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Underwater homeowners remodel homes, add space, amenities



 

Underwater homeowners remodel homes, add space, amenities

Underwater homeowners remodel homes, add space, amenities
News from Las Vegas Review – Journal:

Posted: Feb. 25, 2012 | 1:59 a.m.

With new-home sales in Las Vegas at their lowest level on record, custom builder Chris Stuhmer had to alter his business plan to maintain cash flow and keep workers employed.

The president of Las Vegas-based Christopher Homes launched a 30-day makeover program to renovate and remodel existing homes, a rising trend among millions of homeowners who are stuck with negative equity in their properties.

There are some 200,000 or more underwater homeowners in Las Vegas. They can’t sell, refinance or relocate, so they’re breathing new life into their homes by changing design, adding space, catching up on needed repairs and upgrading amenities.

“We’re definitely seeing that activity in Vegas,” said Stuhmer, who has built more than 1,800 homes around the valley in 30 years. “We’re ground zero of the real estate collapse. People are staying in their homes because they feel they’re undervalued, and they are. If they’re going to be in a home for five, six years or longer, they elect to upgrade and update with new styles and new designs. They will see a return when they sell it.”

Also, existing-home sales increased 15 percent in Las Vegas last year to 58,000, many of them foreclosures and short sales purchased by investors who rehabilitate the homes for rental or resale.

That’s driving construction…………… continues on Las Vegas Review – Journal

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Related News:

Marybeth Feutz/Real Farmwives of America
News from Evansville Courier & Press:

If you feel the “real” in reality entertainment is often a little thin on the ground, check out an Indiana-based Internet phenomenon — The Real Farmwives of America blogs at realfarm wivesofamerica.com.

One of the Real Farmwives is Marybeth Feutz of Princeton.

She is a transplant to Southern Indiana from Boston who tears out the walls of her kitchen to help with the remodeling, is a veterinary specialist in large animals, is just learning about life on an Indiana farm and even reveals her struggle with an illness as she writes about her transition daily on the Internet.

Photo by Aimee Blume

Photos by Aimee Blume/Special to the Courier & Press Veterinarians Dr. John and Dr. Marybeth Feutz pose in front of their Princeton, Ind., home. “It was going to start as a kitchen remodel, but once we started we jumped into the deep end,” Marybeth said.

Photo by Marybeth Feutz

Marybeth Feutz / Special to the Courier & Pre…………… continues on Evansville Courier & Press

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