as this year in which real estate took a beating by almost every measure available statisHere are some tics showing the extent of the current slump: — Housing starts from Aug 1989 : to Aug 1990 fell a hefty 149 percent to 112 million units from 132 mil lion according to the Bureau of the : Census — Seasonally adjusted sales of s : new units dropped 235 percent to 550000 from 719000 during the same period Census reported While the cost to buy a home : fill mortgage rates rose causing ' some consumers to postpone plans to s buy a home Median single-famil: home prices fell to $95200 from $9(3400 from July 1989 to July 1990 : according to NAR Rates on fixed' rate mortgages in October stood at s 1017 percent according to the Federal Home Loan Mortgage Corp up : from 99 percent in January Rates peaked at 1048 percent in May — While new mortgages for commercial real estate rose 29 percent : to $152 billion from $1179 billion : from August 1989 to August 1990 eye-openi- real-estat- 1144tonio By Ruth Ryon Los Angeles Times Writer Actress Raquel Welch who hasn't owned a home on the West Coast for about 10 years has purchased a y contemporary in Beverly Hills Calif for dose to its $16 million asking price Welch quietly divorced her French photographer husband Andre Weinfeld in September after more 4 than a year's separation The couple lived in New York where she will continue to maintain a residence She bought where she has periodically leased homes before because she is spending more time in California: since the release of her videotape "Body and Mind" which teaches stress relief techniques Her new home has four bedrooms and 512 baths in about 4100 square feet Built in 1960 it was recently 4 renovated and has a new kitchen with bleached oak cabinets and a large master suite with high ceilings and skylights and has a The house is on a quiet swimming pool a spa and a fountain t3 Pensacola $61100 FL one-stor- $73300 e St George Zion UT $70700 Phoenix AZ BilWitiSV Fort Mwbrs'" $82200 TX Harlingen Cape Coral FL $60600 d Nj83700 F Orlanao 011 St Petersburt FL $91900 ) FL 41 Miami- - Hialeah FL St Ihrontany Parish LA $83200) $66700 - $116800 A - cul-de-s- Existing Home Sales Drop Again Slump Is Expected to Continue analysts at Salomon e The Northwest is the one bright spot the analysts said It continues to capitalize on its access to Asian export markets as the dollar continues to weaken The Southeast is mixed with Atlanta holding up fairly well but southern Florida from Palm Beach to Miami weakening quickly Shulman and Hanley said The Oil Patch already recovering before the Persian Gulf conflict began got a boost from the higher oil prices that resulted from the conflict It could continue to recover even if oil stabilizes at $26 per bar- rel the analysts said However the region's recovery will be slowed by liquidations of seized properties by the Resolution Trust Corp Salomon's Shulman and Hanley said commercial construction loans according to the Depart- : meat of Housing and Urban The latter which load the ::market at the front end dropped a ::steep 19 percent to $771 billion from $957 billion during the same Devel--opme- HUD said :period — Downtown office vacancies e at an high of 17 perent in September up from 167 per-::tea year ago while industrial vacancies rose to 69 percent from 63 all-tim- nt - WASHINGTON (AP) — Sales of existing homes from July through September slipped 25 percent from the level a year earlier and will remain slow in the first half of 1991 because of the weakening economy a real estate trade group said Monday The National Association of Realtors said sales of previously owned homes totaled a seasonally adjusted annual rate of 366 million units in the three-mont- h period Sales declined in the year's two previous quarters as well The Realtors recorded sales of 378 million Last year down from 395 million in 1988 Although there were areas of strength in the housing industry during the third quarter sales declined in 28 states and were unchanged in Oregon Nineteen states posted increases Statistics were unavailable for Alaska and Maine Overall however "the market will remain slow for the rest of 1990 and into the first half of 1991 as the country experiences a mild recession" Realtors President Norman A Flynn said The Realtors also reported the median price of an existing home was $96600 18 percent above that for the third quarter of 1989 It ranged from $375000 in Honolulu to $49200 in Saginaw Mich among the 96 metropolitan statistical areas surveyed The median price means half of the homes cost more half less The survey includes detached homes town houses apartment condoininiums and The only region experiencing increased sales was the South where sales rose 14 percent to an annual rate of 142 million Several oil patch areas that had suffered adverse A Santa Barbara Calif d house — owned year-ol- market conditions in recent years recorded increases increase of 88 Texas had a third-quartpercent to a seasonally adjusted annual rate of 246300 units Oklahoma another state posted a 73 percent gain to 55100 units Sales were up 59 percent in Louisiana to 37100 units The median price of a home in the South was $97200 up 18 percent from a year earli- er The Midwest's sales rate of 10 million units dropped 10 percent in the third quarter The median price jumped 36 percent to $75100 John A Tuccillo the Realtors' chief Willie Dixon and his wifer Blues Tudor-styl- e y home in Marie have bought a northwest Glendale Calif They paid slightly more than $700000 for the four- bedroom two-bat- h house where they already cele-- brated his 75th birthday with a party for 250 on the': patio by the swimming pool The couple had been living in another Glendale house which they shared with their extended family since moving there from Chicago in 1982 Dixon is one of the few survivors of the Chicago:: centered blues scene of the '50s and '60s and has been a professional musician for about 50 years Willie has written for the Grateful Dead Los Lobos and has 10 songs on the Muddy Waters' album Presently he is working with Elton John's songwriter and his book I Am the Blues' just hit the market in local bookstores legend-songwrit- -- - two-stor- - Kim Basinger's house in the Hollywood Hills solct for $800000 unfurnished according to the escrow papers "not nearly $1 million" as was reported in last': York-Bosto- week's column Basinger reportedly bought it last May for nearly $1 million including furnishings She sold it to a mart: identified as an agent with Creative Artists Agency - - INFIN - - liiitaikairollitaVallAreommooltelOwloAáswaeoiwintawn ww4moolioawlaAtAwm04eaalm&i WMP z:Kzo Pr n—wwolkle L 'mew INWOOMFA7Mge Coldwell Banker Premier - - -- ognno - - mow isso 10 ivoo-vo- e (2000 L) VERY TOP OF ST MAYS Negont English country Navvy anthill 2373200 11313 101 LUND 41241791 1141012 011P11 2714140 OPIN 240430 011111 (2000 ens on 75 FRatICES 2333 SO LAKELSII ) Fobuices coniontourory obi Ow:redid not 2312200 R34 HAYS 4014175 4451495 OPIDI ALL DAV— 2509 B choose Ihe Nom 5500 eq O9Wwont:I 1113090-To- 1214 rL oc 3 co R141 1229000 MINI 1:304:30 2731 L 11071917000 ORM (3000 IL) Grind ditch a nom tar wood thorn 11494 mono men 222902(1 JOHN NESS 4124175 427416 1:00400 0210 10111191111 CHAU LK (1700 L) Wontiortut content S pool loots 1212100 miry neighborhood 11410 JENNIFER ME 9434400272447 OPEN 300400 2010 N WAPATC:14 011 (970o 1E) Eveculho hem time Open a OMB specious Pool 4 Nina 4 Who 1209209 R2322 LINDA BATHEWS 404175 427- - 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Classp grammar armi secluded lot perfect 4 en2 IMO STARE generale 1179100 14344009434132 INCE a SIDING CLASSICAL 14T0RY 4 Wilk 112 eths mem hoar isundry S bray room 1139900 R701 GALE FRANDSEN 0443 HIGHLAND 2 tAll GAIL Lrg lot paint In wary don 0 GARY HUNTSMAN IIIAN S TUNNING OPEN CONTEMPORARY Feberenemeate Nous tmobstracted rites BRIAN GOT1TREDSON cond 1109100 R7-- at Oft met OPEN 100041:00 20711 LIST 11700 SOUTH 10 now custom boom ot tbdtton NU open deny wootted Wit poet tomes SINK to 024011 STEVE SHEFFIELD 7 spassemserowerneeseemerseseroseress 5724342 SHEFFIELD Now MAN 9431400142-127- I Pk MANOR SPAM Every roe sportote 6 folf 5446age Ow& loom STEVE quehkell 11456 Oiler $425600 tO4EFFIELE1572-5362 DAWNS tint suiel 93r 214500 2124110 rare 11741141111D HOME 9434400271-321— MURRAY :1 IT MIKE 1 IN '110" GREAT IINGY wlote 01 views bdrm $74 900 FABULOUS HOLLADAY AREAS Hardwoz4 Ors 2 prams 3 barna 2 atha 2 car far dean wow 179600 RP513 40141 D PATE EAST KWH VIEWS room or 4 Met mead OPID1 - tont condhlund 40641755324515 NORTH 0 219400 bm $9OORCF2I Nitro UNDA GEER Modois open 2 Ssours bldg Wm 170 000142 Immo only loran MEI 1100400 4W316464-202- 100400 7 100400 1111 111 10101101 5130 13 Eitookora Itionso imonon veranod 01111 binCOY 01111 1:004:00 19111 IAST 1420 SOWN 111001ISTOMI Toasts:useter WWI Number One Company in Sales Listings and Service d 1310 11111 S 111111 DL NNW firs 5 NaryartaYaie e grosi tormo! Klatind 111130 11250 131 ladms 2 bi 12131 LINDA I ij IL 01111 0104020 11505 Spocramdfir mom Pp maim 1andwathorm twittob Simon MATRON t4344eon1vi IncUtah's ' ' econo- - mist said the availability of moderately priced houses boosted sales in the South and kept them from falling faster In the Midwest Sales in the West fell 88 percent to an annual rate of 580000 and in the Northeast were down 85 percent to a 650000 rate Tuccillo said the decline in the West largely resulted from a sharp drop In coastal California markets The median price dropped 53 percent to $138200 reflecting more pur chases in less costly inland markets Sales in the Northeast have been sluggish for nearly two years and "although Pennsylvania resale activity appears to be recovering the rest of the region particularly along York corridor remains the Boston-Nedown in the dumps" Flynn said The median price of a home in the Northeast dropped 27 percent to 3143100 n "Home sales along the New corridor have been gridlocked by sellers who've been reluctant to lower their prices to fit a buyers' market and by buyers who've been waiting for lower prices" Tuccillo said ranch with an almost 200-- : at different times by Danny Kaye Robert Stack Robert Mitchum and John Tra– volta — is on the market at more than $417 minion Known as El Rancho Tajiguas the 3600-acr- e property also has what Dianne Johnson one of the listing agents terms "the oldest living lemon tree in California" And the tree whose exact age was not immediately available still bears fruit she said The ranch is planted with avocados persimmons: oranges and a small variety of lemon peach plum fig and cherimoya trees hacienda which was ex- The panded once by architect George Washington Smith and later by the renowned Cliff May has 20 rooms including four bedrooms with sitting rooms five baths a staff wing and seven fireplaces It also has a guest cottage a caretaker's house corrals a riding ring tennis court and pool There are also 15 staff residences on the propertyn' along with a horse barn two hay barns four equipment barns an office building and 12 wells - I 4 To the West Coast' tr ) Brothers Inc California is suffering from an ongoing downturn in the semiconductor and defense industries despite gains in the latpossible short-live- d ter sector that could result from the Persian Gulf crisis analysts said Troubles in the Northeast are far from over with further cuts expected in the computer industry in Massachusetts and the insurance industry in Connecticut the analyst said The financial industry in New York City is not likely to hit bottom until sometime next year and Philadelphia's fiscal problems have been y : slumped Source: ikrayement rivet bled (1990 Prentice Hall Press) Centery 21 Real Estate Corporation full-blow- real-estat- - PlacesHome Prices according to Coldwell Banker Commercial Group Analysts' projections for the coming year are not much prettier Robert Rosenblatt an economist for the Mortgage Bankers Association said his group expects housing starts to fall 12 percent in 1990 to 1215 million units and then fall another 9 percent in 1991 to 111 mil before recovering in 1992 Commercial real estate has taken such a beating market experts are more cautious about predicting a recovery there "Of course nobody — like likes to predict long-termore than three months" said Eric Stevenson senior staff vice president for the Mortgage Bankers Association Nationally John Tuccillo an NAR economist is calling for a "mild recession" beginning in the fourth n quarter of 1990 Barring a conflict in the Persian Gulf growth should return by the end of 1991 and 1992 should see solid recovery Tuccillo said Among regional activity analysts area and labeled the California as the next two trouble spots A surprising slump has occurred in Washington DC once viewed as "bulletproof" according to David Shulman and Tom Hanky By Patricia Lamle II cc::zj ribn Retirement bp Beating in '91 Say Experts t- - Raquel Welch Is Returning mEmo The florne Sellers' harstillatt Properties t |