Thursday, April 20, 2017

Today's Best Mansions: They’re lavish. They’re huge. They're grand. They're expensive.

#1     1071 N Ocean Blvd. Palm Beach, Florida 33480 with 8 bedrooms, 7 baths, 
and 35,003 sq.ft. is listed for sale at $69,900,000.



A flawless contemporary build by Barcelo Homes perched above 75 feet of low-bank Mercer Island waterfront. A remarkable profile with walls of glass, monster ceilings, and endless Lake Washington views from all three open levels. Indoor and outdoor luxury living courtesy of a state-of-the-art kitchen, five en-suite bedrooms, an entertaining level with a second kitchen, two large decks, two patios, and a renovated private dock with boat space. Exceptional Lakefront living at its best!

















Today's Top LA Luxury Estate 



The median home value in Los Angeles County is $556,300. Los Angeles County home values have gone up 7.-% over the past year, Zillow predicts they will rise 0.8% within the next year.

The median home value in Brentwood, 90049 is $2,493,800. Brentwood home values have gone up 6.8% over the past year.  Zillow predicts they will rise 1.5% within the next year

The median home value in Malibu is $2,887,500.  Malibu home values have gone up 5.7% over the past year.  Zillow predicts they will rise 0.8 % within the year.'
.
The median home value in Bel Air, 90077 is $3,283,500. Bel  Air home values have gone up 2.9% over the past year.  Zillow predicts they will remain even 0.0% within the next year.

The median home value in Beverly Hills 90210 is $4,842,000.  Beverly Hills home values have gone up 6.0% over the past year.  Zillow predicts they will rise 0.6% with the next year.

#1     3405 Manattan Avenue, Manhattan Beach, CA 90266 with 5 bedrooms, 5 baths, and 4,306 sq.ft. is listed for sale at $7,200,000.



Four houses to the sand on a coveted, south facing walkstreet corner lot, this classically inspired home was taken down to the studs and completely remodeled in 2015 by HGTV-featured designer Courtney Blanton, creating one of the most exquisitely appointed homes ever seen at the beach. With breathtaking white water/sand views, multiple outdoor patios and a beach for a backyard, this home delivers the ultimate in coastal elegance and indoor/outdoor beach living. Stunning kitchen with SubZero fridge, Wolf range and Calcutta marble counter adjoins to family room with bi-fold La Cantina doors, completely opening to huge ocean view deck with built-in grill. Sumptuous, en suite ocean view master with details rarely seen except in the finest custom homes plus three more bedrooms, two bathrooms and laundry room on the main level. Walkstreet level media room opens to a gated patio with unblocked views of sand and surf and a 5th bedroom and bath for guests. Additional features include French cut oak hardwood floors, polished nickel fixtures, zinc bar, plantation shutters, Circa brass lighting, indoor and out ceiling speakers, A/C and 4 car parking. This is beach life amplified! 









Today's Top Phoenix Luxury Estate  

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 $416,500. Scottsdale home values have gone up 2.9% over the past year. Zillow predicts they will rise 0.2% withiin the next year. 

The median home value in Carefree is $753,200. Carfree home values have gone up 5.0% over the past year.  Zillow predicts they will rise 1.6% within the next year.  

The median home value in Paradise Valley is $1,603,200.  Paradise home values have gone up 2.5% over the past year. Zillow predicts they will rise 0.3% within the next year. 


#1     7017 N Invergorden Road, Paradise Valley, AZ 85253 with 6 bedrooms, 11 baths, and 18,065 sq.ft. is listed for sale at $9,500,000.


Perched high on the east side of Mummy Mountain with breathtaking views of the Valley and nearby mountains, this 18,065 sf luxury estate is the epitome of superior elegance and comfort. Entering the private gate, your tour begins with a winding drive to the motor court to this lovely Mediterranean/Spanish home. Stepping into the grand foyer you will notice superior craftsmanship and impeccable finishes such as groin vaulted ceilings, intricate furniture-grade cabinetry, crema marfil flooring, and so much more.












Today's Top San Diego Luxury Estate 


The median home value in San Diego County is $529,200. San Diego County home values have gone up 5.4% over the past year. Zillow predicts they will remain even 0.0% within the next year.

The median home value in La Jolla, 92037 is $1,487,400. La Jolla, 92037 home values have gone up 6.7% over the past year.  Zillow predicts they will rise 0.1% within the next year. 

The median home value in Solana Beach 92075 is $1,262,200. Solana Beach 92075 home values have gone up 4.9% over the past year.  Zillow predicts they will decline - 0.6% within the next year.

The median home value in Del Mar 92014 is $1,684,400 Del Mar home values have gone up 10.1% over the past year.  Zillow predicts they will rise 1.5% within the next year.

The median home value in Rancho Santa Fe is $2,560,100. Rancho Santa Fe home values have declined -4.4% over the past year and Zillow predicts they will decline -3.0% within the next year.

#1     5860 Lago Lindo, Rancho Santa Fe, CA 92067 with 5 bedrooms, 6 baths, 
and 5,590 sq.ft. is listed for sale at $3,488,000.


In Rancho Santa Fe there are many good imitations but few fine, authentic gems like this 1927 Spanish colonial revival designed by architect Hammond Whitsitt for his own home near the village. This rare estate ­surrounds a brick courtyard and pool situated on a prime, 1.7-acre parcel.  You'll enjoy the afternoon sun and prevailing ocean breezes wafting from its half-acre lemon grove through its elegant entertaining and living areas.









Today's Top San Francisco Luxury Estate 

Image result for San Francisco skyline pictures

The median home value in San Francisco is $1,145,300. San Francisco home values have gone up 0.0% over the past year.  Zillow predicts they will decrease by - 0.5% within the next year.

The median home value in Sausalito is $1,280,200. Sausalito home values have gone up 4.4% over the past year. Zillow predicts they will rise 0.3% within the next year. 

The median home value in Tiburon is $2,490,300. Tiburon home values have gone up 1.4% over the past year.   Zillow predicts they will rise 0.4% within the next year. 

The median home value in Saratoga is $2,399,200. Saratoga home values have gone up 0.9% over the past year.  Zillow predicts they will rise 0.3% within the next year. 

The median home value in Atherton is $6,271,800. Atherton home values have gone up 6.7% over the past year and Zillow predicts they will rise 1.7% within the next year. 

#1     3444 Washington Street, San Francisco, CA 94118 with 6 bedrooms, 6 baths and 9,074 sq.ft. is listed for sale at $18,000,000



Handsome Georgian-style residence, built in 1904, located in San Francisco's most prestigious neighborhoods. Features graceful proportions, a sense of balance & elegant finishes throughout. Exceptional outdoor living and entertaining including an amphitheater, fully-equid outdoor kitchen, large garden designed to allow for drainage during the rainy season.  












Today's Top Seattle Luxury Estate 

The median home value in Kirkland is $609,700.  Kirkland home values have gone up 13.5% over the past year.  Zillow predicts they will rise 4.0% within the next year.

The median home value in Seattle is $624,700. Seattle home values have gone up 11.4% over the past year. Zillow predicts they will rise 3.8% within the next year.

The median home value in Bellevue is $762,500. Bellevue home values have gone up 12.8% over the past year. Zillow predicts they will rise 3.9% within the next year. 

The median home value in Mercer Island, WA is $1,349,500, Mercer island home values have gone up 12.3% over the past year.  Zillow predicts they will rise 4.1% with the next year.

The median home value in Clyde Hill is $2,275,200. Clyde Hill home values have gone up 11.8% over the past year. Zillow predicts they will rise 3.4% within the next year.

The median home value in Medina is $2,376,600. Medina home values have gone up 10.5% over the past year and Zillow predicts they will rise 3.6% within the next year.

#1     6824 96th Avenue SE, Mercer Island, WA 98040 with 5 bedrooms, 5 baths, 
and 4,536 sq.ft. is listed for sale at $5,580,000.


A flawless contemporary build by Barcelo Homes perched above 75 feet of low-bank Mercer Island waterfront. A remarkable profile with walls of glass, monster ceilings, and endless Lake Washington views from all three open levels. Indoor and outdoor luxury living courtesy of a state-of-the-art kitchen, five en-suite bedrooms, an entertaining level with a second kitchen, two large decks, two patios, and a renovated private dock with boat space. Exceptional Lakefront living at its best!











Today's  Real Estate News

Home Resales Rebound as Sellers Cut Asking Prices
Bloomberg
By Oshrat Carmiel 


BC-MANHATTAN-HOME-RESALES-1:  

Manhattan home resales climbed for the first time in a year and a half as sellers agreed to lower prices in order to seal deals before inventory and interest rates rise further.
Completed purchases of previously owned homes rose 7.7 percent in the first quarter from a year earlier, reversing a stretch of five consecutive periods in which resales declined, according to a report released Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

Sellers who had been holding fast to ambitious pricing goals are softening their stances as they face the prospect of higher mortgage rates and more listings being added to the Manhattan market. In the three months through March, buyers of resale homes got discounts averaging 4.5 percent off the last asking prices, up from 2.7 percent reductions a year earlier, Miller Samuel and Douglas Elliman said. Discounts also increased for all other property types tracked by the firms -- condos, co-ops, new development and luxury homes -- as well as for the market as a whole.

“Sellers getting more relaxed with their pricing has certainly helped create a lot more transactions,” said Pamela Liebman, chief executive officer of Corcoran Group, which released its own report on the market Tuesday. “With prices stabilizing, buyers feel that they’re making a safer bet now.”

Taking Time

Contracts to buy homes -- both resale and in new developments -- rose 3 percent in the quarter to 3,009 pending deals, Corcoran Group reported. Buyers, however, took their time to shop around and contemplate their investments. Homes whose sales were completed in the quarter spent an average of 103 days on the market, compared with 89 a year earlier, according to the brokerage.

The median price of all apartments that changed hands in the quarter was $1.1 million, a 3.3 percent drop from a year earlier, according to Miller Samuel and Douglas Elliman. The resale median was unchanged at $950,000.

While there were still bidding wars for some apartments, fewer purchasers were willing to pay more than the asking price. Of the 2,892 sales that closed in the quarter, 13 percent were for more than what the seller sought, Miller Samuel and Douglas Elliman said. A year earlier, 16 percent of buyers paid above the asking price, and two years ago, the share was 23 percent, according to the firms.

If buyers weren’t feeling the urgency to strike a deal, it’s because they have a lot of choices. There were 8,690 listings available in Manhattan at the end of March, a 9 percent jump from a year earlier, according to a separate report by brokerage Compass.

That hasn’t stopped all sellers from testing the upper limits of the market. Asking prices for condos, for example, reached a record median of $2.5 million in the quarter, the third consecutive period a new high-water mark was set, Compass said.

Savvy Buyers

Douglas Elliman brokers Tom Postilio and Mickey Conlon said they try to temper the exuberance of sellers who might see strong sales in the first quarter as a sign of bigger things to come.

“There are buyers who are savvy,” Conlon said. “They’ve been in the market far longer than you’ve been in the market with your particular listing. When somebody comes to you and says ‘This is the number,’ we take that seriously because often the first offer is your best offer.”

It was a strategy that worked well for the partners when they marketed Don LeoGrande’s 33rd-floor condo at the Sheffield near Columbus Circle. The brokers said that two years ago, they would have listed it at $3.95 million and wouldn’t have been surprised to see bidding reach as high as $4.5 million. Now the price was used to lure buyers who wouldn’t search for an apartment at $4 million, and expect to bid well below that. LeoGrande said the plan was for it to be viewed as a bargain by overseas buyers hunting for a place on Billionaires Row, just two avenues east, where units are far more costly.
BC-MANHATTAN-HOME-RESALES-1
Moving On

The best offer came in below the asking price, and after some negotiation, closed in January for $3.86 million. The Hong Kong-based buyers also demanded something else: all the furniture.

“I said, for that price, they’ve got all the furniture,” said LeoGrande, an investor in small industrial and office buildings on Long Island. He had bought an apartment last year at 50 United Nations Plaza and was ready to relocate to what he called the quieter East Side.
“I made my decision that this was a fair price,” he said. “And I just thought it was time to move on.”

In new developments, completed deals fell 26 percent from the first quarter of 2016, Miller Samuel and Douglas Elliman said. The 463 newly built units that changed hands in the quarter spent an average of 241 days on the market, up from 162 days a year earlier.
The inventory of new-development listings jumped 20 percent to 1,008, the firms said
Today's Mortgage Rates                                                                             52 Week.
ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.01%4.00%+0.013.34%4.39%
15 Yr FRM3.26%3.25%+0.012.69%3.61%
FHA 30 Year Fixed3.65%3.65%--3.15%4.10%
Jumbo 30 Year Fixed4.28%4.27%+0.013.42%4.60%
5/1 Yr ARM3.03%3.04%-0.012.80%3.25%
Updated: 4/19/17 2:20 PM
Mortgage Rates Hold Near Lows Despite Market Weakness
Apr 19 2017, 4:01PM


Mortgage rates were steady to slightly higher today, depending on the lender, despite bond market weakness.  Typically, bond market weakness results in rates moving higher, but the timing of market movements can be important.  Specifically, yesterday saw bond markets move to their best levels of the day in the afternoon--too late in the day for many lenders to react with lower rate offerings.  Today's bond market weakness was intact right from the start of the trading session.  As such, lenders simply kept rates close to unchanged as opposed to offering moderate improvements (something they likely would have done if bond markets held steady).
  
Most lenders continue to quote conventional 30yr fixed rates of 4.0% on top tier scenarios.  The more aggressive lenders are now back into the high 3% territory (3.875% mainly, with a very small minority at 3.75%).  Nearly every lender is quoting the same NOTE rates as yesterday, but today's upfront costs are slightly higher in some cases.  

Since the middle of March, mortgage rates (and indeed, rates in general) have been trending steadily lower.  When any financial instrument (rates, stocks, currencies, etc.) is in this type of trend, there will be some ups and downs.  With the trend in rates being lower, most of the days have been "down" days, but there have been several pull-backs along the way.  Today is another one of those pull-backs, and there's not much to read into it beyond that.  Does that mean you should rest easy and assume that the previous trend will resume and you'll soon be seeing even lower rates?  Not necessarily.  The trend could be over at any time.  The point is that this one day of bond market weakness doesn't defeat the trend in and of itself.  

For the most risk-averse borrowers, this presents a good opportunity to lock--especially with rate sheets remaining in similar shape vs yesterday.  More risk-tolerant borrower can wait to see if rates move back to Monday's levels (at which point they'd lock to avoid further increases).

Loan Originator Perspective


Bond markets surrendered a portion of their recent gains today, and mortgage pricing worsened slightly.  "Losing" days are inevitable during market rallies, and it's bullish to see today's losses are still less than yesterday's gains.  With pricing still near late November levels, borrowers are in good shape.  There's only minor economic news the remainder of the week.  The trend is still our friend. -Ted Rood, Senior Originator

Today's Best-Execution Rates

  • 30YR FIXED - 4.0%
  • FHA/VA - 3.5 - 3.75%
  • 15 YEAR FIXED - 3.25%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender

Ongoing Lock/Float Considerations

  • Investors were relatively convinced that the decades-long trend toward lower rates had been permanently reversed after Trump became president, but such a conclusion would require YEARS to truly confirm
  • Instead of continuing higher in 2017, rates instead formed a narrow, sideways range, and held inside until April.  Investor perceptions are shifting such that fiscal reforms and other policy developments will need to live up to expectations in order to push rates higher.  Geopolitical risks would also need to avoid flaring up (more than they already have)
     
  • For the first time since the election, we're in a rate environment where you wouldn't be crazy not to lock at every little opportunity/improvement.  Until/unless it's broken, the highest rates of early-2017 mark the ceiling, and we're now waiting to see how much lower we can go from here.
     
  • 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.
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