Monday, December 5, 2016


Today's 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 then 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 Mansions 
www.todaysbestmansionsforsale.com  
  
#1      800 Linda Flora Drive, Bel Air, CA 90049 with 5 bedrooms, 6 baths, and 
11,200 sq.ft. is listed for sale at $22,500,000.

Palazzo della Figlia, a powerful and dramatic Tuscan Villa occupies a majestic position on a protected nearly 1 acre knoll in the lush hills of Bel Air overlooking panoramic city to ocean views. Exceptional detail, elegant imported materials, stone floors and dramatic architecture blend to create a truly uncommon environment. 6 BR's, 9 BA's, 6 fireplaces, beamed ceilings, family room, game room, library with full walk-in bar, pool and spa. Total privacy and seclusion. A rare and remarkable environment.



Today's Top Real Estate News

Homeowners Hit the Jackpot

By Stefanos Chen        
Realtor.com


Homeowner Jackpot                                                                    



Abba rocked the radio in 1976, Gerald Ford was president, and Leonard Ross purchased one of the most expensive homes in the country.

Mr. Ross, an attorney and real-estate investor, bought the roughly 30,000-square-foot Beverly Hills, Calif., estate of newspaper magnate William Randolph Hearst for about $1.7 million at a time when the median home price was $38,000.

“People asked, ‘Why are you buying a house that big?’” said Mr. Ross, who was single at the time and living with his German shepherd, Lark. “I said, ‘I’m family oriented. I’ll grow into it.’ ” Mr. Ross, who grew up poor on New York’s Lower East Side in the 1950s, said he bought the mansion in part because it was a trophy property.

Forty years later, Mr. Ross, 72, is listing the 5-acre compound, including the now 50,000-square-foot mansion, for $195 million—which would be a record sale price in Los Angeles, where the Playboy mansion recently sold for $100 million. Adjusted for inflation, that’s a compound annual growth rate of 8.7%. The S&P 500 stock-market index averaged an inflation-adjusted annualized return of just 4.1%. That doesn’t factor in carrying costs or improvements, but neither does it account for Mr. Ross occasionally renting the space for upward of $600,000 a month.

In luxury real estate, good things often come to those who wait. The number of years that home buyers remain in their home is at a record high, in part because of lingering uncertainty in the housing market. For those who can afford to play the long game—15, 20, 30 years—staying put can mean a windfall when they finally make a move. But buyer beware: Time isn’t always on your side.

For Yvonne Dunleavy, the quiet village of Sagaponack, N.Y., in the Hamptons seemed like a smart place to buy property in 1978, when she purchased a modest home there for $140,000. Now she and her husband, architect Joost Schiereck, are listing the 1,800-square-foot modern home for $5.75 million, for a compound annual growth rate of 6.61%.
“I don’t see it as a luxury house—a luxury location, certainly,” said Ms. Dunleavy, co-author of “The Happy Hooker,” about an Upper East Side madam. Over the years, she watched the sleepy vacation community become a hot spot for the jet set. In the 1990s, she rented the home to John F. Kennedy Jr. and some of his family.

Prices are still climbing in the area. A neighbor who bought a similar property recently sold for about $5.5 million this summer. The new owner promptly demolished that home to make way for an as-yet-unbuilt modernist spec house, which is already listed for $16.995 million.
All told, Ms. Dunleavy estimates spending $350,000 on renovations over the past 40 years, including the addition of a new wing, some new sliding glass doors, adding a pool, and replacing the roof and kitchen. The couple is selling the home because they’d like to travel more. “It was sheer luck,” she said about buying when she did.

A lot can change over the course of homeownership. In an analysis of four metro areas—New York, Los Angeles, Atlanta and Cleveland—realtor.com tracked the sale prices of about 11,600 homes that were sold in 2000 and again in 2016.

The most expensive market, Los Angeles, saw a median price gain of 141%, or $320,500 in the 16-year period. Adjusted for inflation, that translates to a compound annual growth rate of 3.5%. New York saw an annual growth rate of 1.2%; Atlanta shrank 0.6%; and Cleveland fell 2.3%.

“It’s a function of strong local economies,” said Javier Vivas, an economic researcher for realtor.com. He also notes that speculators have pushed prices higher in surging markets. While Cleveland saw a decline in that period, he said the luxury tier fared best, in part because affluent buyers are less prone to market fluctuations.

Wait long enough, though, and the peaks and valleys seem less important. In San Francisco, Ed McGuirk, 65, and his family are selling an eight-bedroom Victorian home for $6.95 million; his grandfather bought it for $30,000 in 1926.

“That was a ton of money back then,” said Mr. McGuirk, a retired schoolteacher. “But now it’s skyrocketed in price.” He, along with his siblings and a cousin, are selling the roughly 5,100-square-foot home because they all live elsewhere; his aunt, the last owner, died in 2015.

Unlike most homes in the area, the Queen Anne-style home still has most of its original layout, with 12-foot ceilings and grand parlors. In the basement, his grandfather’s Prohibition-era bar is still intact. Behind a mirror is a passageway that led into the front yard—presumably to make a quick escape from police, he said. He used to play in the tunnel as a child. (It has since been sealed to elude more likely raiders—neighborhood raccoons.)

Homeowners are staying in their homes longer—a median of 10 years, the longest tenure since at least 1985, according to the National Association of Realtors. Chief economist Lawrence Yun said the shift is partly due to an aging society and tight inventory in many markets. “Home sellers know they can find a buyer, but they would have difficulty finding a new home once they sell,” he said. He says luxury homeowners are likely staying put for even longer, because their homes take longer to sell.

In Shaker Heights, an affluent suburb of Cleveland, Barry Minoff is realistic about the roughly 9,000-square-foot home he purchased in 2000 for $1.6 million. “I have more into it than I’m asking,” he said of the Georgian Revival mansion, now listed for $4.995 million—a compound annual growth rate of 5.18%.

The average luxury sales price in the area is around $1.5 million, said listing agent Adam Kaufman of the firm Howard Hanna.

Mr. Minoff, chairman of Kichler Lighting, says he is selling because a lot in his life has changed. His main home is now in Fort Lauderdale, Fla., and he has recently branched into acting; he starred opposite Corey Feldman in the 2013 film “Exposure.”

“I’m at the stage of life where you can always get more money, but you can’t get more time,” he said about his decision to sell.





Today's Top LA Luxury Estate


http://s3.amazonaws.com/medias.photodeck.com/a45c171a-8b44-11e3-ae03-07f23d345dbd/MG-5279-Los-Angeles-Skyline-Photo_xgaplus.jpg







The median home value in Los Angeles County is $532,800. Los Angeles County home value have gone up 6.3% over the past year and 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 and 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 and 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 4.7% over the past year and Zillow predicts they will rise 0.2% within the next year.


#1      1847 Coldwater Canyon Drive, Beverly Hills, CA 90210 with 5 bedrooms, 
6 baths, and 4,500 sq.ft. is listed for sale at $3,799,000.

1847 Coldwater Canyon Dr, Beverly Hills, CA 90210


Contemporary architectural marvel, new construction, impeccable detail and finishes. New construction with meticulous attention to detail, this magnificent property is the ultra in luxury modern construction. With approximately 4500 square feet of living space, the grand scale entry embraces an wide open floor plan with floor to ceiling glass with ample natural light. The main level is appointed with beautiful custom floors, the modern gourmet kitchen with custom cabinetry and lighting is inviting,stylish and finished with imported stone counters. The family room is spacious and warm, accented with a beautiful modern fireplace with custom lighting features. The master suit on the second level is spacious, sleek and empowering. The master closets are finely complemented and the master spa is finished with impeccable modern detailing. The guest suites are finely tuned to detail, each with over scaled private balconies. The subterranean living space is the perfect entertainment wing, beautiful lounge with bar, a floating glass wine cellar, and private screening room.

1847 Coldwater Canyon Dr, Beverly Hills, CA 90210


1847 Coldwater Canyon Dr, Beverly Hills, CA 90210


1847 Coldwater Canyon Dr, Beverly Hills, CA 90210


1847 Coldwater Canyon Dr, Beverly Hills, CA 90210


1847 Coldwater Canyon Dr, Beverly Hills, CA 90210

Today's Top Phoenix Luxury Estate
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     7020 N Desert Fairways Drive, Paridise Valley, AZ 85253 with 3 bedrooms, 
4 baths, and 6,729 sq.ft. is listed for sale at $4,000,000.

7020 N Desert Fairways Dr, Paradise Valley, AZ 85253

Timeless Paradise Valley Country Club Golf Course Double Gated Private Estate. Crafted by renowned architect Bill Tull, this home is truly a work of art. Enter the private courtyard as you are greeted by the colorful lush grounds gazing across the perfectly manicured fairways to the surrounding mountains. Tull's SW artistry is found in the signature curved walls, flagstone and wood surfaces, 4 sculptured fireplaces, rare Sabino wood cabinetry, custom carved interior wood doors and massive beam ceiling details. The walls and lighted niches are the perfect canvas to showcase the finest art collection. The flexible floorplan includes includes spacious living rm/dining rm combo, family rm open to kitchen and 3 bedrooms plus office, with en suite baths and open to outdoor patios/balcony.

7020 N Desert Fairways Dr, Paradise Valley, AZ 85253


7020 N Desert Fairways Dr, Paradise Valley, AZ 85253

7020 N Desert Fairways Dr, Paradise Valley, AZ 85253


7020 N Desert Fairways Dr, Paradise Valley, AZ 85253

7020 N Desert Fairways Dr, Paradise Valley, AZ 85253

7020 N Desert Fairways Dr, Paradise Valley, AZ 85253

Today's Top San Diego Luxury Estates

Image result for san diego skyline pictures

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.

The median home value in Rancho Santa Fe is $2,727,800. Rancho Santa Fe home values have declined -0.5% over the past yea.  Zillow predicts they will rise 1.9% within the next year.

#1      6845 La Jolla Scenic Drive S, La Jolla, CA 92037 with 4 bedrooms, 5 baths,
and 5,127 sq.ft. is listed for sale at $2,950,000


6845 La Jolla Scenic Dr S, La Jolla, CA 92037

Stunning beautiful traditional estate with sweeping views of Mission Bay and downtown. This grand home is appointed with spacious formal dining room with built-ins for extra storage. Large living room newly refurbished with designer drapes, paint and carpeting. Kitchen with central island, granite counters, Viking gas range, stainless steel appliances, new Miele dishwasher. Family room just remodeled with custom automatic draperies, wool carpet, newer paint. This house is immaculate.

6845 La Jolla Scenic Dr S, La Jolla, CA 92037

6845 La Jolla Scenic Dr S, La Jolla, CA 92037


6845 La Jolla Scenic Dr S, La Jolla, CA 92037


6845 La Jolla Scenic Dr S, La Jolla, CA 92037

6845 La Jolla Scenic Dr S, La Jolla, CA 92037

6845 La Jolla Scenic Dr S, La Jolla, CA 92037

6845 La Jolla Scenic Dr S, La Jolla, CA 92037


Today's San Francisco Luxury Estate

Image result for san francisco skyline photos

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     3236 Divisadero Street, San Francisco-Marina, CA 94123 with 3 bedrooms, 3 baths, and 1900 sq.ft. is listed for sale at $2,295,000.

3236 Divisadero St, San Francisco, CA 94123

Stunning development by City Living providing picture perfect living in the heart of the Marina. Beautiful designer renovated 3 bedroom/2.5 bath lower level 2 story TIC with private deeded backyard! Takent to the studs boasting spacious open floor plan living with a chef's dream kitchen. Kitchen includes stainless steel appliances featuring range, caesar stone counters, custom hood and carrera marble back splash. Lovely hardwood floors, recessed lighting, washer/dryer in unit, wood burning fireplace and built-ins in the living room and formal dining. Two bedrooms/1.5. baths on the main level with one bedroom having a private deck. The downstairs master bedroom has en suite second bath and opens to the backyard. Independent parking space.

3236 Divisadero St, San Francisco, CA 94123


3236 Divisadero St, San Francisco, CA 94123


3236 Divisadero St, San Francisco, CA 94123


3236 Divisadero St, San Francisco, CA 94123


3236 Divisadero St, San Francisco, CA 94123






Today's Top Seattle Luxury Estates

Image result for seattle skyline photos



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.

#1     13640 NE 37th Place, Bellevue, WA 98005 with 5 bedrooms, 6 baths, and 
9,636 sq.ft. is listed for sale at $3,900,000

13640 Ne 37th Pl, Bellevue, WA 98005

Sitting majestically on a gently sloping 1.3 acre lot, in a private, gated cul-de-sac, this home exudes quality and luxury. The grand rooms offers living at its finest and takes entertaining to a new level. Features include an incredible, kitchen with 2 cooking islands. An imposing 22 ft. stone fireplace is the showcase for the family room. The library is stunning and connects to dual offices. The sound proof media room was recently updated with the best in the industry. Timeless and classic.

13640 Ne 37th Pl, Bellevue, WA 98005

13640 Ne 37th Pl, Bellevue, WA 98005

13640 Ne 37th Pl, Bellevue, WA 98005


13640 Ne 37th Pl, Bellevue, WA 98005

13640 Ne 37th Pl, Bellevue, WA 98005

13640 Ne 37th Pl, Bellevue, WA 98005

13640 Ne 37th Pl, Bellevue, WA 98005

13640 Ne 37th Pl, Bellevue, WA 98005

Mortgage Rates Daily Update                                                                  52 Week

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.13%4.24%-0.113.34%4.24%
15 Yr FRM3.34%3.45%-0.112.69%3.45%
FHA 30 Year Fixed3.85%3.95%-0.103.15%3.95%
Jumbo 30 Year Fixed4.20%4.25%-0.053.41%4.25%
5/1 Yr ARM3.03%3.07%-0.042.80%3.10%
Updated: 12/2/16 2:02 PM
Mortgage Rates Bounce Lower Despite Jobs Report

Mortgage rates erased yesterday's losses after today's jobs report, though not necessarily because of it.  The Employment Situation (affectionately referred to as "the jobs") is traditionally one of the biggest sources of market movement.  So when rates make a big move following the jobs report, it's only natural to assume a cause and effect relationship.  That said, most of the credit for today's move goes other places.

First of all, there's the simple fact that rates have been trending so decisively higher in general.  Just yesterday, I noted that we were increasingly likely to see a rebound as rates continued to push the boundaries of past precedent.  In other words, rates have risen about as quickly as they ever have, and it's common for any financial instrument to blow off some steam in such cases.  So that's part of today's story.

The other consideration is Europe.  There are several important events coming up in Europe over the next week and they're adding to market volatility.  The effects were bad for rates yesterday, but European bond markets (which correlate by varying degrees to US bond markets, and thus, mortgage rates) came charging back today.  The drop in Europe's benchmark rates easily outpaced the drop in US rates, effectively dictating today's momentum.  

Rates ended up falling by the same amount they rose yesterday, making today one of the most abrupt reversals for lender rate sheets, ever!  Lenders that had moved up to quoting 4.25% yesterday on top tier conventional 30yr fixed scenarios are now back down to 4.125%

Loan Originator Perspective

A small victory for us who footed into today's jobs report. Not sure I would be excited, as we have seen how quickly these gains deteriorate.  I am tempted to see how the referendum this Sunday in Italy shakes things up but not willing to risk rates getting worse. I think locking  into this rally is the safe bet.  Perhaps things reverse course next week, and the tone of lock vs float changes, but based on the momentum I need to see it to believe. I'd rather be late to the party.   -Gus Floropoulos, VP, The Federal Savings Bank

Bond markets posted broad gains today, as traders digested a mixed November jobs report and upcoming Italian elections.  I'm all for improved rates, but the big question is whether we build on today's gains or give them back next week.  I'm still inclined to lock loans closing within 30 days.  Those closing next year and/or borrowers with appreciable risk tolerance could float, just don't ignore markets as volatility is certainly a given these days. -Ted Rood, Senior Originator

Nice rally today, but is it a head fake and selling continues Monday?  If you are happy with the current terms nothing wrong with locking.  Personally, I would float over the weekend and see what Monday brings.  Lenders tend to be conservative with pricing on a Friday and with the recent relentless selling of bonds, they will be slow to pass along all of today’s gains. -Victor Burek, Churchill Mortgage

Today's Best-Execution Rates

  • 30YR FIXED - 4.125%
  • 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's  Best Real Estate Humor 

Image result for real estate cartoons               .
       
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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