Saturday, March 18, 2017


Today's Best Mansion 


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

#1     Opus, Beverly Hills, CA 90210 includes seven bedrooms,  11 bathrooms 
and 20,500 square feet is listed for sale a $100,000,000.

Striking: Niami told DailyMail.com that 'this is the only home of this caliber that will be available to a potential buyer'

This newly built  Beverly Hills mansion is stacked with everything from exotic cars to an Andy Warhol painting and a Champagne vault. The recently completed residence is located in the Trousdale Estates neighborhood, comes fully furnished.  It features a gold motif, and includes a gold Lamborghini Aventador roadster and a gold Rolls-Royce Dawn. All furnishings and art, including three Damien Hirst works valued at approximately $2 million, are part of the deal. Designed by ex-movie producer turned real estate developer Nile Niami, the 20,500-square-foot home dubbed “Opus,” overlooks the city and the Pacific Ocean from its hilltop location. Trousdale Estates has long been known as one of the most elite communities in the city and is even nicknamed “Billionaire’s Row” by locals. 

Inside, the residence features a retractable glass wall that opens up to the patio, motorized sliding doors, 12-foot ceilings, a 15-person screening room, Roberto Cavalli flooring, and Longhi doors in suede and embossed leather. On the other side of the living room is a TV that rotates 360-degrees so you can watch it from wherever you are. The master suite comes with large, floor-to-ceiling windows, dual closets and baths and unobstructed views. The mansion also comes with a full-time manager whose salary is factored into the price for the first two years.

bel air mansion opus

bel air mansion opus

Alluring: The dining area inside the abode has the perfect amount of room at the table to comfortably host friends and family for an amazing meal 

Ideal: The exquisite mansion wouldn't be complete without the gourmet show kitchen with an iPad controlled top brewer as it's steps away from the outdoor pool

bel air mansion opus

Comfortable: The curved screening room comfortably allows 15 people to enjoy an evening of entertainment inside the area within the mansion

bel air mansion opus

bel air mansion opus

bel air mansion opus

bel air mansion opus

bel air mansion opus

Breathtaking: The deck area immediately outside of the home features a cozy fire pit surrounded by a gorgeous seating area that's just steps away from the outdoor pool

Today's Top Real Estate News

Homebuyers Thwarted by Record-Low Supply of U.S. Properties

By Prashant Gopal
Bloomberg Report
It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.

“Homebuyers are going to find this spring that, in a lot of markets, the inventory of homes priced and sized at price levels they were hoping for will be very limited,” said Thomas Lawler, a former Fannie Mae economist who’s now a housing consultant in Leesburg, Virginia. “Unlikely places are getting significantly tighter.”

Buyers are clamoring as an improved job market and growing confidence in the economy collide with rising mortgage rates -- yet there’s little new inventory for them to purchase. Housing starts remain well below levels before the last recession, and builders have focused on higher-end properties out of reach for many people. Homeowners have become even more reluctant to sell because, after all, where are they going to move?

The three months through January had the fewest homes on the market on record, according to an analysis by Trulia. Prices jumped 6.9 percent in January from a year earlier, the biggest increase for any month since May 2014, data from CoreLogic Inc. show. And homes sold faster in the first two months of 2017 -- spending an average 58 days on the market -- than at the start of any year since at least 2010, according to brokerage Redfin.



Homes are moving fastest in DenverSeattle and Oakland, California -- areas where heated competition have become status quo in recent years because of soaring job growth, particularly in the technology industry. But fourth on Redfin’s list is Grand Rapids, Michigan’s second-largest city, in a reflection of strengthening employment across even the slower-growing center of the country. Buyers are also struggling in cities such as Boise, Idaho; Madison, Wisconsin; and Omaha, Nebraska.

Grand Rapids -- a diverse economy underpinned by health-care, technology and manufacturing companies, with a 3 percent unemployment rate -- has seen a 27 percent drop in homes for sale in the past year. One listing recently attracted 40 bids.

Competition is so extreme that real estate agent Tanya Craig, working with an out-of-town couple six months into a search for a home near their grandchildren, had to get creative. She called an agent representing a buyer who just signed a contract for a $350,000 house and offered about $18,000 in cash if her clients could purchase it instead. Craig, an associate broker with the Katie K team at Keller Williams, is waiting to hear back.

“People need to get their houses on the market, but they’re gun-shy,” Craig said. “Unless they know where they want to go, everyone is hesitant.”

While sellers are losing their nerve, buyer confidence has climbed since the November election, hitting a new high in February, according to Fannie Mae, which began its sentiment index in 2011. 

The unemployment rate is at 4.7 percent and business confidence has soared amid President Donald Trump’s vows to lower taxes, increase infrastructure spending and trim regulations. Rents are also at a record, making ownership more attractive.

Would-be purchasers have a reason to rush as rising borrowing costs -- and prices -- close off opportunities. The 30-year fixed mortgage rate has jumped by more than half a percentage point since the election. The Federal Reserve this week increased its benchmark interest rate by a quarter point and signaled it will do so two more times this year, boosting borrowing costs from low levels that have been in place for almost a decade.

The average 30-year rate probably will climb to 4.7 percent by the end of 2017, from 4.3 percent this week, and could reach 5.5 percent next year, said Lawrence Yun, chief economist of the National Association of Realtors.

Higher mortgage costs could eventually shrink the pool of buyers able to qualify, but it may also discourage homeowners from selling because they might have to take out a more expensive loan to purchase something else.

“In today’s market, many buyers think the trough in rates is over,” said Sam Khater, deputy chief economist at CoreLogic. “If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher and maybe inventory selection will be lower.”

Older people who may typically move are choosing to stay where they are, Chris Herbert, managing director for Harvard University’s Joint Center for Housing Studies, said in an interview Friday.

“One factor is that you have the baby boom generation on its way to being 65-plus,” Herbert said. 

“They’re moving less so you have fewer homes on the market. That could be part of the glue keeping the market stuck.”

There are are pockets of the country, such as Miami and Manhattan, where inventory has climbed amid new construction and less interest from foreigners, and some regions have yet to experience the job gains that fuel housing demand. Yet other cities that haven’t had strong price gains in recent years are now seeing a big jump.

In Philadelphia, prices for single-family houses jumped 11 percent in the fourth quarter from a year earlier, compared with a gain of less than 5 percent at the end of 2015, according to Kevin Gillen, a senior research fellow at Drexel University.

Buyers are making full-price offers before properties have even been listed, said Mike McCann, associate broker with Berkshire Hathaway HomeServices Fox & Roach.

“We might end up with fewer transactions in 2017 because we don’t have inventory," McCann said. “Thirty-five percent of my properties are selling within the first week or two of hitting the market.”

Rich Ramsey, an agent with the Helton Group at Keller Williams in Nashville, has been knocking on doors and working the phones. When he heard from a family frustrated after losing out on two homes they liked in a townhouse development in the city’s Midtown neighborhood, Ramsey started calling owners in the area.

“I found someone who had considered selling,” Ramsey said. “I asked if they had a price in mind and we started negotiating.”

The family purchased the three-bedroom property in January for a price in the low $400,000s, Ramsey said.


For some buyers, patience and persistence can pay off. Jessica Streit, a 42-year-old teacher and mother of two, has been searching for months for a home in Sunbury, Ohio, north of Columbus. She lost three bidding wars and even went into contract on a home, only to back out after an inspection revealed some expensive problems. Last week, her fortunes changed -- she signed a $136,000 deal for a two-bedroom condominium with a finished basement.

“We were absolutely shocked to get this one,” she said. “We had an appointment to see a rental house Saturday because we thought that would be our next direction.


Today's Mortgage Rates 

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.26%4.27%-0.013.34%4.39%
15 Yr FRM3.46%3.47%-0.012.69%3.61%
FHA 30 Year Fixed3.85%3.88%-0.033.15%4.10%
Jumbo 30 Year Fixed4.48%4.50%-0.023.42%4.60%
5/1 Yr ARM3.09%3.08%+0.012.80%3.25%






Updated: 3/17/17 2:37 PM

Mortgage Rates Steady to Slightly Lower
Mar 17 2017, 2:56PM

Mortgage rates managed to maintain the improvement seen since Wednesday's Fed announcement.  While the Fed did indeed hike its policy rate, the hike was widely expected and had already been accounted for in longer-term bond markets (like those that dictate mortgage rates).  The easiest way to understand this is to consider that most bond market securities (like Treasuries and Mortgage-Backed-Securities) can move/change every millisecond of every business day. 

The Fed Funds rates, on the other hand, only changes/moves at the end of scheduled Fed meetings 8 times a year.  If bond markets are reasonably confident the Fed is going to hike rates, they can begin trading accordingly well in advance.  That exact scenario played out over the past month and accounts for much of the move higher in rates from late February through Fed day.  

Because bonds were already in position for the Fed hike, they were free to react to other aspects of the Fed policy.  Specifically, investors were expecting the Fed's forecast to show faster rate hikes in the future.  This accounts for some of the move higher in rates in early March.  The Fed's actual forecast turned out to be fairly tame and rates were thus able to move quickly lower.

There hasn't been much movement since the initial reaction to the Fed this past Wednesday.  Conventional 30yr fixed rates continue hovering around 4.25% for top tier scenarios.  

Loan Originator Perspectives

Good week for rates. We made up quite a bit of ground since Monday. And that leaves us right back towards the middle of the 2.32-2.62 range on the 10 year Treasury bond since the election. If you have overnight protection, meaning you can wait until Monday pre-market to lock, you may want to see if things remain the same over the weekend. If not, you’ve recovered and 1/8th-1/4 since Monday, so take the gains and call it a day if you’re risk averse. The choice is always yours. Happy St. Patrick’s Day! -Jeff Anderson, Loan Officer, Salem Five Mortgage, LLC

Bonds posted a green day, in honor of St Patrick, and my pricing improved over Thursday's. It appears for now that our rising rate trend is on hold.  That hardly guarantees a looming rally, but sure beats watching a daily bond sell-off.  I still think rate sheets haven't seen the full benefit of this week's gains, so looking to float this weekend.  Next week's economic calendar shows limited significant events until Thursday, my hunch is pricing improves over the weekend.  Hope your brackets aren't busted yet!  -Ted Rood, Senior Originator

Today's Best-Execution Rates
  • 30YR FIXED - 4.25%
  • FHA/VA - 4.0-4.25%
  • 15 YEAR FIXED - 3.5-3.625%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender

Ongoing Lock/Float Considerations
  • 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
  • Still, it would take something very big and unexpected for rates to make a big, sustained push back toward pre-election levels.   Even then, it would take time to confirm such a shift. 
  • With fiscal and monetary policy paths both clearly putting pressure on rates, at least one of those would need to make a noticeable change before anything but a cautious, lock-biased approach makes sense as a baseline strategy.  Floating should only be considered as a tactical opportunity to capitalize on temporary corrections.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable. 
30 Year Fixed Rate Mortgage History

                                                                                                  
Today's Top LA Luxury Estate Listed For Sale

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The median home value in Los Angeles County is $552,600. Los Angeles County home values have gone up 7.1% over the past year, Zillow predicts they will rise 1.1% within the next year.

The median home value in Brentwood, 90049 is $2,534,200. Brentwood home values have gone up 9.8% over the past year.  Zillow predicts they will rise 1.8% 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 $3,121,700.  Beverly Hills home values have gone up 4.2% over the past year.  Zillow predicts they will rise 1.1% with the next year.

The median home value in Bel Air is $3,299,900. Bel  Air home values have gone up 4.7% over the past year.  Zillow predicts they will rise 0.5% within the next year.

#1     31636 Sea Level Drive, Malibu, CA 90265 with 4 bedrooms, 4 baths, and 
4,298 sq.ft. is listed for sale at $10,995,000.

31636 Sea Level Drive, Malibu, CA

Modern design and architectural features unite in this newly remodeled three-story contemporary beachfront home by world-renowned architect Richard Landry. Pure white Nano Glass slabs & plaster wall finish were used to create crisp lines and precise detailing, giving this open floor plan home a light, airy feeling and providing a clean backdrop for special mood/ambience lighting features. Steps to the beach, the first floor includes an ocean front living room with fireplace, dining area & gourmet island kitchen with outdoor entertaining deck. The second floor owner's suite with fireplace, private deck and spa-like bath has a second glass wall that floods the floor with natural light, but can be closed with automated shades/draperies for privacy. The ultimate indoor/outdoor recreation space is created with pocket doors that completely open between the media room, custom bar and roof terrace with fire pit and built-in BBQ. Located behind the gates of a private subdivision off Broad Beach 

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA

31636 Sea Level Drive, Malibu, CA
.
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 $416,900. Scottsdale home values have gone up 3.5% over the past year. Zillow predicts they will rise 1.5% withiin the next year.

The median home value in Carefree is $758,400. Carefree home values have gone up 5.6% over the past year.  Zillow predicts they will rise 2.6% within the next year.

The median home value in Paradise Valley is $1,611,200. Paradise Valley home values have gone up 2.8% over the past year. Zillow predicts they will 1.6% with the next year.

#1      20521 N 100th Place, Scottsdale, AZ 85255 with 6 bedrooms, 7 baths, 
and 6,043 sq.ft.is listed for sale at $2,350,000 

20521 N 100TH Place, Scottsdale, AZ

Stunning Camelot home featuring a private front courtyard with sparkling pool and large covered patio as well as a private back yard with artificial grass, covered patios, built-in BBQ and gas fireplace. As you enter the home, a grand foyer greets you with a sitting area just off the formal living and dining room. The kitchen is a chef's dream with a butler's pantry, built-in espresso maker, warming drawer, cooler drawers, wine refrigerator, built-in ice maker, 6-burner Viking gas cooktop, granite countertops, custom built-in refrigerator and 2 large islands. Just off the kitchen is a quaint breakfast room and a built-in office area in the space between the kitchen and garage. The kitchen is open to the great room and large game room.

20521 N 100TH Place, Scottsdale, AZ

20521 N 100TH Place, Scottsdale, AZ

20521 N 100TH Place, Scottsdale, AZ

20521 N 100TH Place, Scottsdale, AZ

20521 N 100TH Place, Scottsdale, AZ

20521 N 100TH Place, Scottsdale, AZ

Today's Top San Diego Luxury Estate Listed For Sale


The median home value in San Diego County is $530,900. 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 6.2% over the past year.  Zillow predicts they will rise 1.5% within the next year. 

The median home value in Solana Beach 92075 is $1,265,000. Solana Beach 92075 home values have gone up 4.8% over the past year.  Zillow predicts they will rise 1.6% within the next year.

The median home value in Del Mar 92014 is $1,687,600 Del Mar home values have gone up 10.1% over the past year.  Zillow predicts they will rise 2.9% with then next year.

The median home value in Rancho Santa Fe is $2,601,300. Rancho Santa Fe home values have declined -3.7% over the past year and Zillow predicts they will fall -1.6% within the next year.

#1     6349 Mimulul, Rancho Santa Fe, CA 92067 with 6 bedrooms, 8 baths, and 9,031 sq.ft. is listed for sale at $6,794,876   

6349 Mimulus, Rancho Santa Fe, CA

All that Jazz! Custom blt by noted designer and beautifully set on a 1.9 acre lot at the 4th hole, RSF Golf Course. Outstanding Architectural Digest quality inside and out, Detached 2br Guest hm, sprawling outdoor living w/Weiland pocket drs, Summer kitchen outdoors and true Chef's kitchen indoors. Lavish Master suite and large adjoining Spa bath outfitted with His and Her closets and Spa Garden. Vintage wood beams, incredible natural light, pool/spa and waterslide, fire pit, 7 fireplaces, professional Theatre, collectors


6349 Mimulus, Rancho Santa Fe, CA

6349 Mimulus, Rancho Santa Fe, CA

6349 Mimulus, Rancho Santa Fe, CA

6349 Mimulus, Rancho Santa Fe, CA

6349 Mimulus, Rancho Santa Fe, CA

6349 Mimulus, Rancho Santa Fe, CA

6349 Mimulus, Rancho Santa Fe, CA

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 $1,148,700. San Francisco home values have gone up 1.0% over the past year.  Zillow predicts they will rise 0.4% within the next year.

The median home value in Sausalito is $1,268,200. Sausalito home values have gone up 4.2% over the past year. Zillow predicts they will rise 0.4% within the next year. 

The median home value in Tiburon is $2,499,000. Tiburon home values have gone up 2.1% over the past year.   Zillow predicts they will rise 0.5% within the next year. 

The median home value in Saratoga is $2,388,3200. Saratoga home values have gone up 1.0% over the past year.  Zillow predicts they will fall -0.2% within the next year.

#1     3159 Baker Street, San Francisco-Marina, CA 94123 with 6 bedrooms, 4 baths, and 4,680 sq.ft.is listed for sale at $4,998,000   

3159 Baker Street, San Francisco, CA

Marina Home build in 1927 sits on bedrock on the corner of Baker & Francisco. Grand formal entry to sucken Living Room with original stone fireplace, detailed hardwood floors and beautiful french doors to formal Dining Room captures the charm of old San Francisco. The MAIN HOUSE has 4 bedrooms, 3 bathrooms and the GUEST/IN LAW UNIT has 2 bedrooms, 1 bathroom with kitchen/family room and separate entrance. Each has it's own Washer/Dryer. Large garage for up to 2+ cars or extra storage. Fenced and private patios for entertaining and roof deck with VIEWS of the Golden Gate Bridge. Walking to Chestnut, Palace of Fine Arts, Marina, close to public Transportation.

3159 Baker Street, San Francisco, CA

3159 Baker Street, San Francisco, CA

3159 Baker Street, San Francisco, CA

3159 Baker Street, San Francisco, CA

3159 Baker Street, San Francisco, CA

3159 Baker Street, San Francisco, CA

3159 Baker Street, San Francisco, CA

Today's Top Seattle Luxury Estate Listed For Sale

Image result for Seattle

The median home value in Kirkland is $592,100.  Kirkland home values have gone up 11.5% over the past year.  Zillow predicts they will rise 3.2% within the next year.

The median home value in Seattle is $604,300. Seattle home values have gone up 8.9% over the past year. Zillow predicts they will rise 2.8% within the next year.

The median home value in Bellevue is $752,800. Bellevue home values have gone up 12.7% over the past year. Zillow predicts they will rise 3.4% within the next year. 

The median home value in Clyde Hill is $2,098,300. Clyde Hill home values have gone up 3.4% over the past year. Zillow predicts they will rise 1.4% within the next year.

The median home value in Medina is $2,311,200. Medina home values have gone up 8.0% over the past year and Zillow predicts they will rise 2.2% within the next year

 #1     2828 Boyer Ave E, Seattle, WA 98102 with 4 bedrooms, 3 baths, and 4,400 sq.ft. is listed for sale at $2,500,000.

2828 Boyer Ave E, Seattle, WA

A treasured Seattle icon, redesigned by Roland Terry in the 70's, rebuilt by internationally renowned architect, Hugh Newell Jacobsen in 2003, set in the heart of Portage Bay. Main floor living and fully finished lower level offer stunning lake/mountain views and dock/water access. Sophisticated and timeless, the elegant interior spaces focus on the pleasures of art, function, panoramic views, natural light and privacy. Italian gardens for entertaining bliss or intimate gatherings. Supreme location.

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA

2828 Boyer Ave E, Seattle, WA
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!

Cordially,

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