Thursday, December 22, 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 Best Mansion Listed For Sale

#1     1000 Paradise Cove, Calistoga, CA 94515 with 5 bedrooms, 12 baths, 
and 23,916 sq.ft. is listed for sale at $32,000,000.

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Tucked into the hills between Healdsburg and the Napa spa town of Calistoga, near the vineyards of Alexander Valley, sits an elegant Ranch Estate with a European Soul. Created in the style of an Austrian Countryside Villa, the expansive property encompasses approx. 600 acres of woodlands, pastures and year round creeks At one time a working ranch, this property boasts a spectacular garden with a bountiful harvest enjoyed daily. Old barns remain with the possibility to raise livestock and grow crops–a true farm to table opportunity. Two wells and mountain springs provide ample water to service the Ranch.

This exceptional home enjoys magnificent views over Knights Valley toward Napa. The breathtaking, oak-studded country setting is reminiscent of Early California. Seclusion is assured.  Rich, complex forms, often with slightly differing architectural styles, blend to form an environment that spans culture and time. This destination home enjoys pastoral views while a seductive, Mediterranean climate seamlessly blends indoor and outdoor living. Blue skies by day, starry skies by night. A sophisticated Country Lifestyle saturated by the California sun.

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Today's Best Celebrity Mansion

Curt Russell and Goldie Hawns LA mansion boasts oversized skylights, built-in bookcases and an upstairs gym with walls of mirrors. But it’s the colors, patterns and farmhouse coziness of the living room and eat-in kitchen that really wow.

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Today's Top Real Estate News

The lopsided recovery in the housing market

By Andrea Riquer
Market Watch

Home equity and wealth have recovered from the crisis nationally - but not everywhere. The quarterly economic treasure trove known as the Federal Reserve’s financial accounts of the United States, released in early December, painted a rosy picture of Americans’ finances. Household net worth rose to a new all-time high and home equity rose to just a hair below its level in 2006, before the housing bubble burst, the Federal Reserve data showed.



But missing from the 200 pages of statistics is another story: one that goes much deeper than the usual caveats about national level data failing to capture the granular detail in the real economy lived by ordinary Americans.

“It’s two markets,” Redfin Chief Economist Nela Richardson told MarketWatch.
“There’s some homeowners doing well but there’s a hollowed-out middle class and the homeownership rate is at historical lows. There are some enjoying record levels of equity and some who are locked out altogether. There’s another class who aren’t underwater but are hovering around break-even and weren’t able to refinance.”

Sam Khater, deputy chief economist for CoreLogic, agrees. “What’s unusual about this recovery is that it’s been lopsided. Wealth — home equity and financial equity — have recovered. Incomes have not. One-half of all households have participated in the massive run-up of stocks, two-thirds have participated in the gains from home ownership. The flip side is the inverse, the people who have not participated. How has their recovery been?”
For economists like Richardson and Khater, the Fed’s data does confirm some of the type of recovery housing watchers could only dream about in the depths of the financial crisis.




                                                                         




Most importantly, nationwide home equity has nearly recovered, but mortgage debt levels haven’t, a signal that the housing market isn’t allowing lots of borrowers to become as dangerously leveraged as during the bubble years.
But while that’s healthy for the overall market, it may mask the many ways individual homeowners and micro economies are being stifled.

It’s worth noting that nearly 4 million homeowners are still in negative equity, according to CoreLogic data.

Also, as Regions chief economist Richard Moody pointed out in a research note, 30% of all owner-occupied households have no mortgage debt at all, meaning that the 50 million households that do have mortgages have less than the 57% equity that’s presented in the flow of funds data roll-up.

Richardson believes some of the twists the mortgage market has taken in trying to address the new reality may not be having the intended effect.

Redfin agents find that low-down payment mortgages are often going not to lower-income people, but high earners who simply don’t have enough savings scraped together yet — or have savings offset by massive levels of student debt, like early-career doctors and lawyers. 
That means lower-income people for whom those products would be ideal must compete with buyers who have other advantages, Richardson said.

And CoreLogic data shows fewer people with lower credit scores even bothering to apply, Khater said. He believes the impacts of the financial crisis and economic downturn scarred many Americans emotionally – and that’s not going to heal itself any time soon.
“We’ll have a long tail to the most recent recession. It will have a legacy. It will linger in our minds.”





That malaise is part of the reason neither economist is optimistic that rising levels of home equity will translate into stronger consumer spending, as it has in the past.

With mortgage rates surging, there’s no reason for anyone to do a cash-out refinance, Richardson said, although there is evidence that people with higher levels of home equity are tapping it for lines of credit, especially to make big upgrades to their property.

And Khater’s research suggests the “wealth effect,” the psychological impact that causes higher asset prices to spur more spending, has always been weaker than economists forecast, and even more so in this recovery.

“The bulk of consumer spending is out of income, not home equity,” Khater said. “That’s why  we’ve had such a weak economic recovery.”

Nearly a decade after the financial crisis, so much attention has been focused on cleaning up that mess and preventing another one that policymakers, analysts and investors may miss other developments, Richardson said.

There are long-term trends at work, like the aging of the baby boomers and the automation of the workforce, even as the housing market and economy remains deeply bifurcated. 

“This isn’t a problem for the finance community writ large but it is a problem for Americans in  real cities,” Richardson said. “Rising inequality will become a finance problem issue eventually. This is a time to be watchful because we’re seeing an economy shifting in unpredictable ways.”

Today's Top LA Luxury  Estate Listed For Sale 




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, Zillow predicts they will rise 1.8% within the next year.

The median home value in Brentwood is $2,420,000. Brentwood home values have gone up 8.4% over the past year.  Zillow predicts they will rise 1.7% with the next year.

The median home value in Malibu  is $2,782,400.  Malibu home values have gone u[p 3.5% 
over the past year.  Zillow predicts they will rise 0.6 % with the year.

The median home value in Beverly Hills is $2,930,800.  Beverly Hills hhome values have gone up 1.9% over the past year.  Zillow predicts they will rise 0.4% with 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.  Zillow predicts they will rise 0.8% within the next year.

#1     4453 Balboa Avenue, Encino, CA 91316 with5 bedrooms, 7 baths, 
and 7,624 sq.ft. is listed for sale at $2,995,000.


Gated English Manor on private large lot with shared driveway. Great renovator/ investor opportunitty.  Home needs a lot of deferred maintenance as well as  numerous repairs and upgrades needed. 2-story foyer, surrounded by leaded and stained glass windows. Living rm has beamed vaulted ceiling, fireplace and French doors opening to the grounds. Spacious family rm boasts fireplace, coffered ceiling, wet bar and French doors also opening to grounds. Chefs kitchen with large island & prep sink, wine cooler, and more. Master suite offers beamed ceiling, fireplace, views of the Valley, wet bar, 2 walk-in closets, dressing rm, and  balcony overlooking the grounds. Skylight pours light into spacious master bath, w/spa tub, granite shower, dual vanities, & his/ her toilets. Enticing backyard has lush landscaping, free-form rock pool, spa, lighted n/s tennis court & gazebo. 3-car garage









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Today's Top Phoenix Luxury Estate Listed For Sale 
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A photo showing the skyline of Phoenix, looking north.  It shows the various buildings of the downtown area, as well as Sunnyslope Mountain in the background
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The median home value in Scottsdale is $413,200. Scottsdale home values have gone up 3.6% over the past year. Zillow predicts they will rise 1.8% withiin the next year.

The median home value in Carefree is $729,000. Carefree home values have gone up 3.6% over the past year.  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. Zillow predicts they will 1.4% with the next year.
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#1    19402 N 101st Place, Scottsdale, AZ 85265 with 5 bedrooms, 5 baths,
and 5,694 sq.ft. is listed for sale at $2,495,000.



Incredibly appointed & highly upgraded camelot verandah plan 4 situated in the parks in the highly desired horseshoe canyon silverleaf neighborhood with spectacular mountain & city light views! This gorgeous masterpiece is the ideal family home. It's large & spacious open floor plan boasts amazing curb appeal w/5 bedrooms, 4.5 baths, media room, den/office/flex room, 4 car garage w/private gated entry. Features include travertine flooring, gourmet kitchen w/viking gas range and 4 ovens, granite counters, large kitchen island, stone fireplaces and much more! The backyard is an entertainment mecca with ba sparkling mosaic tile pool, fire pit, large open grassy play area & there is room to build a pool house. Located within walking distance to the silverleaf golf club & spa! This is a must see!












Today's Top San Diego Luxury Estate Listed For Sale


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. 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.  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.  Zillow predicts they will rise 3.0% within the next year.

The median home value in Del Mar is $1,598,800. Del Mar home values have gone up 
6.2% over the past year.  Zillow predicts they will rise 2.3% with then 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      17698 Vista Rancho Court, Rancho Santa Fe, CA 92067 with 9 bedrooms, 9 baths, and 10,350 sq.ft. is listed for sale at $3,450,000.
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Year-round resort living on this 2 acre "Summit" parcel. Perfect for your large or extended family with 4 suites downstairs, 3 upstairs incl a luxurious Master retreat & 2 opt rooms. Fabulous entertainment home with pool/spa, poolside bar, outside kitchen and covered gazebos & tennis court. Interior features include Game room with Bar, Gym, Billiard Room, view Balconies. The interior decor is accented by fine European details that blend harmoniously to provide a home of quality, distinction and comfort.












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Today's Top San Francisco Bay Area Luxury Estate Listed For Sale

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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.  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. 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. 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.  Zillow predicts they will fall -0.3% within the next year.

#1     300 Margarita Drive, San Rafael, CA 94901 with 3 bedrooms, 3 baths, 
and 10,,805 sq.ft. on 54.7 acres is listed for sale at $12,950,000.


The ultimate privacy property with 3 living homes.  Included are a 3,316 sq ft main house and 2,264 swcond house  plus building with gym/garage and work shop with 8 car garage. Wrap around water views here are peaceful  breath taking beautiful. 54.7 acres with 
7 possible lots. Electric gate, palm trees, Pool house. Bring your imagination.


















Today's Top Seattle Luxury Estate Listed For Sale

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The median home value in Kirkland is $593,000.  Kirkland home values have gone up 15.6% over the past year.  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. 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. Zillow predicts they will rise 5.9% within the next year. 

The median home value in Clyde Hill is $2,301,000. Clyde Hill home values have gone up 12.3% over the past year. 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     10827 SE 14th Street, Bellevue, WA 98004 with 5 bedrooms, 6 baths, 
and 4,050 sqq.ft. is listed for sale at $2,298,000

10827 SE 14th St, Bellevue, WA

Masterful design and modern luxury are uniquely embodied in this lovely estate nestled on over a 15,000 sq.ft. lot in Enatai. Entertaining is easy in the gourmet kitchen with stn steel Viking appliances that include an 8 burner gas range oven and 24 wine rfrgr. The covered back patio with gas fireplace offers a tranquil place for all to enjoy the custom landscaping. The main floor guest suite is sure to provides a comfortable and private stay for anyone visiting. This home has a complete feeling of elegance.

10827 SE 14th St, Bellevue, WA

10827 SE 14th St, Bellevue, WA

10827 SE 14th St, Bellevue, WA

10827 SE 14th St, Bellevue, WA

10827 SE 14th St, Bellevue, WA

10827 SE 14th St, Bellevue, WA

10827 SE 14th St, Bellevue, WA

Mortgage Rates Daily Update                                                                      52 Week

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.35%4.37%-0.023.34%4.38%
15 Yr FRM3.54%3.55%-0.012.69%3.58%
FHA 30 Year Fixed3.95%4.00%-0.053.15%4.10%
Jumbo 30 Year Fixed4.38%4.40%-0.023.41%4.40%
5/1 Yr ARM3.20%3.22%-0.022.80%3.25%

Mortgage Rates Edge Slightly Lower
Dec 21 2016, 5:18PM


Mortgage rates continued the normal late-December trend of minimal movement today, but the average lender managed a microscopic improvement.  This wasn't nearly enough to change rates themselves (i.e. the "note rate" would be the same as it was yesterday on any given quote), but some quotes had slightly lower upfront costs.  

While they may be better than yesterday, today's rates are still very close to the highest levels since April 2014.   4.375% remains the most prevalent conventional 30yr fixed quote for top tier scenarios.  Several lenders still up at 4.5% and a few are down at 4.25%.

Barring the unforeseen, lenders will have little incentive to make meaningful adjustments to rates between now and the end of the year, thus decreasing the risk and reward associated with a "lock vs float" decision.  

Loan Originator Perspective


It's pretty quiet out here.  I am locking all loans at application for clients who aren't willing to risk markets treading higher.  Some loans that have been floating are starting to come to reality and are locking in as well.  The markets made decisive moves higher and we are currently experiencing rates form new highs every week or so.  Defense is the only palatable option for now, unfortunately.  Extended rate locks are recommended due to the holiday lag heading into January, and the holiday hangover in the early new year.  -Gus Floropoulos, VP, The Federal Savings Bank

Today's Best-Execution Rates

  • 30YR FIXED - 4.375-4.5%
  • 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).
                              
Thanks for reading today's Blog.  Looking for more information?  Have a comment? 
Please call, text or email me.  Most importantly, have a great day!

Cordially,

Tom


www.laluxuryrealestateupdates.com

www.phoenixluxuryrealestateupdates.com
www.sandiegorealestateflashreport.com
www.sanfranciscobayarealuxuryrealestateupdates.com
www.sealttleluxuryrealestates.com
www.todaysbestmansionsforsale.com







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