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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...
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