Tuesday, January 9, 2018


Today's Best Mansionwww.todaysbestmansionsforsale.com

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

#1     6 East 69th Street, New York, NY 10021 with 6 bedrooms, 5 baths and 
12,000 sq.ft. is listed for sale at $37,500,000.




The recent sale of an adjacent house for a record confirms this block of East 69th Street off Fifth Avenue as one of the most desirable mansion blocks in the city. The classic neo-Federal 25'-wide mansion at 6 East 69th Street has approximately 12,000 interior square feet on 6 levels with 17 rooms, 6 bedrooms, 5 baths, 2 powder rooms, 4 fireplaces and elevator. It features large rooms, high ceilings and abundant natural light. Stairs from the grand entrance foyer lead to a noble parlor floorconsisting of living room with fireplace, music room, dining room and powder room. The third floor features a beautiful paneled library with fireplace. The fourth floor master suite includes a large bedroom with fireplace, two large walk-in closets, a huge marble master bath and sun room in 1,800 square feet plus a 250 square foot south-facing terrace. The fifth floor has three bedrooms, two baths and a play room. It is rare to find a home of such scale and quality in the best possible Gold Coast location adjacent to Central Park, world class museums and highly acclaimed Madison Avenue shops and restaurants.

















Today's Top Real Estate News 

Hawaii has record-low unemployment and it's not a frozen hellscape. Why are people leaving?

The Washington Post
Andrew Van Dam 


72-409 Kaupulehu Drive, Kailua-Kona, Hi 96740 with 5 bedrooms, 6 baths and 5,396 sq.ft. is listed for sale at $12,950,000.


Hawaii has the lowest unemployment rate of any state in recorded history, a good economic outlook, and — most attractive at this time of year — little chance of polar vortex or ‘bomb cyclones’. Yet in 2017 its population fell for just the third time since statehood in 1959.  

It only dropped a tenth of a percent, but that's a worse showing than all but four states (Wyoming, West Virginia, Illinois and Alaska), according to a recent Census Bureau release.
Which brings us to the core conundrum: people are leaving Hawaii even though the labor market is stronger than on the mainland, and even though it’s the high 70s in Honolulu this week. What could possibly be driving them away?

Hawaii’s unemployment rate is exceptionally low. The preliminary seasonally adjusted reading for November was 2.0 percent — the lowest of any state since the Labor Department started keeping track in 1976, and less than half of the 4.1 percent national rate reported in November.

These state numbers are often revised, and the low rate can partly be explained by a labor force that shrank for most of 2017, an aging population, and peculiarities of the state's labor market. But "any way you cut it, 2.0 is extremely low," said Carl Bonham, economics professor and director of the University of Hawaii's economic research organization.


a close up of a map© Even beyond the unemployment rate, the economy looks strong. A recent report from Bonham's organization projected continued growth for 2018, based on another record year of tourist arrivals, steady activity in the construction sector, and growth in health and tourism jobs.

So why is anyone leaving?

One answer trumps all others: home prices. Hawaii has the most expensive housing in the nation, according to the home value index from housing website Zillow. Rent costs trail only D.C. and (in some months) California. Overall, Hawaii had the highest cost of living of any state in 2017 (D.C. was higher), the Center for Regional Economic Competitiveness found, and housing was the main driver.

It's always been expensive to live in Hawaii, but it's getting worse. There's just not enough housing on the islands, and Hawaii now has one of the worst rates of homelessness in the country.

The Department of Housing and Urban Development found that 51 out of every 10,000 people in Hawaii were homeless on the day they were counted in January 2017 — that’s worse than 49 other states and ahead of only D.C. Hawaii had the fourth-fastest increase in homelessness over the past decade, the same study found.

How can homelessness and house prices be high even as the state's population is steady or falling? Some factors — tight zoning regulations, lack of land suitable for development, and not-in-my-back-yard-ism — have long been present on the islands, but there's one issue that has come to loom over all others: tourism.

Tourism has long been key to Hawaii's economy, but today it dominates. Tourists have arrived in all-time record numbers each of the past six years, and Bonham's organization predicts they will continue to do so for years to come.
a close up of a map© Provided by WP Company LLC d/b/a The Washington PostBut these record arrivals haven't come with record spending. Adjusted for inflation, today's tourists are more frugal than their predecessors.
a close up of a map© 

Many are repeat visitors. They've already checked the big-ticket items off their bucket list and are just coming to relax and enjoy the absence of whatever apocalyptic winter storms and chores they left back home.

"They’re just not spending like they used to," Bonham said. "They’re probably shopping at Target and Kmart and probably staying in a condo or at an Airbnb."
That second part is the key.

All those extra visitors must be staying somewhere, and that somewhere is private residences. Bonham estimates there were 14,000 rooms on the vacation-rental market in 2016 (that's assuming full-time use, so the actual number is probably much higher), and every one of those is another unit that's not available for residents looking to buy.

a close up of a map© The state granted about 4,100 residential housing permits in 2016, but Bonham estimated that they'd need about double that to accommodate demand and rein in prices.
The rise of the frugal tourist is also putting the squeeze on jobs and earnings. Residents who might have found work at higher-paying resorts in the past are now waiting on those same tourists at Target and Kmart instead. And they're not likely to afford Honolulu housing on retail wages.

Average hourly earnings for private-sector employees in Hawaii ranked 15th in the nation over the past year, and they consistently grow more slowly than home prices.

a screenshot of a cell phone© Provided by WP 

As the changing character of Hawaii's visitors squeeze residents on both ends, they may have no choice but to leave.

"There’s a connection there between that booming number of arrivals and that vacation-rental market and ... some of the exits of people from the state because of rising costs," Bonham said.

Military deployments are another factor. Bonham noted there was a net reduction of about 1,000 troops and dependents in 2016, when the state saw only 0.2 percent population growth. And the islands' fertility rate has fallen almost every year since 2008, according to the most recent data from the Centers for Disease Control and Prevention.

a screenshot of a cell phone© 
The high price of land and the shortage of affordable labor has also pushed sugar and pineapple plantations out of business, Brittany Lyte reported for The Washington Post in December.

“We have put all our eggs into one basket, and that is tourism. But not everybody who lives on this island wants to work in the hotel industry, and it’s almost impossible to feed a family here working as a farmer,” Lyte quoted Maui County Councilman Alika Atay as saying.

“We are now seeing drastic displacement of young people leaving Maui because of a lack of economic opportunity," Atay told Lyte.

Bonham agreed that heavy reliance on tourism had foreclosed other options.
"If you’re looking in manufacturing or you’re looking in certain areas of the sciences we simply don’t have some of those jobs," he said.

Preliminary data back up the notion that Hawaii residents are continuing to vote with their feet. Moving company Atlas Van Lines found that, among its customers in 2017 (through Dec. 15), there were three moves out of Hawaii for every two moves in. The state is clearly a very nice place to visit. But it's getting harder and harder to stay.


Today's Top San Diego Luxury Estates.


The median home value in San Diego County is $560,800. San Diego County home values have gone up 6.6% over the past year and Zillow predicts they will rise 3.7% within the next year
The median home value in Coronado is $1,553,700. Coronado home values have gone up 3.5% over the past year and Zillow predicts they will rise 2.7% within the next year. 

The median home value in La Jolla, 92037 is $1,573,200. 92037 home values have gone up  6.4% over the past year and Zillow predicts they will rise 3.7% within the next year.

The median home value in Solona Beach, 92075 is $1,277,500. 92075 home values have increased 8.1% over the past year and Zillow predicts they will rise 3.6% within the next year.  


The median home value in Del Mar, 92014 is $1,678,200. 92014 home values have gone up 2.9% over the past year and Zillow predicts they will rise 2.7% within the next year. 

The median home value in Rancho Santa Fe is $2,733,200. Rancho Santa Fe home values have gone up 4.1% over the past year and Zillow predicts they will rise 2.9% within the next year.

#1      4014 El Acebo Del Norte, Rancho Santa Fe, CA 92067 with 5 bedrooms, 7 baths and 7,221 sq.ft. is listed for sale at $4,295,000.



A unique & amazing RSF Covenant find! This custom designed One-Level estate is located on one of the BEST streets on the West side of the Covenant: 5 minutes to the coast, 2 minutes to golf, R. Rowe School. The stunning View site is a hidden treasure & is in perfect move in condition. Quality details and finishes throughout: pecan wood floors, Napa limestone, Rocky Mountain hardware, furniture qlty cabinet work. Seamless indoor/outdoor living w/inviting fire pit off pool area and guest casita too.















Today's Top LA Luxury Estate.


The median home value in Orange County is $692,900. Orange County home values have gone up 4.1% over the past year and Zillow predicts they will rise 1.7.% within the next year. 

The median home value in Los Angeles County is $588,000. Los Angeles County home values have gone up 67.8% over the past year and Zillow predicts they will rise 2.6% within the next year.

The median home value in Newport Beach is $1,704,700. Newport Beach home values have gone up 4.3% over the past year and Zillow predicts they will rise 2.2% within the next year. 

The median home value in Santa Monica is $1,502,700. Santa Monica home values have gone up 7.9% over the past year and Zillow predicts they will rise 2.1% within the next year.

The median home value in Pacific Palisades is $2,884,200. Pacific Palisades home values have gone up 7.9% over the past year and Zillow predicts they will rise 2.8% within the next year.

The median home value in Malibu is $3.081,600. Malibu home values have gone up 8.1% over the past year and Zillow predicts they will rise 3.0% within the next year.

The median home value in Bel Air is $3,455,900. Bel Air home values have gone up 5.0% over the past year and Zillow predicts they will rise 2..2% within the next year.

The median home value in Beverly Hills, 90210 is $5,092,600. 90210 home values have gone up 7.5% over the past year and Zillow predicts they will rise 2.5% within the next year.

#1      9694 Oak Pass Road, Beverly Hills, CA 90210 with 7 bedrooms, 10 baths and 11,500 sq.ft. is listed for sale at $17,995,000.


This incredible one of a kind development opportunity and/or owner user property, lies within the prestigious gated community on Oak Pass Road in Beverly Hills. This private compound is located behind two separate gates, set on nearly 2 acres. Completely secluded and extremely private with amazing tennis/basketball court, one of the largest personal home gyms built, giant pool and beautiful two-story guest house. The main house with 5 bedrooms and 8 baths boasts light Oak floors, large open spaces, formal living room w/ fireplace and terrace, dining room, gourmet kitchen, professional screening room, luxurious master and baths, children wing, family/game room, amazing grounds with "paradise pool" and waterfall. Celtics basketball court, airplane hangar size gym, professional boxing ring, 2 story guest house, play yard, putting green, huge motor court. Simply one of a kind. 






















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 Maricopa County is $251,200. Maricopa County home values have gone up 7.1% over the past year and Zillow predicts they will rise 3.0% within the next year.

The median home value in Scottsdale is $434,700. Scottsdale home values have gone up 5.0% over the past year and Zillow predicts they will rise 2.4% within the next year.

The median home value in Carefree is $747,800. Carefree home values have gone up 0.8% over the past year and Zillow predicts they will rise 1.3% within the next year. 

The median home value in Paradise Valley is $1,638,100. Paradise Valley home values have gone up 2.2% over the past year and Zillow predicts they will rise 1.5% within the next year.


#1      4348 North Diamond Point Circle, Mesa, AZ 85207 with 6 bedrooms, 9 baths and 12,803 sq.ft. is listed for sale at $3,495,000.

 


Breathtaking Views and Exceptional Amenities adorn this custom, former NBA players estate that can easily be split into 2 separate multifamily living spaces all under 12,800 SF offering 6 generously sized Bedrooms, 8.5 Baths, functional floorplan with Beautiful Great Room, Gourmet Kitchen & Dining, Spectacular Pool & Land Scape with Floating Cabana Kitchen and Comfy Patio Spaces throughout. Skillfully crafted architecture with Hand Scraped Wooden Floors, Carved Cantera Columns & Massive Beams. Executive Office with Custom Woodwork including Library, 9 Person Theater, Casita with full kitchen, laundry, living room and bedroom with convenient private entrance. Adorably Charming Custom Built 2 Story Children's Castle plus huge Game Rooms. Official NBA flooring in the INDOOR Basketball Court lined by 2nd Story Gallery & Vanishing Wall of Glass! 8 Car Garage + Gated Motor Court. The list goes on and on and this home is sure to impress!




















Today's Top San Francisco Luxury Estate

Image result for San Francisco skyline pictures

The median home value in San Francisco County is $1,276,000. San Francisco County home values have gone up 12.9% over the past year and Zillow predicts they will rise 4.3% within the next year. 

The median home value in Marin County is $1,081,500. Marin County home values have gone up 7.2% over the past year and Zillow predicts they will rise 3.9% within the next year.

The median home value in Santa Clara County is $1,152,300.  Santa Clara County home values have gone up 17%.6 over the past year and Zillow predicts they will rise 8.8% within the next year.

The median home value in Sausalito is $1,362,900. Sausalito home values have gone up 6.2% over the past year and Zillow predicts they will rise 3.9% within the next year. 

The median home value in Tiburon is $2,580,200. Tiburon home values have gone up 5.4% over the past year and Zillow predicts they will rise 3.4% within the next year

The median home value in Palo Alto is $2,883,600. Palo Alto home values have gone up 15.6% over the past year and Zillow predicts they will rise 8.4% within the next year.         
            
The median home value in Los Altos is $3,118,100. Los Altos home values have gone up 13.1% over the past year and Zillow predicts they will rise 7.3% within the next year.         

The median home value in Saratoga is $2,715,800. Saratoga home values have gone up 14.5% over the past year and Zillow predicts they will rise 8.2% within the next year.    

The median home value in Atherton is $6,939,400. Atherton home values have gone up 11.8% over the past year and Zillow predicts they will rise 4.3% within the next year.

#1      605 Rosita Avenue, Los Altos, CA 94024 with 5 bedrooms, 7 baths and 
6,215 sq.ft. is listed for sale at $6,995,000.

Move in ready! Be the first to live in this newly constructed modern farmhouse built by Urban Pacific Homes and Development. Centrally located in Los Altos, this beautifully crafted home boasts 5 bedrooms plus an office/den, and 7 bathrooms with 6,215 square feet of open living space. The large 15,612 square foot lot provides owners with plenty of space to enjoy outdoor activities such as playing a game of basketball on the sport court or entertaining guests around the outdoor BBQ and covered patio with fireplace. Top of the line appliances from Wolf and Sub Zero can be found in the kitchen and wok room fit for the most discerning of home cooks. Venture downstairs to discover an additional family room, wine cellar, laundry room, en suite bedroom, and bonus room that has endless options for use. The attached two car garage has epoxy coated floors and is wired for an electric car charger. Top rated Los Altos schools are just a short bike ride or stroll away from the property. 

















Today's Top Seattle Luxury Estate

Image result for Seattle  
The median home value in King County is $602,200. King County home values have gone up 15.3% over the past year and Zillow predicts they will rise 6.3% within the next year

The median home value in Kirkland is $717,100. Kirkland home values have gone up 20.1%  over the past year and Zillow predicts they will rise 7.2% within the next year.

The median home value in Seattle is $708,600. Seattle home values have gone up 15.3% over the past year and Zillow predicts they will rise 6.2% within the next year.

The median home value in Bellevue is $871,100. Bellevue home values have gone up 16.6% over the past year and Zillow predicts they will rise 6.3% within the next year.

The median home value in Mercer Island is $1,422,600. Mercer Island home values have gone up 7.9% over the past year and Zillow predicts they will rise 4.2% within the next year. 

.The median home value in Clyde Hill is $2,650,900. Clyde Hill home values have gone up 18.7% over the past year and Zillow predicts they will rise 7.1% within the next year.

 The median home value in Medina is $2,708,900. Medina home values have gone up 14.1% over the past year and Zillow predicts they will rise 6.3% within the next year.


#1     303 West Highland Drive, Seattle, WA with 4 bedrooms, 4 baths and 4,080 sq.ft. is listed for sale at $3,595,000.


Best view in town! Splendid home in premier Seattle Address! South Slope Queen Anne Hill beauty, lovingly maintained & renovated in keeping with its traditional styling. Extraordinary, sweeping panorama of City skyline, Space Needle, Mt Rainier, Elliott Bay, & Alki. Gracious floor plan w/ sophisticated scale, fine finishes. French Country kitchen, lovely paneled dining room exudes ambiance featuring beautiful stained glass. Prime neighborhood location near shops, restaurants, boulevards & parks











Today's Best Mortgage Rates
Mortgage Rates Back Near Recent Highs
Jan 8 2018, 4:50PM

Mortgage rates rose today, largely due to bond market movement from the end of last week that never made it onto last week's rate sheets.  Specifically, the bond markets that underlie mortgage rate movement had a fairly bad day last Friday, but not until after most lenders already released their first rate sheets of the day. 

Lenders normally need to see a certain amount of market movement by a certain time of day before issuing mid-day reprices, and Friday's weakness wasn't quite big enough.  As I noted last week, that meant we would begin the current week at a slight disadvantage.  It's that disadvantage that was seen on this morning's rate sheets.  From there, bonds weakened a bit more, prompting a few more lenders to issue rate sheets with even higher rates.

All that having been said, the movements in question are small enough that they're mainly affecting closing costs in most cases (as opposed to actual interest rates).  As such, most borrowers are still seeing top tier conventional 30yr fixed quotes in the 4.0-4.125% neighborhood.  But the closing costs associated with those rates are just about as high as they've been since early 2017.  For what it's worth, the same was true on several occasions in the 2nd half of December.
                                                                                                                                             52 Week
ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.09%4.06%+0.033.84%4.39%
15 Yr FRM3.42%3.41%+0.013.12%3.61%
FHA 30 Year Fixed3.75%3.75%--3.35%4.05%
Jumbo 30 Year Fixed4.25%4.21%+0.044.10%4.60%
5/1 Yr ARM3.23%3.21%+0.022.98%3.25%
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


PS.   Thank you for reading my blogs. Today's Best Mansions has now been read by over 150,000 individuals!