Tuesday, November 22, 2016


Today's Top  Luxury Estates in Los Angeles, Phoenix, San Diego, San Francisco
and Seattle Listed For Sale

                                           .                                                             
                                "A mansion is a large and stately dwelling"

The word mansion derives through Old French from the Latin word mansio "dwelling" 
is an abstract noun derived from the verb manere "to dwell". he English word "manse
originally defined a property large enough for the parish priest to maintain himself,
but a mansion is no longer self-sustaining in this way.  'Manor' comes from the same
root territorial holdings granted to a lord who would remain there. Hence it is easy 
to see how the word 'Mansion' came to have its meaning.

The exact definition of the word “mansion” varies but in U.S. real estate terms, it’s 
generally defined as a single family residence of more than 8,000 square feet. The 
Merriam-Webster Dictionary just calls it “a large and imposing residence.” Either way, 
these sizeable dwellings are undoubtedly some of the most beautiful and 
celebrated examples of residential architecture.

Today's Best Mansions 
www.todaysbestmansionsforsale.com

#1     1001 N Crescent Drive, Beverly Hills, CA 90210 with 4 bedrooms, 6 baths, 
and 5,389 sq.ft. is listed for $26,985,000

1001 N Crescent Dr, Beverly Hills, CA 90210

Secluded behind private gates, a Paul Williams traditional one story estate in Beverly Hills offers elegance on just under one acre of magnificent lush park-like grounds. A refined 
foyer opens to exquisite interiors featuring high ceilings, marble and wood floors, and French doors. Home includes a large living room, family media room with fireplace and
 wet bar, formal dining room seating 20, and breakfast room. Chefs kitchen includes Brazilian granite counter tops, custom cabinetry, Wolf Range and stainless steel
 appliances. Master suite features sitting area, dual dressing rooms, and newly remodeled marble bath opening to private garden with spa. Three additional spacious en suite bedrooms. Backyard boasts lavish entertaining space with large mosaic tile pool, spa, and cabana/gym with bath and outdoor kitchen. Additional features include a large guest apartment, staff quarters, large motor court and 2-car garage.

1001 N Crescent Dr, Beverly Hills, CA 90210

1001 N Crescent Dr, Beverly Hills, CA 90210

1001 N Crescent Dr, Beverly Hills, CA 90210

1001 N Crescent Dr, Beverly Hills, CA 90210

1001 N Crescent Dr, Beverly Hills, CA 90210

1001 N Crescent Dr, Beverly Hills, CA 90210

1001 N Crescent Dr, Beverly Hills, CA 90210


1001 N Crescent Dr, Beverly Hills, CA 90210

#2   1822 Marcheeta Place, Los Angelos, CA 90069 with 4 bedrooms, 7 baths, 
and 4,000 sq.ft. is listed for sale ay $23,995,000.




Brand new architectural, designed by Paul McClean. Warm Modernism with 12 foot 
ceilings, limestone floors coupled with a stunning wood paneled ceiling provide
an aura of calm sophistication. Years in planning and construction, this home exudes 
the highest quality including a 70 foot book-matched marble exterior wall for privacy and 
a custom wood paneled ceiling. Dazzling water feature graces the entrance which leads 
to the first split-level swimming pool in all of the Bird Streets. The spectacular Mastesuite 
is comparable to the finest hotels in the world with an incredible walk-in closet
and master bath.The lower level is free flowing with large entertaining spaces, a 
custom bar and an intimate cigar lounge. The custom designed gym with a full 
steam/sauna room, an epic suede lined screening room with seating for 18, and
a "car museum" that can display 10 vehicles completes this rare offering.  


















Today's Top Real Estate News
Congress Hears Appeals to Fix Dysfunctional Appraisal System

By Jann Swanson
Mortgage News Daily

The House Financial Services Subcommittee on Housing and Insurance recently held a hearing on "Modernizing Appraisals: A Regulatory Review and the Future of the Industry."  According to the committee memorandum, the hearing was called to "Examine the appraisal industry since the creation of the Appraisal Subcommittee in 1989, review the Dodd-Frank Act's impact on appraisers, consumers and stakeholders, and explore the future of appraisals, including alternative home valuation methods."  Six panelists presented more than a hundred pages of prepared testimony.  Some highlights.

James R. Park, Executive Director of the Appraisal Subcommittee and David S. Brunton, President of the Appraisal Foundation opened the hearing, outlining in detail the events leading to the present status of appraisal regulations and the role of their respective institutions.

They were followed by Joan N. Trice, CEO and Founder of Clearbox and author of a white paper entitled "Reengineering the Appraisal Process, Revisited" who said that today all stakeholders suffer from an appraisal regulatory regime that is outmoded and that the housing crisis revealed structural flaws in the system whereby no one was held accountable.  She presented a diagram which she said represented the current regulatory structure, called it dysfunctional and said it was time for a "big and bold" plan to overhaul it.



Her recommendations:
  • Create a single authority to take ownership of the policy, process, practice, procedures, and people. "National licensing is needed with oversight at the state level. States must adopt a standardized process for investigation and adjudication of any disciplinary actions. Peer review and rehabilitation of the appraiser should occur at the state level."
  • Erase the legacy; replace the current structure and repeal the Financial Institutions Reform Recovery and Enforcement Act of 1989 (FIRREA.)
  • Insure the independence of the appraisal process. "The Home Valuation Code of Conduct (HVCC) and subsequently the AIR (appraisal independence requirements) components of Dodd Frank left an indelible mark on the appraisal profession. For the past 9 years, practically every stakeholder has done their best to avoid compliance with AIR".
She said appraisals are the weak link and the current structure continues to diminish the role appraisers play in the housing finance ecosystem.  Discussions of shortages, poor quality, cost, delayed delivery of appraisals, and the de minimus threshold are all code for efforts to diminish it further.  You cannot, she said, replace appraisers with push button technology.

Ed Brady, Chairman of the Board of the National Association of Home Builders (NAHB) told committee members that in response to the role appraisals played in the housing crisis, more restrictive appraisal policies were implemented by lenders, regulators, FHA, VA, and the GSEs, along with a myriad of appraisal guidelines that are complex and inconsistent.  Appraisal standards are not clear, best practices have not been well communicated, and enforcement is not consistently applied.

He called for shoring up state regulatory oversight by putting it in the hands of independent and self-funded state agencies with well-defined policies and automated processes.  A survey NAHB conducted identified several "best practices" for such oversight.
  • Providing dedicated resources such as sufficient staff for proper enforcement, legal counsel dedicated to the appraisal program; keeping appraisal-related monies out of the general fund, and independence from other agencies.
  • Effective governance. Members of the board must be well rounded and include a majority from the appraiser community along with representatives from lending, management companies, builders, Realtors, and consumers.
  • Standardization of oversight policies within and across states.
  • Clear and prescriptive communication between stakeholders, clear and timely interpretation of AQB requirements, education for stakeholders on state regulatory processes; clear information on disciplinary procedures and actions.
Bill Garber, Director of Government and External Relations for the Appraisal Institute, told the committee that the federal regulatory structure for appraisals has essentially been untouched since the enactment of FIRREA.  The Dodd-Frank Act amendments added further complexity to the structure, "and the resulting rules are overwhelming practicing appraisers"

He said the Appraisal Institute has the following suggestions for altering the regulatory structure.
  • Bring the structure into alignment with other real estate professions. One model that merits consideration is that of the National Mortgage Licensing System (NMLS)
  • Sunset the Appraisal Subcommittee while keeping the authorities of state appraisal boards and aligning the federal functions through a nationwide portal like NMLS,
  • Authorize a federal backstop authority should states fail to adhere to basic program requirements.
He also suggested that financial institutions should be authorized to recognize professional designation programs that exceed minimum licensing requirements. Also, Congress should protect and maintain Dodd-Frank Act Section 1472 which prohibits coercion and intimidation of appraisers and repeal or amend more cumbersome sections of the Act.

Jennifer S. Wagner, Managing Attorney, Mountain State Justice, Inc disagreed with most of what other panelists had recommended when it came to government oversight.  She thanked Congress for imposing stricter standards on appraisals under the Dodd-Frank Act and detailed the results she said arose from a less regulated industry before the housing crisis. These included widespread and fraudulent property flipping, bogus refinances, and incentives for appraisal fraud. These all contributed to the avalanche of foreclosures and millions of under-water properties that followed.

She said any appraiser shortage should be addressed through market forces and is likely in any case to be temporary and disappear as the demand for refinancing recedes.  Lowering standards and qualifications, including permitting lenders to rely on alternative valuation products and broker price opinions, will further increase any such shortage as it would lower demand and discourage entrants into the profession.  It would also further enable lenders to return to obtaining unreliable reports which, in turn, create instability in the market. "In short," she said, "the regulatory regime is a floor that is essential to avoid both unintentional errors as well as fraud." 

She also spoke against raising the de minimis appraisal threshold for Federally Related Transactions, advocating instead for lowering the current threshold which only requires an appraisal for loans over $250,000 or for Higher Priced Mortgage Loans over $25,000. "The majority of homes throughout the country are worth less than $250,000," She said.   "Low- and moderate-income homeowners- and the government entities that insure or invest in their loans-deserve the same protections as higher income homebuyers." 

She said it is essential that a national regulatory floor be retained and built upon to protect homeownership. "Without these protections, the market will become more costly in the short term, and lead to new financial crises in the future, even while we have barely recovered from the last one.



Today's Top LA Luxury Estates

http://www.annenbergtvnews.com/images/uploads/LOS_ANGELES_SKYLINE_PHOTO.jpg

The median home value in Los Angeles County is $532,800. Los Angeles County home 
values have gone up 6.3% over the past year. Zillow predicts they will rise 0.9% within the 
next year

The median home value in Brentwood, 90049 is $2,302,200. Brentwood home values have
gone up 3.7% over the past year.  Zillow predicts they will rise 0.6% within the next year,

The median home value in Malibu is $2,500,600. Malibu home values have declined -0.8%
over the past year. Zillow predicts they will fall -0.7% within the next year.


The median home value in Beverly Hills is $2,998,500. Beverly Hills home values have gone up up 4.7% over the past year.  Zillow predicts they will rise 0.2% within the next year.

#1     1944 N Beverly Drive, Beverly Hills, CA 90210 with 5 bedrooms, 4 baths, and 
4,545 sq.ft. is listed for sale at $3,795,000

1944 N Beverly Dr, Beverly Hills, CA 90210

In the sweet spot of upper Beverly Drive, this private oasis is just a stone's throw from Beverly Hills and Studio City, take your pick. Designed with an open and modern volume, this custom home has scale and yet is warm and comforting. Upstairs master loft suite with dual luxury baths, separated by a double entry shower. 5th bedroom ready for your personal masseuse or trainer. Outdoor tile carpeted living/dining area and sleek pool + bonus upper view deck to entertain or sun. Tailored for seamless living. Effortless and streamlined for gracious, private relaxation or entertainment. Near Coldwater Canyon Park and the hiking trails of Franklin Canyon. Nothing like it now or soon to come. Sublime.

1944 N Beverly Dr, Beverly Hills, CA 90210

1944 N Beverly Dr, Beverly Hills, CA 90210

1944 N Beverly Dr, Beverly Hills, CA 90210

1944 N Beverly Dr, Beverly Hills, CA 90210

1944 N Beverly Dr, Beverly Hills, CA 90210

1944 N Beverly Dr, Beverly Hills, CA 90210

1944 N Beverly Dr, Beverly Hills, CA 90210

#2      805 N Linden Drive, Beverly Hills, CA 90210 with 5 bedrooms, 5 baths, and  
4.500 sq.ft. is listed for sale at $14,950,000.


Impeccably restored, classic Wallace Neff redesigned for today's luxury lifestyle. Dramatic 2-story formal living room features hand painted cathedral ceilings and  fireplace overlooking beautifully landscaped patios and gardens. Gorgeous white marble and beautiful wood floors offer a sophisticated look to this home located in one of the most coveted locations in prime Beverly Hills. Formal dining room, gourmet kitchen with top of the line stainless steel appliances. Luxuriousmaster suite with two walk-in closets and veranda. Office/den with charming fireplace and original details, authentic grill and iron work. Flexible floor plan and huge family entertainment/guest room overlooking the large al fresco dining area with BBQ, firepit, spa and pool. Ideal for entertaining or raising a family.  









Today's Top Phoenix/Scottsdale/Paradise Valley/Carefree Luxury Estates
phoenixluxuryestates.com

Image result for phoenix skyline photos

The median home value in Scottsdale is $416,600. Scottsdale home values have gone up 4.2% over the past year and Zillow predicts they will rise 2.5% within the next year.

The median home value in Carefree is $737,400. Carefree home values have gone up 
3.0% over the past year and Zillow predicts they will rise 2.1% within the next year.

The median home value in Paradise Valley is $1,639,200. Paradise Valley home values have  gone up 3.4% over the past year and Zillow predicts they will rise 2.3% within the 
next year.

#1      6023 E Lincoln Drive, Paradise Valley, AZ 85253 with 5 bedrooms, 5 baths, 
and 4,926 sq.ft. is listed for sale at $2,500,000.


This is a rare opportunity to purchase Paradise Valley's most special and historic residence. Set quietly and privately off of the road, this authentic and tastefully renovated adobe compound with 5 garage spaces, will satisfy the most discriminating buyer looking for a truly classic Arizona home. The casual yet sophisticated aesthetic is ideal for a busy family as well as gracious entertaining with an indoor/outdoor flow that includes a large central courtyard surrounded by quaint private gardens, water features, a swimming pool and views of Camelback Mtn. The interiors include Mexican Heritage tile floors, beamed ceilings, plaster walls, architectural lighting, four charming fireplaces, wine storage, a quiet study and a gourmet kitchen.









#2      21395 Jamison Road, Chandler, AZ 75758 with 6 bedrooms, 9 baths, and 
9,071 sq.ft. is listed for sale at $5,100,000.


Stunning home located in gated community of Brown''s Landing sits on a point overlooking beautiful Lake Palestine. Well planned with the latest technology, energy efficiency and designed to meet your every need. Gorgeous European oak floors throughout. Gourmet kitchen features custom cabinetry, expansive island, dual sinks and dishwashers and all commercial grade appliances. Views of the lake from almost every room. 











Today's Top San Diego Luxury Estates
sandiegorealestateflashreport.com

Image result for san diego skyline art


The median home value in San Diego County is $516,200. San Diego County home values have gone up 5.2% over the past year.  Zillow predicts they will rise 1.9% within the next year. 


The median home value in La Jolla is $1,685,000. La Jolla home values have gone up 6.1% over the past year and Zillow predicts they will rise 2.1% within the next year

The median home value in Solana Beach, 92075 is $1,257,000. Solana Beach home values have gone up 2.6% over the past year and Zillow predicts they will rise 1.4% within the next year.


The median home value in Del Mar, 92014 is $1,602,400. Del Mar home values have gone up 2.6% over the past year and Zillow predicts they will rise 1.1% within the next year.


#1      16775 Via De Los Rosales, Rancho Santa Fe, CA 92067 with 4 bedrooms, 
5 baths, and 4,192 sq.ft. is listed for sale at $2,375,000.



16775 Via De Los Rosales, Rancho Santa Fe, CA 92067

Sitting on a premiere lot on the coveted North side of Fairbanks Ranch, this highly upgraded single level home is a short walk to all the amenities this guard-gated community has to offer. The elevated and private location offers an ideal south orientation with incredible natural light and views to the park-like yard and manicured gardens with fruit trees. Tuscan finishes and quality craftsmanship define the versatile, open floor plan that is perfectly suited to entertaining.

16775 Via De Los Rosales, Rancho Santa Fe, CA 92067

16775 Via De Los Rosales, Rancho Santa Fe, CA 92067

16775 Via De Los Rosales, Rancho Santa Fe, CA 92067

16775 Via De Los Rosales, Rancho Santa Fe, CA 92067

16775 Via De Los Rosales, Rancho Santa Fe, CA 92067



#2      1773 Ocean Front Street, San Diego, CA 92109 with 6  bedrooms, 9 baths, and 
3,075 sq.ft. is listed for sale at $3,599,000.

https://cdn.cbhomes.com/s3/mediasvc-prd/properties/5097e6aaED75437-160061529.jpg?preset=trim








Ocean Front! This unique home is 3 levels on the edge of the ocean and sits at the ultimate location just south of the OB Pier. Slate and bamboo floors throughout, comfortable elegance and flowing floor plan is enhanced by expansive ocean views from almost every room. Each bedroom has its own private deck and private bath. Premiere ocean front footage for one of the largest ocean front back yards in all of San Diego, includes 2 BR/3BA guest house and 4 car garages, plus parking for extra vehicles.











Today's San Francisco Luxury Estate

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The median home value in San Francisco is $1,104,000. San Francisco home values have gone up 0.6% over the past year and Zillow predicts they will fall -0.4% within the next year.

The median home value in Sausalito is $1,203,400. Sausalito home values have gone up 6.6% over the past year and Zillow predicts they will rise 0.9% within the next year

The median home value in Tiburon is $2,360,800. Tiburon home values have gone up 2.6% over the past year and Zillow predicts they will fall -0.0% within the next year.


The median home value in Saratoga is $2,331,600. Saratoga home values have gone up 1.1% over the past year and Zillow predicts they will fall -1.1% within the next year


#1      1408 Douglass Street, San Francisco, CA 94131 with 3 bedrooms, 4 baths,
and 3,295 sq.ft. is listed for sale at $4,149,000.


Exceptional breathtaking panoramic views of the San Francisco Bay from Downtown to Twin Peaks, this streamlined modern Noe Valley home is an architectural inspiration. This residence has been fully remodeled, with three bedrooms and three and a half bathrooms, and the highest quality finishes. The large open floor plan boasts a designer kitchen; amenities include state-of-the-art stainless steel appliances, dual dishwashers and sinks, beverage and wine fridges - the ultimate entertainer's home. The retractable skylight accesses the roof-top terrace for enjoyment of spectacular city views.











#2     11777 Inglewood Avenue, Saint Helena, CA 94574 with 6 bedrooms, 9 baths
 and 7,100 sq.ft. is listed for sale at $15,000,000


This historic vineyard estate radiates pure luxury, character and substance. Created from Captain Thomas Amesbury’s 1886 pre-prohibition stone winery, this extraordinary country property is sited along the western bench of the valley floor and nestled within a sea of vineyards, with outstanding views of the Mayacamas Mountains. The stately yet comfortable stone residence enjoys a luminous second floor master suite and elegant public rooms that yield access to an expansive entertaining patio, sweeping lawns, an inviting azure pool, tennis court, and splendid formal gardens designed by Walter Guthrie. The residential compound provides versatile living options for guests and for staff, and includes a guest house with two en-suite bedrooms and kitchenettes, a pool house with spacious game room, a beautiful one bedroom caretaker’s house and carriage style garage. The property features a 7.2 +/- acre Merlot vineyard and olive grove, producing a wonderful estate olive oil.














Today's Top Seattle Luxury Estates

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The median home value in Kirkland is $576,800. Kirkland home values have gone up 
14.6%  over the past year and Zillow predicts they will rise 7.1% within the next year.

The median home value in Seattle is $592,200. Seattle home values have gone up 

15.3% over the past year and Zillow predicts they will rise 6.9% within the next year. 

The median home value in Bellevue is $730,000. Bellevue home values have gone up 13.6% over the past year and Zillow predicts they will rise 5.9% within the next year

The median home value in Mercer Island is $1,240,400. Mercer Island home values have 

gone up 12.2% over the past year and Zillow predicts they will rise 6.4% within the next year.

The median home value in Clyde Hill is $2,200,500. Clyde Hill home values have gone up 10.1% over the past year and Zillow predicts they will rise 5.5% within the next year.


The median home value in Medina is $2,389,900. Medina home values have gone up 12.8% over the past year.  Zillow predicts they will rise 5.1% with in the next year.

#2     8810 Mercer Way, Mercer Island, WA 98040 with 4 bedrooms, 4 baths, and 8,579 sq.ft. is listed for sale at $8,480,000.

8810 N Mercer Way, Mercer Island, WA 98040

Refreshing new price on this exquisite waterfront playground! This breathtaking luxury home is your daily muse. A sublime collaboration of art and architecture on coveted North end Mercer Island shoreline present a year round oasis. A just completed renovation conveys luxury and inviting modern design. Unrivaled entertaining terraces, fabulous moorage, pool and spa showcase the expansive, sparkling lake views. Meticulous attention to detail and craftsmanship. Incredible light and volume. Perfect!

8810 N Mercer Wy, Mercer Island, WA

8810 N Mercer Wy, Mercer Island, WA

8810 N Mercer Wy, Mercer Island, WA

8810 N Mercer Wy, Mercer Island, WA

8810 N Mercer Wy, Mercer Island, WA


Mortgage Rates Daily Update                                                                   52 Week

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.10%4.12%-0.023.34%4.12%
15 Yr FRM3.33%3.35%-0.022.69%3.35%
FHA 30 Year Fixed3.75%3.75%--3.15%3.75%
Jumbo 30 Year Fixed4.23%4.25%-0.023.41%4.25%
5/1 Yr ARM3.05%3.08%-0.032.80%3.10%

Mortgage Rates Continue Fighting to Build a Ceiling
 
Nov 22 2016, 5:16PM

Mortgage rates stayed mostly steady today, on average.  For the record, that means some lenders were in slightly better shape versus yesterday's latest levels while others were  in worse shape.  This is always the case on days where rates remain unchanged on average, but the discrepancies can be larger than normal at the moment due to recent volatility.

With it being a shortened holiday week (bond markets closed on Thursday and only nominally open on Friday), tomorrow is essentially the last day with meaningful market participation.  While it seems that rate volatility has died down significantly for now, the more recent an episode of major volatility, the more susceptible rates can be to aftershocks.  It could easily be the case that we see no such aftershock, but it's still a bit soon to trust the recent rate ceiling and hope for improvements.

If we do see improvements, they'd likely be fairly contained for a few key reasons.  Chief among these is the fact that the financial world must wait for one of two things before rates have a chance of major improvement.  We'd either need to see some big shock or we'll simply have to wait for clarity on Trump's policy path.  And we can't possibly get enough clarity about the policy path until Trump actually takes office.  

For more on how and why the election affected mortgage rates, here are the relevant recaps:
(11/9/2016)    Worst Day For Mortgage Rates in Over 3 Years(11/10/2016)  Mortgage Rate Pain on Par With Taper Tantrum(11/14/2016)  Mortgage Rates Skyrocket to 4%. New Normal?

Loan Originator Perspective


The magnitude of recent bond market panic means the default game plan for new applications has been to lock for 45 days. It also means we could see a lull that allows risk-takers some room to strategize.  Rates have already leveled off enough that I would consider taking my finger off the panic button if they can show me one more day of stability.  From there, I'd want to see some improvement coming out of the holiday week when volume picks back up and especially into early December before getting too excited.  As a proxy for mortgage-rate momentum, if 10yr Treasury yields were to break above 2.40%, I'd be reaching for the panic button again very quickly.    -Gus Floropoulos, VP, The Federal Savings Bank

Today's Best-Execution Rates

  • 30YR FIXED - 4.125%
  • FHA/VA - 3.75-4.0%
  • 15 YEAR FIXED - 3.375%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender
Ongoing Lock/Float Considerations
  • Rates have generally been trending higher since hitting all-time lows in early July, and exploded higher following the presidential election
  • Clearly-defined uptrends provide higher-than-average motivation to lock, especially when the pace of rising rates accelerates quickly
  • Risk-takers can try to time the dips in rates that may occur during that broader uptrend, but the reward for good timing generally isn't worth the risk in these situations
     
  • We'd need to see a sustained push back toward lower rates (something that lasts more than 1-3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers.
     
  • As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution(that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method). 

Today's  Best Real Estate Humor

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Have a comment? Call or email me.  Most importantly, have a great day!


Tom Furino
furtree@msn.com
619-944-8749