Right on the River, Nebraska ‘Castle’ Offers Unparalleled Views

Listed for $2.8 million, this amazing 4,700-square-foot home in east Nebraska sits on a spit of land where a drainage chute meets the Missouri River. The post Right on the River, Nebraska ‘Castle’ Offers Unparalleled Views appeared first on Real Estate News & Insights | realtor.com®.

Right on the River, Nebraska ‘Castle’ Offers Unparalleled Views

An unexpected house in an unexpected place has landed on the market for $2.8 million in Herman, NE.

The 4,700-square-foot home on Chippewa Cree Lane sits on a spit of land where a drainage chute meets the Missouri River.

“You get off the highway, then you drive for a couple of miles on a dirt road. You take a couple of turns. You don’t see any house or any farm equipment—you don’t see anything—and then you just come up to this private gate,” says the listing agent, Michael Maley.

As you’re going down the winding driveway, he says, “It’s probably the most unexpected thing you would expect to see at the end of such a drive. I call it the castle.”

The interiors of the three-bedroom riverfront structure have a distinct industrial style. The offering also includes 42 acres of farmland adjacent to the riverfront.

“It’s a three-story house, not including the basement,” Maley explains. The main floor features a family room, kitchen, dining room, and a bathroom.

Upstairs is the primary bedroom suite and office. Another floor up are two more bedrooms and a sitting area.

Exterior of property in Herman, NE

Bob Brindamour

Exterior

Snap Photography/Jenny Gross

Interior

Snap Photography/Jenny Gross

Primary bedroom

Snap Photography/Jenny Gross

Bathroom

Snap Photography/Jenny Gross

Built in 2002 by a telecommunications company executive, the home was constructed with a focus on sustainable materials and features exposed ductwork, stone, fireplaces, and wooden ceilings.

“I love the exposed beams. I love the natural wood,” Maley says. The use of natural wood, he adds “makes it more homey and warm,” contrasting well with the industrial feel.

The house has stunning views, especially from a crow’s nest four stories above ground, which is accessible by elevator.

“You can get up there, and you can see 360 degrees all the way into Omaha,” Maley explains. “You can see all the way down the river in both directions. It’s such a special view.”

Interior

Snap Photography/Jenny Gross

Exterior

Snap Photography/Jenny Gross

Crow’s nest

Snap Photography/Jenny Gross

View from crow’s nest

Snap Photography/Jenny Gross

Deck

Snap Photography/Jenny Gross

A large deck on the river’s edge is ideal for entertaining.

“It’s so peaceful when you see the river just floating on by,” Maley says.

Although the home is on a narrow point next to a fast-flowing river, flooding is not a concern.

“We had the biggest flooding we’ve ever seen in Nebraska last year, and it did not flood,” Maley says, adding that although the road leading up to the property was underwater, none of the structures on the point flooded.

In addition to the main house, the property comes with three other buildings, including a ranch house with three bedrooms and two bathrooms.

Additional buildings

Bob Brindamour

The basement is where you’ll find the brains of the house.

“It’s the most over-engineered house on the planet,” Maley says. There’s a geothermal system, water treatment, HVAC, generators, and much more.

“It’s an engineer’s dream down there,” he says. “Just seeing all the pipes going around, and seeing all the wiring go around, is kind of neat.”

While typically in a basement, things tend to be messy, he says it’s nice here “to see everything so organized and put together.”

The home is in the far east of the Cornhusker State, right across the river from Iowa. Although the residence is secluded, it isn’t far from Herman, a town of a few hundred people. It’s also less than a half-hour from the larger city of Blair, and about an hour from Omaha.

“It really just does feel incredibly different than any house I have ever been in. You kind of feel like you’re on a houseboat when you’re in here,” Maley says. “It’s incredibly scenic. Your blood pressure goes down when you go out there.”

Interior

Snap Photography/Jenny Gross

Kitchen

Snap Photography/Jenny Gross

Aerial view

Bob Brindamour

Industrial interior

Snap Photography/Jenny Gross

Deck

Snap Photography/Jenny Gross

The post Right on the River, Nebraska ‘Castle’ Offers Unparalleled Views appeared first on Real Estate News & Insights | realtor.com®.

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Home Sellers’ Asking Prices up 13% from Last Year as Demand Keeps Soaring

The U.S. housing market was unseasonably strong during the four-week period ending July 12. The post Home Sellers’ Asking Prices up 13% from Last Year as Demand Keeps Soaring appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Home Sellers’ Asking Prices up 13% from Last Year as Demand Keeps Soaring

Key takeaways for the 4-week period ending July 12:

  • Final prices for homes that sold during the period (meaning they likely went under contract in May and June) were up 6% year over year; for homes actively listed during the period, asking prices were up 13%.
  • Pending home sales continued to climb, up 7% year over year but the overall inventory of homes for sale was down 28% as demand outpaced supply.
  • 30-year mortgage rates were below 3% for the first time ever, which continued to drive homebuying demand, as mortgage purchase applications increased 16% from a year earlier.
  • “Vacations have been cancelled, and buyers who had previously given up their search are being lured back by low mortgage rates,” according to Washington, D.C., area Redfin agent Kris Paolini.

Sellers set higher price expectations and buyers meet them

The U.S. housing market was unseasonably strong during the four-week period ending July 12. Listing prices were up 13% year over year to an all-time high of $328,500. Closed sale prices, which lag listing prices, were also up 6%. Home prices are turning in monthly gains at a time of year when prices normally start heading down because people shift their focus from buying and selling homes to vacations and preparing for the start of school.

Buyers’ offers are coming up to meet sellers’ rising price expectations. Sale-to-list price ratios, which measure the difference between the final sale price and the asking price, are also climbing, to an average 98.8%, up 0.2 percentage points from the same period in 2019. And for the one-week period ending July 12, the ratio hit an all-time high of 99.0%. During the same one-week period, the share of active listings with a price drop hit an all-time low of 34.4%.

Sale-to-List Price Ratios are Climbing

Reactions to pandemic spur unseasonable mid-summer surge in homebuyer activity

The number of home tours taken by North American buyers was up 12%, the Redfin homebuyer demand index was up 33% and pending sales climbed 7% from the same period in 2019.

“The housing market usually slows down in July and August when people take time off for vacations,” said Washington, D.C. area Redfin agent Kris Paolini. “This year though, a lot of vacations have been cancelled, and buyers who had previously given up their search are being lured back by low mortgage rates. The market has stayed hot through the summer and it doesn’t look like we’ll see the typical slowdown in August, either.”

So far, the housing market has continued to strengthen despite increasing coronavirus cases causing some large states like California to issue new shutdown orders. In Miami, where coronavirus cases are surging, “not much has changed,” according to local Redfin agent Carlos Mahone. “Since the initial lockdown ended, buyers have been much less fearful and are operating like they did before–including wanting to walk through homes with an agent, often after seeing the home first via a video-chat tour.”

As more employers embrace remote work, some homebuyers are reconsidering where they want to live; relocations are fueling a hot housing market in relatively affordable places. “People have realized they can work from home long-term, which has been a boon to Tucson,” said Tucson Redfin agent Kristi Penrod. “I’m getting four or five calls a week from people in the Bay Area, Seattle, Denver and Virginia, who have realized they can make a downshift in their lives and cash out of those expensive markets. This shift has really helped to create this insane market we’re in right now.”

New listings still slow to appear

Unfortunately for homebuyers, the number of new homes for sale continues to lag behind 2019. For the four-week period ending July 12, 5% fewer new listings hit the market than the same period a year earlier and the total number of homes for sale was down 28%, further exacerbating the imbalance between supply and demand.

“Listings have started to trickle up, but it’s still slow,” said Detroit Redfin agent Tony Orlando. “Homeowners have been very hesitant to list their homes for sale because they had assumed that the pandemic would hurt homebuying demand and depress values. They’re beginning to see how hot the market really is, but it’s a slow process.”

Facing fierce competition, buyers pull out all the stops

With so much competition for so few homes, homebuyers are employing dramatic measures to make their offers stand out in bidding wars. One of the most effective strategies, according to Redfin agents, is to offer free rent back to the sellers, sometimes for months past the date that the sale closes. A rent-back agreement allows the seller to stay in the house for a period of time after the sale to the new buyer closes, typically to give the seller extra time to find a new home. In a recent survey of about 400 Redfin agents, about one in 10 mentioned that their clients had used this tactic to win a home.

Some homebuyers are employing even more unusual strategies to win bidding wars, like adopting the seller’s pet chickens, attaching a letter to connect with the seller’s love of jam, and tossing in a jacket signed by the local NHL team; whatever it takes to get an edge.

The post Home Sellers’ Asking Prices up 13% from Last Year as Demand Keeps Soaring appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

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