If you’ve dreamed of owning a million-dollar home, the time is now. According to the Zillow Home Value Index (ZHVI), high-end homes in the U.S. are now listed for 27 percent less than their prices at the peak of the market in June 2006. That translates into hundreds of thousands of dollars in savings — and the possibility of buying a million-dollar home for, say, $500,000.
Los Angeles real estate agent Gary Gold of Hilton & Hyland confirms most of the homes in the million-dollar bracket are selling for a third less than the peak market price — and that many of his clients are taking advantage of the discount.
Showing posts with label Luxury Homes. Show all posts
Showing posts with label Luxury Homes. Show all posts
'Worst' Trashed House Attracts Lots of Offers
A once luxury home in Huntington Beach, Calif., is moldy, cement was poured down the drains, and a Jacuzzi tub was left running water for months. But after being listed on the market for less than two weeks for $1,142,000, it has already received five offers. What’s more, two of the offers were “well over” the list price, the real estate agent Tom Moon told The Orange County Register.
Moon says the 3,321-square-foot house was the worst example of “malicious vandalism ” of foreclosed homes he had ever seen. Chemicals and cement had been poured down the drains and a floor in the home actually caved in from the weight of a pile of wet clothes and trash. Appliances, sinks, toilets, cabinets, countertops, and flooring were taken from the home too.
“This home needs drywall completion and installation of all interior decor,” Moon says. Mold remediation and new pipes have been completed since the home went on the market.
“This home needs drywall completion and installation of all interior decor,” Moon says. Mold remediation and new pipes have been completed since the home went on the market.
Celebrity Real Estate: Divorced Stars' Homes For Sale (PHOTOS)
Much has been is written about what happens to the kids, the love life, and even the pets after divorce, but what about the house?
If you're a celebrity, chances are you'll ditch it to move on to new--and sometimes better--digs. Here, 5 exes who put their marital homes on the market. Check 'em out and tell us: are you interested in purchasing a piece of celebrity-divorce history?
Click Here to Read: Celebrity Real Estate: Divorced Stars' Homes For Sale (PHOTOS)...
If you're a celebrity, chances are you'll ditch it to move on to new--and sometimes better--digs. Here, 5 exes who put their marital homes on the market. Check 'em out and tell us: are you interested in purchasing a piece of celebrity-divorce history?
Click Here to Read: Celebrity Real Estate: Divorced Stars' Homes For Sale (PHOTOS)...
Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home
Eighteen months after the divorce that rocked America , the ex wife of legendary golfer Tiger Woods, Elin Nordegren has splashed out on a 1932 built two storey luxury mansion in an exclusive North Palm Beach area known as Seminole Landing. The stunning beach front property is situated just 11 miles from her ex husband Wood’s residence.
Click Here to Read: Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home...
Click Here to Read: Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home...
Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room
First it was burgled, then it was flooded, then it was exorcised — and now it’s for sale. Kate Moss‘ five-bedroom London abode is on the market for 7 million pounds (about $11 million US), though the paid the equivalent of $12 million for it back in 2007. So, what does 11 million big ones get you?
Click Here to Read: Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room...
Click Here to Read: Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room...
Florida Marlins’ Wes Helms Brings His Work Home
Neighbors in the small Alabama town of Sterrett always knew where to find Wes Helms on his 53-acre farm over the winter. The man called “Uncle” on the Marlins often was ensconced in his custom-made, 3,000-square foot batting cage, working on a swing that deserted him last season.
Helms had gone from coauthoring a major-league pinch-hitting record with Ross Gload in 2009 to anchoring the worst pinch-hitting club in the National League in ’10. His pinch-hitting average plummeted from .347 to .114 in one year, and his pride plunged with it.
Click Here to Read: Florida Marlins’ Wes Helms Brings His Work Home...
Helms had gone from coauthoring a major-league pinch-hitting record with Ross Gload in 2009 to anchoring the worst pinch-hitting club in the National League in ’10. His pinch-hitting average plummeted from .347 to .114 in one year, and his pride plunged with it.
Click Here to Read: Florida Marlins’ Wes Helms Brings His Work Home...
Luxury 2BR Apt., $700 a Month: A Craigslist Scam!
The ad on Craigslist last week sounded too good to be true. A two-bedroom apartment was available in Hoboken for a mere $700 a month, much lower than the usual starting price of around $1,500. This particular unit boasted marble floors, a laundry room, and a sixth-floor window overlooking Washington Street.
But across the country, ads like this one that sound too good to be true usually are. Details in the ads in Hudson County do make them seem legitimate – including the number of blocks the unit is from the local PATH station, and photos of the interior. One recent ad even provided an address on Second Street in Hoboken.
But across the country, ads like this one that sound too good to be true usually are. Details in the ads in Hudson County do make them seem legitimate – including the number of blocks the unit is from the local PATH station, and photos of the interior. One recent ad even provided an address on Second Street in Hoboken.
America's Most Expensive Homes
Candy Spelling, widow of television giant Aaron, has listed the Manor, Los Angeles' largest, and arguably most opulent, house up for sale at US$150-million, out-pricing every other listed home in the country. Just down the street the owner of a sprawling classical style marble mansion is asking for US$125-million, making it the second most-expensive home in America. Yet another home for sale is in the triple-digit millions, a massive but secluded US$100-million Lake Tahoe ranch.
Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole
New York Yankees baseball player Alex Rodriguez paid $6 million for his new five-bedroom, 3,000-square-foot penthouse on Manhattan's coveted Upper West Side. While city assessment records say Rodriguez would normally owe approximately $60,000 each year in property taxes, thanks to a loophole in the city tax code called 421A, the Huffington Post has reported that he will pay only $1,200 this year.
That loophole will let Rodriguez and the rest of his well-to-do neighbors enjoy paying almost no property tax for the next several years since the program grants a 98 percent real estate tax abatement for as much as 25 years to condominium owners in newly built housing. New York City's Independent Budget Office has reported the 421A program will cost New York City more than $900 million this year in lost tax revenues.
Click Here to Read: Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole...
That loophole will let Rodriguez and the rest of his well-to-do neighbors enjoy paying almost no property tax for the next several years since the program grants a 98 percent real estate tax abatement for as much as 25 years to condominium owners in newly built housing. New York City's Independent Budget Office has reported the 421A program will cost New York City more than $900 million this year in lost tax revenues.
Click Here to Read: Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole...
Britney Spears Splurges on $20 Million Luxury Mansion?
Britney Spears, 29, may be moving into new digs. The currently-hot singer/entertainer has reportedly purchased a luxury tudor-style mansion in the Hidden Hills section of Los Angeles, for a mere $20 million, reports MailOnline. The home is only a few miles from the $1.8 million house where she lives now. Britney had a good year, financially, coming in third on the Forbes magazine women-in-entertainment list, and she may have decided to invest some of her millions in property.
Click Here to Read: Britney Spears Splurges on $20 Million Luxury Mansion?...
Click Here to Read: Britney Spears Splurges on $20 Million Luxury Mansion?...
The Foreclosure Of Patricia Kluge’s (Once) $100 Million Estate
In 1990 self-made media billionaire, John Kluge, and his third wife, Patricia, called their marriage quits. The divorce settlement broke records, which perhaps is not all that surprising since Kluge was, with a$5 billion empire, the world’s wealthiest man that year.
Patricia Kluge walked away with alimony payments of $1.6 million per week (the interest accrued on one billion dollars per year at the time). But she also snagged some prime real estate: a hunting lodge in the Scottish Highlands valued then at $20 million and an opulent 45-room Virginia estate called Albemarle.
Click Here to Read: The Foreclosure Of Patricia Kluge’s (Once) $100 Million Estate...
They're Rich And Famous And In Foreclosure
How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
Real Estate That's Changed Hands in World's Priciest Divorces
Valentine's Day might be a time to celebrate love for one another, but let's not forget what happens when things turn sour. Of the umpteen romances that began with Champagne and strawberries, chocolate and love letters, many have ended in acrimony, alimony, and the financial strain of divorce. When some of the world's richest people break it off, the resulting settlements are sizable, and often include some eye-popping real estate. Rupert Murdoch, he of many hideouts, holds the dubious honor of participating in the most expensive divorce of all time: a whopping $1.7B. But seeing as we've already given the media mogul enough attention in these parts, we will delve into the ranks to find some more real estate lost or gained as a result of conjugal discord. So while you spend the night cuddling with a special someone—hey, even if you're all alone!—just be happy you haven't spent more than $150M on a marital mistake...yet.
Click Here to Finish Reading: Real Estate That's Changed Hands in World's Priciest Divorces...
Mystery European Buys ‘The Castle’ Home For $17.5-Million
Kris and Margaret Isberg also severed a 100 x 190-foot lot from the site as part of the sale, squeezing another $6-million out of the property and ensuring a tidy $5-million profit on their investment.
Click Here to Read: Mystery European Buys ‘The Castle’ Home For $17.5-Million...
America's Most Decadent Kitchens
You need do no more research than watch a rerun of reality show The Osbournes to confirm that kitchens are the epicenter of American family life. We use them to cook, eat, congregate and mingle. So it's no wonder that home buyers fork over top dollar to create lavish spaces to dish out food.
Forbes has compiled a list of 15 U.S. homes for sale with dream kitchens a professional chef would salivate over. Our friends at Realtor.com, Trulia.com, Sotheby's International Realty and Coldwell Banker Previews International nominated dozens of luxury homes for the list. All contenders offered delectable cook spaces, but those selected from among homes ranging in price from $2 million to $68 million stood out for unique amenities or jaw-dropping layouts.
Click Here to Read: America's Most Decadent Kitchens...
Understanding the Mansion Tax
ccording to Wikipedia, a "mansion" is a "very large dwelling." U.S. realtors define a mansion as a dwelling of over 8,000 square feet, whereas a traditional European mansion was defined as a house which contained a ballroom and ten or more bedrooms.
While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.
If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.
This tax is more commonly known as the “mansion tax."
Click Here to Read: Understanding the Mansion Tax...
While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.
If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.
This tax is more commonly known as the “mansion tax."
Click Here to Read: Understanding the Mansion Tax...
Unsold Mansions: The Elite Go Begging
About 45 homes are for sale in the Tucson area with price tags over $2 million.
Some are tucked into secluded, cactus-laden canyons. Others are perched on rocky outcroppings overlooking the city. Many sit alongside lush golf courses in gated communities.
For the most part, they have something in common: They're not selling.
Five homes priced above $2 million sold in 2010. If that pace continues, it'll take about nine years to work through the existing inventory - and that's assuming no more come onto the market.
Click Here: Unsold Mansions: The Elite Go Begging...
Some are tucked into secluded, cactus-laden canyons. Others are perched on rocky outcroppings overlooking the city. Many sit alongside lush golf courses in gated communities.
For the most part, they have something in common: They're not selling.
Five homes priced above $2 million sold in 2010. If that pace continues, it'll take about nine years to work through the existing inventory - and that's assuming no more come onto the market.
Click Here: Unsold Mansions: The Elite Go Begging...
U2's The Edge in Row Over Malibu Home Plans
U2 guitarist The Edge is locked in a dispute with California authorities over plans to build five new luxury homes near Malibu, with officials claiming they would harm the local environment.
The star -- real name David Evans -- wants to build the houses on a ridge in the hills overlooking Malibu up the Pacific coast from Los Angeles, and has set up a website boasting they are environmentally-friendly.
But the California Coastal Commission has filed a report recommending that the planning applications be rejected when they go before local lawmakers next week.
Click Here to Read: U2's The Edge in Row Over Malibu Home Plans...
Even More Millionaires Defaulting on Mortgages
The RealtyTrac organization predicted earlier this month that home foreclosures in 2011 will likely exceed the record 3.8 million reported in 2010.
CBS News correspondent John Blackstone reports one group of mortgage defaulters seems to be bucking the trend. In wealthy communities like La Jolla, Calif., living near the ocean is a privilege that many homeowners are willing to pay millions for.
For Darren Thomas that ocean view was quickly losing its value. He says, "I bought it for [$1.385 million]. It is worth less than [$800,000], maybe less."
Click Here to Read: Even More Millionaires Defaulting on Mortgages...
CBS News correspondent John Blackstone reports one group of mortgage defaulters seems to be bucking the trend. In wealthy communities like La Jolla, Calif., living near the ocean is a privilege that many homeowners are willing to pay millions for.
For Darren Thomas that ocean view was quickly losing its value. He says, "I bought it for [$1.385 million]. It is worth less than [$800,000], maybe less."
Click Here to Read: Even More Millionaires Defaulting on Mortgages...
Wednesday, February 2, 2011
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Trashed! Golf Course Home Is Called Worst Mess
A 2-story house on the Seacliff Golf Course in Huntington Beach is the worst example of "malicious vandalism'' of a foreclosed home that a top Realtor for bank-owned properties says he's ever seen in Orange County.
Click Here to Read: Trashed! Golf Course Home Is Called Worst Mess...
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