President Obama has approved a bill for the Housing Tax Credit Expansion and Extension. Here's what it means:
The $8,000 First-Time Homebuyer Tax Credit is Extended!
• First-time home buyers receive $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.
• The home purchased must be their primary residence
• Buyer cannot have owned a home during the past three years
• Tax credit is up to 10% of the home value (not to exceed $8,000)
• Annual income caps to qualify for the tax credit have increased $125K for single filers / $225K for joint filers.
• Partial tax credit for incomes up to $145K for single filers / $245 for joint filers.
PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence
• Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
• The new home does not have to cost more than the old home.
• Eligible for homes with purchase agreements signed between November 6, 2009 and April 30, 2010, and close by June 30, 2010
• Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.
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Thursday, November 12, 2009
Monster House
The former owner of a 16,000-square-foot mansion in Encinitas that neighbors called the "monster house" has been charged with stealing $1 million worth of fixtures, appliances and doors from the bank-foreclosed home, according to a published report.
The district attorney's office on Monday sent Suzy Brown, 45, a letter informing her she was charged with felony grand theft and felony vandalism, Deputy District Attorney Robert Eacret told the North County Times.
Brown was not arrested, Eacret said. She is scheduled to be arraigned on the charges Dec. 1 at the
On Tuesday, detective Steven Ashkar said Brown had returned most of the items removed from the house to the bank and kept in contact with detectives throughout their inquiry.
"I am aware that she had the ability to return certain items to the bank and to the house, and to the best of my understanding, she returned everything that was in her power to return," said Bob Grimes, an attorney who represented Brown during the investigation,
The home on
In April, Brown told the paper that she didn't know who stripped the structure but said she wasn't surprised by the turn of events. Brown, who built the house in 2004, had planned to turn it into a "recovery house" for patients looking to escape the clutches of drugs and alcohol, but the city killed the plan after neighbors complained about the $13 million villa.
Wednesday, October 21, 2009
People who live in Glass Houses....
Top-secret glass house can be yours
This Laguna Beach, Calif., home is invisible from the street, but boasts 180-degree beach views (and an $11.85 million price tag).
Posted by Mai Ling at MSN Real Estate on Wednesday, October 21, 2009 9:54 AM
This $11.85 million home in Laguna Beach, Calif., features floor-to-ceiling glass with panoramic views of the ocean. (© Realtor.com)It's not that I wasn't intrigued by all of the homes listed in Forbes' write-up of America's Strange Homes for Sale, but when Move.com referred to this house as the bat cave...
Photos of the house, which features ceiling-to-floor glass walls that provide a 180-degree view of the ocean, certainly didn't hurt.
But the part I like best about this house in Laguna Beach, Calif., is its stealthiness. Not only is the home invisible from the street, but the owners also get to take a secret tunnel into the subterranean garage that also includes a hydraulic lift so you can bring a car straight into the home.
I don't know how much more like "Batman" you could get!
Tuesday, June 16, 2009
The Hamptons, darling, LONG ISLAND
Four mansions on exclusive Georgica Pond in the Hamptons are on sale and are asking big bucks despite the recession.
The most recent addition to the market is a 25,000-square-foot estate on 5.5 acres that boasts 8 bedrooms, 11.5 baths, an indoor heated wave pool and a Turkish bath. The home, at 30 Wainscott Stone Highway, also includes an outdoor pool, tennis court and a 110-seat movie theater that is a replica of the famed Zeigfeld Theatre. Among its former renters are Madonna, Warren Beatty, Kevin Costner, Jay Z, Damon Dash and Jennifer Lopez.
According to real estate site StreetEasy, the home was put on the market on Friday for $19.995 million. It can also be rented for $200,000.
The property that has been for sale the longest is 81 Briar Patch Road. The mansion has been on and off the market for the past year, and most recently saw its price chopped by 1%, to $39.5 million.
Sotheby's first listed the 12,00-square-foot home for $40 million last April. It removed the listing in September for several weeks, according to StreetEasy, only to put it back on the market later in the fall at the same price. It then removed the listing, to put it back on in May 1% lower, although it isn't clear whether the cuts have gone deep enough. The home, which is next to a 16-acre meadow, boasts 18th century stone fireplaces, a walnut-paneled library, 30-foot ceilings in the living room and a separate 2- bedroom guest cottage.
Brown Harris Stevens has the listing of a 3.7-acre property on the east shore of Georgica pond. Facing west, it has more than 400 feet of water frontage, and boasts a four bedroom home designed by Peter Marino. The home is new, built in 1990, and includes a large living room, country kitchen and a master suite. It has been listed on the market for $27 million since November, 2008, according to StreetEasy.
Another property on the market is at 40 Laforest Lane. Unlike some of the other properties, it is near East Hampton Village, which could be a perk if you prefer not to be isolated in your estate, and choose to walk among the masses (albeit East Hampton masses) shopping at Calypso or Coach.
The home, which has been on the market since January for $13.5 million, boasts 250 feet of waterfront, a dock, waterside pool, and 5 bedrooms and 3 bathrooms.
Monday, June 1, 2009
Ferris Bueller's Ferrari House For Sale
By James Grahame
Here's your chance to own a piece of cinematic history - the location where Ferris Bueller's pal Cameron accidentally sent his father's prized Ferrari plunging through a picturesque plate glass window into the ravine below.
"The Ben Rose Home - site of the famous movie "Ferris Bueller's Day Off." Cantilevered over the ravine, these two steel and glass buildings - which can never be duplicated - have incredible vistas of the surrounding woods. This is a unique property designed by A. James Speyer and David Haid, both notable architects of the 20th Century."
These magnificent examples of mid-century minimalism (that's an exterior shot of the garage on the left) can be yours for only $2,300,000, or $433.96 per square foot.
370 Beech Street, Highland Park, IL [via Cory O'Brien]
Ferris Bueller's Day Off - Ferrari Scenes [YouTube]
"The Ben Rose Home - site of the famous movie "Ferris Bueller's Day Off." Cantilevered over the ravine, these two steel and glass buildings - which can never be duplicated - have incredible vistas of the surrounding woods. This is a unique property designed by A. James Speyer and David Haid, both notable architects of the 20th Century."
These magnificent examples of mid-century minimalism (that's an exterior shot of the garage on the left) can be yours for only $2,300,000, or $433.96 per square foot.
370 Beech Street, Highland Park, IL [via Cory O'Brien]
Ferris Bueller's Day Off - Ferrari Scenes [YouTube]
Thursday, April 2, 2009
Tuesday, March 31, 2009
Candy Land - $150 million
Marriage to a mogul, fine art and life in 'The Manor.' Yes, Candy Spelling has 'Stories.'
By Irene LacherLos Angeles County's largest home, dubbed "The Manor." owned by Aaron and Candy Spelling is for sale. It boasts a two-lane bowling alley.
In her memoir, "Stories From Candyland: Confections From One of Hollywood's Most Famous Wives and Mothers" (St. Martin's Press), Candy cracks open the door to her life as a distinctive breed of Angeleno -- the ultimate trophy wife, not a member of the first wives' club, but the (usually younger) last wife. Spelling's chatty account traces her own trip to Fantasy Island from her youth as an L.A. model. The rewards of such a life -- which included a 56,500-square-foot French chateau-style cocoon and a first-class tour of Europe with 52 suitcases in tow -- are legendary.
Now that she's a widow, Spelling has also decided The Manor is too big for one person. As widely reported last summer, she bought a $47-million, 16,500-square-foot penthouse condo in the Century, a Century City building under construction and designed by star architects Robert A.M. Stern, Jean Nouvel and Richard Meier. She plans to move in to her new spread in about a year and has just put her home on the market with an asking price of $150 million (although real estate sources say a price in the low $100 millions is probably more realistic).
Spelling shows a visitor some of her treasures on display in the living room. Inside a cabinet are a dish that belonged to Egyptian King Farouk, a Fabergé cigarette case given to Cary Grant by Barbara Hutton, a 19th century bird box that chirps and the agate bottle she bought from the Chinese artist who painted it. She points to one of her first collections, a carefully positioned cluster of Chinese snuff bottles. "Tori used to play with them and then she'd break them, sometimes, the little spoons," she notes. "I stopped collecting them when I realized they could do fakes."calendar@latimes.com
Monday, March 30, 2009
Who Will Buy the Mansion???????????
http://www.latimes.com/classified/realestate/news/la-hm-hotprop28-2009mar28,0,477343.story
From the Los Angeles Times
HOT PROPERTY
Hugh Hefner's home next to Playboy mansion for sale for $27,995,000
The two-story, 7,300-square-foot English Manor-style home was built in 1929 and bought by the Hefners in 1998.
By Ann Brenoff
March 28, 2009
OK, no more proverbial pressing your nose up against the gates hoping to catch a glimpse of what goes on at the Playboy mansion. Now you can live right next door and spy from the comforts of your own home.
Hugh Hefner and wife Kimberley have listed their personal residence, next to the Playboy mansion in Holmby Hills, for sale at $27,995,000. It's a Mini-Me to the adjacent party palace, a sister house if you will.
The two-story, 7,300-square-foot English Manor-style home was built in 1929 and bought by the Hefners in 1998. It sits behind private gates on 2.3 acres and has some of the original wood paneling, leaded-glass windows and a hand-carved staircase. There are hand-painted walls, a newly remodeled kitchen with a morning room and butler's pantry, two staff rooms, formal living and dining rooms, a library and family room. It has five bedrooms and seven bathrooms.
The grounds back up to the Los Angeles Country Club and include a pool. There is room for a tennis court, which would provide the new owner with plenty of excuses to visit next door when a ball errantly finds its way over the wall.
The home was designed by Arthur R. Kelly for the sister of Arthur Letts Jr., the original owner of the Playboy mansion. The Hefners are selling the home because their two sons will soon head to college.
Hugh Hefner, 82, is the founder of Playboy Enterprises. Kimberley Hefner was Playboy's Playmate of the Month in January 1988 and was Playmate of the Year in 1989.
Joyce Rey and Stacy Gottula of Coldwell Banker Previews International, Beverly Hills, share the listing.
ann.brenoff@latimes.com
From the Los Angeles Times
HOT PROPERTY
Hugh Hefner's home next to Playboy mansion for sale for $27,995,000
The two-story, 7,300-square-foot English Manor-style home was built in 1929 and bought by the Hefners in 1998.
By Ann Brenoff
March 28, 2009
OK, no more proverbial pressing your nose up against the gates hoping to catch a glimpse of what goes on at the Playboy mansion. Now you can live right next door and spy from the comforts of your own home.
Hugh Hefner and wife Kimberley have listed their personal residence, next to the Playboy mansion in Holmby Hills, for sale at $27,995,000. It's a Mini-Me to the adjacent party palace, a sister house if you will.
The two-story, 7,300-square-foot English Manor-style home was built in 1929 and bought by the Hefners in 1998. It sits behind private gates on 2.3 acres and has some of the original wood paneling, leaded-glass windows and a hand-carved staircase. There are hand-painted walls, a newly remodeled kitchen with a morning room and butler's pantry, two staff rooms, formal living and dining rooms, a library and family room. It has five bedrooms and seven bathrooms.
The grounds back up to the Los Angeles Country Club and include a pool. There is room for a tennis court, which would provide the new owner with plenty of excuses to visit next door when a ball errantly finds its way over the wall.
The home was designed by Arthur R. Kelly for the sister of Arthur Letts Jr., the original owner of the Playboy mansion. The Hefners are selling the home because their two sons will soon head to college.
Hugh Hefner, 82, is the founder of Playboy Enterprises. Kimberley Hefner was Playboy's Playmate of the Month in January 1988 and was Playmate of the Year in 1989.
Joyce Rey and Stacy Gottula of Coldwell Banker Previews International, Beverly Hills, share the listing.
ann.brenoff@latimes.com
Wednesday, February 25, 2009
Bloodletting
As of February 2009
This just in from CNN
Existing home sales lowest since '97
Realtors say sales fell 5.3% in January, believing would-be buyers delayed purchases due to stimulus talk.
* Existing home sales lowest since '97
Mortgage Rates
Type Overnight avgs
30 yr fixed mtg 5.22%
15 yr fixed mtg 4.84%
30 yr fixed jumbo mtg 6.89%
5/1 ARM 5.07%
5/1 jumbo ARM 5.84%
Find personalized rates:
NEW YORK (CNNMoney.com) -- Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
The National Association of Realtors said Wednesday that existing home sales dropped 5.3% last month, to a seasonally adjusted annual rate of 4.49 million units from a rate of 4.74 million in December.
This just in from CNN
Existing home sales lowest since '97
Realtors say sales fell 5.3% in January, believing would-be buyers delayed purchases due to stimulus talk.
* Existing home sales lowest since '97
Mortgage Rates
Type Overnight avgs
30 yr fixed mtg 5.22%
15 yr fixed mtg 4.84%
30 yr fixed jumbo mtg 6.89%
5/1 ARM 5.07%
5/1 jumbo ARM 5.84%
Find personalized rates:
NEW YORK (CNNMoney.com) -- Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
The National Association of Realtors said Wednesday that existing home sales dropped 5.3% last month, to a seasonally adjusted annual rate of 4.49 million units from a rate of 4.74 million in December.
Saturday, February 21, 2009
the Obamarama Housing Market
Let's see, what's in it for me?
Homebuyer Tax Credit
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits
The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply.
In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
Neighborhood Stabilization
Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP).
The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.
The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.
So, pick one of the above and maybe, just maybe, you will be back in black
Homebuyer Tax Credit
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits
The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply.
In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
Neighborhood Stabilization
Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP).
The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.
The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.
So, pick one of the above and maybe, just maybe, you will be back in black
Wednesday, February 18, 2009
Lower your payment?
$75 Billion to reach 9 million homeowners with restructured, refinanced loans expanding the role of the Mac's, Freddie and Fannie.
We'll see. For one thing, foreclosure usually begins after three to four months of non payment of the mortgage, or DEFAULT, and while many banks have done LOAN MODIFICATIONS, my boots-on-the-ground householders say it varied by a whopping $50 bucks or so. And, there is no shortage of willing land sharks trying to help these poor people who obviously didn't understand the terms of their mortgage loans in the first place. I understand - I remember when I bought my first car and they actually let me walk off the lot with it. Suckers!
Now for my ritual zen saying of the day:
"Do you own the house or does the house own you?"
After giving banks, billions of dollars, now will homeowners get relief from default?
Will their loans be modified to reflect the actual value of the house? I think not.
The only ones who will benefit are the banks, just like the last time the country crashed and burned in the 1980s. The country formed the Resolution Trust corporation and bought up all their assets and then auctioned those off.
I will wait and see...
We'll see. For one thing, foreclosure usually begins after three to four months of non payment of the mortgage, or DEFAULT, and while many banks have done LOAN MODIFICATIONS, my boots-on-the-ground householders say it varied by a whopping $50 bucks or so. And, there is no shortage of willing land sharks trying to help these poor people who obviously didn't understand the terms of their mortgage loans in the first place. I understand - I remember when I bought my first car and they actually let me walk off the lot with it. Suckers!
Now for my ritual zen saying of the day:
"Do you own the house or does the house own you?"
After giving banks, billions of dollars, now will homeowners get relief from default?
Will their loans be modified to reflect the actual value of the house? I think not.
The only ones who will benefit are the banks, just like the last time the country crashed and burned in the 1980s. The country formed the Resolution Trust corporation and bought up all their assets and then auctioned those off.
I will wait and see...
Tuesday, February 17, 2009
Trulia.com and forclosures
http://www.trulia.com/blog/rudy_bachraty/2009/02/trulia_foreclosure_gloss
it never ceases to amaze me how the internet has increased the power of slave labor...
but here you go. If you want to be a foreclosure expert, sign on - for free!
it never ceases to amaze me how the internet has increased the power of slave labor...
but here you go. If you want to be a foreclosure expert, sign on - for free!
Monday, February 16, 2009
Buy a WRECK of a House NOW!
http://www.thisoldhouse.com/toh/photos/0,,20256816,00.html
Jeanne Baron of This Old House online reports:
"The next stage of the national housing crisis is well underway, especially in communities that have been in the center of the implosion of the subprime housing market. From California to New York, there are houses for sale for pennies on the dollar, and in a scattering of hard-hit neighborhoods some houses are going for a few thousand dollars each. These houses present intriguing opportunities to buyers willing to put some care into their rehabilitation. In many cases, they sell quickly. Here's a sample of what we found still on the market or recently sold."
Also: read 9 tips for buying a foreclosure, also by Jeanne Barron:
http://www.thisoldhouse.com/toh/article/0,,20259084,00.html
Jeanne Baron of This Old House online reports:
"The next stage of the national housing crisis is well underway, especially in communities that have been in the center of the implosion of the subprime housing market. From California to New York, there are houses for sale for pennies on the dollar, and in a scattering of hard-hit neighborhoods some houses are going for a few thousand dollars each. These houses present intriguing opportunities to buyers willing to put some care into their rehabilitation. In many cases, they sell quickly. Here's a sample of what we found still on the market or recently sold."
Also: read 9 tips for buying a foreclosure, also by Jeanne Barron:
http://www.thisoldhouse.com/toh/article/0,,20259084,00.html
Thursday, February 5, 2009
HOW do you get to be Brangelina's Real Estate Agent!
Okay,
I wonder about these two....three or four kids are in diapers, right?
They must have access to the Star Trek transporter since one day they are in NY and the next they are in Europe and the day after, they are in L.A. and not only that - they buy and rent houses and castles all over the globe and don't seem to stay very long. So, they must have their very own real estate people, don't you think?
From the Realestalker-
Sassafras, the 40-some acre estate in staid Lloyd Neck, NY
where the perpetually peripatetic pair reportedly leased for a few months while Miss Jolie, who keeps threatening that she's going to take a break from working in order to spend some time with all her 47 kids, is scheduled to film her next movie.
Thursday, January 29, 2009
Buy Britney's House marked down to $7M
2094 Summit Cir, Beverly Hills CA 90210 
Listing Broker: www.sothebysrealty.com
Exquisite gated Italian Renaissance inspired Villa w/in the exclusive guard-gated Summit. This magnificent Estate offers approximately 7,500 square feet of luxury, 6 BD, 6 BA, gated motor court, wet bar, maid s quarters, library, smoking room/den, sophisticated formal dining room, & a grand entrance foyer. Artisan quality finishes are highlighted by dramatic high ceilings, providing a sense of unmatched scale & volume. Old world craftsmanship and designer details including carved millwork, stone & mosaic tile floors, & elegant iron accents are found throughout. A brilliant state-of-the-art chef s kitchen with Viking appliances, walk-in pantry, & large breakfast nook open to the spacious family room. The breathtaking Master suite offers his and hers baths, fireplace, & romantic loggia. Manicured rear grounds afford a pool, spa, elegant arbor, and lush landscaping ideal for year round entertaining. This grand estate is offered with select furnishings, accessories, and art work.
MLS ID: #F1783983
2,579 views as of 1/28/09
$7,195,000
5 br 6.0 ba 7,453 Sqft
Single-Family Home
5 br 6.0 ba 7,453 Sqft
Single-Family Home
Open House Times
hidden
Listing Agent: Tomer Fridman
Ph. (818) 222-9500 Listing Broker: www.sothebysrealty.com
| Street Number: | 12094 |
| Street: | Summit Cir |
| City: | Beverly Hills |
| ZIP Code: | 90210 |
| Beds: | 5 |
| Baths: | 6.00 |
| Sqft: | 7,453 sqft |
| Year built: | 2001 |
| Lot Size: | 15,930 sqft |
Listing Price | |
|---|---|
| Current listing price: | $7,195,000 |
Sales History | |
| March 20, 2002 | $2,650,000 |
| August 18, 1999 | $760,000 |
| March 18, 1998 | $579,000 |
| Source: Public Records | |
Thursday, January 8, 2009
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