Wednesday, August 30, 2017

Today's Best Mansion

It's lavish. It's huge. It's grand. It's expensive

 #1      19575 Collins Avenue PH 43, Sunny Isles Beach, Florida 33160 
with 6 bedrooms, 8 baths and 16,805 sq.ft. is listed for sale at $39,000,000.

Presenting Regalias Penthouse with16,805 square feet of superfluous bliss. Discover lifes finest with this opulent triplex residence, fully-furnished and designed by Architectural Digest designer Charles Allem. Soaring 46 stories above the ocean, the 6-bedroom home boasts a 1,500-square-foot master bath with a sauna and steam room; 1,100-square-foot game room; and 10-seat movie theatre. A glass elevator navigates you from floor to floor, peaking at a rooftop sky bar and pool with a cascading waterfall

Today's Top LA Luxury Estate.

The median home value in Los Angeles County is $566,400. Los Angeles County home values have gone up 6.8% over the past year, Zillow predicts hey will increase 1.5% within the next year.

The median home value in Brentwood, 90049 is $2,398,800. Brentwood home values have gone up 2.1% over the past year.  Zillow predicts they will igo down ( 0.3%) within the next year

The median home value in Malibu is $2,906,700.  Malibu home values have gone up 5.3% over the past year.  Zillow predicts they will increase 1.1% within the year.

The median home value in Bel Air, 90077 is $3,278,800  Bel Air home values have gone up 2.8% over the past year.  Zillow predicts they will go down  (-0.3) within the year.

The median home value in Beverly Hills 90210 is $4,895,000.  Beverly Hills home values have gone up 4.2% over the past year.  Zillow predicts they will increase 1.3%  within the next year. 

#1      28868 Cliffside Drive, Malibu, CA 90265 with 3 bedrooms, 4 baths 
and 2,273 sq.ft. is listed for sale at $22,500,000.

Remodeled bluff top mid-century Ranch-style home w/Riviera 3 beach key. This private/gated home with ocean views from every room and wood floors throughout, features a huge great room that includes a high ceiling living room w/FP, dining area and gourmet kitchen w/Caesarstone island/counters. Walls of glass open to a wraparound wood deck w/sitting/dining areas, spa tub, fire pit seating area, outdoor shower and custom surf rack and a 2nd lounging deck connected by a wood walkway surrounded by a grassy lawn and drought tolerant and low water consumption landscaped grounds. The home offers a sun-filled owner's suite w/corner glass sliders and a luxurious spa-like bath, media room, and guest room w/private entrance. The front yard w/bocce ball court has an air-conditioned custom casita. A polycarbonate awning that blocks 90 % of UV rays and decreases the heat index covers an add'l 3-car parking space and rear deck. Laser beam and full site security camera coverage. New drainage engineered for new construction. 

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 homevalue in Scottsdale is $423,300.Scottsdale home values have gone up 3.3% over the past year.  Zillow predicts they will increase 2.5% within the next year. 

The median home value in Carefree is $755,700. Carefree home values have gone up 5.3% over the past year.  Zillow predicts they will increase 2.9% within the next year.

The median home value in Paradise Valley is $1,612,400.  Paradise Valley home values have gone up 1.6% over the past year. Zillow predicts they will increase 2.2% within the next year.

#1      6331 East Montecito Avenue, Scottsdale, AZ 85251 with 5 bedrooms, 6 baths and 5,430 sq.ft. is listed for sale at $3,490,000.

Impeccable Mid-Century Modern family compound in the heart of Arcadia. This architectural gem was completely and totally rebuilt and expanded in 2014 with architecture by Christine Woolsey. The main home features a butterfly roof, open floor plan, 3 or 4 bedrooms, a study and craft room. Fantastic formal living and dining rooms are perfectly complimented by the casual and comfortable kitchen/family room with large doors opening to the center courtyard with access to the incredible, new detached 2 bedroom, 2 bath guest house, fantastic contemporary lap pool, great water feature and multiple gardens, lawns and play spaces. The front courtyard features an outdoor kitchen, fire pit, banquet and dining area. Perfect contemporary landscaping and 5 air conditioned garage bays. 

Today's Top San Diego Luxury Estate 

The median home value in San Diego County is $548,000. San Diego County home values have gone up 6.9% over the past year. Zillow predicts they will remain even 4.1% within the next year.

The median home value in Coronado is $1,475,900. Coronado home values have gone up 1.4% this past year.  Zillow predicts they will increase 3.7% within the next year.

The median home value in La Jolla, 92037 is $1,486,900. La Jolla, 92037 home values have gone up 2.5% this past year.  Zillow predicts they will increase 2.8% within the next year.

The median home value in Solana Beach 92075 is $1,307,200. Solana Beach 92075 home values have gone up 4.4% this past year. Zillow predicts they will rise 3.7%% within the next year.

The median home value in Del Mar 92014 is $1,605,100 Del Mar home values have gone up 1.3% over the past year.  Zillow predicts they will increase 3.3% within the next year.

The median home value in Rancho Santa Fe is $2,636,800. Rancho Santa Fe home values have increase 1.1% over the past year and Zillow predicts they will increase 1.3% within the next year.

#1      7715 Whitefield Place, La Jolla, CA 92037 with 5 bedrooms, 4 baths 
and 3,508 sq.ft. is listed for sale at $3,250,000.

Charming 5+BR/3.5BA traditional home built in 1928 on a quiet dead-end street that has not been on market for close to 60 years. Located on a serene canyon with stunning North Shore ocean views from multiple rooms and three decks, its premium features include a charming library with built-in bookcases, living/family room with vaulted wood ceiling, a formal dining room, 4 wood-burning fireplaces, and a detached studio guest house (not permitted) with full bathroom, kitchen and separate laundry

Today's Top San Francisco Luxury Estate

Image result for San Francisco skyline pictures

The median home value in San Francisco is $1,204,700. San Francisco 
home values have gone up 7.2% over the past year.  Zillow predicts they will decrease by 1.6% within the year.

The median home value in Sausalito is $1,271,200. Sausalito home values have gone up 5.7% over the past year. Zillow predicts they will rise 1.5% within the next year. 

The median home value in Tiburon is $2,468,800. Tiburon home values have gone up 3.7% over the past year.   Zillow predicts they will rise increase 0.8% within the next year. 

The medium home value in Saratoga is $2,471,300.  Saratoga home values have gone up 4.6% this past year.  Zillow predicts they will increase 1.0% within the next year. 

The median home value in Atherton is $6,406,300. Atherton home values have gone up 8.5% over the past year and Zillow predicts they will increase 1.5% within the next year.

#1     1000 Mountain View Road, Calistoga, CA  94515 with 7 bedrooms, 8 baths 
and 9,754 sq.ft. is listed for sale at $7,800,000.

Private valley floor compound. Main residence has 7 bedrooms w/ en-suite bathrooms, 15-seat theater, 8-car garage, and balcony with spectacular vineyard views. 38' x 26' pool with detached spa. 1,980 +/- sq. ft. pool house includes full outdoor kitchen, steam shower, sauna, and game room. Fully landscaped 3 +/- acre parcel has a regulation bocce court, wood-fired pizza oven, 30+ olive trees, rose and herb garden, & 70' meditative labyrinth. 

Today's Top Seattle Luxury Estate

Image result for Seattle 
The median home value in Kirkland is $677,400.  Kirkland home values have gone up 18.2% over the past year.  Zillow predicts they will rise 8.7% within the next year.

The median home value in Seattle is $682,300. Seattle home values have gone up 15.2% over the past year. Zillow predicts they will rise 7.0% within the next year.

The median home value in Bellevue is $833,800. Bellevue home values have gone up 156.2% over the past year. Zillow predicts they will rise 8.0% within the next year. 

The median home value in Mercer Island is $1,410,600, Mercer island home values have gone up 11.1% over the past year.  Zillow predicts they will rise 6.9% with the next year.

The median home value in Clyde Hill is $2,480,800. Clyde Hill home values have gone up 13.9% over the past year. Zillow predicts they will rise 7.5% within the next year.

The median home value in Medina is $2,590,300. Medina home values have gone up 15.1% over the past year and Zillow predicts they will rise 7.4% within the next year.

#1        7220 North Mercer Way, Mercer Island, WA 98040 with 4 bedrooms, 4 baths and 4,540 sq.ft. is listed for sale at $6,500,000.

The location, views and endless possibilities will beckon you from this incredible property. Located on the shores of Lake Washington at the northern end of Mercer Island you have the opportunity to make this house into whatever you can imagine. Remodel with the amazing bones or start over and build your dream home on this beautiful and magnificent site with infinite views and towering sequoias. A magical location that is calling for your imagination.

Today's Top Real Estate News

HUD tightens requirements for loans seniors can take against their homes

New England Center for Investigative 

Home prices and interest rates, among other things, have made the reverse-mortgage program volatile, HUD officials said.

“Fairness dictates that future HECM loans do not adversely impact the overall health of FHA’s insurance fund, which supports the financing needs of younger, mostly first-time homeowners with traditional FHA mortgages,’’ HUD Secretary Ben Carson said in a prepared statement. “We’re taking needed and prudent steps to put the HECM program on a more sustainable footing.”

Reverse-mortgage loans are meant to help seniors age 62 and older “age in place” by giving them cash from the equity in their homes. Borrowers typically receive a line of credit or a loan in a lump sum or in monthly payments. They are allowed to defer payments on the debt until they die, move away or do not meet loan obligations, such as paying property taxes and insurance.

A key change to the program will be how much insurance senior borrowers will need to pay to HUD to obtain loans. They will be required to pay a standard 2 percent upfront insurance fee based on the maximum amount they can borrow on their home. Currently, insurance premiums range from 0.5 percent to 2.5 percent. The change will be offset by a drop in an annual insurance rate of 0.5 percent, reduced from 1.25 percent, officials said.

After Oct. 2, senior borrowers also will face new limits on how much they can borrow from their homes. Currently, limits are based on interest rates and the age of a borrower. Now a 62-year-old with an interest rate of 5 percent for the loan would be able to obtain about 41 percent of the equity in their property, down from 52 percent. An 82-year-old would be able to access 51 percent of the equity, down from nearly 60 percent.

HUD officials said the changes aren’t intended to offset losses from earlier loans, but instead to help improve the insurance fund. Every reverse-mortgage loan is projected to lose money, officials said. A 2016 HUD actuarial report shows that the reverse-mortgage program could balloon to negative $12.5 billion in 2023.

Housing and consumer advocates wondered how the changes would affect a program that has insured more than 1 million borrowers since its inception.

Stephanie Moulton, an associate professor at the John Glenn College of Public Affairs at Ohio State University who has long studied reverse mortgages, questioned the changes saying it is unclear how they will help HUD and low-income borrowers.

She said increasing insurance premiums for borrowers who withdraw less of their equity up front will penalize those who have lower risks of mortgage default than seniors who take out larger amounts of money.

She also said HUD's plans, including reducing the amount a borrower can withdraw altogether, will reduce interest in the program at time when new financial assessments of borrowers assures that foreclosure numbers going forward should be dropping.

"It will hurt the borrowers who have proven to be lower risk. It will give a break to those who are at higher risk,'' she said. "Economically it does not make sense."

Ira Rheingold, executive director of the National Association of Consumer Advocates, worries that needy seniors will find it harder to get help. He said HUD is punishing low-income homeowners for problems in the program that were aggravated by poor federal management. Among the issues, HUD encouraged lenders to help homeowners maximize the sizes of their loans by taking younger spouses off the mortgage documents, leading to foreclosures on widows, he said.

“It’s their own fault for any losses they are seeing,’’ he said. “The response is to make it harder for people who need the money to get access to the program.”

Today's Mortgage Rates
Mortgage Rates Now Easily into "High 3's"
Aug 29 2017, 6:00PM

It's one thing for the highly competitive environment of "rate table" advertising (where lenders compete and you get confused) to be reporting mortgage rates  approaching the mid 3's. In fact, in that arena, rates have been in the 3% range for quite some time. Whether or not you'd qualify or even be interested in the specific scenario that is conducive to such rates is another story.

It's an entirely different thing for me to be telling you that rates are now easily into the high 3's, because I'm talking about the most prevalently-quoted conventional 30yr fixed rates for the average top-tier scenario across all lenders.  3.875% is now a given at almost any well-priced lender, provided you have a high credit score and a decent amount of equity.  3.75% certainly isn't out of the question for the best scenarios, and the aggressive lenders have no issues quoting 3.625% today for perfectly-aligned stars.

With all of the above having been said, please keep in mind that just a few "hits" to your scenario (slightly lower credit, lower downpayment, less aggressive lender) and you shouldn't be surprised to see a "4%" as the first number in your 30yr fixed rate quote instead of a "3%."  

As for the motivation, today's gains were primarily a factor of news relating to North Korean missiles flying over Japan.  It was a bigger-than-normal improvement in the recent context, but only a medium-big move in general.  It was simply made more noticeable by the fact that rates were already at 2017's lows yesterday.

Should you lock now?  Great question!  No one will ever be able to predict that future for you, but here are a few thoughts.  As recent improvements have persisted, a pull-back becomes increasingly possible.  Additionally, there's never any harm in locking the lowest rates in nearly 11 months.  On the other hand, lenders have been slow to adjust rate sheets to reflect bond market movement, so if you're exceptionally risk-tolerant, you could likely escape with minimal damage if markets happened to move against you.
52 Week
30 Yr FRM3.88%3.94%-0.063.37%4.39%
15 Yr FRM3.17%3.22%-0.052.72%3.61%
FHA 30 Year Fixed3.50%3.50%--3.20%4.10%
Jumbo 30 Year Fixed4.17%4.22%-0.053.50%4.60%
5/1 Yr ARM3.18%3.19%-0.012.80%3.25

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  Most 
importantly, have a great day.


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 on FaceBook.