Friday, May 12, 2017


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

#1     1633 North View Drive, Miami Beach, Florida with 6 bedrooms, 10 baths, 
and 10,247 sq.ft. is listed for sale at $23,000,000
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Absolutely Exquisite, smart home custom built in 2009 with the finest craftsmanship, remarkable natural light, bay views, exuding elegant comfort. Highlights include a great room, formal & casual dining rooms, coffered plaster ceilings, master retreat with double walk in closets, state-of-the-art chef???s kitchen, adjacent to an all-encompassing family room, and detached guest suite. The second floor consists of a sitting room, 4 en suite bedrooms, including gym, plus much more. Lushly landscaped outdoor,
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Today's Top Real Estate News

Four Signs It’s Time To Hit The Brakes On Your Home Purchase


CNBC.com
By Darla Mercado

Don't let this spring's home-buying frenzy drive you into bidding on the wrong house.
Mortgage applications for home purchases continued to rise for the week ending May 5, reflecting a 6 percent increase from the same week a year ago, according to the Mortgage Bankers Association.

Meanwhile, listing prices continue to climb as well: As of March, the median list price for a home reached $245,000, up from $229,000 a year ago, according to data from Zillow.
The market has become so competitive that buyers may find themselves shelling out far more than the asking price.

"In a seller's market, we see buyers competing for the same house, and they will go so far as to waive an inspection," said Jeremy Wacksman, chief marketing officer at Zillow Group. "They're so sure they want the land that they'll take it."


Indeed, a "teardown" in San Francisco reportedly sold for $623,000 above ask, at a final sales price of $2.55 million.

Here are four signs that you ought to walk away from a purchase.

It's way too expensive

Nearly four in 10 first-time home buyers blow their initial budget when they buy a home, according to Zillow.

You can blame that overeager spending on hot housing markets in major cities and bidding wars, according to Wacksman.

Other factors include not weighing the all-in cost of owning a home in the first place and how  much you will have to pay each month. Buyers know to factor in the mortgage and interest payments they'll make, yet they may be surprised about the cost of homeowners' association fees (if any), insurance costs, repairs and utilities.

Property taxes are also a nasty surprise for first-time buyers in certain locales, as they can add hundreds of dollars to your monthly costs.

New Jersey, for instance, has a mean effective property tax rate of 2.11 percent, boasting the highest levies. Meanwhile, the highest median property tax bill — $9,941 — is in Nassau  County, New York, according to the Tax Foundation.

And don't forget closing costs; they can run up to 3 percent of the sales price.

The title is a mess

The title to your home is key to understanding who truly owns the property and whether its ownership can be successfully transferred to you.

You're likely buying title insurance as you wind down your home purchase. This coverage protects buyers and lenders from problems with ownership.

Banks generally won't give you a mortgage unless you have this policy.

A real estate agent shows a home to a prospective buyer in Miami.

"In the title search, issues may come up that are so substantial that they can't be resolved, and you say 'no,'" said George Holler, principal at Holler Law Firm in Milford, Connecticut.
 "Your contract will typically have a provision that says you can walk away."

You might run into an issue with the title if you buy a home from a seller who inherited the property and he or she failed to release the estate's claim to it. In that case, actual ownership may lie with the decedent's estate and not with the individual who sold you the home. You could wind up going to court in order to assert your claim.

Bear in mind that there are two flavors of title insurance. The lender's policy protects the amount your bank will let you borrow, while an owner's policy can help you protect your equity in the event someone contests your ownership.

Structural surprises

If your inspector discovers a structural flaw in the home you want, it can be an opportunity either to renegotiate your price or to run away from the sale.

How to cut your property taxes

Know the terrain in your neighborhood. "Having a good inspector and an agent who's done deals in the area can be a big help," said Wacksman of Zillow. "Maybe you're sitting on a low water table in New Orleans or Seattle, or you're in an area with termites."

Other issues may not be so apparent. Let's say you'd like to buy a home and the sellers made an addition to the home. Make sure the owner and contractor picked up a building permit for the job, otherwise you may be on the hook for costly repairs.
"In a seller's market, we see buyers competing for the same house, and they will go so far as to waive an inspection." -Jeremy Wacksman , chief marketing officer at Zillow Group
"You might find that this particular section of the house isn't properly permitted and the municipality will give you a hard time," Holler said.

Financing funny business

Let's say you're buying in an up-and-coming neighborhood, and you believe the area's cache warrants the high asking price.

You'll run into problems if your bank disagrees and gives you an appraisal that comes in far below the agreed-to sales price.

This means that if you were hoping to finance 80 percent of your purchase, but the bank will only lend you 70 percent, you'll need to come up with more cash in order to wrap up the sale.

"If you're at the maximum of your budget and the bank's appraisal is too low, you'll need a larger down payment or you'll need to negotiate with the seller," Wacksman said.

"That's a checkpoint: It could be time to walk, and it could be a time to adjust your offer," he said.



Today's Mortgage Rates                                                                                   52 Week


ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.17%4.12%+0.053.34%4.39%
15 Yr FRM3.41%3.37%+0.042.69%3.61%
FHA 30 Year Fixed3.90%3.85%+0.053.15%4.10%
Jumbo 30 Year Fixed4.41%4.37%+0.043.42%4.60%
5/1 Yr ARM3.09%3.10%-0.012.80%3.25%
Updated: 5/11/17 1:25 PM




The Top Luxury Estates in Los Angeles, Phoenix, San Diego, San Francisco 
and Seattle Listed For Sale.

Today's Top LA Luxury Estate 


The median home value in Los Angeles County is $560,500. Los Angeles County home values have gone up 1.6% over the past year, Zillow predicts they will rise 0.5% within the next year.

The median home value in Brentwood, 90049 is $2,471,800. Brentwood home values have gone up 5.1% over the past year.  Zillow predicts they will rise 1.3% within the next year

The median home value in Malibu is $2,866,500.  Malibu home values have gone up 4.8% over the past year.  Zillow predicts they will rise 0.7 % within the year.

The median home value in Bel Air, 90077 is $3,243,500. Bel  Air home values have gone up 0.2% over the past year.  Zillow predicts they will remain even -(0.5)% within the next year.

The median home value in Beverly Hills 90210 is $4,834,000.  Beverly Hills home values have gone up 3.5% over the past year.  Zillow predicts they will rise 0.6% with the next year.


#1      4425 Haskell Avenue, Encino, CA 91436 with 8 bedrooms, 12 baths, 
and 13,460 sq.ft. is listed for sale at $13,999,000


Welcome to your dream home in the heart of Encino with over 13,400 sq. ft. of living space. Upon entry you will be greeted by high ceilings and a sweeping double staircase that highlight the meticulous craftsmanship and attention to detail that went in to this newly constructed home. This estate has eight bedrooms and twelve bathrooms situated on an appx. 26,000 square foot lot with theatre, sauna, indoor and outdoor pools and wine cellar. Grounds include a sports court, putting green, outdoor BBQ and sun drenched pool area that make this the ideal home for entertaining and indoor/outdoor living. The two story detached pool house has a full kitchen and living room, two bedrooms and two bathrooms. A truly spectacular must-see.

















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
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The median home value in Scottsdale is $416,900. Scottsdale home values have gone up 2.5% over the past year. Zillow predicts they will rise 0.2% withiin the next year. 

The median home value in Carefree is $746,800. Carfree home values have gone up 
4.2% over the past year.  Zillow predicts they will rise 1.4% within the next year.  

The median home value in Paradise Valley is $1,594,100.  Paradise home values have gone up 1.6% over the past year. Zillow predicts they will rise 0.5% within the next year.


#1     3800 S Clubhouse Drive #5, Chandler, AZ 85248 with 5 bedrooms, 7 baths
and 9,668 sq.ft. is listed for sale at $3,600,000.


Exceptional Santa Barbara Estate in exclusive gated community. Gorgeous entry to magnificent luxury living. Exquisite custom appointments throughout including rich alder woods, discerning stone accents and beautiful stone flooring. Open gourmet kitchen boasts granite countertops, viking appliances, double refrigerators, six-burner gas range, island with prep sink and pantry. Two spacious family rooms - one on each level. Two split master suites downstairs. Separate media room. Walk-in wine cellar. New interior and exterior paint. The finest in extended outdoor living with inviting patios, lush landscaping, built-in bbq, fire pit, negative edge pool and spa on oversized lot with breathtaking lake and golf views. Unsurpassed craftsmanship and superb detail abound in this extraordinary home.


Top San Diego Luxury Estate 


The median home value in San Diego County is $532,000. San Diego County home values have gone up 5.2% over the past year. Zillow predicts they will remain even 0.9% within the next year.

The median home value in La Jolla, 92037 is $1,473,100. La Jolla, 92037 home values have gone up 4.4% over the past year.  Zillow predicts they will rise 0.5% within the next year.

The median home value in Solana Beach 92075 is $1,265,700. Solana Beach 92075 home values have gone up 5.1% over the past year.  Zillow predicts they will rise 0.3%% within the next year.

The median home value in Del Mar 92014 is $1,649,900 Del Mar home values have gone up 8.1% over the past year.  Zillow predicts they will rise 1.9% within the next year.

The median home value in Rancho Santa Fe is $2,542,200. Rancho Santa Fe home values have declined -(5.2)% over the past year and Zillow predicts they will decline -(2.4)% within the next year.

#1     23 Green Turtle Road, Coronado, CA 92118 with 6 bedrooms, 8 baths, 
and 4,838 sq.ft. is listed for sale at $4,450,000


Immaculate luxury estate available in the exclusive Coronado Cays! This fabulously updated, waterfront home features exquisite marble entryways, a designer gourmet kitchen, a home office/library, your own private yacht slip, and hardwood floors throughout! This fully remodeled, contemporary style residence is a wonderful opportunity for your large family to call home or your perfect vacation getaway, just in time for Summer!










Top San Francisco Luxury Estate 

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The median home value in San Francisco is $1,167,700. San Francisco home values have gone up 1.5% over the past year.  Zillow predicts they will decrease by 0.1% within the next year.


The median home value in Sausalito is $1,272,400. Sausalito home values have gone up 3.6% over the past year. Zillow predicts they will rise 0.7% within the next year. 

The median home value in Tiburon is $2,497,100. Tiburon home values have gone up 1.9% over the past year.   Zillow predicts they will rise 0.2% within the next year. 

The median home value in Saratoga is $2,406,500. Saratoga home values have gone up 0.4% over the past year.  Zillow predicts they will rise 0.2% within the next year. 

The median home value in Atherton is $6,147,100. Atherton home values have gone up 3.0% over the past year and Zillow predicts they will rise 0.7% within the next year.

#1     11 Phillips Road, Palo Alto, CA 94303 with 6 bedrooms, 8 baths, and 6,413 sq.ft. is listed for sale at $8,798,000.


Just completed, this spectacular modern interpretation of the classic Craftsman blends in seamlessly to this desirable Crescent Park Addition neighborhood. Employing energy-efficient design principles, the sleek open concept floor plan begins with a dramatic 18-foot front window that spans the floating staircase connecting the two levels. Striking European cabinetry and plumbing fixtures are masterfully modern and functionally beautiful. White oak floors tie every room together in quiet harmony, iconic designer lighting selections uniquely appoint each room, and bathrooms are all individually designed with extraordinary contemporary panache. There are 6 bedrooms, each with en suite bath, plus 2 half-baths, an office, fitness center, and tremendous recreation room with full bar and customized wine cellar. This one-of-a-kind residence is also just minutes to University Avenue shopping and dining and has access to acclaimed Palo Alto schools.







Top Seattle Luxury Estate 

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The median home value in King County is $540,400. King County 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 Kirkland is $626,600.  Kirkland home values have gone up 14.7% over the past year.  Zillow predicts they will rise 3.8% within the next year.

The median home value in Seattle is $638,100. Seattle home values have gone up 12.2% over the past year. Zillow predicts they will rise 5.1% within the next year.

The median home value in Bellevue is $783,000. Bellevue home values have gone up 13.9% over the past year. Zillow predicts they will rise 5.2% within the next year. 

The median home value in Mercer Island, WA is $1,363,600, Mercer island home values have gone up 10.3% over the past year.  Zillow predicts they will rise 5.1% with the next year.

The median home value in Clyde Hill is $2,298,400. Clyde Hill home values have gone up 10.8% over the past year. Zillow predicts they will rise 4.5% within the next year.

The median home value in Medina is $2,403,000. Medina home values have gone up 10.2% over the past year and Zillow predicts they will rise 4.8% within the next year.

#1      9109 NE 35th Place, Yarrow Point, WA 98004 with 5 bedrooms, 5 baths, 
and 5,419 sq.ft. is listed for sale at $4,098,000 .


Luxury living at Yarrow Landing. This fabulous new construction by SAAD Custom Homes offers clean lines & sophisticated design details. Gracious living spaces perfect for entertaining indoors or out. Expansive kitchen with seating for six at the island & top of the line appliances. Great room opens to the outdoor living room. Spacious master suite with peekaboo western views & private deck. All bedrooms ensuite. A cherished community with award winning schools. Gorgeous. Refined. Sophisticated.









Thanks for reading "Today's Best Mansions"

Looking for more information?  Have a comment?  Need a Realtor referral?  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 "Today's 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