Thursday, February 16, 2017


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

The definition of the word "mansion" varies but in U.S. real estate terms, it generally defined as single family residence of more than 8,000 square feet. Mega Mansion range from 20,000 sq,ft. and Super Mansions over 50,000 sq.ft. Until the mid 20th century most "mansions" would have a hall, two or three salons or drawing rooms, library, billiards room, ball room, dining room, breakfast room, morning room, study and numerous bedrooms but only 2-3 bathrooms.



Maison De L'Amitie located in Palm Beach Florida includes 18 bedrooms, 22 baths, and 60,000 sq.ft.

Donald Trump previously owned this mega mansion with a long pedigree of other Owners. He sold the estate to Russian billionaire Dmitry Rybolovlev who has obtained zoning to demolish the estate and build 3 mega mansions on the property.

Today's Best Mansion Listed For Sale

#1     One Central Park S, #509, New York, New York 10019 with 3 bedrooms, 5 baths, and 4,299 sq.ft. is listed for sale at  $39,500,000

The "Astor Suite" at The Plaza Hotel is one of the most historic homes ever to become available in the United States. Located on the most coveted corner of the building - facing both Central Park and Fifth Avenue, this sprawling residence with 14-foot ceilings features 4,284 square feet with 3 bedrooms and 5.5 bathrooms. Noted interior architect, S.R. Gambrel Inc. employed the artisans who rebuilt Windsor Castle to completely transform the home into an absolute masterpiece with numerous old world details such as hand drawn plaster ceilings; English oak paneling; antique fireplace mantles; and hand-hammered leather walls from France. Each room is filled with wonderful details from the 19th and 20th centuries in addition to offering the latest in technology from a new HVAC system with a humidifier for artwork and a Savant system that allows the resident to control the temperature, lights, music, and television - all from an I-pad. Always considered the best "suite" in the Plaza Hotel from the day it was built by Henry J. Hardenbergh, some former resident of the home include John Jacob Astor; the Duke and Duchess of Windsor; and John F. Kennedy. A once in a lifetime opportunity.









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Today's Top Real Estate News 

Can You Trust Zillow's Home Zestimates?  In A Word: No.

By Jaymi Naciri
Realty Times 

I got an email from Zillow last week. Seems my house has gone up in value another $2,000+ dollars in the past 30 days. And it's going to rise another 3.5% in the next year, according to their Zestimate Fab!Except that it's just speculation. When it comes to Zillow's Zestimates, you have to take the numbers with a grain of salt. Make that a big shake of salt, right over your shoulder. And maybe a stiff drink. And a frank conversation with your real estate agent. 

In this photo made on Wednesday, Sept. 10, 2014, signs welcome visitors to a model home as construction is under way at a housing development in Zelienople, Pa.

Shoppers, sellers and buyers routinely quote Zestimates to realty agents - and to one another - as gauges of market value," said the Los Angeles Times. "If a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers' list price of $425,000. Or a seller might demand to know from potential listing brokers why they say a property should sell for just $595,000 when Zillow has it at $685,000. Disparities like these are daily occurrences and, in the words of one realty agent who posted on the industry blog ActiveRain, they are ‘the bane of my existence.'"

Are faulty Zillow estimates irritating, dangerous, somewhere in the middle?  It all depends on your personal situation. A real estate investor, a seller in a high-end neighborhood, or an obsessive real estate watcher (ahem) may be able to brush off a $15,000 error. But for many people across the country, the word of Zillow might as well be the word of God. So, yeah, dangerous.

Price errors

Errors in sales prices are one of the issues Investopedia pointed out in its look at Zillow's Zestimates.


"Zillow factors the date and price of the last sale into its estimate, and in some areas, these data make up a big part of the figure. If this information is inaccurate, it can throw off the Zestimate," they said. "And since comparable sales also affect a home's Zestimate, a mistake in one home's sales price record can affect the Zestimates of other homes in the area. The Zestimate also takes into account actual property taxes paid, exceptions to tax assessments and other publicly available property tax data. Tax assessor's property values can be inaccurate, though. The tax assessor's database might have a mistake related to a property's basic information, causing the assessed value to be too high or too low."

In June, Zillow's much-maligned (by industry experts, anyway) Zestimates got an upgrade with a new algorithm. Zillow CEO Spencer Rascoff has famously called his company's price estimates, "a good starting point" and copped to a median error rate of approximately 8%. With their new algorithm, they say it's dropped to 6.1%.


John Wake, an economist and real estate agent from Real Estate Decoded, applied Zillow's updated 6.1% margin of error to "Zillow's own estimate of the median sale price in the U.S. in May 2016 of $229,737 and got a typical error of $14,000. He then took a sample city, Denver - a city in which estimates are actually more accurate than average" - and found "the error spread in 2016 is a lot tighter and more focused on the bullseye of the actual sales price," but that "their Zestimates are scattershot."

In his example, "a Denver home has a fair market value of $300,000. According to Zillow's Zestimate Accuracy Table, 10% of their Zestimate prices were off by more than 20% from the actual sale prices. Half of that 10% are Zestimates that are too high by 20% or more, and half are Zestimates that are too low by 20% or more. That means you have a 5% chance Zillow will give you a Zestimate of $360,000 OR MORE, and a 5% chance Zillow will give you a Zestimate of $240,00 OR LESS. Yikes!"

Missing data

It gets even more complicated without all the data that gets fed into Zillow's algorithm. Limit the available info and the margin for error grows.

That same email I received included a couple of new listings and info on recent sold homes in the area. Notice anything interesting about these recent sales?


Yep, no sales prices. Texas is one of about a dozen states without a mandatory price disclosure law, which makes property appraisals challenging and which makes it even more difficult for Zillow to come up with an accurate Zestimate since it eliminates one of their key data points.

In the case of my home, they're a good $11,000–15,000 high on their sales price estimate. And that's based on my direct knowledge of sales prices in my neighborhood—not list prices, not tax assessments, and not assumed sales prices based on trends.
Which brings up another issue that leads to inaccurate estimates. In many neighborhoods, sales trends and prices vary street to street. But Zillow's estimates are a one-size-fits-all program. In my masterplan, the building of high-density units on the southern edge of the community a few years back took a bite out of the value of homes on the perimeter streets. Sales of homes with a first-floor master also get a bump here.

And then there's the fact that this community is also split between two elementary schools. Zillow wouldn't know which one buyers prefer and wouldn't account for a difference in sales price between two otherwise comparable homes. But, people who live here would, and so would the local real estate agents. Which only reinforces the importance of working with one.

Today's Top LA Luxury Estate Listed For Sal


The median home value in Los Angeles County is $551,600. Los Angeles County home values have gone up 7.4% over the past year, Zillow predicts they will rise 2.6% within the next year.

The median home value in Brentwood, 90049 is $2,523,000. Brentwood home values have gone up 10.5% over the past year.  Zillow predicts they will rise 3.0% with the next year.

The median home value in Malibu  is $2,893,700.  Malibu home values have gone up 6.6% 
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 $3,309,900. 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     7225 Birdview Avenue, Malibu, CA 90265 with 6 bedrooms, 6 baths,, and 4,700 sq.ft. is listed for sale ay $23,000,000

This beautifully detailed Cape Cod Point Dume Estate with direct private beach access includes 2 separate living quarters. There is a sophiticated surround sound system throughout, a large outdoor BBQ area with stove, pizza oven, outdoor fireplace sitting area and a large grassy yard. Enjoy the pebble pool, and the many fruit trees. When entering the property one passes through a trellised covered walkway to a large entry patio with a river rock stone fireplace and bar area. Ideal for entertaining the home includes state of the art security with interior and exterior sound systems. Finished in the finest materials available with Carrera marble counter tops and walnut floors throughout, also includes Viking appliances. This is truly one of Malibu's finest ocean front estates with superb ocean views.  

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

7225 Birdview Ave, Malibu, CA 90265

   
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 $416,400. Scottsdale home values have gone up 4.0% over the past year. Zillow predicts they will rise 2.4% withiin the next year.

The median home value in Carefree is $750,000. Carefree home values have gone up 4.8% over the past year.  Zillow predicts they will rise 2.7% within the next year.

The median home value in Paradise Valley is $1,609,500. Paradise Valley home values have gone up 2.7% over the past year. Zillow predicts they will 2.0% with the next year.   

#1     27050 N 103rd Street, Scottsdale, AZ 85262 with 4 bedrooms, 5 baths, and 
7,467 sq.ft. is listed for sale at $4,500,000

Meticulously conceived and masterfully executed, this rare residential offering, an authentic European design within the guard gated community of Estancia, beckons one to explore every visual delight and is reminiscent of travels to quaint villages in Provence. The premium lot placement offers majestic Pinnacle Peak and golf course views, yet an intimate sense of privacy prevails. Every detail of every room- the gourmet his/her chef's kitchen which opens to dramatic family room, the seamless indoor to outdoor living of the conservatory, the romantic and private master retreat, the separate formal dining room with authentic wine cellar- has been scrutinized to provide a delight to the eye, while maintaining a very ''livable'' home. Best in show, definitely.




27050 N 103RD Street, Scottsdale, AZ


27050 N 103RD Street, Scottsdale, AZ

27050 N 103RD Street, Scottsdale, AZ

27050 N 103RD Street, Scottsdale, AZ


Today's Top San Diego Luxury Estate Listed For Sale


The median home value in San Diego County is $529,500. San Diego County home values have gone up 6.3% over the past year. Zillow predicts they will rise 2.4% within the next year.

The median home value in La Jolla, 92037 is $1,497,500. La Jolla, 92037 home values have gone up 6.5% over the past year.  Zillow predicts they will rise 2.3% within the next year.

The median home value in Solana Beach 92075 is $1,250,700. Solana Beach 92075 home values have gone up 3.3% over the past year.  Zillow predicts they will rise 2.5% within the next year.

The median home value in Del Mar 92014 is $1,675,700. Del Mar home values have gone up 9.1% over the past year.  Zillow predicts they will rise 2.5% with then next year.

The median home value in Rancho Santa Fe is $2,675,200. Rancho Santa Fe home values have declined -4.3% over the past year and Zillow predicts they will fall -1.1% within the next year.  

#1     7258 Encelia Drive, La Jolla, CA 92037 with 4 bedrooms, 3 baths, and 4,626 sq.ft. is listed for sale at $4,295,000.

Hillside European estate with 180 degree mesmerizing ocean and nightlight views in prestigious Country Club. Masterfully decorated and remodeled with no expense spared on this exquisite home. The private two story estate consists of four bedroom, 2 1/2 bath 4,626 square ft. stylized with subtle rich nuances, hand-hewn hardwood floors, soaring beamed ceilings, gracious kitchen with hand made cabinetry, imported Italian tile throughout blending modern elegance and impeccable craftsmanship.








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 $1,146,800. San Francisco home values have gone up 1.6% over the past year.  Zillow predicts they will rise 0.3% within the next year.

The median home value in Sausalito is $1,258,500. Sausalito home values have gone up 4.8% over the past year. Zillow predicts they will rise 0.5% within the next year. 

The median home value in Tiburon is $2,475,900. Tiburon home values have gone up 2.0% over the past year.   Zillow predicts they will rise 0.8% within the next year. 

The median home value in Saratoga is $2,372,300. Saratoga home values have gone up 0.8% over the past year.  Zillow predicts they will fall -0.3% within the next year.       
    
#1     401 Harrison Street #43D, San Francisco-South Beach, CA 94105 with 2 bedrooms, 2 baths, and 1,252 sq.ft. is listed $3,075,000.

Beautifully appointed residences perched atop Rincon Hill with unparalleled Bay Bridge and city views within steps of the best restaurants, shops, and The Embarcadero. Gracious interiors curated by acclaimed designer Ken Fulk,including the building's elegant penthouse lounge and grand salon. Residences boastdiagonal plank Siberian oak wood floors in the kitchen and living spaces, Studio Becker Ash Molina Cabinetry, polished white slab Carrara marble countertops, and Waterworks unlacquered brass fixtures throughout. Custom kitchens include Bertazzoni appliances and Sub-zero integrated refrigerators. Unique to the building is The Harrison Attach, your personal concierge 24/7. Enjoy the 2,500 sf gym, steam room, heated pool and jacuzzi.

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA


401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

401 Harrison Street, San Francisco, CA

Today's Top Seattle Luxury Estate Listed For Sale

Image result for Seattle

The median home value in Kirkland is $594,400.  Kirkland home values have gone up 13.1% over the past year.  Zillow predicts they will rise 5.3% within the next year.

The median home value in Seattle is $609,100. Seattle home values have gone up 13.3% over the past year. Zillow predicts they will rise 4.7% within the next year.

The median home value in Bellevue is $751,300. Bellevue home values have gone up 13.5% over the past year. Zillow predicts they will rise 4.8% within the next year. 

The median home value in Clyde Hill is $2,149,500. Clyde Hill home values have gone up 7.7% over the past year. Zillow predicts they will rise 3.3% within the next year 

The median home value in Medina is $2,353,600. Medina home values have gone up 
10.6% over the past year and Zillow predicts they will rise 4.2% within the next year. 

#1     725 14th Avenue E, Seattle-Madison Park, WA 98112 with 5 bedrooms, 8 baths, and 10416 sq.ft. is listed for sale at $7,995,000

Landmark 1905 Georgian Revival home,meticulously restored & updated. Situated on a one-third acre lot with beautifully landscaped grounds and bluestone terraces. Exquisite millwork,high ceilings, grand scale entry, gorgeous formal living/dining rooms, cozy library, sunroom,granite kitchen and informal living and dining area, office, custom designed media and billiards room with artisan-built bar; 5+ bedrooms and 6+ baths, including outstanding master suite and lower level nanny apartment.











Today's Mortgage Rates                                                                           52 Week 

30 Yr FRM4.26%4.24%+0.023.34%4.38%
15 Yr FRM3.46%3.44%+0.022.69%3.58%
FHA 30 Year Fixed3.80%3.75%+0.053.15%4.10%
Jumbo 30 Year Fixed4.37%4.35%+0.023.42%4.40%
5/1 Yr ARM3.05%3.07%-0.022.80%3.25%
Updated: 2/15/17 3:45 PM

Mortgage Rates Approach 3-Week Highs
Feb 15 2017, 4:29PM

Mortgage rates rose for the 5th day in a row following a higher reading in this morning's inflation data and an upbeat Retail Sales report.  In general, stronger economic data and higher inflation motivate investors to move money out of the bond market.  As demand for bonds falls, bond prices move lower and rates move higher.  

Today's increase brings mortgage rates close to their highest level in 3 weeks.  You'd have to go back to January 25th to see worse.  That said, "worse" is a relative term.  Both then and now, a top tier scenario would result in a conventional 30yr fixed rate of 4.25%.  Today's  upfront costs would be just slightly lower.  Only a few lenders remain at 4.125% on comparable scenarios and several have moved up to 4.375%.

Loan Originator Perspective


Bond markets lost further ground today, and rates are approaching December's highs.  Our recent range of 2.4-2.5% on treasuries is in jeopardy, and the trend is NOT our friend.  I favor locking early, particularly if closing within 45 days.  -Ted Rood, Senior Originator
I continue to believe locking is the way to go.  The current trend is not our friend, and will remain that way until it changes.   Recent data has shown inflation picking up which is one of the biggest enemies to low interest rates.  I see very little to gain floating. -Victor Burek, Churchill Mortgage

Today's Best-Execution Rates

  • 30YR FIXED - 4.25%
  • FHA/VA - 3.75-4.25%
  • 15 YEAR FIXED - 3.375-3.5%
  • 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.
     
  • 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 at 619-944-8749 or furtree@msn.com 

Most importantly, have a great day!
Tom Furino

PS.     Check out all the featured Best Mansions and Top Luxury Estates in
Los Angeles, Phoenix, San Diego, San Francisco and Seattle Listed For Sale anytime at:.

www.todaysbestmansionsforsale.com
www.laluxuryrealestateupdates.com
www.phoenixluxuryrealestateupdates.com
www.seattlerealestateluxuryhomesupdates.com
www.sandiegorealestateflashreport.com
www.sfluxuryrealestateupdates.com