Wednesday, January 11, 2017


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     33740 Pacific Coast Highway, Malibu, CA with 7 bedrooms, 9 baths, and 
7,000 sq.ft. is listed for sale at $57,500,000.


Newly-constructed, never lived in, gated and private bluff-top, retreat with panoramic ocean views has deeded beach rights to secluded cove below. On 1.72 acres, the sun-filled main house is a superb blend of understated elegance and impeccable craftsmanship with oak plank floors and custom French doors throughout, featuring a 1st floor great room with fireplace and stunning built-in cabinetry. Adjacent is a beautiful stone-finished gourmet island kitchen with banquette, formal dining room, elevator, bedroom and office. The 2nd level offers a luxurious ocean view owner's suite with fireplace, wraparound oceanfront deck and dual closets and spa-like baths. An entertainer's dream, the resort-style grounds include a guest cottage,  a covered open air pavilion with fireplace, al fresco kitchen with pizza oven, grill and 2-stone-crafted bars that flows to a 70'x25' ocean view pool w/ spa, sunken lounge area, pool bath, and fire pit.










Today's Top Real Estate News  

20 Homeowners at Millennium Tower Sue Developer and San Francisco 

By J. K. Dineen 
San Francisco Gate
A group of 20 homeowners at the troubled Millennium condominium tower in downtown San Francisco filed suit against developer Millennium Partners and multiple city agencies Friday, alleging that both the builder and public officials knew about, but failed to disclose to buyers, evidence that the luxury high rise was sinking at an unexpected rate.

The homeowners, represented by Millennium homeowner and attorney Jerry Dodson, filed the claim against developer Millennium Partners, the San Francisco Department of Building Inspection, the city attorney and the Transbay Joint Powers Authority.

The complaint alleges that Millennium Partners knew in early 2009, before residents had moved in, that the tower had sunk 8.3 inches, rather than the 1 to 2 inches project engineers had said it would have settled upon completion.

“Millennium Partners made the decision to sell the million-dollar condominium units anyway, without ever disclosing the sinking to the buyers,” Dodson stated in a summary of the complaint. “That is a violation of California law, and they knew it.”

The plaintiffs also pointed to a memo from Raymond Lui, then deputy director of the Department of Building Inspection, asking a series of questions about excessive sinking in February 2009. In addition, the complaint says the city agencies signed a confidentiality agreement with Millennium Partners in 2010 “to make sure that the owners and potential owners would not find out about the instability of the Millennium Tower.”

“Each of the defendants need to answer to a judge or jury basically three questions,” stated Dodson. “Did you know Millennium Tower was sinking, when did you know it, and why didn’t you make that knowledge public?”

Controversy over settlement issues at the 58-story tower emerged in August when it became known that the building had settled 16 inches and was tilting two inches at its base. The developer has consistently blamed the Transbay Joint Powers Authority for pumping groundwater from an adjacent site where it is building the new Transbay Transit Terminal, contending the “dewatering” has weakened the soil beneath the tower. The TJPA has cast blame on the developer for setting the concrete tower on 80-foot friction piles sunk into dense sand rather than 200 foot piles that would have reached bedrock.
While City Attorney Dennis Herrera is a target of the claim, his office is also suing the developer, saying Millennium Partners had a legal obligation to tell home buyers about the sinking.

“We share the Dodsons’ frustration that the Millennium Tower developer failed to disclose that the building was sinking,” said John Cote, spokesman for Herrera. “That’s why the city is pursuing legal action against the developer for duping home buyers. Any notion that the city was somehow involved in a conspiracy to defraud residents is ridiculous and completely baseless.”

Millennium Partners spokesman P.J. Johnston said his client has not had a chance to review Dodson’s complaint.

“However, at the time of completion in 2008 and throughout its entire sales process, 301 Mission St. had settled within predicted and safe ranges,” he said. “We made all appropriate and legally required disclosures to the home buyers of 301 Mission during this period.”

The value of the units owned by the 20 homeowners who have signed on to the lawsuit exceeded $75 million prior to the construction defects becoming known, according to Dodson. Since then values and rents have plummeted and only two units have changed hands.

Dodson said he expects another 10 to 20 homeowners to sign onto his lawsuit, one of several filed by Millennium residents against the developer.

Today's Top LA Luxury Estate Listed For Sale 



The median home value in Los Angeles County is $547,000. Los Angeles County home values have gone up 7.1% over the past year, Zillow predicts they will rise 2.5% within the next year.

The median home value in Brentwood is $2,493,500. Brentwood home values have gone up 10.9% over the past year.  Zillow predicts they will rise 3.7% with the next year.

The median home value in Malibu  is $2,866,200.  Malibu home values have gone up 6.4% 
over the past year.  Zillow predicts they will rise 2.0 % with the year.

The median home value in Beverly Hills is $3,033,400.  Beverly Hills hhome values have gone up 4.1% over the past year.  Zillow predicts they will rise 1.1% with the next year.

The median home value in Bel Air is $3,307,000. Bel  Air home values have gone up 5.3% over the past year.  Zillow predicts they will rise 1.8% within the next year.  

#1     5625 Round Meadow Road, Hidden Hills, CA 91302 with 6 bedrooms, 8 baths, and 9,451 sq.ft. is listed for sale at $6,999,000


Stunning perfection in the coveted guard-gated equestrian community of Hidden Hills. This stately traditional, set back off the street, discretely hidden behind mature foliage is warm, inviting, sophisticated and impressive. The grand two-story entry is framed by sweeping dual staircases. The open modern floor plan allows views from the front door all the way thru the massive backyard to the distant guesthouse. The exquisite formal dining room with a designer chandelier and wallpaper is gracious and intimate. The crown jewel of the house, the kitchen, refined and casual, has dual carerra marble center islands, four counter top seats, dual double ovens, and large walk-in pantry. The bright eat-in breakfast nook overlooks the huge backyard. The 10 person movie theater satisfies the most discerning cinephille. The large gym is perfect for the workout enthusiast.












Today's Top Phoenix Luxury Estate Listed For Sale 
.
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

The median home value in Scottsdale is $414,100. Scottsdale home values have gone up 4.0% over the past year. Zillow predicts they will rise 2.1% withiin the next year.

The median home value in Carefree is $740,800. Carefree home values have gone up 
4.3% over the past year.  Zillow predicts they will rise 2.1% within the next year.

The median home value in Paradise Valley is $1,604,500. Paradise Valley home values have gone up 2.7% over the past year. Zillow predicts they will 1.4% with the next year.

#1      6136 E Mockingbird Lane, Paradise Valley, AZ 85253 with 6 bedrooms, 7 baths, and 8,451 sq.ft. is listed for sale at $3,450,000.

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

Timeless European Estate in Paradise Valley! Camelback mountain views and high quality finishes make this a dream home. This custom home touts elegance and European flair throughout with six bedrooms. Top of the line appliances and marble counter tops complete the gourmet kitchen. Multiple fireplaces including a see through in the master bedroom, as well as custom carved Cantera mantles. Gorgeous bathrooms including marble vanities, stone shower and tub. This estate boasts a fabulous theater room perfect for families with a full guest house! The beautiful backyard showcases a pool and spa, covered patio, a built in bbq and plenty of space to entertain.

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

6136 E Mockingbird Ln, Paradise Valley, AZ 85253

Today's Top San Diego Luxury Estate Listed For Sale


The median home value in San Diego County is $526,500. San Diego County home values have gone up 6.1% over the past year. Zillow predicts they will rise 2.0% within the next year.

The median home value in La Jolla, 92037 is $1,483,400. La Jolla, 92037 home values haTve gone up 4.4% over the past year.  Zillow predicts they will rise 1.5% within the next year.

The median home value in Solana Beach 92075 is $1,273,700. Solana Beach 92075 home values have gone up 5.3% over the past year.  Zillow predicts they will rise 2.7% within the next year.

The median home value in Del Mar 92014 is $1,633,400. Del Mar home values have gone up 7.6% over the past year.  Zillow predicts they will rise 2.4% with then next year.

The median home value in Rancho Santa Fe is $2,638,300. Rancho Santa Fe home values have declined -5.1% over the past year and Zillow predicts they will fall -1.9% within the next year.  

#1     17702 Circa Oriente, Rancho Santa Fe, CA 92067 with 6 bedrooms, 11 baths, and 9,376 sq.ft. is listed for sale at $4,400,000.

 


Very seldom do we have the delightful experience of viewing a first Class Contemporary Residence on one of the largest parcels in Gate Guarded Fairbanks Ranch. Surrounded with architectural features such as floor to ceiling glass walls, new gleaming marble flooring, a glass staircase, brand new Chefs kitchen, to name a few. All serve functionally as a means of separating space. Living in a private Contemporary Art Museum allows the unique opportunity of living with beauty. 















Today's Top San Francisco Luxury Estate Listed For Sale


Image result for San Francisco skyline pictures

The median home value in San Francisco is $1,132,300. San Francisco home values have gone up 1.3% over the past year.  Zillow predicts they will fall -0.3% within the next year.

The median home value in Sausalito is $1,246,200. Sausalito home values have gone up 4.4% over the past year. Zillow predicts they will rise 0.5% within the next year. 

The median home value in Tiburon is $2,433,900. Tiburon home values have gone up  1.1% over the past year.   Zillow predicts they will rise 0.4% within the next year. 

The median home value in Saratoga is $2,367,800. Saratoga home values have gone up 0.9% over the past year.  Zillow predicts they will fall -0.5% within the next year. 

#1      450 Ridge Road, Tiburon, CA 94920 with 4 bedrooms, 4 baths, and 4,500 sq.ft. 
is listed for sale at $4,495,000

450 Ridge Rd, Tiburon, CA 94920

Amazing opportunity to live in Tiburon's most prestigious neighborhood. Personal home of world renowned architect Angela Danadjieva, this iconic 4 bed / 4 bath gated private estate sits on a large flat private lot with stunning panoramic SF/GG Bridge and Angel Island views. Featuring 36ft tall ceilings, dramatic indoor waterfall, and expansive walls of glass. This incredible estate offers endless possibilities to live the ultimate lifestyle.

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

450 Ridge Rd, Tiburon, CA 94920

Today's Top Seattle Luxury Estate Listed For Sale

Image result for Seattle

The median home value in Kirkland is $595,500.  Kirkland home values have gone up 14.5% over the past year.  Zillow predicts they will rise 6.0% within the next year.

The median home value in Seattle is $612,400. Seattle home values have gone up 13.3% over the past year. Zillow predicts they will rise 5.9% within the next year.

The median home value in Bellevue is $744,800. Bellevue home values have gone up 13.3% over the past year. Zillow predicts they will rise 5.5% within the next year. 

The median home value in Clyde Hill is $2,219,500. Clyde Hill home values have gone up 12.1% over the past year. Zillow predicts they will rise 5.4% within the next year 

The median home value in Medina is $2,357,000. Medina home values have gone up 
11.6% over the past year and Zillow predicts they will rise 5.0% within the next year. 

#1     19 Evergreen Lane, Mercer Island, WA 98040 with 5 bedrooms, 5 baths, and 4,990 sq.ft. is listed for sale at $2,581,000.

19 Evergreen Lane, Mercer Island, WA

Architectural gem first time on market! Located on Mercer Island's coveted Evergreen Lane, this home was built to the highest standards. Designed by world class architect-John C. Steinmann this home boasts a perfect and timeless floor plan- expansive use of teak both inside and out, over sized Nelson Island granite fireplaces and travertine floors will awe. Bring your designers to update this home provides an amazing investment opportunity that could not be built today for this price.

19 Evergreen Lane, Mercer Island, WA

19 Evergreen Lane, Mercer Island, WA

19 Evergreen Lane, Mercer Island, WA

19 Evergreen Lane, Mercer Island, WA

19 Evergreen Lane, Mercer Island, WA

19 Evergreen Lane, Mercer Island, WA

19 Evergreen Lane, Mercer Island, WA








ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.14%4.12%+0.023.34%4.38%
15 Yr FRM3.33%3.32%+0.012.69%3.58%
FHA 30 Year Fixed3.75%3.75%--3.15%4.10%
Jumbo 30 Year Fixed4.19%4.18%+0.013.41%4.40%
5/1 Yr ARM3.01%3.00%+0.012.80%3.25%
Updated: 1/10/17 4:32 PM

Mortgage Rates Staying Steady in New, Lower Range
Jan 10 2017, 4:32PM


Mortgage rates were slightly higher today, but remain in much better shape overall when compared to the last month of 2016.  In many ways, the new year marked a shifting of gears for rates, or rather, the bond traders whose actions dictate the day-to-day movement.
After the election, with its explosive consequences for financial markets, bond traders were only thinking one thing: duck and cover!  In practice, this simply means that it was easy to convince bond traders to sell  (which pushes rates higher) and nearly impossible to convince them to buy (which would help rates recover).  

In contrast, the first part of 2017 has seen traders poke their heads up and survey the scene.  Some buying is going on, but it's tentative for now.  This translates to rates having moved back down from the more troubling highs in late December, but without committing to triumphant surge lower. 

Regardless of the depth of the recovery, the refreshing thing about it is the reestablishment of a RANGE.  Because of the vast differences in loan quotes between lenders and scenarios, the range is easiest to follow in terms of a benchmark rate like 10yr Treasury yields.  In 10yr terms, the current range is narrow, running between 2.34% and 2.42%.  If you fancy a bit of risk, 2.42% could easily be used as a stop-loss (i.e. lock if 10yr yields rise above 2.42%).  If you'd rather remove risk from the equation, it's hard to pick a bad time to lock right now, considering the deepest recoveries in rates would be reserved events that can't possibly come to pass until well into Trump's presidency or for the sort of big, unexpected shocks that can't be foreseen.

Loan Originator Perspective


With 2.42 still holding on the benchmark 10 year note, I will continue to favor floating.  Once you are within 15 days of funding, I would lock.  But longer term closings I would continue to  float but stay in touch with your loan officer as things can change quickly. -Victor Burek, Churchill Mortgage

Bonds were largely unchanged for the bulk of the day, and my rate sheets mirrored yesterday's.  The 3-year Treasury auction was well received but had little impact on MBS as usual.  Given today's lack of data, a flat market is not surprising.  Tomorrow's 10-year treasury auction may inspire some movement, but until then we're treading water.  If you're floating, don't expect too much improvement.  If you're locked, relax and enjoy the ride. -Ted Rood, Senior Originator

Today's Best-Execution Rates

  • 30YR FIXED - 4.125%
  • FHA/VA - 3.75%
  • 15 YEAR FIXED - 3.25-3.375%
  • 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 return to pre-election levels until well after Trump takes office.  Rates can move for other reasons, but it would take something big and unexpected for rates to get back to pre-election levels.
     
  • 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.  The beginning of 2017 may be bringing such a push, but there's no telling how long it will last.
     
  • 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!

Tom

www.laluxuryrealestateupdates.com

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

Tom Furino
Phone/Text 619-944-8749
email: furtree@msn.com