Tuesday, February 7, 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.

Today's Best Mansion Listed For Sale   

#1     10 Beverly Park, Beverly Hills, CA 90210  with 7 bedrooms, 10 baths, 
and 13,000 sq.ft. is listed for sale at $29,000,000.

Located in the prestigious, guard-gated, celebrity enclave of Beverly Park South, thist Colonial mansion is sited on nearly 4.25 enchanting acres segmented into several dedicated areas. Selected by the developer for the residence of his family, this exceedingly secure and private estate is one of only a few Beverly Park properties which affords sweeping city lights views. The grounds are comprised of rolling lawns, a large play area, swimmer's pool with gazebo, and several "secret" gardens. The gated property has a charming pea gravel drive, 5-car garage with a broad motor court.


10 Beverly Park, Beverly Hills, CA 90210

10 Beverly Park, Beverly Hills, CA 90210

10 Beverly Park, Beverly Hills, CA 90210

10 Beverly Park, Beverly Hills, CA 90210

10 Beverly Park, Beverly Hills, CA 90210

10 Beverly Park, Beverly Hills, CA 90210


Today's Top Real Estate News
   

California is producing less than half the new homes it needs to meet demand in the Golden State.

In its first comprehensive analysis since the year 2000, California’s Department of Housing and Community Development paints a bleak picture of the state’s housing landscape. While it points to some hopeful developments, the report suggests lawmakers will need to consider serious policy changes if California is going to build the projected 1.8 million new homes needed by 2025.

The Statewide Housing Assessment Report is still in draft form, and its authors are gathering public input at workshops around the state. On Monday a small group of mostly local government representatives and advocates met in Fresno to hear the report’s findings.

“About a third of all California renters today are paying more than 50 percent of their income in rent,” California Department of Housing and Community Development Director Ben Metcalf told the group.

Those paying the largest share of their income for rent and transportation aren’t concentrated in expensive cities like San Francisco — they’re largely living in rural Northern California counties and in the Central Valley.

“We’re seeing home ownership rates at the lowest level they’ve been since World War II,” Metcalf said. And, he added, while just 12 percent of Americans live in California, 22 percent of America’s homeless live here, more than in any other state.

Among the challenges driving the lack of affordable housing is unstable funding, the report finds. Federal allocations for affordable housing declined in California from 2003 to 2015. There just aren’t enough affordable rentals, and even for those who get assistance, Section 8 vouchers can’t keep pace with soaring rents.


The authors also point to regulatory hurdles and land use policies that jack up development costs and delay building.

On the upside, the report finds some positive impact from state and local bonds for affordable housing and permanent housing for the homeless, along with revenue from the state’s cap-and-trade program.

Still, the report suggests there are big consequences resulting from the failure to meet housing needs. When you factor housing in, California has the highest poverty rate in the country. Housing instability affects people’s health and kids’ academic performance. And as people move farther from jobs, long commutes increase pollution.

Overall, the report concludes the lack of housing costs the California economy almost $240 billion a year.

Once they’d heard the findings, the group in Fresno offered input. They discussed special barriers facing disabled communities and highlighted housing issues unique to vulnerable populations.

Ashley Werner, an attorney with the Leadership Council for Justice and Accountability, a nonprofit that helps low-income communities, raised concerns about undocumented immigrants.

“I think there’s a lot of different policy solutions we can put in place to protect them, and protect our whole population,” Werner said. “I think that’s especially important right now.”

Public comment continues in cities around the state until March 4. A final housing assessment is expected to be ready for policymakers to consider this summer. 

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     320 North Gunston Drive, Brentwood, CA 90049 with 7 bedrooms, 9 baths, 
and 10740 sq.ft. is listed for sale at $13,950,000 

Magnificent brand new guard-gated East Hamptons Traditional. Exceptional light-filled estate home for entertaining with dramatic soaring two-story foyer and expansive living, dining, and great rooms. Gracious gourmet kitchen with Wolf and SubZero appliances, elegant custom cabinetry and marble surfaces. Master suite aerie with spacious volume. Inspired master bath with Walker Zanger Moderne Gascogne mosaic tiling. Four additional bedrooms up, all with ensuite baths. Main level Captain of Industry screening room. Grand 2nd floor landing for billiards or family den. Spectacular glass wall wine cellar. Gym and yoga studio. Great room wet bar. European hardwood flooring throughout. Sparkling pool and spa, fountains, built-in barbeque, outdoor fireplace, loggias, putting green and bar. Security system, surround sound, 1st floor guest suite. An artfully built oasis in Brentwood on a serene, security-protected tree-lined street offering unparalleled amenities.

320 N Gunston Dr, Los Angeles, CA 90049

320 N Gunston Dr, Los Angeles, CA 90049

320 N Gunston Dr, Los Angeles, CA 90049

320 N Gunston Dr, Los Angeles, CA 90049

320 N Gunston Dr, Los Angeles, CA 90049

320 N Gunston Dr, Los Angeles, CA 90049

320 N Gunston Dr, Los Angeles, CA 90049


320 N Gunston Dr, Los Angeles, CA 90049

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      10040 East Happy Valley Road, Scottsdale, AZ 85255 with 6 bedrooms, 8 baths, and 11,939 sq.ft. is listed for sale at $2,599,000.

Sprawling desert estate on 2.6+ acres located in the exclusive community of Desert Highlands. No expense was spared in the recent enhancements! Open floor plan with huge gourmet kitchen and top of the line appliances, adjacent large family room with stone fireplace and a wall of windows overlooking outstanding outdoor living. Master suite with see-thru fireplace, sitting room and luxurious master bath. 4 ensuite secondary bedrooms in the main house and an additional ensuite bedroom in the 2,500+ sq.ft. guest wing/casita. Media/bonus room, wine cellar, office. Resort-like backyard with oversized pool and spa with boulder water feature, built-in barbecue, fire pit, putting green and expansive covered patios to enjoy the ultimate in southwest living!

10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255

10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255
10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255

10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255

10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255

10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255

10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255


10040 E Happy Valley Rd Unit 1, Scottsdale, AZ 85255

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     7116 Vista Del Mar Avenue, La Jolla, CA 92037 with 5 bedrooms, 5 baths, and 4,225 sq.ft. is listed for sale at $7,950,000.

Oceanfront and architecturally spectacular, this modern Mediterranean offers gorgeous whitewater views & extraordinary detailing including curvilinear design, dramatic skylit entry rotunda, 10' ceilings, travertine flooring & lighted crown mouldings. Dining, living, and family rooms surround the professional kitchen &rooftop deck &dedicated media theater are perfect for gathering andgames. Expansive bedrooms all w/outdoor access are tucked into private areas including a grand seaside master.

7116 Vista Del Mar Ave, La Jolla, CA 92037

7116 Vista Del Mar Ave, La Jolla, CA 92037

7116 Vista Del Mar Ave, La Jolla, CA 92037




7116 Vista Del Mar Ave, La Jolla, CA 92037

7116 Vista Del Mar Ave, La Jolla, CA 92037

7116 Vista Del Mar Ave, La Jolla, CA 92037

7116 Vista Del Mar Ave, La Jolla, CA 92037

7116 Vista Del Mar Ave, La Jolla, CA 92037


7116 Vista Del Mar Ave, La Jolla, CA 92037

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      3060 Pacific Avenue, San Francisco-Pacific Heights, CA 94115 with 6 bedrooms, 6 baths, and 3,500 sq.ft. is listed for sale at $8,250,000.

A rare offering. Ideally located on one of Pacific Heights most premier blocks. Inspired by Normandy architecture, the home is the epitome of style and elegance, distinguished by balanced proportions and classic details. The formal living room overlooks a south facing garden, oval dining rm, gracious entrance hall and sweeping spiral staircase connecting the 3 main floors. A large kitchen and sunny breakfast room overlook the back garden. Fully detached and on a large lot, the home is flooded with natural light,  enjoys beautiful outlooks and water views from the upper levels. Development potential on lower level which has 2 bedrooms, 1 bath, abundant storage space and 2 car SXS garage. Grand in scale yet intimate in feel. A+ location!

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115

3060 Pacific Ave, San Francisco, CA 94115
 
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     3661 West Mercer Way, Mercer Island, WA 98040 with 5 bedrooms, 5 baths, 
and 6,360 sq.ft. is listed for sale at $8,800,000.

Splendid style, inspirational interiors, huge windows with breathtaking views and copious fun is built into this creative 21st Century NW Contemporary in the heart of the Gold Coast! The Yin and Yang of summer and winter combine here in architectual harmony. Lakeside level has a complete summer house ,including gourmet kitchen. The enormous dock has 100amps/240 volts worth of power, and can berth a 150 ton boat with a 10 ft draw. Master bedroom feels like your living over the water. 85ft of H2O.

3661 W Mercer Way, Mercer Island, WA 98040

3661 W Mercer Way, Mercer Island, WA 98040

3661 W Mercer Way, Mercer Island, WA 98040

3661 W Mercer Way, Mercer Island, WA 98040

3661 W Mercer Way, Mercer Island, WA 98040

3661 W Mercer Way, Mercer Island, WA 98040

3661 W Mercer Way, Mercer Island, WA 98040


3661 W Mercer Way, Mercer Island, WA 98040

Today's Mortgage Rates                                                                           52 Week 

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.19%4.24%-0.053.34%4.38%
15 Yr FRM3.40%3.44%-0.042.69%3.58%
FHA 30 Year Fixed3.75%3.80%-0.053.15%4.10%
Jumbo 30 Year Fixed4.32%4.36%-0.043.41%4.40%
5/1 Yr ARM3.01%3.05%-0.042.80%3.25%
Updated: 2/6/17 4:22 PM
Mortgage Rates Drop to 2-Week Lows
Feb 6 2017, 4:36PM


Mortgage rates moved lower today as investors sought safe haven from global political risk in the bond market.  When investor demand for bonds increases, rates generally fall, all things being equal.  Today's improvement was fairly healthy, too.  You'd have to go back to January 23rd--exactly 2 weeks ago--to see anything better at the average lender.

4.25% has been the most common conventional 30yr fixed rate on top tier scenarios.  While that's still technically true, stronger lenders are increasingly moving down to 4.125% on days like today.  Keep in mind that the difference between 4.125% and 4.25% isn't quite as simple as 0.125%.  True, the gap between "contract" rates (which governs the monthly payment) at stronger/weaker lenders would be 0.125%, but the gap between "effective" rates (which take upfront costs into consideration) is typically smaller.  In other words, average lender-imposed upfront costs associated with 4.25% are smaller than the costs associated 4.125%.

Loan Originator Perspective


Bond market investors must be Patriot fans, as rates dropped and pricing improved today.  Benchmark 10 year bond yields dropped to nearly 2.4%, close to the bottom of recent ranges.  This looks/feels more like short term movement than a trend to lower rates, but whichever it is, we'll take it.  If you are locking today, may want to wait until later in the day.  As of mid-PM, a few lenders improved pricing, it's likely more will as the day progresses.  -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 -  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.  Most importantly, have a great day!

Tom

www.laluxuryrealestateupdates.com

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