Thursday, January 5, 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     300 Delfern, Bel Air -Holmby Hills, CA 90077 with 11 bedrooms, 13 baths and 10,000+ sq.ft. is listed for sale at $79,000,000.




"The Edie Goetz Estate" is a trophy compound in the heart of Holmby Hills, sited on two contiguous properties and totaling over 4.38 acres. Available for the first time in over 25 years. A magnificent example of Georgian Revival architecture originally completed in 1938 and designed by Gordon Kaufmann, classic elements include high ceilings, grand public rooms and ornate wrought iron details. In 1947, Edie Goetz engaged legendary Hollywood designer Billy Haines to enhance the main house as a showplace for lavish events. One of the most iconic rooms is the paneled art deco modern library/bar also designed by Haines. On what many consider the finest street in Los Angeles this private paradise is set behind large gates and offers complete privacy. Features of the estate include: verdant manicured grounds, 3 guest houses, 2 swimming pools, tennis court, and rare specimen trees. A rare opportunity to own a piece of Hollywood history.  


























Today's Top Real Estate News

Manhattan Resale Home Prices Tumble the Most in Four Years











Why Manhattan Luxury Co-Ops Are Losing Their Luster

Manhattan resale home prices tumbled by the most in more than four years, a sign that sellers are lowering their expectations in a slowing market where buyers have the option to walk away.

The median price of previously owned condominiums and co-ops fell 6.3 percent in the fourth quarter from a year earlier to $900,000, according to a report Wednesday from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the first annual decline since the beginning of 2015, and the biggest since the third quarter of 2012, when resale prices dropped 8.1 percent.



Manhattan apartment sellers who set aggressive price goals over the past few years are coming back down to earth as inventory mounts. They’re adjusting to a market in which the number of resales has been dropping for five quarters and buyers are turning away from listings viewed as too expensive. In the fourth quarter, the average discount off the last asking price was 4.7 percent, compared with a 3.1 percent cut a year earlier, the firms said.

“Maybe we’re heading out of the period when there was no shame in overpricing your home,” Jonathan Miller, president of Miller Samuel, said in an interview. “We’re moving away from that and into something more pragmatic: Do you want to actually sell your property or do you want to pretend? Part of selling is pricing correctly or being more negotiable.”

Buyers agreed to pay more than the asking price in just 13 percent of all sales that closed in the quarter, down from 29 percent a year earlier, the firms said. They also are taking longer to make a decision: Previously owned properties that sold in the period spent an average of 80 days on the market, up from 71 days a year earlier. Manhattan resale deals totaled 2,385, a decline of 1.5 percent.

“We saw buyers acting a lot more aggressively with their bidding,” said Pamela Liebman, chief executive officer of brokerage Corcoran Group, which released its own report Wednesday that showed a decrease in sales for the quarter. “They didn’t hesitate to come in and make low offers. A lot of sellers remained unrealistic throughout the year, and that killed a lot of deals.”

Chelsea Co-Op

Rex Gonsalves, a broker with Halstead Property, thought $715,000 was a fair price for a one-bedroom co-op apartment in Chelsea with an outdoor patio. But after one month on the market, the best offers that came in were about 30 percent lower, he said.

The sellers agreed to cut the price twice in two months, bringing it down to $649,000. That attracted two offers -- one below the asking price and one above it, Gonsalves said. The 16th Street apartment sold in December for the higher price, $659,000.


“This isn’t a market where you go into a bidding war,” he said. “When we got this offer over ask, the sellers said, ‘This is great.’ It really helps to have savvy sellers, who understand the  market.”

Halstead, which released a joint report with brokerage Brown Harris Stevens, said the average price of resale co-ops fell 2 percent from a year earlier to $1.25 million, while the average for resale condos remained about the same, at $1.99 million.

Downtown Sales

Corcoran Group reported that all completed sales, including previously owned and newly built homes, dropped 15 percent from a year earlier to 3,104. Signed contracts also slid 15 percent. Downtown Manhattan, below 34th Street through Tribeca, was an exception. Sales in that area climbed 11 percent to 983. Inventory jumped 33 percent to 1,826 listings, according to the brokerage.

Boroughwide, the supply of resale and new-development homes climbed for a fifth consecutive quarter, Miller Samuel and Douglas Elliman said. There were 5,393 apartments on the market at the end of December, up 6.9 percent from the end of 2015.

The number of choices, combined with the prospect of rising interest rates, could mean a more robust year of sales ahead as more sellers reduce prices, Miller said.

“Perhaps their resolution for 2017 is to be in sync with the market,” he said. “You price it correctly, it sells.”

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     9311 Readcrest Drive, Beverly Hills, CA 90210 with 6 bedrooms, 7 baths, and 7,400 sq.ft  is listed for sale at $8,999,000

Newly built and set behind gates this striking Architectural home is sited and designed to maximize the spectacular views. A private drive and zen like cascading water features lead to a dramatic entry with soaring spaces and sliding floor to ceiling walls of glass. Unmatched for indoor/outdoor entertaining, with expansive decks, pool, spa and outside dining area. Top of the line finishes throughout. Stunning gourmet kitchen boasts a massive center island, wet bar, breakfast bar and sensational glass wine room. Four ensuite bedrooms on the top level include a gorgeous master suite with soak tub, double sinks, walk in shower and panoramic views. Other features include an office and downstairs theater. 3 car attached garage with additional parking. An entertainer's dream home and priced to sell!











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 $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      5211 E Cheney Drive, Paradise Valley, AZ 85253 with 4 bedrooms, 6 baths, and 6,900 sq.ft. is listed for sale at $4,498,800.

5211 E Cheney Dr, Paradise Valley, AZ 85253

Spectacular views in a spectacular Paradise Valley location nestled into the hillside of Mummy Mountain. This rare opportunity offers the buyer the chance to choose many of their own stylings. The spacious design by CP Drewett of 4 bed plus office, 5.5 baths, 6900sq.ft combines a refined, yet modern architecture with a time neutral palette. The modern Dulthaup designed kitchen combines all of the finest contemporary offerings. Experience your private resort style negative edge pool, spa and outdoor kitchen. The exceptional glass 4 car garage with extra storage is truly a car lover's dream. A Casita with garden shower are just some of the many distinct offerings included in this remarkable home.

5211 E Cheney Dr, Paradise Valley, AZ 85253

5211 E Cheney Dr, Paradise Valley, AZ 85253

5211 E Cheney Dr, Paradise Valley, AZ 85253

5211 E Cheney Dr, 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      7453 Fairways Road, La Jolla, CA 92037 with 3 bedrooms, 3 baths, and 
3,100 sq.ft. is listed for sale at $2,695,000.

7453 Fairway Rd, La Jolla, CA 92037

Ocean, sunset and fairway views over La Jolla Country Club from this single level residence. This is 2 of only 5 homes on Fairway Rd with NO other homes across the street. Remodeled in 2007/08, this 3 bed + office, 3 ba home is in move in condition. Compare location, condition & price. Features include: distressed walnut hardwood floors, cathedral ceilings, skylights, new dual pane windows and doors, flagstone patio, fire pit, pergola and artificial turf and so much more.

7453 Fairway Rd, La Jolla, CA 92037 -  $2,695,000 Luxury Home and House Property For Sale Image

7453 Fairway Rd, La Jolla, CA 92037 -  $2,695,000 Luxury Home and House Property For Sale Image

7453 Fairway Rd, La Jolla, CA 92037 Home For Sale - MLS #160062764

7453 Fairway Rd, La Jolla, CA 92037 -  $2,695,000 Luxury Home and House Property For Sale Image


7453 Fairway Rd, La Jolla, CA 92037 Home For Sale - MLS #160062764

Today's Top San Francisco Bay Area 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     123 Woodward Avenue, Sausalito, CA 94965 with 4 bedrooms, 6 baths, and 5,545 sq.ft. is listed for sale at $4,995,000.



One of the Bay Area's pre eminent developers has just completed a modern masterpiece of unparalleled design. Grand in scale w/ high ceilings, designer finishes & open floorpan. Designed for entertaining, the main living space offers a huge, open great room. Lower level family room. Hotel like master suite. Elevator stops on every level! Detached guest house. Sweeping water & marina views from every room. 2 car garage +off street parking.










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     11420 NE 94th Street, Kirkland, WA 98033 with 4 berooms, 4 baths, and
4,227 sq.ft. is listed for sale at $1,948,000.

11420 Ne 94th St, Kirkland, WA 98033

Luxurious, Signature Collection home by Murray Franklyn on a grand scale! An unrivaled two-story with space for crumpets and tea, a Betty Crocker bake-off, coffee and conference calls, a grandparent's wing, foosball and Xbox, piano and study time, wine and outdoor fireside chat, and enough bedrooms for Eight is Enough or the Brady Bunch! Idyllic setting on a generously sized, level home site. Covered outdoor living area, fireplace and grassy, playful back yard. When your lifestyle happens at home!

11420 Ne 94th St, Kirkland, WA 98033

11420 Ne 94th St, Kirkland, WA 98033

11420 Ne 94th St, Kirkland, WA 98033
11420 Ne 94th St, Kirkland, WA 98033

11420 Ne 94th St, Kirkland, WA 98033

11420 Ne 94th St, Kirkland, WA 98033






ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.20%4.18%+0.023.34%4.38%
15 Yr FRM3.39%3.37%+0.022.69%3.58%
FHA 30 Year Fixed3.75%3.75%--3.15%4.10%
Jumbo 30 Year Fixed4.21%4.19%+0.023.41%4.40%
5/1 Yr ARM3.02%3.01%+0.012.80%3.25%
Updated: 1/4/17 4:10 PM
Mortgage Rates Steady to Slightly Higher
Jan 4 2017, 4:13PM


Mortgage rates were slightly higher today, on average, but some lenders were unchanged from yesterday.  Others were quoting higher rates in the morning and then issued positive reprices in the afternoon (i.e. mid-day improvements), bringing them back in line with the rest of the pack.  In the slightly bigger picture, rates remain closer to 4 week lows.  Since Dec 8th, only yesterday was any better.

4.25% remains the most prevalent conventional 30yr fixed quote on top tier scenarios.  Some of the more aggressive lenders are still down at 4.125% and a few haven't made it down from 4.375% yet.  Compared to yesterday, today's movement would only be seen in the form of slightly higher upfront costs (as opposed to in the "note rate" itself). 

With 2 days down, 2017 is shaping up to be less threatening than it might have been, considering the  market movement at the end of 2016.  But to whatever degree we have NOT seen anything too troubling so far this week, neither have we seen solid cause for celebration.  In short, rates are in a holding pattern--albeit at an altitude with slightly more oxygen.

Loan Originator Perspective


Bond markets seem to be planting their heels in the mid 2's on the 10 YR bond.  It is good news to see rates hold steady here , but we can't assume this is a firm ceiling yet.  We will have to wait to see what the next couple of days of data brings to the table.  Locking continues to be the only option for now.  We have seen dramatic spikes higher in mortgage rates too frequently since the election to be taking risks just yet.  -Gus Floropoulos, VP, The Federal Savings Bank

Bonds sold off slightly today, as traders looked to Friday's NFP jobs report.  There's still no definitive trend here, and I don't see the potential for meaningful pricing improvement until we get some bearish economic data.  The smart move (to me) remains locking early.  Floating COULD yield some small gains, but likely not enough to justify the risk for all but the most risk tolerant clients. -Ted Rood, Senior Originator

Today's Best-Execution Rates

  • 30YR FIXED - 4.125-4.25%
  • FHA/VA - 3.75%
  • 15 YEAR FIXED - 3.375%
  • 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!

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