Vincent Celentano recently joined WP Mortgage as a loan originator. WP Mortgage is a partnership between H. Pearce Real Estate Co. and Webster Bank. By combining forces, the two organizations have the capital and resources to meet the growing home financing needs of the many communities they serve.
Before joining WP Mortgage, Celentano was a loan originator for the Guilford Mortgage Co. and Wells Fargo and Co. He resides in New Britain with his wife and two children.
With his 20 years of experience in real estate appraisal and mortgage banking, combined with the various products offered by WP Mortgage, Celentano’s new position will involve helping clients choose the right mortgage solution and providing a simple, fast and easy process.
Luxury Owners Spending Cash
Luxury homeowners in the United States are continuing to pour significant amounts of money into their high-end homes, according to the latest Coldwell Banker Luxury Index. Whether through tax refunds or home equity loans, home improvements among the affluent continue unabated which, Coldwell Banker says, is leading to higher home prices.
“With more and more dollars allocated toward renovations, upgrades and additions, it is no surprise that property values continue to appreciate,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corp. “The home improvement frenzy is likely a key reason why we are seeing a significant rise in sales of pricier homes through our luxury division, Coldwell Banker Previews International.”
Gillespie pointed out that sales of homes in the $3 million-plus range grew 35 percent in the first quarter of 2005 compared with the same period in 2004.
“This is in line with the study’s findings, as the number of respondents who indicated they purchased a home in excess of $3 million tripled since the initial index in August 2004,” he said. “The continuing home improvement craze is a boon for the real estate market and a major reason for rapid appreciation.”
The Coldwell Banker Luxury Index is a survey of 300 U.S. homeowners with an income over $100,000 and who have purchased a house valued at over $1 million over the last two years. The survey was conducted via a series of phone interviews by independent market research firm International Communications Research in March and April of this year and commissioned by Coldwell Banker Previews International.
Key home improvement findings from the 2005 Luxury Index revealed that 31 percent of luxury homeowners expect a tax refund. Of those, the majority (51 percent) intend to put that money back into their homes.
Thirty-one percent will expand or remodel their residences in the next 12 months.
Of the 36 percent of luxury homeowners who have refinanced or taken out a home equity loan in the last 12 months, 42 percent of them will be using the funds for home improvement or other real estate purposes.
“The affluent American’s most valuable asset is his or her home, according to our Luxury Index,” Gillespie said. “Luxury homeowners take great pride in their homes as symbols of their lifestyles and personalities. While these homes are already considered high-end, they are being transformed into more lavish and ultra-comfortable living spaces. In many cases, these affluent homeowners have more than one trophy property for either recreational, entertainment or investment purposes.”