Tuesday, September 12, 2017

Today's Best Mansion

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

#1      10445 Bellagio Road, Bel Air, CA 90077 with 5 bedrooms, 7 baths 
and 10,196 sq.ft. is listed for sale at $35,000,000.

Impressive structure on a massive 1.7 acre flat lot right on the 50 yard line of lower Bel Air East Gate. The residence has major downstairs rooms with extraordinarily high ceilings. Impressive two story entry with dramatic dome, huge living room with beamed ceilings, enormous family room with double height ceilings, paneled family room and office. Master bedroom with his and hers bathrooms plus gentleman's office. Two additional large bedrooms with baths. 2 maids and baths private from the family quarters. Large pool and 2 cabanas, lighted tennis court and pavilion with wet bar. House is now about 10k sq ft and can be remodeled or, according to Underbuilt, the land will hold a new 30k sq ft house. This is a major opportunity in the finest location of Bel Air. 

Today's Top LA Luxury Estate.

The median home value in Los Angeles County is $569,800. Los Angeles County home values have gone up 6.7% over the past year, Zillow predicts hey will increase 1.5% within the next year.

The median home value in Brentwood, 90049 is $2,384,700. Brentwood home values have gone up 1.3% over the past year.  Zillow predicts they will go down -0.6% within the next year

The median home value in Malibu is $2,915,000.  Malibu home values have gone up 5.9% over the past year.  Zillow predicts they will increase 0.7% within the year.

The median home value in Bel Air, 90077 is $3,253,200  Bel Air home values have gone up 3.3% over the past year.  Zillow predicts they will go down  -0.9 within the year.

The median home value in Beverly Hills 90210 is $4,910,000.  Beverly Hills home values have gone up 9.4% over the past year.  Zillow predicts they will increase 1.1% within the next year.

#1      210 North Rockingham Avenue, Los Angeles, CA 90049 with 7 bedrooms, 
9 baths and 13,187 sq.ft. is listed for sale at $21,945,000.

Set on a coveted lot on one of the most desirable streets in Brentwood Park, this magnificently custom built Mediterranean estate showcases grand living spaces that fuse seamlessly to outdoor sitting areas. Entry leads to massive 2-story foyer with marble floors, grand double staircase and hand painted domed ceiling w/ wraparound mezzanine. The expansive gourmet kitch features top of the line appliances, beautiful cabinetry, an approx. 120 SF island and eating area overlooking the grounds. A grand formal DR, butler pantry, voluminous FR appointed w/ bar, home office/lib w/ fp, 2 guest suites, and enormous LR w/ high ceilings. Coastal lifestyle further exemplified by a master suite w/ double-sided fp, sitting area, spa bath and French doors to large balcony. 4 add'l fam suites, home theater w/ stadium seating, large sitting area & laundry complete 2nd fl. State-of-the-art home automation, 4-car auto gallery off circ. drive, bbq area, fountain, pool w/ pool house add to luxury lifestyle. 

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      6725 East Rovey Avenue, Paradise Valley, AZ 85253 with 6 bedrooms, 7 baths and 7,216 sq.ft. is listed for sale at $3,650,000.

Stunning new custom home from Norton Luxury Homes in 7 lot community of exclusive Rancho Valencia. This timeless floor plan features 6 bedrooms and 6.5 baths, grand library, formal dining, wine cellar and opulent powder room. The grand master suite features a sitting area, fireplace & huge walk-in closet. The luxurious master bath features a large soaking tub, lavish dual vanities, and large walk-in shower. The beautiful white kitchen is adorned with stunning countertops, deluxe appliances, and large kitchen island. The 6th bedroom currently serves as a fabulous game room of the family room. The open family room and kitchen's glass sliding wall opens to back patio/pool area and is perfect for entertaining. You don't want to miss the spectacular Camelback Mountain views of this home. 

Today's Top San Diego Luxury Estate 

The median home value in San Diego County is $550,900. San Diego County home values have gone up 6.7% over the past year. Zillow predicts they will remain even 2.9% within the next year.

The median home value in Coronado is $1,510,700. Coronado 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 La Jolla, 92037 is $1,505,200.  La Jolla home values have gone up 5.6% this past year.  Zillow predicts they will increase 1.8% within the next year.

The median home value in Solana Beach 92075 is $1,2997,100. Solana  Beach home values have gone down - 0.2% this past year. Zillow predicts they will rise 2.1% within the next year.

The median home value in Del Mar 92014 is $1,607,200 Del Mar home values have gone up 1.9% over the past year.  Zillow predicts they will increase 1.2% within the next year.

The median home value in Rancho Santa Fe is $2,685,800. Rancho Santa Fe home values have increase 5.8% over the past year and Zillow predicts they will increase 0.6% within the next year.

#1      8578 Ruette Monte Carlo, La Jolla, CA 90237 with 5 bedrooms, 7 baths 
and 6,820 sq.ft. is listed for sale at $4,600,000.

Perched above La Jolla Shores in the exclusive gated community of Montoro, this remarkable residence showcases sweeping ocean and sunset views. This home features 5 bedrooms, 6.5 baths plus an office/library, a versatile bonus room currently used as a gym and game room, and a garage space which has been converted into a sound-proof music studio. The master retreat is privately located on the entry level with a serene view deck and luxurious his & her baths and closets. Extensive use of wood & stone inside The entry level showcases sweeping ocean and sunset views from the master bedroom, living room, family room, and kitchen. Kitchen features an area with a large picture window that perfectly frames the stunning views. Relax or dine on the view deck off of the kitchen and family room. The lower level provides 4 bedrooms plus a versatile bonus room currently used as a gym and game room. Four sets of french doors lead to the backyard boasting a swimming pool and spa. Other amenities include a security system, solid mahogany doors, copper gutters, tons of storage space, and an extensive use of stone throughout. Sited in an exclusive gated community just minutes away from the sandy shoreline of La Jolla Shores Beach, Kellogg Park, and La Jolla Beach & Tennis Club.

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 10,0% over the past year.  Zillow predicts they will decrease by 2.6% within the year.

The median home value in Sausalito is $1,283,700. Sausalito home values have gone up 7.3% over the past year. Zillow predicts they will rise 1.6% within the next year. 

The median home value in Tiburon is $2,478,600. Tiburon home values have gone up 4.5% over the past year.   Zillow predicts they will rise increase 1.4% within the next year. 

The medium home value in Saratoga is $2,502,100.  Saratoga home values have gone up 6.6% this past year.  Zillow predicts they will increase 1.8% within the next year. 

The median home value in Atherton is $6,463,200. Atherton home values have gone up 8.6% over the past year and Zillow predicts they will increase 2.2% within the next year.

#1      47 Chenery Street, San Francsico, CA 94131 with 10 bedrooms, 11 baths        and 9,966 sq.ft. is listed for sale at $12,500,000.

Set on one of the largest private lots in the City, this extraordinary estate features a unique Neo Classical- style main residence with a double staircase leading to one of the most grand-scale rooms in San Francisco, a huge indoor swimming pool with retractable glass roof and stunning view of the Skyline, Bridge and City. Surrounded by extensive park-like grounds dotted with sculptures, classical lamp-posts, murals and other art pieces, this one-of-a-kind compound includes a separate three-unit building, cottage, and parking for up to 15 cars (zoned as four condominium units- w/ income of $20,777.34/month). With it's colorful history and larger-than-life scale evocative of Tales of the City - this is truly Quintessential San Francisco!

Today's Top Seattle Luxury Estate

Image result for Seattle 
The median home value in Kirkland is $688,800.  Kirkland home values have gone up 18.8% over the past year.  Zillow predicts they will rise 8.1% within the next year.

The median home value in Seattle is $690,300. Seattle home values have gone up 15.5% over the past year. Zillow predicts they will rise 6.5% within the next year.

The median home value in Bellevue is $839,600. Bellevue home values have gone up 16.3% over the past year. Zillow predicts they will rise 6.8% within the next year. 

The median home value in Mercer Island is $1,413,600, Mercer island home values have gone up 11.4% over the past year.  Zillow predicts they will rise 5.2% with the next year.

The median home value in Clyde Hill is $2,545,800. Clyde Hill home values have gone up 15.7% over the past year. Zillow predicts they will rise 6.9% within the next year.

The median home value in Medina is $2,628,400. Medina home values have gone up 17.1% over the past year and Zillow predicts they will rise 6.5% within the next year.

#1     1000  Harbour Drive, Anacortes, WA 98221 with 4 bedrooms, 4 baths 
and 4,782 sq.ft. is listed fr sale at $3,000,000.

MLS #/Web ID: 1174896

Remarkable low bank architectural residence w/sandy beachfront on 3.5+ acres. A rare hidden oasis, approx. 310' of waterfront w/ Southern exposure overlooking Deception Pass State Park. Framed by Madrones & dramatic rock formations, this custom home has an open floor plan, exposed beams, natural woodwork & opulent windows inviting the panoramic view inside. Private grounds, garage w/MIL, studio & pickle ball court. Stunning patios, stairs, wading pool & fire pit made w/thick granite slabs

Today's Top Real Estate News 

Selling To Your Tenants

By Benny L. Kass
Realty Times

Question: We have been renting a single family house for several years. Our tenants have expressed an interest in purchasing, but we are concerned as to whether we will have to pay a real estate commission to the broker who initially found the tenant for us. The lease has a clause stating that if we sell the house during the term of the lease, or any extensions, we are obligated to pay a realtor's fee of 6 percent. Do we have any choice? We do not believe it is fair to have to pay thousands of dollars under these circumstances.

Selling To Tenants

Answer: Many landlords have found themselves in this situation. Most standard leases prepared by real estate companies contain "boilerplate" language to the effect that if the tenant purchases, during the term of the tenancy or for a period after the tenancy, a commission is owed the original real estate company.

Landlords should read their leases carefully, before they are signed. While the landlord may want to offer a commission to the real estate firm, it is not mandatory. I often recommend this clause be eliminated completely from any standard form lease, thereby giving the owner of the property flexibility in the future.

It may very well be that in the future, the landlord may decide to sell the property. Then, a new listing agreement can be entered into -- either with the original real estate company or with another company of the landlord's choice.

At the very least, real estate commissions are always negotiable. We have all read that a number of years ago, several Real Estate Companies tried to increase their standard fees from 6 to 7 percent. This does not mean that potential home sellers must accept such an increase. The law of supply and demand should prevail in the real estate marketplace.

This is especially true in the case of a tenant who is purchasing the property in which he/she has been living for a number of years. In my opinion, it makes little sense to give a real estate agent 6 or 7 percent of the purchase price, if the tenant purchases during the term of the lease. If such a commission clause is to be included in any lease, certainly the amount of the commission can -- and should -- be negotiated.

It should also be pointed out that tenants in the District of Columbia have an absolute right of first refusal to purchase a single family house. Thus, there seems to be even less reason to pay a commission of any amount under these circumstances.

With respect to your specific question, we first have to look to the language in your lease. The appropriate paragraph reads as follows:
Commission in event of purchase. Should tenant purchase during the original term, or any extension or renewal of this lease, or within three months following termination thereof, agent shall be paid in cash by landlord a commission of 6 percent of the purchase price at time of settlement or conveyance...
First, it should be made clear that the real estate company is only entitled to a commission if your tenant purchases the property. If a third party ends up buying your house, under the terms of this paragraph you are not obligated to pay a commission.

If you renew the lease, a literal and strict interpretation of the language would obligate you to pay the commission if the tenant ultimately decides to purchase.

However, you do have a number of options. First, I believe that this language may not be upheld by the Courts if a legal challenge were brought. The language was drafted by the real estate broker, and probably not explained to you when you were given the lease to sign.  Indeed, in many cases, the agent -- and not the landlord -- signs the lease.

Second, you might want to consider advising your tenant one month and one day prior to the expiration of the lease that you do not intend to "renew" the lease, but are prepared to sign a new lease, with different terms and conditions.

Under this arrangement, you technically have not "renewed" the lease and may not have to pay the commission. This of course is a cloudy issue. Our courts, however, generally take the position that any ambiguities or uncertainties in a legal document (i.e., the lease) will be interpreted against the person who drafted that document.

Third, you should consider discussing the situation directly with the brokerage firm which found your tenant in the first place. Explain your situation, and try to negotiate a lower commission rate. Many real estate broker firms will probably be willing to reduce the commission.

In the future, however, make sure that the next time you sign a lease, you carefully review all of its terms. You have the absolute right to strike any portions of the document which you feel are objectionable or do not meet your needs.

Many consumers have a "thing" about form legal documents. They believe they are sacred and cannot be changed or modified. That is just not true. It takes two people to reach agreement, and all documents can be negotiated, changed or re-written until everyone is in agreement and the document is signed.

Today's Mortgage Rates
Mortgage Rates Jolted Higher, Relatively
Sep 11 2017, 5:22PM

Mortgage rates finally had a bad day, but everything's relative.  This sort of bad day leaves the average lender quoting rates that would have been the best of 2017 any other time before last week.  It's only when compared to last week that we'd consider them to be moderately higher.  

How much higher are we talking about?  Let's put it this way: most borrowers will still be quoted the same interest rates seen on Friday with the weakness being seen in the form of slightly higher upfront costs.  In the worst cases, the cost change could be just over 0.3% of the loan amount, or $300 for every $100,000 borrowed.  The alternative would be to move up an eighth of a point in rate and pay lower upfront costs (or potentially get a lender credit, depending on the scenario).

As far as the motivation for the mini rate spike, credit goes primarily to an absence of North Korea-related drama over the weekend as well as Hurricane Irma failing to live up to its most dire potential.  Both of those events had markets on edge, putting money into bond markets (which pushes rates lower) and holding back investing in stocks.  Today was a reversal of those themes with a big stock rally that brought major averages to near-record levels.  

As to whether or not this is the beginning of a sustained move toward higher rates, it's too soon to say for sure.  At the very least, today suggests more defensiveness in the short-term strategy when it comes to locking and floating.

52 Week
30 Yr FRM3.89%3.84%+0.053.37%4.39%
15 Yr FRM3.17%3.12%+0.052.72%3.61%
FHA 30 Year Fixed3.40%3.35%+0.053.20%4.10%
Jumbo 30 Year Fixed4.15%4.10%+0.053.51%4.60%
5/1 Yr ARM3.18%3.10%+0.082.80%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 furtree@msn.com.  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.