Thursday, March 23, 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     428 Fibiscus Drive, Miami Beach, FL 33139 with 7 bedrooms, 11 baths, and 11,500 sq.ft. is listed for sale at $29,950,000



Casa Ischia, an architectural gem by renowned architect Ralph Choeff. Amenities include 7 bedrooms, 8 bathrooms, 3 powder rooms, chefs kitchen, butlers pantry, bar, 3 outdoor showers, lap pool, 2 spas, Koi pond, 2 outdoor kitchens, a 3 car air-conditioned automobile gallery, movie theater, elevator, wine cellar, rooftop terrace, beach area with a fire pit. 19,446 square foot pie shape lot. no wake zone area and new seawall and dock legally dock a yacht of up to 130 feet.
























Today's Top Real Estate News

Existing Sales Stifled By Inventory Constraints
By Jann Swanson
Mortgage New Daily

Existing home sales burst out of the box in January to start the year out with a 3.2 percent increase over the previous month.  Those gains, however, were wiped out in February.  The National Association of Realtors® (NAR) said on Wednesday that sales of previously owned homes, including single-family structures, townhomes, condos, and co-ops, retreated by 3.7 percent, to a seasonally adjusted annual rate of 5.48 million units.  NAR did not revise their original estimate of a 5.69-million-unit pace in January. Even with the decline, sales still maintained their edge over February 2016 by 5.4 percent.


Analysts polled by Econoday had expected sales to pull-back, but the February number was on the low end of estimate, from 5.430 million units to 5.670 million.  The consensus was 5.555 million units.

Sales of single-family homes were down by 3.0 percent to an annual rate of 4.89 million from 5.04 million in January, remaining 5.8 percent above the 4.62 million sales pace in February 2016.  Condo and co-op apartment sales plunged month-over-month by 9.2 percent to 590,000 units from 650,000, but remained 1.7 percent higher than sales in February 2016.  

Lawrence Yun, NAR chief economist, said buyers in most of the country were "stifled" by the lack of properties for sale and weakening affordability. He said, "Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers.  Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market."


Yun added that a growing share of homeowners who responded to NAR's recent HOME survey believe it is a good time to sell, "But, but until an increase in listings occurs, home prices will continue to move hastily."

The median price for all types of existing housing was $228,400, up 7.7 percent from the February 2016 median of $212,100.  This was the fastest rate of increase since January 2016 when prices rose 8.1 percent.  It also marks the 60th consecutive month of year-over-year gains. The median existing single-family home price was $229,900 in February, up 7.6 percent from February 2016.  Existing condo prices were up 8.2 percent to a median of $216,100.  

Total housing inventory increased slightly in February, up 4.2 percent to 1.75 million homes compared to 1.69 million at the end of January, but it is still 6.4 percent lower than in February 2016 and has fallen year-over-year for 21 straight months. Unsold inventory is estimated at a 3.8-month supply at the current sales pace compared to a 3.5-month supply in January.

First time buyers continue to represent a lower share of sales than their historic levels.  Those buyers accounted for 32 percent of sales in February compared to 33 percent in January.  First-timers averaged a 35 percent share through most of 2016 and have had a near-40 percent share historically.

Individual investors purchased 17 percent of homes in February, two percentage points more than in January but down from 18 percent a year earlier.  Seventy-one percent of investors paid cash for their purchases, tying the most recent high in April 2015.  Overall, all cash was employed in 27 percent of all transactions during the month.

Six percent of February sales were foreclosures and 1 percent were short sales.  The percentage of distressed sales has remained at 7 percent for three straight months and is down from 10 percent a year earlier.  Foreclosures sold for an average discount of 18 percent below market value in February (14 percent in January), while short sales were discounted 17 percent (10 percent in January).

"The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future," said Yun. "Investors are still making up an above average share of the market right now despite steadily rising home prices and few distressed properties on the market, and their financial wherewithal to pay in cash gives them a leg-up on the competition against first-time buyers." 

Properties typically stayed on the market for 45 days in February, down from 50 days in January and considerably more than last February (59 days). Short sales were on the market the longest at a median of 214 days, foreclosures sold in 49 days, and non-distressed homes in 45 days. Forty-two percent of homes sold in February were on the market for less than a month.

Among metro areas the pace of sales was the fastest on the West Coast.  The marketing time in the San Jose area was 23 days, in San Francisco- Oakland it was 27 days, and homes in Seattle-Tacoma-Bellevue property stayed on the market a median of 36 days.
NAR President William E. Brown says being fully prepared is the right strategy for prospective buyers this spring. "Seek a preapproval from a lender, know what your budget is and begin discussions with a Realtor early on about your housing wants and needs," he said. "Homes in many areas are selling faster than they were last spring. A buyer's idea of a dream home in a popular neighborhood is probably the same as many others. That's why they'll likely have to decide quickly if they see something they like and can afford." 

The national decline in existing home sales was wide-spread with only the South seeing an increase in February.  In the Northeast sales of existing homes slumped 13.8 percent to a seasonally adjusted annual 690,000 units, remaining 1.5 percent higher than a year ago.  

The median home price in the Northeast was $250,200, up 4.1 percent from February 2016.

Sales fell 7.0 percent in the Midwest, to an annual rate of 1.20 million, an annual increase of 2.6 percent. The median price gained 6.1 percent to $171,700.  
Existing-home sales in the South in January rose 1.3 percent to 2.34 million, and are now 5.9 percent above February 2016. The median price in the South was $205,300, up 9.6 percent on an annual basis.

There was a 3.1 percent decline in sales in the West, to an annual rate of 1.25 million.  Sales however were up 9.6 percent from the previous February. The median price increased 9.6 to $339,900.

Today's Mortgage Rates:

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.19%4.21%-0.023.34%4.39%
15 Yr FRM3.40%3.42%-0.022.69%3.61%
FHA 30 Year Fixed3.80%3.80%--3.15%4.10%
Jumbo 30 Year Fixed4.38%4.40%-0.023.42%4.60%
5/1 Yr ARM3.07%3.08%-0.012.80%3.25%


Updated: 3/22/17 3:14 PM

Mortgage Rates Slightly Lower, but Volatility Looms
Mar 22 2017, 3:44PM

Mortgage rates were lower for the 7th day in a row today, further extending their push into the lowest levels of the month.  At first, that positive movement was driven by relief that the Fed's rate hike outlook didn't accelerate as much as investors expected.  That motivation ran its course by the end of last week.

Since then, political uncertainty has been a hot button, with widespread doubt surrounding the new administration's ability to pass the new health care bill.  There have been several other contributing factors driving political uncertainty, but Thursday night's health care vote is a focal point.  Most media reports suggest passage is unlikely, but that a modified version of the bill might be able to clear the House.  Even though the Senate would still need to vote, if any sort of healthcare bill passes the house tomorrow night, mortgage rates could rise quickly.

Either way, investors are coming to a fork in the road where they'll generally be casting votes (with money!) as to whether or not the new administration can get things done.  If the answer is yes, expect pressure on rates.  If the answer is no, the recent positive trend could continue.  Either way, bigger market movement is the likely result for both stocks and interest rates.  

The average lender is quoting conventional 30yr fixed rates of 4.25% on top tier scenarios, but with lower upfront costs today.  Several more lenders moved down to 4.125%, and fewer laggards remain at 4.375%.

Loan Originator Perspectives


More congressional uncertainty and bond gains today as continued concern over fiscal growth impacted investor confidence.  This bond rally is reaching the point where it can either stall, or (potentially) continue to roll.  Will Congress pass a healthcare bill, or meaningful economic reforms?  Your guess is as good as mine, but for now, the stalemate is boosting bonds.  I'm still inclined to float, with a finger on the lock button.  -Ted Rood, Senior Originator

With rates having dropped recently, and a couple of potentially pivotal events upcoming (Yellen speech and healthcare vote), it feels like another good time to lock in the recent rate gains.  In addition, 10 year Treasury yields are approaching the bottom of the recent post-election trading range.  I see this as another indication to recommend locking in your rate and not take the potential risk of floating. -Timothy Baron Licensed Loan Originator, NMLS #184671

If you have been floating, you are being well rewarded with the recent bond rally.  Could this rally continue, yes…but I do think it would be wise to lock in these recent gains.  Any further gains will be slow to come and lenders even slower to pass them along.  However, if bonds start to slip, rates could rise fast and lenders will worsen pricing even faster. -Victor Burek, Churchill Mortgage

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.  Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.


    30 Year Fixed Rate Mortgage History

                                                                                                      

    Today's Top LA Luxury Estate Listed For Sale


    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     27030 Malibu Cove Colony, Malibu, CA 90265 with 4 bedrooms, 5 baths, and 3,390 sq.ft. is listed for sale at $8,895,000



    Elegance and modern comforts unite in this sun-filled 3-story immaculate home with  50ft of beach frontage and dramatic views of Point Dume Beach, the Queen's Necklace and Catalina Island. Attention to quality and detail was created throughout, from the custom glass doors, vaulted wood ceilings, radiant heated wood floors and ocean views from nearly every room. Enter through the airy courtyard into the main level, past a custom saltwater aquarium to a floor-to-ceiling glass great room that includes formal sitting/dining area with fireplace and gourmet kitchen w/Italian Boffi cabinetry, plus a beautifully designed den, all flowing out to a huge entertainer's balcony. Continue up the 3-story "floating" stairs to the 2nd level ocean view owner's suite w/fireplace, balcony and ocean view spa-bath and steam shower with huge closet. The rare 3rd level offers an ensuite bedroom and large viewing deck. 2-car garage w/guest parking, steps to the beach and more makes this guard gated gem the ultimate in beach living.












    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. Carfree 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 home values have gone up 2.8% over the past year. Zillow predicts they will rise 1.6% within the next year.  


    #1     6812 N 47th Street, Paradise Valley, AZ 85253 with 5 bedrooms, 7 baths, and 7,748 sq.ft. is listed for sale at $2,150,000.

    6812 N 47th St, Paradise Valley, AZ 85253

    Tucked back in a private cul-de-sac with sweeping mountain views in every direction, all while being located in the heart of Paradise Valley! This beautiful estates boasts 5 bedroom/6.5 bathroom with stunning views from every room and wood floors throughout. The master bedroom is stunning and the master bath has been completely renovated. The large chef's kitchen has everything you can dream of while opening up to your living spaces. Large foyer with dual staircases and wrap around balcony. Backyard is great for entertaining with large pool and grassy area as well as an entertainer's Ramada and sand volleyball court. Do not miss this wonderful home at an incredible value.

    6812 N 47th St, Paradise Valley, AZ 85253

    6812 N 47th St, Paradise Valley, AZ 85253

    6812 N 47th St, Paradise Valley, AZ 85253

    6812 N 47th St, Paradise Valley, AZ 85253

    6812 N 47th St, Paradise Valley, AZ 85253

    https://ap.rdcpix.com/1356733247/6641eb8271b3a8b01a98b60469d610d0l-m10xd-w1020_h770_q80.jpg

    6812 N 47th St, Paradise Valley, AZ 85253

    6812 N 47th St, Paradise Valley, AZ 85253

    6812 N 47th St, Paradise Valley, AZ 85253

    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      4230 Arista Street, San Diego-Mission Hills, 92103 with 7 bedrooms,8 baths, and 11,400 sq.ft. is listed for sale at $5,695,000.

    4230 Arista St, San Diego, CA 92103

    Revel in the grandeur of the past and enjoy the current comforts of this gracefully designed home located high on the end of a peaceful cul-de-sac in Mission Hills and known as the Leo R. Hoffman Historic Residence. Fabulous in every regard, this seven bedroom, seven and one half bath, four level home offers something special for everyone.

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103

    4230 Arista St, San Diego, CA 92103


    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     740 Vera Cruz Avenue, Los Altos, CA 94022 with 6 bedrooms, 5 baths, and 
    4,306 sq.ft. is listed for sale at $4,998,000

    740 Vera Cruz Ave, Los Altos, CA 94022

    Must-Have Modern Farmhouse. Sunny farmhouse character merges with contemporary luxury in this single-story 6 bedroom, 4.5 bath residence of approx. 4,300 sq. ft. (per plans) on a corner lot of over 15,500 sq. ft. (per survey). Built in 2016, the home is extravagantly finished with clerestory windows, wide-plank hardwood floors, and a dazzling chefs kitchen, yet the open, centralized layout allows casual warmth and easy indoor-outdoor living. Flexibly designed bedrooms include an in-law suite, while the spacious living areas glide outwards to a sprawling, freshly landscaped backyard. Nestled between San Antonio Center and downtown Los Altos, you will enjoy quick access to highly desired Los Altos schools
    .
    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    740 Vera Cruz Ave, Los Altos, CA 94022

    Today's Top Seattle Luxuey 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     1035 89th Avenue NE, Bellevue, WA 98004 with 5 bedrooms, 7 baths,  and 
    6,700 sq.ft. is listed for sale at $5,300,000 

    1035 89th Ave Ne, Bellevue, WA 98004 
    Exquisite craftsmanship, sophisticated amenities and gracious living spaces redefine luxury living in this signature W Bellevue estate. Rare dichotomy of captivating traditional elegance and contemporary designer details. Expansive epicurean kitchen, 1000+ bottle cellar and luxurious master suite. Sited on a level acre, next to waterfront parks and downtown Bellevues world-class shopping and chef-inspired dining. Top-rated schools including coveted Medina Elem.

     1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004

    1035 89th Ave Ne, Bellevue, WA 98004


    1035 89th Ave Ne, Bellevue, WA 98004
    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