As we return to a purchase-heavy market with mortgage rates on the rise, it’s more important than ever to stay updated on the latest industry news – especially if you’re in the market to buy. Let’s get right into it and learn more in this week’s Mortgage Monday update!
Rates Update
As expected, mortgage rates are continuing to gradually rise. Freddie Mac reported general increases across the board, most notably in 30 and 15-year fixed-rate options. The average lender is now offering well over four percent for 30-year fixed-rate loans, signaling a return to pre-pandemic times that has been predicted by experts since the start of this year. Last week’s rates ended at levels not seen since 2018 with only further increases on the horizon – but for the immediate future, they are still relatively low in the big picture and favorable for those looking to buy.
The takeaway (which we’ve been saying for a while now) is to pursue financing now. Next week’s rates won’t be the same as what they are today. In fact, they’ll probably be significantly higher. Contact your Total Mortgage loan officer now to get started. Especially in today’s market, being proactive about your future home purchase will result in big savings in the long run.
Older, but Still Important News
Let’s cover some older industry news that has affected buyers since the start of this year.
For the first time since 2018, the Federal Reserve recently announced that interest rates will be rising by 0.25 percentage points – meaning mortgage rates will also rise – and that future increases will come over the rest of this year with each proceeding Fed meeting (six remain). To prospective buyers everywhere, this should be viewed as a red flag and a sign to follow through with a home purchase sooner rather than later.
Purchase applications are continuing to overtake refinance applications. And with the Fed applying upward pressure on mortgage rates through the rest of this year, opportunities to refinance will decline accordingly. When rates were at historic lows during the early pandemic, refinancing was an extremely appealing option for homeowners everywhere. Now that they’re back on the rise, though, we’re already seeing the opposite as we return to a high-demand purchase market. If you’re looking to refinance, act quickly and contact a Total Mortgage loan officer now.
At the start of February, the Federal Housing Finance Agency (FHFA) lifted its restrictions on borrowers with self-employment income. These were originally put in place in response to the pandemic but have since been removed, offering borrowers greater opportunities in an already competitive market. The same credit and income requirements may apply, but home financing is now generally more accessible for the self-employed.
Coming soon: The Federal Housing Finance Agency (FHFA) announced upcoming fee increases (effective THIS FRIDAY, April 1, 2022) for certain Fannie Mae and Freddie Mac home loans. These increases will ultimately depend on each product’s loan-to-value ratio. “High-balance” loans qualify as any that go above the conforming baseline limit introduced on January 1.
To learn more about any of these recent developments, contact your Total Mortgage loan officer today.
In Closing
Last week’s industry news (and likely all news to follow from this point) should be sending a clear message to consumers to act now. We predict that mortgage rates will continue to rise, creating fewer opportunities to refinance and reducing long-term savings for future borrowers. The sooner buyers act and lock in their rates, the more they’ll save in the long run. Contact us now with any questions and enjoy the rest of your week!
Being mayor of New York City comes with a lot of responsibilities, challenges and a great deal of stress.
However, this high-profile job does come with some pleasant perks, too. One of the privileges of being mayor of the city that never sleeps is that you get to reside in a historic mansion in the very heart of Manhattan — also known as Gracie Mansion.
Gracie Mansion, the official residence of the mayor of New York City
The Archibald Gracie Mansion, better known as Gracie Mansion, is the official residence of the Mayor of the City of New York, and it has held on to that title since 1942.
It is located in Carl Schurz Park at East End Avenue and 88th Street in Yorkville, overlooking the Hell Gate channel in the East River.
The site has a long history; it originally housed merchant Jacob Walton’s Belview Mansion, and was commandeered by George Washington during the American Revolutionary War.
The property was an excellent strategic outpost, given its location overlooking Hell Gate, where the East River, the Harlem River, and the Long Island Sound intersect.
Belview Mansion was unfortunately destroyed by the British during the war, but the location was too good to sit vacant for too long.
In 1799, a businessman/career U.S. army officer by the name of Archibald Gracie constructed Gracie Mansion on the same site and used it as his country home up until 1823.
Gracie Mansion throughout the years
In 1896, Gracie Mansion was seized by the municipal government and integrated within the grounds of Carl Schurz Park. It housed the Museum of the City of New York from 1924 until 1936, and after that, it was shown as a historical house.
Then came 1942, when the U.S. was fighting in World War II. New York developer Robert Moses suggested to Mayor Fiorello H. La Guardia to turn Gracie Mansion into a mayoral residence.
Moses thought that the waterfront location would be an advantage in case of a Nazi attack, offering a quick evacuation option for the NYC mayor. La Guardia agreed, and so he became the first in a long line of NYC mayors to reside at Gracie Mansion during his term.
Nobody is sure who the architect was at Gracie Mansion. The two-story Federal-style design is attributed to either Ezra Weeks or John McComb Jr., who designed the New York City Hall and Hamilton Grange.
SEE ALSO: Mark Twain’s houses: From his Connecticut mansions to the New York City brownstone known as ‘The House of Death’
Other sources report Archibald Gracie came up with the design of the property himself.
Did you know that Alexander Hamilton died at Gracie Mansion?
Fun fact: Gracie Mansion hosted a historic meeting of the New York Federalists, including Alexander Hamilton, held in 1801 with the goal of raising $10,000 to start a newspaper. That newspaper was called the New York Evening Post, which eventually became the New York Post we know today.
Alexander Hamilton made his last visit to the mansion in July 1804, after being wounded in a duel with Aaron Burr, his political rival at the time.
The duel took place in Weehawken, New Jersey, and Hamilton was shot by Burr and was then transported to Gracie Mansion, where he met his end.
The original fireplace by which Hamilton died has been carefully preserved and can still be admired at Gracie Mansion.
Who lives at Gracie Mansion now?
Gracie Mansion is to be used solely for official city business, and only visiting public officials and family members of the mayor can reside at the property.
The long list of NYC mayors who called Gracie Mansion home over the years includes William O’Dwyer, Robert F. Wagner, John V. Lindsay, Edward Koch, Rudolph Giuliani, and Bill de Blasio. Current NYC mayor Eric Adams and his family reside at the mansion.
Michael Bloomberg was the first Mayor of the City of New York to refuse to stay in the mansion for the duration of his term. Instead, he used it for meetings and official events, and invested in a major restoration effort to bring the property to modern standards.
Restoring the iconic mansion to its former glory
Gracie Mansion underwent a number of changes throughout its long history. In 1966, a new west wing was completed, and that was when the fireplace from the Bayard home, where Alexander Hamilton died, was installed in the ballroom.
The library and the main two floors of the mansion have been impeccably preserved. The mantel and dentil molding in the library have been there since the construction of the house in 1799.
Numerous prestigious guests have attended events or visited the mansion over the decades, including Leonard Bernstein, who once played the historic piano in the yellow room, Nelson Mandela, Bill Clinton, and even the Dalai Lama.
The mansion is a New York City Landmark and is included in the National Register of Historic Places.
SEE ALSO: The San Remo, NYC’s First Twin-Towered Building
The Gracie Mansion Conservancy
In 1981, Mayor Edward I. Koch and his charter Board Chair, Joan K. Davidson established the Gracie Mansion Conservancy.
The private not-for-profit organization was created to preserve, maintain, and promote Gracie Mansion, and to raise funds to restore and upkeep the historic structure. The Conservancy is constantly working on improving the mansion, acquiring furnishings, caring for the surrounding gardens and grounds, and educating the public.
Under the guidance of the Conservancy, the first major restoration took place between 1981 and 1984. Since then, the historic mansion has been upgraded, repaired, and restored several times throughout the years, with all efforts overseen by the Conservancy.
Gracie Mansion was carefully restored and redecorated in 2002 during Michael Bloomberg’s mandate – even though he was the first NYC mayor who did not live there.
It was the first time that the family quarter on the second floor opened to the public, and the entire structure was redesigned to be fit for official meetings and events. The entire effort cost $7 million and was one of the most significant restorations undertaken at the historic estate.
Former mayor Bill de Blasio also made efforts to improve and enhance Gracie Mansion, and his focus was on bringing the historic mansion into the 21st Century.
Blasio and his wife, Chirlane McCray, enlisted the help of Brooklyn-based company West Elm to add a modern touch to Gracie Mansion, while still preserving its history under the guidance of the Conservancy.
Can you visit Gracie Mansion?
Gracie Mansion’s two main floors are open to the public, and the property also houses a small museum. So, if you’re visiting New York City, or maybe you’ve lived there your whole life but didn’t know about Gracie Mansion, be sure to plan a future visit.
General Tours of the estate take place on most Wednesdays at 10am, 11am, 1pm and 2pm.
General admission is $7 for adults, $4 for seniors, while students are admitted free of charge. There are also Tea Tours available for groups of 25-50 people, on Tuesdays and Thursdays. These tours cost $25 per person and include a selection of tea sandwiches, scones, and teacakes.
The Gracie Mansion Conservancy strives to educate the public on the historical significance of the property. To this end, School Tours are also held Tuesdays and Thursdays, catering to local school students, particularly those studying in New York State’s 7th grade social studies curriculum. School Tours are free of charge.
If you’re planning a visit to Gracie Mansion or want to support the Conservancy, email [email protected] or call 311 for more information.
Frequently asked questions
Where is Gracie Mansion located?
Gracie Mansion was built in 1799 and is located in Carl Schurz Park, at East End Avenue and 88th Street in Manhattan’s Yorkville neighborhood. The Mansion overlooks Hell Gate channel, where the East River, the Harlem River, and the Long Island Sound intersect.
Does the mayor live in Gracie Mansion?
Gracie Mansion has been the official residence of the Mayor of New York City since 1942. Various NYC mayors have called Gracie Mansion home, including Robert F. Wagner, Edward Koch, Rudolph Giuliani, Bill de Blasio, and Eric Adams. Michael Bloomberg was the first NYC mayor to not reside at Gracie Mansion.
Why is it called Gracie Mansion?
Gracie Mansion was originally built in 1799 by Archibald Gracie, a Scotland-born magnate, Army officer, and American businessman. He built the mansion and used it as his family home until 1823, when he sold it to pay off debts. But the property retained his name.
Is Gracie Mansion open to the public?
Yes, Gracie Mansion can be visited by the public, although some rooms are off-limits to the general audience. General Tours, School Tours, and Tea Tours can be scheduled by emailing [email protected].
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If you haven’t heard, the 30-year fixed has once again surpassed 7%, at least by some accounts.
After settling in around 6.5% in early May, mortgage rates have steadily risen over the past couple weeks.
At the same time, the spread between the 30-year fixed and 10-year Treasury yield has widened to levels way above historical norms.
There’s always a premium on mortgages versus government bonds because the latter is guaranteed to be paid back.
But the gap between the two is now nearly double the average, which begs the question, why?
The Relationship Between Mortgages and the 10-Year Treasury
First things first, let’s discuss why 30-year mortgages and 10-year Treasuries even have a relationship to begin with.
Without getting too convoluted here, mortgage-backed securities (MBS) and 10-year Treasuries share common investors.
After home loans fund, they are typically bundled as mortgage-backed securities (MBS) and resold.
While these mortgages often have 30-year loan terms, which is triple the length of time of a 10-year bond, they are often paid off a lot quicker.
This is due to a variety of factors, whether it’s a mortgage refinance, a home sale, or simply paying off the mortgage early.
Long story short, the average mortgage only lasts about a decade, making it a pretty good match duration-wise for the 10-year Treasury.
However, investors demand a premium for taking on the risk of a mortgage-backed security vs. a government bond, as seen in the FRED graph above.
The red line is the 10-year Treasury yield and the blue line is the average 30-year fixed rate mortgage.
This risk is represented by the spread, which historically has been around 170 basis points above the 10-year bond yield.
MBS investors earn more yield due to things like payment default and foreclosure.
Mortgage Rate Spreads Are Nearly Double Their Historic Norm
Lately, investors have been demanding a lot more compensation for taking on the risk of MBS.
The current spread has widened to around 325 basis points above the 10-year yield.
This morning, the 10-year yield was hovering around 3.73%, while the 30-year fixed was priced around 6.98%, per MND.
Simply put, MBS investors are requiring nearly double the typical premium for taking on the risk of a mortgage vs. government bond.
So instead of seeing a 30-year fixed rate of say 5.5%, prospective home buyers are facing mortgage rates in the high 6s and even 7% range.
Clearly this is eroding affordability and pushing a lot of would-be buyers back onto the fence.
That brings up the next logical question; why is the spread so high right now?
Increased Risk and Uncertainty Have Bloated the Spread
There are a variety of reasons why mortgage rate spreads are so high right now relative to Treasuries.
But they pretty much all have to do with increased risk and uncertainty.
Remember, government bonds are guaranteed to be paid back. And their duration is also locked in. If it’s a 10-year bond, it’s paid back in a decade.
Conversely, MBS are not guaranteed to be paid back, nor is their duration set it stone due to early payoff, home sale, default, etc.
While this uncertainty is always present, the recent banking crisis has made MBS investors even more skittish.
If you recall, the banks that went under (First Republic for example) had a duration mismatch, where they held a lot of long-term debt at very low, fixed interest rates.
Meanwhile, depositors demanded higher yields on their cash, which caused liquidity issues when they pulled their money en masse.
The underlying problem is today’s mortgage rates are significantly higher than those underwritten a year or two ago.
We’re talking interest rates between 6-7% today versus rates in the 2-4% range in 2020-2022. This means those low-rate mortgages will likely last a long, long time.
Increased duration is great when the interest rate is high, but clearly not a good thing when many savings account now yield 4-5%.
At the same time, there’s an assumption that many of the newly-originated mortgages set at 6-7% will be paid off fast.
So investors aren’t going to pay a premium for the underlying bonds, only for them to be refinanced in a year once mortgage rates calm down and return to say 5%.
Taken together, MBS investors are demanding more yield. And because the Fed is no longer a buyer of MBS, there’s simply less demand overall.
From the Mile High City to the majestic Rocky Mountains, Colorado offers a variety of gorgeous landscapes and outdoor activities. There are countless reasons why you might be considering moving to the state or even buying a home in Colorado this year. If that sounds like you, then you may also be wondering what home styles you’ll find as you begin the homebuying process. Whether you’re looking for a modern new construction home or a cozy mountain bungalow, Colorado has plenty of home styles to choose from.
At Redfin, we’ve compiled a list of 11 Colorado home styles you’re likely to find, whether you’re looking to buy a home in Denver or a sprawling property in Colorado Springs. Let’s explore some of the classic Colorado-style homes.
1) Mountain rustic
Colorado homes are well-known for blending natural elements like stone, wood, and metal. Mountain rustic style homes typically have low-pitched roofs to help withstand heavy snowfall, and large windows that showcase the stunning mountain views. Interiors often have vaulted ceilings with exposed timber beams, stone fireplaces, and warm finishes to create a cozy and welcoming atmosphere.
2) Bungalow
Colorado is well-known for its abundance of bungalow style homes. These houses were influenced by Craftsman-style homes, and they’re characterized by their single-story layout. Homes have an open concept living space, two-to-three bedrooms, and some bungalows may have an attic space, depending on the steepness of the gabled roof. Other common features of bungalow homes include raised foundations and covered front porches.
3) Colonial
Colonial homes are some of the oldest home styles found in the US, dating back to the early 1600s. For that reason, there are countless architectural variations of Colonial homes. However, these houses have some common elements like their two-story design, steep gable or gambrel roof, centrally-located fireplace or two fireplaces on either side of the home. You’ll also find the exteriors are often stone, wood, or brick, with symmetrical windows on each level. Colonial style houses often have formal living and dining rooms on the main floor with bedrooms located on the second floor.
4) Contemporary
Contemporary homes are perfect for those who value simplicity and elegance in Colorado. These homes feature a minimalist design, with clean lines and a focus on functionality. Expect to see plenty of natural light, open spaces, and a mix of materials like metal and glass throughout these homes.
5) Craftsman
Craftsman style homes in Colorado offer a unique blend of simplicity and elegance. These homes have a low-pitched roof, large front porch, and exposed wooden elements such as rafters and brackets. Inside, expect to see built-in cabinetry, natural materials such as wood and stone, and an open floor plan that connects the kitchen, dining, and living areas. Craftsman homes are a great option for those who appreciate the beauty of natural materials and the simplicity of functional design.
6) Farmhouse
For Coloradans, farmhouse homes have a rich history rooted in the agricultural landscape. However, you can find these homes in many cities, from countryside towns to suburban areas. Farmhouses typically feature a minimalist style with ample living space, an open kitchen, and outdoor areas. The exterior usually has a classic front porch, wooden siding, and charming dormer windows. Meanwhile, the interior offers plenty of storage and showcases classic wood accents, perfect for those who love rustic yet modern living.
7) New construction
New construction homes feature modern and innovative designs with an emphasis on energy efficiency and sustainability. These homes often incorporate large windows and open floor plans to take advantage of the state’s beautiful natural scenery. Commonly used materials include wood, metal, and stone, and you’ll find a mix of contemporary and traditional architectural styles. Many new homes in Colorado also come equipped with smart home systems and energy-efficient appliances.
8) Prairie
Prairie-style homes are known for their horizontal lines, flat roofs, and open floor plans. They typically feature low-pitched roofs with wide eaves, which provide protection from the sunny Colorado summers. Prairie-style homes often have large windows, highlighting natural light and the views of the surrounding landscape. They’re often built with natural materials such as stone, wood, and brick, which blend into Colorado’s landscape.
9) Ranch
Ranch homes, also known as ranchers or ramblers, are a popular architectural style in Colorado. These homes are typically one-story and feature low-pitched roofs, large windows, and an open floor plan. They have a simple and functional design incorporating natural elements, such as stone or wood, into the exterior. Ranch homes also include a porch or patio to take advantage of the state’s beautiful mountain views. Many of the ranch homes in Colorado have energy efficient features like higher-quality insulation.
10) Mid-century modern
Mid-century modern homes, a popular style that emerged in the 1940-1960s, can be found throughout Colorado. They are known for their emphasis on natural elements, clean and functional aesthetics, and angular features. These homes are typically single-story or split-level. They feature floor-to-ceiling windows that allow for plenty of natural light and an indoor-outdoor living experience. You’ll also notice neutral-colored details and sliding doors that lead to outdoor spaces.
11) Victorian
Victorian homes are not as popular in Colorado as they are in other areas like California or across the East Coast. However, you can still find some Victorian homes in Colorado, particularly in historic neighborhoods in cities such as Denver and Colorado Springs. These homes often feature ornate details such as turrets, bay windows, and intricate woodwork. They may also have steep roofs with decorative shingles, colorful exterior paint schemes, and wrap around porches. Victorian homes in Colorado tend to be smaller than those found in other regions, but still have the distinctive character and charm of the style.
Nestled in the heart of Florida’s beautiful Panhandle, Tallahassee offers a captivating blend of Southern charm, vibrant culture, and endless opportunities. This dynamic capital city is more than just a seat of government; it’s a place captivated by enchanting canopy roads, mouthwatering Southern cuisine, and the energy of college football. With its lush green landscapes, rich historical heritage, and thriving arts scene, Tallahassee paints a picture of a city that embraces its residents with open arms. However, living there has its disadvantages, including severe weather, limited public transportation, and a small airport.
So Whether you’re looking for Tallahassee apartments or are searching for homes for sale, this Redfin article is a great resource. It covers ten pros and cons of living in Tallahassee, helping you determine if this city is right for you.
Pros of living in Tallahassee
1. Affordable cost of living
This charming city offers an inviting atmosphere that won’t break the bank. Tallahassee shines as a beacon of affordability, offering a reasonable cost of living, from housing to daily expenses. Imagine a place where your hard-earned dollars stretch further, allowing you to enjoy a comfortable lifestyle; you’ll find that here.
The median sale price in Tallahassee is $250,000, well below the national average of $400,378. You’ll even notice how rent prices are just as affordable. The average rent for a two-bedroom apartment is $1,197, making it an excellent destination for those on a budget. With reasonable housing prices, budget-friendly dining options, and cost-effective entertainment opportunities, Tallahassee invites you to savor life’s pleasures without sacrificing your financial peace of mind.
2. Rich cultural heritage and diverse arts scene
Tallahassee’s historical roots are deeply entwined with Native American, Spanish, and African-American influences, all contributing to a unique cultural blend that’s palpable in its architecture, food, music, and community festivals. Delve into the past as you wander through the historic districts in Tallahassee, such as Frenchtown and Smokey Hollow. There, you’ll notice heritage resonating through art, music, and storytelling. After, immerse yourself in the captivating world of the arts at the vibrant Railroad Square Art Park, where galleries, studios, and creative spaces showcase diverse artistic expressions.
3. Abundance of natural beauty and outdoor recreational opportunities
Tallahassee, a true haven for nature enthusiasts, awaits your arrival with its awe-inspiring natural beauty and thrilling outdoor adventures. Prepare to be enchanted by the city’s picturesque landscapes, where sprawling oak trees create beautiful canopies along scenic roads. Explore the wonders of Maclay Gardens State Park, where vibrant flowers and tranquil lakes beckon you to take strolls or embark on invigorating hikes. And imagine the thrill of kayaking down the pristine waters of Wakulla Springs, encountering graceful manatees and abundant bird species along the way. Tallahassee has something to love, whether you seek serenity in a peaceful park, the thrill of an adrenaline-pumping adventure, or simply the opportunity to connect with nature’s beauty.
4. Plenty of sunshine throughout the year
The Sunshine State’s hidden gem, Tallahassee, basks in the warm embrace of abundant sunshine throughout the year. With its enviable climate, this city radiates a cheerful and uplifting energy that invigorates residents and visitors. Imagine waking up to sunny skies and golden rays, a daily dose of natural positivity that fills your soul. Whether you’re strolling through the picturesque parks, basking in the glow of a vibrant sunset, or engaging in outdoor activities, Tallahassee’s year-round sunshine offers endless opportunities to soak up its invigorating warmth.
5. Numerous festivals, events, and entertainment options
Prepare to be swept away by a whirlwind of cultural celebrations that unite the community and ignite the spirit of joy in Tallahassee. Join in the revelry of the Tallahassee Downtown Market, where local artisans showcase their talents and offer a treasure trove of unique crafts and delicious treats. You’ll also find the lively Tallahassee Food Truck Festival, a culinary extravaganza where tantalizing aromas and delectable flavors take center stage. For sports enthusiasts, the Tallahassee Marathon and Springtime Tallahassee Parade offer opportunities to cheer on athletes and revel in the city’s vibrant spirit. No matter the time of year, Tallahassee’s calendar is brimming with festivals, events, and entertainment options.
Cons of living in Tallahassee
1. Limited public transportation options
The city’s public transit system primarily relies on buses, with a network that may not be as extensive as in larger metropolitan areas. The transit score for Tallahassee is 30 which falls into the car-dependent range, and while efforts have been made to improve transportation accessibility, it’s important to note that the system may have limitations in terms of coverage and frequency. This means that owning a car or relying on alternative modes of transportation becomes necessary for many residents to navigate the city efficiently.
2. Occasional impact from hurricanes and tropical storms
Given that Tallahassee is located in the central region of Florida, it occasionally experiences the impact of hurricanes and tropical storms. While the city is well-prepared to handle such weather events, it’s essential to be aware of the potential risks and take necessary precautions. Tallahassee’s location may occasionally face strong winds, heavy rainfall, and temporary disruptions to daily life.
3. Hot and humid summers
During the summer, residents and visitors can expect the temperatures to exceed 90 degrees Fahrenheit. As temperatures rise and humidity levels soar, the summer heat can become intense and uncomfortable. The high levels of humidity can make outdoor activities challenging and can lead to feelings of fatigue and discomfort. Staying hydrated and seeking shade become essential during this time. Additionally, the hot and humid weather may limit particular outdoor pursuits and make it less enjoyable to spend time outdoors.
4. The small airport can be limiting
Tallahassee’s airport facility, while serving the city and its surrounding areas, is relatively small compared to major international airports. This can be seen as a con to living in Tallahassee, particularly for those who frequently travel long distances or require a wide range of flight options. The smaller airport size may result in limited direct flights and fewer airlines operating in the area, leading to higher airfare costs and potential inconveniences when planning trips. Additionally, connecting flights may be necessary for reaching certain destinations, which can add travel time and possible complications.
5. High annual precipitation
Tallahassee experiences relatively high annual precipitation, which can be seen as a con for some individuals considering living in the area. In fact, Tallahassee is ranked position 9 of the rainiest cities based on the average annual precipitation total. The city receives ample rainfall throughout the year, contributing to the lush greenery and vibrant landscapes that characterize the region. However, the higher precipitation levels may present challenges such as increased humidity, occasional flooding in low-lying areas, and the need for adequate drainage systems. Additionally, heavy rainfall can impact outdoor activities and limit the availability of certain recreational opportunities. Though rain enhances the city’s natural beauty and adds to its splendor, it’s crucial to anticipate the potential inconveniences caused by higher annual precipitation.
Is Tallahassee a good place to live? Final thoughts
When deciding whether or not to make Tallahassee your home, it is crucial to approach it with thoughtfulness. Consider your preferences and priorities, while recognizing the benefits and occasional obstacles that come with embracing this remarkable city.
Connecticut is known for its charming mix of coastal towns, rolling countryside, and historic landmarks. From the lively city of Hartford to the quaint village of Mystic, Connecticut has a variety of places to call home – and many home styles to consider. So if you’re looking to buy a home in Connecticut, there are plenty of styles representative of the region.
At Redfin, we’ve compiled a list of the 12 most popular Connecticut home styles, whether you’re looking to buy a home in New Haven or a vacation property by the beach. Let’s explore some quintessential Connecticut-style homes.
1) Saltbox
Saltbox homes are a historic and unique style located in various East Coast cities. These houses have a flat, front façade that faces the street, clapboard siding, with five or nine rectangular windows, depending on the style. Inside, saltbox homes have lots of natural light, high ceilings, and an attic space. Saltboxes are typically historic and preserved over the years, meaning you probably won’t find a new construction version.
2) Cape Cod
Cape Cod homes are a beloved and familiar house style in the US housing market, particularly along the East Coast and in states like Connecticut. Known for their symmetrical design, steep pitched roof, and large chimney, these are a popular home style for many. These single-story homes usually feature two to three bedrooms, an open floor plan, and plenty of windows to allow natural light to flood in. While most Cape Cod homes are single-story, you can find some multi-story homes. The exterior of these homes is typically made of cedar shingles, brick, stucco, or stone.
3) Colonial
With a history dating back to the early 1600s, Colonial homes are some of the oldest home styles found in the US. And it’s no surprise they’re a common Connecticut style home due to their East Coast origin. Despite variations in architectural styles, these homes share common features.
You’ll typically find a two-story design, steep gable or gambrel roof, and centrally-located fireplace or two fireplaces on the sides of the home. Homes have a variety of exterior designs whether in stone, wood, or brick. You’ll find symmetrical windows on the façade while the interior has formal living and dining rooms on the main floor, with bedrooms on the second level.
4) Contemporary
Contemporary homes offer a unique and modern look, with an emphasis on simplicity and functionality. These homes feature clean lines and a minimalist design, with a focus on natural light and open space. Expect to see a mix of materials like metal, glass, and concrete, for a look that’s both elegant and sophisticated.
5) Cottage
Cottages are a delightful home style that can be found all over Connecticut. They typically feature steeply-pitched gable roofs, with shingles, stone, or brick accents on the exterior, as well as an arched front door and porch. The floor plan of many cottages is asymmetrical, meaning that the layout is different on each side of the home. Interiors often have one or two bedrooms and bathrooms, as well as an open floor plan. Throughout the home, you’ll discover cozy details like fireplaces, exposed brick walls, and wood beams.
6) Craftsman
Craftsman homes in Connecticut offer a unique blend of natural materials and artistic design. These homes are known for their handcrafted details such as exposed beams, built-in cabinetry, and intricate woodwork. You’ll find an open floor plan with plenty of natural light, high ceilings, and large windows that frame the picturesque Connecticut landscape. The exterior typically includes a front porch with tapered columns, shingles or clapboard siding, and low-pitched rooflines.
7) Farmhouse
Farmhouses are a traditional home style that has stood the test of time, and you’ll find many beautiful examples throughout Connecticut. These homes were originally built on farms, but today they’re found in a variety of settings. Farmhouses typically feature a spacious layout with large kitchens and open living areas perfect for entertaining. Exteriors often have classic wood siding, a gabled roof, and a welcoming front porch. Inside, you’ll find plenty of storage space and charming wood accents that give the home a warm and inviting feel.
8) Greek Revival
Greek Revival homes in Connecticut are often found in historic districts and represent a significant part of the state’s architectural heritage. These houses typically feature grand, symmetrical facades with prominent columns or pilasters. The exteriors are often made of brick or painted wood, with a gabled roof and tall windows that provide ample natural light. The interiors are characterized by high ceilings, elaborate molding, and ornate fireplaces.
9) New construction
New construction homes often have a traditional New England architectural style. They feature modern amenities and energy-efficient designs. Many new homes are built with an open floor plan, high ceilings, large windows, and spacious living areas. New construction homes may include features such as smart home technology, gourmet kitchens, and designer finishes.
10) Ranch
Ranch homes, also known as ramblers, are not as common in Connecticut, but are still available in the state. Connecticut style ramblers typically feature a long, low-slung design with a simple, modern aesthetic. Many are built with brick or stone exteriors and large windows to take advantage of natural light. You’ll also find open floor plans and modern amenities.
11) Tudor
Tudor-style houses are a beautiful and unique option for those seeking a home with a bit of historical flair. These brick-exterior homes with white stucco and half-timbering details draw inspiration from England’s Tudor period and feature a romantic, slightly medieval design. Inside, you’ll often find exposed beams, rounded doors, and a mix of window styles, including oriel, diamond-shaped panes, and tall, narrow windows. Whether you’re looking for a spacious home in Connecticut or a cozy retreat, Tudor-style houses offer plenty of charm and character.
12) Victorian
Connecticut has a rich history of Victorian architecture, with many homes built in the late 1800s and early 1900s. One popular style is the Queen Anne Victorian, which has ornate details like turrets, towers, and wrap-around porches. Another popular style is the Second Empire Victorian, known for its mansard roof and dormer windows.
Gothic Revival Victorians are also common in Connecticut, with steeply-pitched roofs, pointed arches, and intricate woodwork. Lastly, Italianate Victorian homes, with their distinctive tall, narrow windows and decorative brackets are also a popular architectural style in Connecticut.
Engel & Völkers announced today the opening of its newest real estate shop in Pagosa Springs, CO. The Source for Pagosa Real Estate will now do business as Engel & Völkers Pagosa Springs under the continued leadership of original founders and luxury specialists Mike and Lauri Heraty, both highly experienced and top-ranked real estate professionals who have served Pagosa Springs for more than two decades. Conveniently located in a historic shop located on Main Street, Engel & Völkers Pagosa Springs serves homebuyers and sellers in Pagosa Springs, Bayfield, and Durango.
“The western Rocky Mountains have been a strong foundation for our growth in North America,” said Anthony Hitt, president, and CEO, of Engel & Völkers Americas. “Engel & Völkers Pagosa Springs is our 12th shop to open in Colorado, and our continued expansion in the region speaks to its increasing popularity among home seekers, both foreign and domestic. Amidst this growth, it is critical to partner with real estate professionals like Mike and Lauri, who not only bring a deep understanding of the local market but also share our approach to real estate, that is, delivering a concierge-style experience and understanding luxury as something that is distinct and personal to each client.”
Located in the San Juan Mountains, Pagosa Springs is a community offering residents luxury mountain ranches on sprawling acreage, luxury residences, condos for weekend getaways, townhomes, and a variety of development sites. It is home to North America’s largest natural hot springs, as well as Wolf Creek Ski Area, known for getting the most snow in Colorado with an average of 341 inches per year. It is the only small mountain town in the state surrounded by 2,000,000 acres of the San Juan National Forest. This abundance of natural amenities affords residents countless opportunities to enjoy the mountain lifestyle by hiking, rafting, kayaking, biking, skiing, snowshoeing, golfing, fishing, and soaking in the hot springs, as well as playing tennis, pickleball, and more. With warm winters and fabulous summers, the area is easily accessible through the Durango-La Plata Airport and private jet service at Stevens Field.
“We’ve long been known throughout the region for our quality of service,” said Lauri Heraty. “Beyond real estate, we’ve arranged everything for our clients—from architects and top-tier contractors to private chefs, ski instructors, and fly fishing guides—which has set us apart in the market. As our business has evolved and we increasingly work with clients from across the U.S., Europe, and Mexico, we recognized the competitive advantages of partnering with Engel & Völkers, which has the connections, tools, and technology to deliver best-in-class service.”
“In order to grow while continuing to deliver the highest level of service to clients buying or selling today or three years from now, we needed to align with the best in the industry for unparalleled service, global reach, real estate technologies, and brand marketing. That’s exactly what Engel & Völkers offers,” added Mike Heraty. “In partnering with Engel & Völkers, we’re able to synergize years of local experience and market insights with a customer service offering that will exceed anything available in the region.”
For more information, visit pagosasprings.evrealestate.com.
About Engel & Völkers
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process for today’s savvy homeowner. Engel & Völkers currently operates approximately 275 shop locations with over 6,300 real estate advisors in the Americas, contributing to the brand’s global network of over 16,500 real estate professionals in more than 31 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs, and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.
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Beat the heat while tackling your loftiest fitness goals in one of the 10 best apartment gyms in Albuquerque.
A hub for media, tech and historic landmarks, Albuquerque is unlike anywhere else in the U.S. Defined by a uniquely desert aesthetic and surrounded by some of the most pristine nature in the northern hemisphere, Duke City is a downright desirable place to call home for many of the most active people in the Southwest.
When it comes to staying in shape in Albuquerque, the desert sun can be your best friend or your worst enemy. With temperatures often soaring to triple digits in the middle of the day, it’s important to find refuge away from the heat while you work up a sweat.
The apartment gyms on this list are the best of the best in Albuquerque for full-body workouts, intense cardio and everything in between.
Source: Rent. / Olympic Northpoint
Opulent in all the right ways, The fitness center at Olympus Northpoint is spacious, well-equipped and situated to supply stunning pool views throughout. This North Valley gym has everything from on-demand virtual fitness classes to multiple treadmills, to upper and lower body machines that will help you feel the full force of the proverbial burn.
The recreational amenities don’t stop there, however, Olympus Northpoint also boasts a private putting green as well. While not the most taxing physical workout, the putting green provides a great space for everyone from first-timers to scratch golfers with an opportunity to enjoy the Albuquerque air and get to know the neighbors over a little physical activity.
Source: Rent. / ABQ Uptown Apartments
As the name suggests, ABQ Uptown is located in Albuquerque’s desirable Uptown area. Large-scale and lined with windows that provide plenty of natural light, the fitness center at this Uptown oasis has more machinery than many monthly membership gyms.
Never short on options for upper and lower body workouts, this gym leverages its larger footprint to provide residents with everything they need to safely work out on their own without help from a spotter. Combine that with ample cardio equipment and space for free weight training and you have yourself an undeniably well-rounded apartment gym.
Source: Rent. / Olympus Highlands North
There’s no doubt about it, the fitness center at Olympus North Highlands is one of the funkier apartment gyms in the Southwest, if not the country. With herringbone wood flooring, a chandelier that looks like it belongs in the lobby of a five-star French hotel and modern art adorning the walls, form takes the front seat in this fitness center without sacrificing much in the function department, either.
With free weights, multiple ellipticals and stability balls — just to name a few of the features to be found — this Sycamore-area fitness center is better equipped than its posh vibe gives off and provides residents with more than enough space and equipment to accomplish their most ambitious fitness goals.
Source: Rent. / Altezza High Desert
Immediately recognizable by the intermittent circular sections of deep blue ceiling, the fitness center at Altezza High Desert is an undeniably comfortable place to be if you are looking for a little recreation in the High Desert neighborhood.
Featuring specific areas for free weights, spin classes and workout machines, one of the first things that stands out about this gym is how well-spaced and thoughtfully designed it really is. Beyond that, this fitness center is also equipped with a few added bonuses, like a professional-grade punching bag and flatscreen TVs.
Pair that with its proximity to High Desert Park and it’s easy to see why this complex is so highly sought after by the most active people in Albuquerque.
Source: Rent. / Sunset Pointe
While maybe not the flashiest gym on the list, the fitness center at Sunset Pointe is featured because of its prioritization of community and fun. Obviously intended as a meeting point for the active population of renters at this Del Norte complex, this is one of the only apartment gyms in the country to feature a foosball table in the actual workout area.
Also boasting floor-to-ceiling windows, an ab workout/dip station and state-of-the-art machinery aligning the walls, this fitness center is more than up to the task of supporting residents on their journey to ideal personal fitness.
Source: Rent. / Olympus Encantada
The fitness center at Olympus Encantada has it all from a vast array of treadmills and ellipticals to top-of-the-line machinery designed to help perfectly tone those glory muscles. There isn’t much that fitness-minded renters are left longing for after signing a lease at this highly sought-after Jade Park apartment complex.
Free yourself from the stress of the day by knocking out an hour on the elliptical (aided by the glow of one of the many flat-screen TVs), blast your biceps with the large selection of free weights or find an open area to get your stretch on, regardless of what you’re looking to do, the fitness center at Olympus Encantada has what you’re looking for.
Source: Rent. / The Lakes
It’s easy to get lost in the luxury of the fitness center at The Lakes. With enough treadmills to accommodate the residents of the nearly 300 units in this meticulously manicured apartment complex, this light-filled gym feels as welcoming as possible for an apartment community.
With flatscreen TVs tucked in over floor-to-ceiling windows, a mirrored wall for monitoring form and machines that make full-body workouts feel like a breeze, it’s easy to see that more than just basics are covered in this Del Norte delight.
Source: Rent. / City View
Sunbathed and set up to support resident success, the fitness center at Paradise Hills Civic’s premier apartment complex caters to the needs of modern people living an active lifestyle. To put it simply, the City View gym goes above and beyond what is often expected from a communal apartment fitness center.
Featuring leg and arm machines, benches and free weights and treadmills and ellipticals, to name the basics, this big fitness center is perfectly designed to help work out the demons that come with a life well lived. Regardless of the intensity of workout you’re looking to experience, this excellent apartment gym is anything but average.
Source: Rent. / La Paloma
Filled with lifting and cardio machines, this Arroyo del Oso oasis has everything you need and more to tackle even the toughest fitness challenges.
Not to mention the beautiful sand volleyball court. A beacon of beachy bliss in the back of the complex, the beach volleyball court at La Paloma acts as a meeting place for old friends and an ideal spot to get to know some neighbors over one of the most fun team sports in existence.
Source: Rent. / Sungate
What sets the recreational amenities at Sungate apart from the rest is (obviously) the championship racquetball court. Always pristine and clean, this court is capable of supporting anything from a casual weekly game to the training schedule of a pure-bred professional. Good luck finding an indoor court of this quality anywhere else other than a specialized club.
All that said, the fitness center at this luxury Cielito Lindo complex is nothing to scoff at, either. Taking a more holistic approach with a sauna and relaxing pool always available, rest assured, the fitness center digs at this desert complex are curated to meet the needs of its active resident population.
You can do it all in Albuquerque
Whether you’re an aspiring bodybuilder, a treadmill marathoner or a freak about flexibility, the Albuquerque apartment gyms listed above can cater to your exact exercise needs. Find the place that best fits your style and start your journey down the road to true physical fitness.
One of the most exquisite private homes in the entire San Diego area is now up for grabs.
Those of you who have a passion for architecture will have probably heard the name Richard Requa before. His firm, Requa and Jackson, was arguably the busiest architecture company in the 1920s in San Diego.
Whenever you see a charming, classic Spanish Revival property as you’re driving or walking around the city, chances are it was designed by Requa.
The architect was heavily influenced and inspired by the Andalusia area of Spain, and his works tend to reflect this. Requa even developed a signature style, known today as ‘Southern California Architecture.
The Old Globe Theater in Balboa Park, the D. E. Mann House at 1045 Loma Avenue in Coronado, the Del Mar Castle – these are some of Requa’s most well-known works, and they all showcase his unique, laid-back, Spanish-inspired Californian style.
Another one of Richard Requa’s iconic projects is the William A. Gunn House, located at 1127 F Avenue in Coronado.
It was designed by Requa and Jackson, with Milton P. Sessions serving as landscape architect, and completed in 1925 for Michigan furniture maker W.A. Gunn.
It’s one of the most beautiful examples of Requa’s Southern California Architecture, and it’s now looking for a new owner whose pockets run $39 million deep.
How Coronado Castle’s current owner Brian Mariotti took Requa’s design into the 21st Century
The jaw dropping mansion at 1127 F Avenue is also known as the Coronado Castle, and for good reason.
The property is reportedly roughly four times the size of an average Coronado lot, totaling 26,000 square feet and offering a lot of privacy and outdoor space.
Coronado Castle is an architectural gem protected by the Mills Act — a status that serves to significantly lower property taxes for the property. While lower property taxes are definitely nice to have, this property offers a lot – and we mean A LOT – more than that.
The current owner of the Requa-designed Coronado mansion is Brian Mariotti, the CEO of Funko, the toy company best known for its licensed vinyl figurines and bobbleheads.
Marriotti bought the 6,000-square foot property in 2017 for $12.2 million, and then purchased the lot right next to it, thus significantly expanding the site at 1127 F Ave.
The owner also invested heavily in upgrades at the Gunn house, but was careful to also preserve the building’s historical heritage.
The result is a stunning mix of 1920s Spanish Revival architecture and modern, laid-back California touches. Everything that was added to the home had to blend in with Requa’s original vision.
Paul Schatz, the owner of Interior Design Imports, who worked on the house with the Mariottis, told the Wall Street Journal that ‘the goal was to make everything new look as old as possible.’
Mixing business with pleasure – from home office to Star Wars-themed home theater, this property has it all
There are many highlights to this incredible property, but this is definitely our favorite: a 26-seat home theater featuring life-size Star Wars memorabilia, such as statues, weapons, and helmets.
Just imagine hosting a Star Wars movie marathon with family and friends, watching the original trilogy on a 20-foot screen powered by state-of-the-art 4k Max laser projector. Not too shabby, right?
The 7,000-square-foot Star Wars-themed basement also features an indoor golf room with a simulator, a tennis area, and it houses Mariotti’s impressive collection of toy figurines.
But the most impressive feat is the basement itself, which was not part of Requa’s original design.
The 15-foot-deep basement took six months to complete and required a 4-foot concrete foundation; the entire thing had to basically be ‘shoved underneath the existing house,’ as Jim Papenhausen of Papenhausen Construction told the WSJ.
In the end, Mariotti and his team were able to complete the project without damaging the historic structure in any way.
While a Star Wars-themed home theater and a massive toy collection exhibit area might not sound like the most practical amenities, the house does not disappoint when it comes to functionality, either.
The Mariottis understood the requirements of modern life, and turned the house next door into a four-car garage, and used the extra land to build a new family room wing and expand the outdoor area.
New owners will be able to enjoy a six-hole putting green, an outdoor living room area, a swimming pool, an outdoor kitchen, all bounded by century-old trees.
The house also incorporates four bedrooms, six full bathrooms, three-and-a-half bathrooms, a 14,142-square-foot guest house, a 1,300-square-foot home gym, and a spa with a massage table and a sauna.
For digital nomads, there is also a home office situated on the third floor at the top of the mansion’s castle-like tower. This area offers stunning views of San Diego and also includes an outdoor patio with a bar and a fireplace.
If you’re still not convinced that this is a one-of-a-kind property, a Spanish-influenced castle in the heart of California, then feel free to take a virtual home tour below, and find more details about this architecturally distinct house here.
Chris Clements, Jan Clements, and Lennie Clements of Compass are handling the listing.
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Want to unplug and unwind? Consider leaving the car at home and taking a daylong train trip.
Train trips offer fabulous views of mountains, deserts, oceans and forests, as well as cultural and historic experiences. They allow you to sit back and ponder the scenery instead of the traffic.
The cost will depend on the season, route and class of train car. But discounts are often available for military members, seniors, students, children and members of AARP or AAA.
And best of all, these trips all take a day or less.
1. Cass Scenic Railroad
The trip: For a short but magical historical jaunt, try the Cass Scenic Railroad State Park rail line. Riding in a restored steam-powered train, you will traverse the scenic mountains of eastern West Virginia.
How long it takes: Traveling the full route from the Cass Depot up to the Bald Knob overlook — 11 miles each way — takes about 4½ hours round-trip.
To learn more or book tickets: Visit the Durbin & Greenbrier Valley Railroad website.
2. Cumbres & Toltec Scenic Railroad
The trip: The route of this train, which has been designated a national historic landmark, runs between Antonito, Colorado, and Chama, New Mexico, with trains departing from both cities. It carries riders through the Rocky Mountain West.
How long it takes: Traveling round-trip takes a full day, though shorter options are available.
To learn more or book tickets: Visit the Cumbres & Toltec website.
3. Durango & Silverton Narrow Gauge Railroad
The trip: This Colorado ride travels between Durango — not too far from the Four Corners area where the borders of Colorado, Utah, Arizona and New Mexico meet — and Silverton. It has been in operation since 1882.
How long it takes: The steam locomotive’s top speed is 18 mph, so the ride itself takes about 3½ hours each way. The journey also includes a two-hour stop in Silverton. So consider this an all-day trip.
To learn more or book tickets: Visit the Durango & Silverton website.
4. Ethan Allen Express
The trip: A ride on this Amtrak route between New York City (pictured) and Burlington, Vermont — by way of New York’s capital city of Albany — features views of the Hudson River Valley and the Green Mountains.
How long it takes: Traveling the full route takes about 7½ hours, but it includes numerous stops in both New York and Vermont, enabling you to tailor the length of your trip.
To learn more or book tickets: Visit Amtrak’s Ethan Allen Express page.
5. Grand Canyon Railway
The trip: This train journey offers travelers a unique and low-stress way to view the heavily tourist-invaded Grand Canyon — one of the Seven Natural Wonders of the World. The railway has been in operation since 1901.
How long it takes: All day, including more than three hours to explore the Grand Canyon. Specifically, the train stops at the Grand Canyon National Park’s Historic Village on the canyon’s South Rim.
To learn more or book tickets: Visit the Grand Canyon Railway website.
6. Great Smoky Mountains Railroad
The trip: The Great Smoky Mountains Railroad route in western North Carolina begins at a historic depot in Bryson City and takes riders through the mountains — including Great Smoky Mountains National Park and Nantahala National Forest.
How long it takes: The Great Smoky Mountains Railroad offers numerous excursions and packages, so you can tailor your itinerary based on your interests and how much time you have.
To learn more or book tickets: Visit the GSMR website.
7. Napa Valley Wine Train
The trip: This Northern California route traversing the popular wine valley combines fine dining, vintage cars and, of course, wine. It travels 36 miles round-trip — from downtown Napa to St. Helena and back — stopping at famous wineries along the way.
How long it takes: The Napa Valley Wine Train offers daytime, evening and all-day journeys.
To learn more or book tickets: Visit the Napa Valley Wine Train website.
8. Mount Washington Cog Railway
The trip: The Mount Washington Cog Railway is in the White Mountains of New Hampshire. Built for climbing Mount Washington, the Cog, as it’s known locally, will take you to the highest peak in the Northeast.
How long it takes: The train takes less than an hour to travel from Marshfield Base Station, which is at an elevation of 2,700 feet, to the summit of Mount Washington — at 6,288 feet. Layovers are around an hour, giving passengers time to take in the summit before returning to the base station.
To learn more or book tickets: Visit the Cog Railway website.