Friday, December 9, 2016


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

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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
www.todaysbestmansionsforsale.com  
  
#1     1932 N Burling Street, Chicago, Ill 60614 with 6 bedrooms, 11 baths, and 25,000 sq.ft. is listed for sale at $50,000,000


Unprecedented urban estate. 25,000 square foot masterpiece on Lincoln Park's finest street. Sited on an enormous 177' x 149' parcel totaling more than eight city lots, every step has been taken to provide complete privacy and tranquility. manicured grounds with multiple fountains, reflecting pool, and hand-forged antique garden pavilion transport you to another world. Absolutely no expense was spared inside or out throughout this sun-filled mansion. Grand in every way, but not overwhelming, the design is perfect for large scale entertaining as well as intimate everyday living. This home is nothing short of magnificent at every turn -- truly a one in a lifetime opportunity that could never be replicated.















Today's Top Real Estate News

House Flippers Flee ‘Flashy’ Cities as Prices Rise and Inventories Fall



By  Andrea Riquier                
Realtor.com























Home flipping dipped in the third quarter as the chronically low inventory and higher prices plaguing the housing market made it more challenging to buy real estate cheaply enough to turn a nice profit.

There were 45,718 single family homes and condos flipped during the quarter, according to Attom Data, down 7% compared with a year ago. In the second quarter, flipping — defined as a property that is sold in an arms-length sale for the second time within a 12-month period — had touched a nine-year high.

Flippers, like most real estate buyers, are finding that the supply of homes is tight and prices are high. But flippers focus on a particular metric that most traditional buyers overlook, according to Attom Vice President Daren Blomquist — the discount to estimated market value of each property.

“Flashy markets that are in the news,” like Phoenix, Las Vegas, and Miami, still haven’t recovered from the hits they took in the housing crash, Blomquist said in an interview. But the purchase price discount is only 15% in those cities, according to Attom data.


In what flippers consider secondary and even tertiary markets, the discount is much steeper. Flippers can get discounts of about 44% in markets like metro Rochester, N.Y., Baltimore, Md., and Cincinnati, Ohio.

The discount to fair-market-value gauge for buying a property is more important to most flippers than the question of how much they can sell for, perhaps because inventory is so constrained, Blomquist told MarketWatch. With construction of new homes running so much lower than in past periods, flippers are filling an important role of providing “like-new,” move-in-ready homes for buyers who can’t or don’t want to invest time and money in fixing up a property themselves.

Attom data show another shift in the flipping market. The percent of flips that were purchased with all cash slipped in the third quarter to 67.9%. That share has been declining steadily since a high of 82.9% in early 2011, though it’s still nearly double the lows touched during the bubble-era years when traditional mortgage financing at rock-bottom rates was available to anyone who wanted it.

Now, flippers aren’t tapping old-fashioned mortgage financing, but relying more and more on new types of lenders. This new breed of financiers, some of which crowdsource their funding, offer loans specifically for flippers. Examples include Patch of Land, RealtyShares, and Asset Avenue.

The new lending marketplace is one reason Blomquist thinks the third-quarter decline is temporary. But there’s another consideration familiar to anyone who lived through the last real estate cycle. “It’s because you have cycles, and in an up-cycle like right now people start believing that it’s going to continue forever so they’re willing to jump on the bandwagon,” he said.







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     28867 Grayfox Street, Malibu, CA 90265 with 4 bedrooms, 5 baths, 
and 3,421 sq.ft. is listed for sale at $7,995,000

28867 Grayfox St, Malibu, CA 90265

Set behind private gates and down a long driveway, past a lighted tennis court, resort-style pool/spa, and lush landscaped grounds is a charming ocean view 2-story home with deeded beach rights to Little Dume Beach. Located on prestigious Point Dume, this warm and inviting 4 bedroom/5.5 bath home with hardwood floors throughout, offers a main level sun-filled formal living room with fireplace, high ceilings & access to an ocean view deck with BBQ island that's perfect for outdoor dining and entertaining; formal ocean view dining room that flows into an ocean view granite island kitchen with high ceilings, top-of-the-line appliance, and breakfast/lunch dining area; cozy family/media room with fireplace and custom shelves; bonus/office and an en-suite guest/maids quarters. The lower level offers a lovely owner's suite with 2-separate spa-like bathrooms and a dressing closets, and two additional en-suite bedrooms. Close to award winning schools, markets, restaurants, and hiking trails.

28867 Grayfox St, Malibu, CA 90265

28867 Grayfox St, Malibu, CA 90265

28867 Grayfox St, Malibu, CA 90265

28867 Grayfox St, Malibu, CA 90265

28867 Grayfox St, Malibu, CA 90265

28867 Grayfox St, Malibu, CA 90265

28867 Grayfox St, Malibu, CA 90265



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     7201 N Clearwater Parkway, Paradise Valley, AZ 85253 with 4 bedrooms, 4 baths, and 4,277 sq.ft. is listed for sale at $2,395,000.


Built by Ard Hoyt in 1960 (known as the Breech home)...complete remodel from top to bottom, completed in 2013. The only thing original is the masonry block, and the unforgettable railing. If your looking for an Iconic structure to call home, this is it! A one of a Kind. 4 bedroom 4 1/2 bath plus media room, and office. Sandblasted shadow block Masonry, Post and beam construction for the true mid century lover. Pre stressed hollow core slab roofing system, Marble and white oak oil rubbed floors, steel mono stringer glass staircase w/ CL Lawrence spider hardware. Fleetwood windows and doors throughout, surveillance cameras, Kalista 47 inch kitchen sink, Thermador appliances, tankless gas water heaters, Nuevo water softener.







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Today's Top San Diego Luxury Estate

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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      16655 Zumaque, Rancho Santa Fe, CA 92067 with 5 bedrooms, 5 baths, and 
5,413 sq.ft. is listed for sale at $3,595,000



1ST time Ever for sale! Ideally positioned at the top of the street, this traditional Spanish-style home was custom built in 2010 and offers some of the Best Protected VIEWS in all of RSF. Large windows and walls of French doors provide abundant sunshine, first floor Master Suite and Spa bath w/heated stone flrs, private first floor Office suite, on SOLAR, salt water Pool and spa, Outdoor Shower, Outdoor Living Room with  fans and music. A true cook's kitchen with large Wolf gas range, top quality custom cabinets .














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     12360 Farr Ranch Court, Saratoga, CA 95070 with 4 bedrooms, 6 baths, and 5,600 sq.ft. is listed for sale at $5,058,000


A tranquil retreat situated on 2.92 acres in a premier Saratoga neighborhood. This exceptional home welcomes you to generous rooms featuring soaring ceilings, custom woodwork, large picture windows and top of the line amenities. Enjoy the comfortable elegance designed to take advantage of the serene setting and the stunning panorama. The beautifully maintained grounds feature resort-like backyard, lighted walkways, multiple waterfalls, tiered gardens and pristine, mature landscape. Entertain or relax with family and friends while socializing on the patios, enjoying a dip in the pool, unwinding in the spa or practicing on the 2,300 sq.ft. putting green. This is truly an extraordinary destination. 







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      112 NW 62nd Street, Seattle-Wallingford, WA 98101 with 5 bedrooms, 5 baths,
 and 4,021 sq.ft. is listed for sale at $1,898,000



Exquisite custom home in desirable Phinney Ridge! Come in from the gray into unexpected color, warmth an whimsical interiors. This home features all the charming details of the old. Welcoming living room, formal dining room and entertainment-sized kitchen with French doors to large deck and fenced, landscaped yard. 3rd floor family room with views. Perfect lower level guest suite w/outside entrance. A wonderful oasis for the urban dweller. An inspiring work of art. 













Mortgage Rates Daily Update                                                                  52 Week

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.15%4.13%+0.023.34%4.24%
15 Yr FRM3.35%3.34%+0.012.69%3.45%
FHA 30 Year Fixed3.80%3.80%--3.15%3.95%
Jumbo 30 Year Fixed4.22%4.20%+0.023.41%4.25%
5/1 Yr ARM3.01%3.00%+0.012.80%3.10%
Updated: 12/8/16 5:26 P

Mortgage Rates Not Too Troubled by European Tapering
Dec 8 2016, 5:42PM

Mortgage rates were only somewhat higher today, on average, and some lenders were actually right in line with yesterday's offerings.  All this despite the fact that the European Central Bank (ECB) confirmed rumors that it was planning on reducing the amount of bonds it buys each month.  While many of the details are different, this is functionally similar to the Fed's mid-2013 acknowledgement that sparked the taper tantrum (which began 2 of the worst months in the history of mortgage rates).  

Thanks to lumps already taken as a result of the election, rates were relatively unfazed by today's ECB news, but not so unfazed that we should break out the champagne just yet.  Bond markets still had an unfavorable reaction, and on average, rates did move higher.  Additionally, we're already operating very close to 2-year highs, so it's hard to get too excited about anything that leaves rates in that territory--even if it's not prompting an ugly move to even higher highs.  

4.125% remains the most prevalent conventional 30yr fixed rate on top tier scenarios with 4.25% not too far behind.  4.0% is a distant third.  Today's rates are just a hair lower than Tuesday's for most lenders. 

Loan Originator Perspective


Bonds weathered the ECB's policy statement and Chairman Draghi's press conference today, as it largely followed expectations.  My morning rate sheets were down slightly from Wednesday's, but we could improve later this PM.  There's no longer a confirmed upward trend in rates, treasuries seem content to drift near 2.4%.  The "lock/float" scale is largely balanced for now, but if you choose to float, make sure you communicate your goals and expectations with your lender. -Ted Rood, Senior Originator

"Well the ECB mentioned the T word, taper…but bonds looked to have already have the news priced in.   As long as 2.42 on the benchmark 10yr holds, I would float.  Bonds opened up much weaker following the ECB news, and rate sheets reflect that.   Since about 9am where most rate sheets are out, bonds have gradually continue to recover much of the losses.  If you want to remove all risk and lock today, make sure you do so late in the day to allow time for lenders to pass along the improvements. " -Victor Burek, Churchill Mortgage

Today's Best-Execution Rates

  • 30YR FIXED - 4.125-4.25%
  • FHA/VA - 4.0%
  • 15 YEAR FIXED - 3.375%
  • 5 YEAR ARMS -  2.75 - 3.25% 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 Best Real Estate Humor
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Thanks for reading today's Blog. Looking for more information?  Need a Realtor referral? Have a comment? Call or email me.  Most importantly, have a great day!


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