Thursday, December 15, 2016


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

The exact definition of the word "mansion" varies but in U.S. real estate terms, it generally defined as single family residence of more than 6,000 square feet. Mansion derives through Old French from the Latin word "mansio". The English word "manse" originally defined a property large enough for the parish priest to maintain himself. The word "manor" comes from the same root territorial holdings granted to a lord who would remain there. Therefore, it is easy to see how a "mansion" came to have its meaning.


Today's Celebrity Mansion

Larry Ellison owns this fabulous mansion on Lake Tahoe. He has a collection of mansions and has spent more than $200 million buying a strip of estate homes in Malibu.


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Today's Best Mansion Listed For Sale

#1    1911 Westridge Road, Brentwood, CA 90049  with 7 bedrooms,
8 baths, and 14,000 sq.ft. is listed for sale at $39,950,000.


The Norman and Lyn Lear Estate. This world-class compound is perched on an . 8.29 acre promontory with breathtaking park-like grounds overlooking magnificent city, ocean, and mtn views. Located in prime Brentwood just minutes North of Sunset Blvd and situated up a long, private and gated driveway, this estate offers complete privacy, security and is resplendent with an apx. 14,000 sq.ft. main house, guesthouse, executive staff and security offices, gym, 35-car garage, meticulous gardens, expansive lawns, pool, spa, and tennis court. Enter onto the generous motor court and through the grand front door into the dramatic gallery entry hall. Elegant formal living and dining rooms, 2-story library, wood-paneled den, family room, professional screening room, and spacious chef's kitchen with center island and breakfast room. Luxurious master suite with dual bathrooms and private study. This property is truly captivating, unparalleled by its beauty, quality, and elegance. This isn't simply a home - it's a lifestyle.














Today's Top Real Estate News

Home Sales Expected to Expand Modestly in 2017 As Affordability Pressures 
Temper Buyer Enthusiasm

Media Contact: Adam DeSanctis \
NAR

WASHINGTON (December 14, 2016) — Existing-home sales are forecast to muster only a small gain in 2017 because of increasing mortgage rates and shrinking consumer confidence that now is a good time to buy a home, according to new consumer survey findings and a 2017 housing forecast update from the National Association of Realtors®.

In NAR's fourth quarter Housing Opportunities and Market Experience (HOME) survey 1, respondents were asked about their confidence in the U.S. economy and their housing expectations in 2017.

With the calendar turning to a new year in a couple weeks, the survey found that a majority of households believes now is a good time to buy a home. However, confidence has retreated by a considerable amount amongst renters. Fifty-seven percent of renters said now is a good time to buy, which is down from 60 percent in September and 68 percent a year ago. Seventy-eight percent of homeowners (unchanged from September; 82 percent in December 2015) think now is a good time to make a home purchase.

Lawrence Yun, NAR chief economist, says declining affordability in many parts of the country is behind the weakening morale. "Rents and home prices outpacing incomes and scant supply in the affordable price range has been a prominent headwind for many prospective buyers this year," he said. "Making matters worse, the unwelcoming reality of higher mortgage rates since the election is likely further holding back confidence. Younger households, renters and those living in the costlier West region — where prices have soared in recent months — are the least optimistic about buying."

Even with this year's slow dip in buyer enthusiasm, existing-sales are still expected to close 2016 3.3 percent higher than 2015 and reach around 5.42 million — the best year since 2006 (6.47 million). In 2017, sales are forecast to grow roughly 2 percent to around 5.52 million. The national median existing-home price is expected to rise to around 5 percent this year and 4 percent in 2017. By the end of next year, mortgage rates are expected to reach around 4.6 percent, and the Federal Reserve is expected to raise the Fed funds rate a few more times to 1.25 percent.

"Although the economy is expected to continue to expand with around 2 million net new job creations, existing home sales are expected to see little expansion next year because of affordability tensions from rising mortgage rates and prices continuing to outpace income growth," said Yun.

Despite these headwinds, Yun is hopeful that the continued job growth, any economic stimulus from the new administration and more millennials reaching their prime buying years will keep demand for the most part on solid footing. The key will ultimately come down to what the housing market desperately needs: more inventory. However, more expensive mortgage rates could also slow the pace of homeowners listing their home for sale.  

"Some would-be sellers may be reluctant to move up or trade down — especially if they've refinanced in recent years," said Yun. "That's why it's extremely necessary for homebuilders to step-up their production of homes catered to buyers in the affordable price range. Otherwise the nation's low homeownership rate will struggle to shift higher in 2017."

NAR President William E. Brown, a Realtor® from Alamo, California, says buyers searching for available homes in a tight market next year can get ahead by working with a Realtor® who's very familiar with the buyers' targeted area. "A Realtor® will have their pulse on current market conditions and can ensure a buyer is only searching for and making offers on a home that fits within the budget."

Brighter enthusiasm about the direction of the economy, personal financial outlook mostly unchanged

This quarter's survey found that another full year of robust job gains and lower unemployment is finally translating into stronger confidence about the economy. The share of households believing the economy is improving has increased quite a bit (to 54 percent) since the third quarter (48 percent), and is currently at its highest share since the survey's debut a year ago. The most optimistic about the economy are those under the age of 44, living in urban areas and with higher incomes. 

The HOME survey's monthly Personal Financial Outlook Index, 2 showing respondents' confidence that their financial situation will be better in six months, has picked up a tad (to 59.8 in December) since September (58.6) and is mostly in line with the sentiment from respondents a year ago (59.6). In 2016, the index was its highest in May (61.1).  

Roughly two-thirds think it's a good time to sell, most expect prices to hold steady or increase

With price growth holding steady in most of the country since the summer, roughly the same amount of homeowners (62 percent) believe it is a good time to sell compared to the third quarter of this year (63 percent). As has been the case all year, respondents in the West continue to be the most likely to think now is a good time to sell, while also being the least likely to think it's a good time to buy.

Mirroring current conditions in most markets and unchanged from last quarter, nearly all of those surveyed (91 percent) believe that prices will stay the same or rise in their community in the next six months. Respondents living in suburban areas, renters and those from the West are most likely to believe prices will go up in their communities.

About NAR's HOME survey

In October through early December 2016, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report and a total of 2,776 household responses are represented.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #
NAR's Housing Opportunities and Market Experience (HOME) survey tracks topical real estate trends, including current renters and homeowners' views and aspirations regarding homeownership, whether or not it's a good time to buy or sell a home, and expectations and experiences in the mortgage market. New questions are added to the survey each quarter to reflect timely topics impacting real estate.

HOME survey data is collected on a monthly basis and will be reported each quarter. New questions will be added to the survey each quarter to reflect timely topics impacting the real estate marketplace. The next release is scheduled for Wednesday, March 15, 2017 at 10:00  a.m. ET.


Today's Top LA Luxury Estate

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The median home value in Los Angeles County is $542,600. Los Angeles County home values have gone up 7.1% over the past year and Zillow predicts they will rise 1.8% within the next year.

The median home value in Brentwood, 90049 is $2,420,500. 90049 home values have gone up 8.4% over the past year and Zillow predicts they will rise 1.7% within the next year

The median home value in Malibu is $2,782,400. Malibu home values have gone up 3.5% over the past year and Zillow predicts they will rise 0.6% within the next year.

The median home value in Beverly Hills is $2,930,800. Beverly Hills home values have gone up 1.9% over the past year and Zillow predicts they will rise 0.4% within the next year.

The median home value in Bel Air is $3,258,800. Bel Air home values have gone up 4.1% over the past year and Zillow predicts they will rise 0.8% within the next year.  
#1      5403 Jed Smith Road, Hidden Hills, CA 91302 with 6 bedrooms, 5 baths, and 5,954 sq.ft. is listed for sale at $3,250,000.

5403 Jed Smith Rd, Hidden Hills, CA 91302

Charming Hidden Hills Storybook pool home with grand circular driveway. On a grassy hilltop, surrounded with rose bushes, featuring 6 bedrooms & 4.5 baths. Expansive chefs kitchen equipped with Calcutta marble counter tops with Farm sink, Subzero Refrigerator, Viking dishwasher, Wolf six burner stove top, built in microwave, double oven with food warmer, large center island with veggie sink & range hood, breakfast bar & lot of pantry space. Informal dining space with lounging area directly off kitchen. Spacious Family Room with plenty of room for entertaining or family time, features a massive floor to ceiling brick and stone fireplace and built in entertainment center, including a Sony TV with Sonos sound system to create a theater experience. Formal Dining and Formal Living Room enjoy the view from the large picture window and cathedral style wood beam ceiling. Master Suite will sweep you off your feet, as it includes a cozy sitting room, 2 sizable walk in closets, built in entertainment nook, and a river rock fireplace for your enjoyment. Master Bath with Calcutta Marble flooring & steam shower and soaking tub. The backyard is like your own private resort oasis with custom pool and spa featuring a rock waterfall, BBQ, gazebo, and patio area.

5403 Jed Smith Rd, Hidden Hills, CA 91302

5403 Jed Smith Rd, Hidden Hills, CA 91302

5403 Jed Smith Rd, Hidden Hills, CA 91302

5403 Jed Smith Rd, Hidden Hills, CA 91302


5403 Jed Smith Rd, Hidden Hills, CA 91302

Today's Top Phoenix Luxury Estate.
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The median home value in Scottsdale is $413,200. Scottsdale home values have gone up 4.3% over the past year and Zillow predicts they will rise 1.8% within the next year.

The median home value in Carefree is $729,500. Carefree home values have gone up 3.6% over the past year and Zillow predicts they will rise 1.7% within the next year.


The median home value in Paradise Valley is $1,590,000. Paradise Valley home values have gone up 1.8% over the past year and Zillow predicts they will rise 1.4% within the next year.
 #1     4701 N Launfal Avenue, Phoenix, AZ 85018 with 7 bedrooms,
 7 baths, and 8,497 sq.ft. is listed for sale at $4,145,000.

4701 N Launfal Ave, Phoenix, AZ 85018

From the moment you approach this majestic property with the huge front lawn and circular driveway, European estates of old come to mind. Located on one of Arcadia's premier streets, it has a fully landscaped Acre Lot. This masterpiece has 8500 SF of sumptuous luxury with 7 Large Bedrooms and 7 Baths, a stately fully paneled study, magnificent living room and family room with soaring ceilings, exposed brick and hand carved beams. The master suite is heavenly with elegant cabinetry, a free standing tub and separate steam shower and huge closets.The chef's kitchen will inspire your culinary spirit with Bosch and Viking appliances and hand crafted cabinetry and top of line granite. The Sport Court, Heated Diving Pool and Spa, Full Size Game/Media room will provide endless fun and exercise.

4701 N Launfal Ave, Phoenix, AZ 85018

4701 N Launfal Ave, Phoenix, AZ 85018

4701 N Launfal Ave, Phoenix, AZ 85018

4701 N Launfal Ave, Phoenix, AZ 85018

4701 N Launfal Ave, Phoenix, AZ 85018

4701 N Launfal Ave, Phoenix, AZ 85018

Today's Top San Diego Luxury Estates





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The median home value in San Diego County is $524,900. San Diego County home values have gone up 6.4% over the past year and Zillow predicts they will rise 2.1% within the next year.

The median home value in La Jolla, 92037 is $1,464,200. La Jolla, 92037 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 Solana Beach 92075 is $1,326,500. Solana Beach 92075 home values have gone up 10.8% over the past year and Zillow predicts they will rise 3.0% within the next year.

The median home value in Del Mar, 92014 is $1,598,800. Del Mar, 92014 home values have gone up 6.2% over the past year and Zillow predicts they will rise 2.3% within the next year.


The median home value in Rancho Santa Fe is $2,639,500. Rancho Santa Fe home values have declined -5.2% over the past year and Zillow predicts they will fall -1.7% within the next year.
    


#1     2021 Rodelane, San Diego-Mission Hills, CA 92103 with 
3 bedrooms, 4 baths, and 3,074 sq.ft. is listed for sale at $2,499,000



Mid-Century Modern by architect Lloyd Ruocco on a canyon lot with postcard views to San Diego's big bay and downtown. The 1959 aesthetic of this 3,100 sf, 3 bdrm, 4 bath property is preserved with re-imagined design by architect Marc Tarasuck. New features include: 1st-floor master retreat, infinity edge pool, walls of glass to capture the views, art gallery wall space for collections, and a modern glass cubed garage. Enjoy fabulous indoor-outdoor living in an original Ruocco-Tarasuck designed-home.











Today's San Francisco Luxury Estate

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The median home value in San Francisco is $1,116,300. San Francisco home values have gone up 0.8% over the past year and Zillow predicts they will fall -0.0% within the next year.

The median home value in Sausalito is $1,217,500. Sausalito home values have gone up 3.0% over the past year and Zillow predicts they will rise 1.3% within the next year.             

The median home value in Tiburon is $2,383,000. Tiburon home values have declined -0.1% over the past year and Zillow predicts they will rise 1.2% within the next year.

The median home value in Saratoga is $2,367,600. Saratoga home values have gone up 1.3% over the past year and Zillow predicts they will fall -0.3% within the next year

#1     14 Cibrian Drive, Tiburon, CA 94920 with 4 bedrooms, 4 baths, and 3,468 sq.ft.
 is listed for sale at $2,699,000


Spacious and lightfilled with tranquil views of Richmond Bridge and across the Bay from most rooms thanks to several large windows throughout. Deck off of kitchen for BBQ or morning coffee. Master suite w huge BA & walk-in closet, sitting area w fplc, and glass doors to patio.Lg backyard w patio & room for terraced lawn/play area.Excellent schools, easy commute location, close proximity to park, hiking, shops and dining complete the list of desirable features







Today's Top Seattle Luxury Estate

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The median home value in Kirkland is $595,300. Kirkland home values have gone up 
15.6% over the past year and Zillow predicts they will rise 6.6% within the next year.

The median home value in Seattle is $611,500. Seattle home values have gone up 14.4% 

over the past year and Zillow predicts they will rise 6.3% within the next year.

The median home value in Bellevue is $743,500. Bellevue home values have gone up 13.9% over the past year and Zillow predicts they will rise 5.9% within the next year


The median home value in Mercer Island is $1,296,100. Mercer Island home values have 
gone up 13.9% over the past year and Zillow predicts they will rise 5.7% 

The median home value in Clyde Hill is $2,218,000. Clyde Hill home values have gone up 12.3% over the past year and Zillow predicts they will rise 6.0% within the next year.

The median home value in Medina is $2,311,900. Medina home values have gone up 10.4% over the past year and Zillow predicts they will rise 4.8% within the next year

#1    342 10th Avenue, Kirkland, WA 98033 with 3 bedroom, 4  baths, and 3,480 sq.ft. 
is listed for sale at $1,800,000.
D

Dramatic new construction in desirable Norkirk! Great room concept includes family room, kitchen and dining room featuring true artisanal design. Main floor office or guest suite with adjacent 3/4 bath. Lower level media and flex space. Master suite with covered patio & dual sided fireplace showcasing lake views. Two additional bedrooms up. Radiant concrete floors and one-of-a-kind details offer a refreshing departure from the ordinary. Steps to vibrant downtown Kirkland! Distinguished, modern, urban.







   
Mortgage Rates Daily Update                                                                      52 Week

30 Yr FRM4.27%4.19%+0.083.34%4.27%
15 Yr FRM3.46%3.39%+0.072.69%3.46%
FHA 30 Year Fixed4.00%3.90%+0.103.15%4.00%
Jumbo 30 Year Fixed4.32%4.25%+0.073.41%4.32%
5/1 Yr ARM3.14%3.05%+0.092.80%3.14%
Mortgage Rates Surge Past 2-Year Highs After Fed Announcement
Dec 14 2016, 3:57PM


Mortgage rates skyrocketed (relatively) following today's rate hike from the Fed.  It wasn't the rate hike itself, however, that markets find most troubling.  In fact, the hike was almost universally expected.  Rather, this was one of the 4 Fed meetings of 2016 that included updated economic projections (sometimes referred to as "the dots" due to the dot-plot chart the Fed uses to show where members see the Fed Funds rate in coming years).  

Today's dots showed that the Fed now sees an additional rate hike in 2016 compared to the last set of projections.  Longer term rates like mortgages and 10yr Treasuries had already adjusted for today's hike, but they had not yet adjusted for any change in the dots.  With time running out for traders to take advantage of liquidity ahead of the holidays, the race was on to sell bonds as quickly as possible.  When traders sell bonds, it pushes rates higher.

Nearly every lender raised rates this afternoon--some of them multiple times.  At first that took the form of mere increases in upfront costs (i.e. the contract rate itself wasn't moving higher), but subsequent reprices added up to an eighth of a point in rate for several lenders.  From a range of 4.125-4.25%, top tier conventional 30yr fixed quotes moved up to a range of 4.25-4.375%--well into the highest levels in more than 2 years. 

To recap: this isn't happening because the Fed hiked.  This is a reaction to the shift in rate hike expectations among Fed members.  It means they're having a Matrix-eque moment where they're "starting to believe."  In this movie, the belief isn't about Kung Fu and dodging bullets, but rather about the ability to continue gently raising rates.  

Today's Best-Execution Rates

  • 30YR FIXED - 4.25-4.375%
  • FHA/VA - 4.0%
  • 15 YEAR FIXED - 3.375-3.5%
  • 5 YEAR ARMS -  3.0 - 3.5% depending on the lender
Ongoing Lock/Float Considerations
  • Rates had been trending higher since hitting all-time lows in early July, and exploded higher following the presidential election
  • Some investors are increasingly worried/convinced that the decades-long trend toward lower rates has been permanently reversed, but such a conclusion would require YEARS to truly confirm
  • With the incoming administration's policies driving a large portion of upward rate momentum, mortgage rates will be hard-pressed to make significant improvements until after Trump takes office.  Rates can move for other reasons, but it would take something big and unexpected for rates to move appreciably lower.
     
  • We'd need to see a sustained push back toward lower rates (something that lasts more than 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