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Your Housing Watch
Sacramento Serial Killer Home Sells: Sign of Market Improvement?
This would be something to read in the disclosure forms when buying a home: Seven bodies were buried on this property.
That probably isn't the exact wording on the legal documents for the buyers of 1426 F St. in Sacramento, but that's what they had to know before the home was recently auctioned to winning bidders for $215,000 -- a more than 50 percent drop from the $500,000 price the home sold for in 2005.
Maybe it was the falling housing market or the spookiness of owning a home used by a serial killer, but the former Sacramento boarding house owned by Dorothea Puente took a long time to sell after going into foreclosure in 2009, and having a last reported for-sale price of $335,750.
Puente started taking in disabled tenants in 1985. In 1988 police found the bodies of seven people buried there. Puente was convicted of three murders and is in state prison.
Why did the house sell now? #mini_module { width: 265px; height:220px; border: none; float:left; margin:10px; font-size:12px;} #mini_module img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module .mini_title { margin: 0px; padding:0px; width:265px; height:131px;} #mini_module .mini_main { margin: 0px; padding:0px; width:265px; height:85px; background: transparent url(http://www.aolcdn.com/travel/bg-short)} #mini_module .mini_item {padding:12px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module a { color: #49A3CA; text-decoration:none; } #mini_module a:hover { color: #F98419; text-decoration:underline;}
The home is in a good neighborhood, one that I've visited on regular trips to see friends in Sacramento. It's near a few parks, is within walking distance of theaters and restaurants, and is close to the state capitol. As for ghosts on the site, buyers Barbara Holmes and Tom Williams of Georgetown look at it as an adventure and a nice place to have a second home.
Browse through photos of millions of home listings or search foreclosure listings "I'm sensitive to that, but I didn't feel any spirits lingering," Holmes told The Sacramento Bee. "We are going to make the most of it and if the paranormals want to come in and do their thing, bring it on. My plan is to make it as normal as possible."
At least the home is still intact. The Park City, Kan. home of Dennis Rader -- known as the BTK serial killer for his preferred method of killing, "bind, torture and kill" -- was sold to the city for $60,000 in 2007, after souvenir seekers tried to sell boards from the house on eBay. The city planned to demolish the home, where Rader and his family lived for 25 years before he pleaded guilty to killing 10 people between 1974 and 1991. He's serving 10 consecutive life terms in prison.
If owning a home by a serial killer doesn't scare you, there's one for sale in East Meadow, N.Y. where Joel Rifkin lived, and killed and dismembered some of his victims. The two-story expanded ranch home has an asking price of $424,500. Rifkin is in prison serving 203 years to life.
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That probably isn't the exact wording on the legal documents for the buyers of 1426 F St. in Sacramento, but that's what they had to know before the home was recently auctioned to winning bidders for $215,000 -- a more than 50 percent drop from the $500,000 price the home sold for in 2005.
Maybe it was the falling housing market or the spookiness of owning a home used by a serial killer, but the former Sacramento boarding house owned by Dorothea Puente took a long time to sell after going into foreclosure in 2009, and having a last reported for-sale price of $335,750.
Puente started taking in disabled tenants in 1985. In 1988 police found the bodies of seven people buried there. Puente was convicted of three murders and is in state prison.
Why did the house sell now? #mini_module { width: 265px; height:220px; border: none; float:left; margin:10px; font-size:12px;} #mini_module img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module .mini_title { margin: 0px; padding:0px; width:265px; height:131px;} #mini_module .mini_main { margin: 0px; padding:0px; width:265px; height:85px; background: transparent url(http://www.aolcdn.com/travel/bg-short)} #mini_module .mini_item {padding:12px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module a { color: #49A3CA; text-decoration:none; } #mini_module a:hover { color: #F98419; text-decoration:underline;}
The home is in a good neighborhood, one that I've visited on regular trips to see friends in Sacramento. It's near a few parks, is within walking distance of theaters and restaurants, and is close to the state capitol. As for ghosts on the site, buyers Barbara Holmes and Tom Williams of Georgetown look at it as an adventure and a nice place to have a second home.
Browse through photos of millions of home listings or search foreclosure listings "I'm sensitive to that, but I didn't feel any spirits lingering," Holmes told The Sacramento Bee. "We are going to make the most of it and if the paranormals want to come in and do their thing, bring it on. My plan is to make it as normal as possible."
At least the home is still intact. The Park City, Kan. home of Dennis Rader -- known as the BTK serial killer for his preferred method of killing, "bind, torture and kill" -- was sold to the city for $60,000 in 2007, after souvenir seekers tried to sell boards from the house on eBay. The city planned to demolish the home, where Rader and his family lived for 25 years before he pleaded guilty to killing 10 people between 1974 and 1991. He's serving 10 consecutive life terms in prison.
If owning a home by a serial killer doesn't scare you, there's one for sale in East Meadow, N.Y. where Joel Rifkin lived, and killed and dismembered some of his victims. The two-story expanded ranch home has an asking price of $424,500. Rifkin is in prison serving 203 years to life.
Interested in tips on buying foreclosed or distressed properties? See these AOL Real Estate guides:
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in Sacramento, CA.
Find foreclosures in Sacramento.
Get property tax help from our experts.
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Categories: Real Estate News Around the Garden State
Ugly Real Estate Listing Photos: How to Avoid Them
Internet real estate listings are full of photos of homes for sale, allowing buyers to spend hours looking at pictures. With such a large selection, you'd think that real estate agents would think twice before allowing poorly photographed homes to appear in their listings. But still, there are plenty of ugly listing photos out there.
A home described as a "charming opportunity" doesn't look so charming, lawns need to be mowed, and cameras need to be focused. A website in Seattle keeps track of such detrimental listings, and the photos should be enough to turn a potential buyer away. Even multimillion-dollar homes aren't immune.
But good photos can help a home sell fast, San Francisco photographer Herman Bustamante told HousingWatch. He photographs real estate and has seen $1 million homes sell within a week with professionally taken photos in the listing.
Too many real estate agents will take listing photos themselves to try to save some money, but it will cost them in the long run, Bustamante says.
The most common mistake is to use a point-and-shoot camera with a flash on the top, which can make the picture look flat and one-dimensional, he says. The cameras aren't as wide, so an entire room can't be shown.
Here are some other tips for getting the best real estate listing photos:
Clean up.
Mowing the lawn and cleaning up the front yard sounds like basic advice, but too often this isn't done on homes being put up for sale. First impressions count, and the front of the house is where the first impression starts. If the front yard is a mess, then move in close to cut the mess out if you can. Also, clean up the inside of the home, and if the home is still occupied, move everything out of a room before photographing it.
"Basically you need to get everything out of there," says Bustamante.
Get a good exterior shot.
This is the equivalent of curb appeal, according to the Journal story, and could prevent users from clicking further. Take it about 10 or 20 feet above street level and put away anything else that can distract from the picture -- car, garbage cans, "for sale" sign.
Scott Vlha, owner of Doorstop Photography, told HousingWatch that more experienced photographers might try adding foreground elements, such as tree branches or flowers, if the front yard has more "curb appeal."
Getting out of the car is necessary, believe it or not, even for busy photographers with a list of houses that they need to get to. "Just getting out of your car instead of shooting out a window can really help," Vlha says. "Foreground elements such as fences, ugly curbsides, etcetera, can really detract from the selling points of the home."
Stage it.
Home staging, especially on empty homes, can help give buyers an idea of what the home would look like with the best furniture available. Move your outdated furniture out, get good lighting, open the drapes and use a wide-angle lens.
Inside photo tips.
Vlha recommends using available light because it's much softer and appealing than a straight strobe light, which can wash out subtle textures in wood, flooring, and cabinets. You might benefit from having a tripod and using that to aid you in low-light situations, in which a longer exposure is needed in order to use available light.
Watch the weather and the sun.
The time of day that you photograph the house can be very important, especially if you are shooting into the sun, says Vlha. This makes the photo very "flat" with no contrast and the appeal of the home is compromised. A professional photographer can make your home look great in the sun or rain, although too much of either may not be a good thing. If you're selling your ski house in the winter, try to get an exterior shot in the snow. But if it's still for sale in the spring, take an updated shot in the sun.
Try a few angles, not just straight-on.
Sometimes moving just a few feet from the center of the home can really show off the expanse of the property as well as create a more interesting photo to look at.
No pets.
Keep your pets, or any signs of them, out of listing photos since they can be associated with bad smells, allergens and patchy yards. "The worst one is when people leave cat food dishes on the counters," said Linda Monforton, virtual tour photographer for Coldwell Banker Select in Tulsa.
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
A home described as a "charming opportunity" doesn't look so charming, lawns need to be mowed, and cameras need to be focused. A website in Seattle keeps track of such detrimental listings, and the photos should be enough to turn a potential buyer away. Even multimillion-dollar homes aren't immune.
But good photos can help a home sell fast, San Francisco photographer Herman Bustamante told HousingWatch. He photographs real estate and has seen $1 million homes sell within a week with professionally taken photos in the listing.
Too many real estate agents will take listing photos themselves to try to save some money, but it will cost them in the long run, Bustamante says.
The most common mistake is to use a point-and-shoot camera with a flash on the top, which can make the picture look flat and one-dimensional, he says. The cameras aren't as wide, so an entire room can't be shown.
Here are some other tips for getting the best real estate listing photos:
Clean up.
Mowing the lawn and cleaning up the front yard sounds like basic advice, but too often this isn't done on homes being put up for sale. First impressions count, and the front of the house is where the first impression starts. If the front yard is a mess, then move in close to cut the mess out if you can. Also, clean up the inside of the home, and if the home is still occupied, move everything out of a room before photographing it.
"Basically you need to get everything out of there," says Bustamante.
Get a good exterior shot.
This is the equivalent of curb appeal, according to the Journal story, and could prevent users from clicking further. Take it about 10 or 20 feet above street level and put away anything else that can distract from the picture -- car, garbage cans, "for sale" sign.
Scott Vlha, owner of Doorstop Photography, told HousingWatch that more experienced photographers might try adding foreground elements, such as tree branches or flowers, if the front yard has more "curb appeal."
Getting out of the car is necessary, believe it or not, even for busy photographers with a list of houses that they need to get to. "Just getting out of your car instead of shooting out a window can really help," Vlha says. "Foreground elements such as fences, ugly curbsides, etcetera, can really detract from the selling points of the home."
Stage it.
Home staging, especially on empty homes, can help give buyers an idea of what the home would look like with the best furniture available. Move your outdated furniture out, get good lighting, open the drapes and use a wide-angle lens.
Inside photo tips.
Vlha recommends using available light because it's much softer and appealing than a straight strobe light, which can wash out subtle textures in wood, flooring, and cabinets. You might benefit from having a tripod and using that to aid you in low-light situations, in which a longer exposure is needed in order to use available light.
Watch the weather and the sun.
The time of day that you photograph the house can be very important, especially if you are shooting into the sun, says Vlha. This makes the photo very "flat" with no contrast and the appeal of the home is compromised. A professional photographer can make your home look great in the sun or rain, although too much of either may not be a good thing. If you're selling your ski house in the winter, try to get an exterior shot in the snow. But if it's still for sale in the spring, take an updated shot in the sun.
Try a few angles, not just straight-on.
Sometimes moving just a few feet from the center of the home can really show off the expanse of the property as well as create a more interesting photo to look at.
No pets.
Keep your pets, or any signs of them, out of listing photos since they can be associated with bad smells, allergens and patchy yards. "The worst one is when people leave cat food dishes on the counters," said Linda Monforton, virtual tour photographer for Coldwell Banker Select in Tulsa.
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
Read | Permalink | Email this | Linking Blogs | Comments
Categories: Real Estate News Around the Garden State
Berkeley's Hot, Florida's Cold, Says New Real Estate Report
California has the hottest markets for selling homes over the original asking price while Florida has the most places where homes sell for less, according to a new report.
The quarterly report from ZipRealty looks at ZIP codes across the U.S. to see where homes are selling the most above and below asking price. Seven of the top 10 ZIP codes are in California, and seven of the bottom 10 in the country are in Florida.
Home sales hit a three-month low in June across the country, but in Berkeley, ZipRealty agent Wayne Cory said he hasn't seen sales as good since he started in the business six years ago. Berkeley homes in the 94703 ZIP code led the country and sold for almost 108 percent of the asking price, or an additional $45,000 over list, on average.
"We're still experiencing over-asking prices for nice, clean homes," Cory said.
Here are the top 10 "hottest" selling markets in the second quarter of 2010, followed by their ZIP codes and percent of asking price:
The "coldest" markets are:
Now is a good time to buy in Berkeley, a highly sought after market for its location, value and weather, Cory said. "It's the community, and what Berkeley has to offer," he said. That includes dropping home prices. The average listing price for that specific Berkeley ZIP code over the past three years is:
"Everybody wanted to get in Berkeley before," Cory said of previous years, when multiple offers that were $100,000 over the asking price were common, "but the prices were so high, they couldn't get into it."
The "coldest" ZIP code was in Winchester, Conn.'s 06098, where homes sold on average nearly 30 percent under list price -- an average savings of more than $200,000, according to the median home price in the area.
High-end housing markets nationwide continue to offer relative bargains for buyers. For example, in Miami's Palm Beach (33480), buyers paid an average of around $1.1 million per home in the second quarter, an average of $232,492 below list price. In Cape Cod's Osterville, Mass. (02655), homes sold, on average, for 16 percent below asking price, or an average of $180,437 under asking.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
The quarterly report from ZipRealty looks at ZIP codes across the U.S. to see where homes are selling the most above and below asking price. Seven of the top 10 ZIP codes are in California, and seven of the bottom 10 in the country are in Florida.
Home sales hit a three-month low in June across the country, but in Berkeley, ZipRealty agent Wayne Cory said he hasn't seen sales as good since he started in the business six years ago. Berkeley homes in the 94703 ZIP code led the country and sold for almost 108 percent of the asking price, or an additional $45,000 over list, on average.
"We're still experiencing over-asking prices for nice, clean homes," Cory said.
Here are the top 10 "hottest" selling markets in the second quarter of 2010, followed by their ZIP codes and percent of asking price:
- Berkeley, Calif.: 94703, 107.73%
- Chicago, Ill. - Loop: 60603, 106.56%
- Oakland, Calif.: 94621, 105.93%
- Oakland, Calif.: 94603, 104.33%
- Forest Park, Ga.: 30297, 104.03%
- San Jose, Calif.: 95122, 103.86%
- Rodeo, Calif.: 94572, 103.42%
- Las Vegas, Nev.: 89030, 103.41%
- Adelanto, Calif.: 92301, 103.11%
- San Jose, Calif.: 95111, 103.03%
The "coldest" markets are:
- Winchester, Conn.: 06098, 71.61%
- Alva, Fla.: 33920, 75.95%
- Palm Beach, Fla.: 33480, 82.61%
- Delray Beach, Fla.: 33483, 82.67%
- Highland Beach, Fla.: 33487, 83.61%
- Boca Raton, Fla.: 33496, 83.73%
- Osterville, Mass.: 02655, 83.82%
- Minooka, Ill.: 60447, 83.84%
- Jupiter, Fla.: 33477, 84.02%
- Bokeelia, Fla.: 33922, 84.18%
Now is a good time to buy in Berkeley, a highly sought after market for its location, value and weather, Cory said. "It's the community, and what Berkeley has to offer," he said. That includes dropping home prices. The average listing price for that specific Berkeley ZIP code over the past three years is:
- 2009: $502,348
- 2008: $609,579
- 2007: $640,424
"Everybody wanted to get in Berkeley before," Cory said of previous years, when multiple offers that were $100,000 over the asking price were common, "but the prices were so high, they couldn't get into it."
The "coldest" ZIP code was in Winchester, Conn.'s 06098, where homes sold on average nearly 30 percent under list price -- an average savings of more than $200,000, according to the median home price in the area.
High-end housing markets nationwide continue to offer relative bargains for buyers. For example, in Miami's Palm Beach (33480), buyers paid an average of around $1.1 million per home in the second quarter, an average of $232,492 below list price. In Cape Cod's Osterville, Mass. (02655), homes sold, on average, for 16 percent below asking price, or an average of $180,437 under asking.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
Read | Permalink | Email this | Linking Blogs | Comments
Categories: Real Estate News Around the Garden State
Maine Agents Get Creative to Sell Luxury Real Estate
About 650 homes for sale in Maine are priced at $1 million or more, and with the recession making it twice as hard to sell such homes, real estate agents in Maine are resorting to a lot more inventive marketing techniques.
High-end homes have to be promoted onto the market like a new products, Tom Landry, a Realtor in Portland, told the Maine Public Broadcasting Network.
Indirect marketing done by offering such properties for private events or photo shoots to raise their profiles is becoming more common in Maine.
"When we first launched this property we contacted some of the local magazines to offer the property up as a destination photoshoot area for them, if they had celebrities in town, etcetera," Landry said. "We were actually taken up on that by Portland magazine, and they used the roof on their cover shot, and they overlaid one of their celebrities onto that cover shot."
The magazines apparently attract the attention of high-end buyers, who must like seeing their future homes looking all sexy in a photo shoot.
Most home buyers are probably used to a real estate agent simply putting up a sign and maybe baking cookies for an open house. But with the recession causing half the number of $1 million-plus homes to be sold last year compared to before the recession in 2007, agents have to get creative at open houses. They're not just shopping for buyers.
Landry and other high-end Realtors frequently pull out all the stops at these events to encourage brokers to attend in the hope they can put them in touch with a buyer. Refreshments are usually provided, but so are free gifts, such as dinner at a local restaurant.
Financial incentives are also being offered to other agents, such as higher co-broker percentages, or a flat bonus fee for selling a property.
Realtors are also spending thousands on other marketing costs not required a few years back. Benchmark Real Estate recently spent about $5,000 sending postcards out to targeted property owners in the greater Portland area.
It might help real estate agents to know what high-end home buyers want. Since they're more accustomed to seeking professional advice, they're more likely to go with an experienced agent who they'll keep busy by typically looking at 12 homes before buying, according to Luxury Home Digest.
And since their average down payment on a luxury home is 33.6 percent, Realtors don't have to worry about helping with financing since buyers already have mortgage financing in place.
One company that specializes in auctioning luxury real estate compares it to auctioning fine art. Exclusivity and a more concentrated marketing effort can help get more people interested and lead to a quick sale, boasts the Grand Estates Auction Company.
Of course the best way to attract a buyer to a high-end home may be to move it to the water.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find real estate in Maine.
Find foreclosures in your area.
Get property tax help from our experts.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
High-end homes have to be promoted onto the market like a new products, Tom Landry, a Realtor in Portland, told the Maine Public Broadcasting Network.
Indirect marketing done by offering such properties for private events or photo shoots to raise their profiles is becoming more common in Maine.
"When we first launched this property we contacted some of the local magazines to offer the property up as a destination photoshoot area for them, if they had celebrities in town, etcetera," Landry said. "We were actually taken up on that by Portland magazine, and they used the roof on their cover shot, and they overlaid one of their celebrities onto that cover shot."
The magazines apparently attract the attention of high-end buyers, who must like seeing their future homes looking all sexy in a photo shoot.
Most home buyers are probably used to a real estate agent simply putting up a sign and maybe baking cookies for an open house. But with the recession causing half the number of $1 million-plus homes to be sold last year compared to before the recession in 2007, agents have to get creative at open houses. They're not just shopping for buyers.
Landry and other high-end Realtors frequently pull out all the stops at these events to encourage brokers to attend in the hope they can put them in touch with a buyer. Refreshments are usually provided, but so are free gifts, such as dinner at a local restaurant.
Financial incentives are also being offered to other agents, such as higher co-broker percentages, or a flat bonus fee for selling a property.
Realtors are also spending thousands on other marketing costs not required a few years back. Benchmark Real Estate recently spent about $5,000 sending postcards out to targeted property owners in the greater Portland area.
It might help real estate agents to know what high-end home buyers want. Since they're more accustomed to seeking professional advice, they're more likely to go with an experienced agent who they'll keep busy by typically looking at 12 homes before buying, according to Luxury Home Digest.
And since their average down payment on a luxury home is 33.6 percent, Realtors don't have to worry about helping with financing since buyers already have mortgage financing in place.
One company that specializes in auctioning luxury real estate compares it to auctioning fine art. Exclusivity and a more concentrated marketing effort can help get more people interested and lead to a quick sale, boasts the Grand Estates Auction Company.
Of course the best way to attract a buyer to a high-end home may be to move it to the water.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find real estate in Maine.
Find foreclosures in your area.
Get property tax help from our experts.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
Read | Permalink | Email this | Linking Blogs | Comments
Categories: Real Estate News Around the Garden State
Conseco King's Sprawling Indiana Mansion Up for Auction
A 55,000-square-foot mansion set for auction next month would easily fetch the $9.9 million previous asking price if it were in Carmel, Calif., instead of Carmel, Ind.
But there it sits in Indiana, a 36-room home called Le Chateau Renaissance, built by Conseco insurance company founder Stephen Hilbert and his wife, Tomisue Hilbert, for $35 million. It took five years to build and was completed in 1994, but the couple lost ownership when Stephen Hilbert didn't repay money he borrowed from his company, which has since been renamed CNO Financial Group.
Hilbert told his hometown newspaper that he may bid on the home, which has a mural on the entryway's domed ceiling that includes his likeness as a Greek god.
"Until they paint it over, I'll have the pleasure of looking down and watching what they do with the place," Hilbert told the paper. #mini_module_blank { width: 269px; height:206px; border: none; float:left; margin:10px; font-size:12px;} #mini_module_blank img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module_blank .mini_main { margin: 0px; padding:0px; width:269px; height:206px; background: transparent url(http://www.aolcdn.com/travel/zing-background-no-photo)} #mini_module_blank .mini_item_header {padding:12px 0px; margin: 0px 20px; font-size:16px;} #mini_module_blank .mini_item {padding:8px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module_blank a { color: #49A3CA; text-decoration:none; } #mini_module_blank a:hover { color: #F98419; text-decoration:underline;}
The mansion is not as big as the main house at Hearst Castle in California, but is "ridiculous in size" and stands out in Indiana, says listing broker Greg Cooper, who is co-agent with Dick Richwine of Prudential Indiana Realty Group. The entire property at 1143 W. 116th St. is 33.6 acres. The main house is more than 25,000 square feet, with a 15,000-square-foot "sports palace" (a massive gym with basketball and racquetball courts) and a catering house and guest house.
It's an amazing place," Cooper told HousingWatch in a telephone interview. "It's just that it's a fish out of water."
There really aren't any similar houses in the neighborhood, let alone the state, and homes in the area have an average sold price of $630,000. The largest house that was sold recently was a 15,145-square-foot home for $500,000. Cooper says the median price of a home in Carmel is $230,000, and $140,000 in the rest of Indiana.
In California, New York, Connecticut or Aspen, Colo., the Hilbert mansion would sell for $9 million or more, he says, and six potential buyers have tried and failed to buy it. They include a business owner, athlete and pro wrestler, and the either had buyer's remorse and pulled out of the deal before closing, or didn't have the money they said they had, Cooper says.
Since the home was forfeited in a legal dispute in February 2005, offers have continued to come in and be accepted -- $20 million, $16 million, $14 million, $12 million and $9 million -- but none of them closed, Cooper says. The home was appraised at $25 million in 2000, he said.
More Real Estate Stories The Most Affordable Cities to buy a House on Forbes.com America's Best Cities for Young Professionals on Forbes.com America's Cleanest Cities on Forbes.com A cash purchase is now required, or at least enough liquid assets to afford it. Previously listed at $9.9 million, there is no minimum bid required before the Aug. 27 seal bid submission deadline, but low bids can be rejected. A $100,000 deposit is required to bid. The last day to view the property is Aug. 20, although bidders must show proof of income for a viewing. The successful bidder, if one is chosen, must put down at least 25 percent in cash.
"They have to have an overwhelming capacity to buy the home," Cooper says.
It's a home to get lost in. It has an outdoor infinity pool with double waterfall, indoor lap pool, pool house, six-car garage, media room, atrium, his and her master closets, library, billiards room, spa, sunroom and enough recessed wood on the walls and ceilings of many rooms to make you think you're at Hearst Castle.
While a pro athlete is likely to be able to afford the mansion, Cooper said he thinks someone from Carmel (Indiana, not California) will buy it.
"There's more money here than you'd think," he says. "It's just quiet money."
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in Carmel, IN.
Find foreclosures in Carmel, IN.
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But there it sits in Indiana, a 36-room home called Le Chateau Renaissance, built by Conseco insurance company founder Stephen Hilbert and his wife, Tomisue Hilbert, for $35 million. It took five years to build and was completed in 1994, but the couple lost ownership when Stephen Hilbert didn't repay money he borrowed from his company, which has since been renamed CNO Financial Group.
Hilbert told his hometown newspaper that he may bid on the home, which has a mural on the entryway's domed ceiling that includes his likeness as a Greek god.
"Until they paint it over, I'll have the pleasure of looking down and watching what they do with the place," Hilbert told the paper. #mini_module_blank { width: 269px; height:206px; border: none; float:left; margin:10px; font-size:12px;} #mini_module_blank img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module_blank .mini_main { margin: 0px; padding:0px; width:269px; height:206px; background: transparent url(http://www.aolcdn.com/travel/zing-background-no-photo)} #mini_module_blank .mini_item_header {padding:12px 0px; margin: 0px 20px; font-size:16px;} #mini_module_blank .mini_item {padding:8px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module_blank a { color: #49A3CA; text-decoration:none; } #mini_module_blank a:hover { color: #F98419; text-decoration:underline;}
The mansion is not as big as the main house at Hearst Castle in California, but is "ridiculous in size" and stands out in Indiana, says listing broker Greg Cooper, who is co-agent with Dick Richwine of Prudential Indiana Realty Group. The entire property at 1143 W. 116th St. is 33.6 acres. The main house is more than 25,000 square feet, with a 15,000-square-foot "sports palace" (a massive gym with basketball and racquetball courts) and a catering house and guest house.
It's an amazing place," Cooper told HousingWatch in a telephone interview. "It's just that it's a fish out of water."
There really aren't any similar houses in the neighborhood, let alone the state, and homes in the area have an average sold price of $630,000. The largest house that was sold recently was a 15,145-square-foot home for $500,000. Cooper says the median price of a home in Carmel is $230,000, and $140,000 in the rest of Indiana.
In California, New York, Connecticut or Aspen, Colo., the Hilbert mansion would sell for $9 million or more, he says, and six potential buyers have tried and failed to buy it. They include a business owner, athlete and pro wrestler, and the either had buyer's remorse and pulled out of the deal before closing, or didn't have the money they said they had, Cooper says.
Since the home was forfeited in a legal dispute in February 2005, offers have continued to come in and be accepted -- $20 million, $16 million, $14 million, $12 million and $9 million -- but none of them closed, Cooper says. The home was appraised at $25 million in 2000, he said.
More Real Estate Stories The Most Affordable Cities to buy a House on Forbes.com America's Best Cities for Young Professionals on Forbes.com America's Cleanest Cities on Forbes.com A cash purchase is now required, or at least enough liquid assets to afford it. Previously listed at $9.9 million, there is no minimum bid required before the Aug. 27 seal bid submission deadline, but low bids can be rejected. A $100,000 deposit is required to bid. The last day to view the property is Aug. 20, although bidders must show proof of income for a viewing. The successful bidder, if one is chosen, must put down at least 25 percent in cash.
"They have to have an overwhelming capacity to buy the home," Cooper says.
It's a home to get lost in. It has an outdoor infinity pool with double waterfall, indoor lap pool, pool house, six-car garage, media room, atrium, his and her master closets, library, billiards room, spa, sunroom and enough recessed wood on the walls and ceilings of many rooms to make you think you're at Hearst Castle.
While a pro athlete is likely to be able to afford the mansion, Cooper said he thinks someone from Carmel (Indiana, not California) will buy it.
"There's more money here than you'd think," he says. "It's just quiet money."
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in Carmel, IN.
Find foreclosures in Carmel, IN.
Get property tax help from our experts.
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Categories: Real Estate News Around the Garden State
Adam Carolla Selling His 'Overbuilt' L.A. Hills Home for $1.3M
Comedian and podcast king Adam Carolla is selling his first home -- a French Normandy-style home above Hollywood that he says was structurally "a dump" when he bought it. But Carolla says that the improvements he's made make it worth the $1.3 million asking price for a bachelor; a young, gay or straight couple; or basically anyone without kids.
"You could throw a party in the basement and make as much noise as you wanted and the neighbors would never care," Carolla told HousingWatch in a telephone interview.
The home was dilapidated when he bought it, and as a lifelong contractor, he put sweat equity and at least $350,000 in improvements into the house, he says. He made the home earthquake proof, replaced the electrical and plumbing, and put on a $75,000 slate roof.
"I overbuilt it, really, and just overdid it," Carolla says of the work he did on the house.
So is the bachelor pad worth what he's asking? #mini_module_blank { width: 269px; height:206px; border: none; float:left; margin:10px; font-size:12px;} #mini_module_blank img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module_blank .mini_main { margin: 0px; padding:0px; width:269px; height:206px; background: transparent url(http://www.aolcdn.com/travel/zing-background-no-photo)} #mini_module_blank .mini_item_header {padding:12px 0px; margin: 0px 20px; font-size:16px;} #mini_module_blank .mini_item {padding:8px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module_blank a { color: #49A3CA; text-decoration:none; } #mini_module_blank a:hover { color: #F98419; text-decoration:underline;}
The home was built in 1924 and has had three owners. It was the third house built in the "Hollywoodland" area, back when the iconic sign had the word "land" attached to the end of it. The 2,281-square-foot house looks like a castle and has a lot of character to it, which Carolla added to with the pitched roof and vaulted ceiling.
The home, listed by agent Karen Misraje of Teles Properties, Inc., has an office, a grand step-down into the living room with views of the canyon and city lights, a fireplace and bar, and a designer kitchen with top-of-the-line appliances such as Viking range and Subzero refrigerator. The den or family room has a wet bar, fireplace and entertainment center, which includes a TV and electronic equipment. The master suite has a master bath, fireplace and walk-in closet. It also has central heating and air conditioning that Carolla had installed. Outside there's a patio, lawn, fountain and hot tub with views of the city and Hollywood sign.
It all sounds like a great bachelor home, which it was when Carolla was working as co-host of the "The Man Show" in the mid-1990s.
Carolla says the architecture, view and quality of the work make it worth the asking price of $1,395,000, adding that there are plenty of homes in the area built much later but not in nearly as good as shape. Comparable homes in the neighborhood have an average sold price of $1,236,000. All of the work put into Carolla's house make it much better than the surrounding homes, he says.
"That area is dotted with tons of '60s, '70s and '80s piles of s---," he says of homes built decades after his home.There are also plenty of stairs -- from the street up to the house and more from the fenced yard to the front door -- that won't make it a must-buy for an elderly couple, but allow a view of the Hollywood sign in the nearby Hollywood Hills. Carolla said he hasn't counted the stairs, but calls them a blessing and a curse.
"The stairs are a pain in the ass, but I like it because when I get to the top I was sitting in my perch, in the catbird seat," he said of the Beachwood Canyon home in Los Angeles.
More Real Estate Stories The Most Affordable Cities to Buy a House on Forbes.com America's Best Cities for Young Professionals on Forbes.com America's Cleanest Cities on Forbes.com Carolla bought the three-bedroom, 2.75-bath house in 1996 for $350,000 after he started working on the show "Loveline" with Dr. Drew Pinsky. Carolla, who had lived in various apartments before then with roommates, climbed the stairs many times, carrying Viking appliances and other materials as he rebuilt his first home.
He didn't start living there until 1997, after working on it for a year, and moved out in 2004. He and his family live in the Hollywood Hills and also own a beach house in Malibu. He rented out the Beachwood Canyon home, at 2846 Westshire Drive, after moving out, but decided to sell after getting tired of the headaches of renting it.
"I love the house but realized that I'm not going to move my family back into it," he says.
As his first house, Carolla said he has a lot of fond memories there, but he isn't sentimental about having his handiwork sold to someone else. He's more a fan of the home's architecture than of his work on the house.
Buying a home rebuilt by a Hollywood celebrity is a great conversation starter. A full view of the Hollywood sign doesn't hurt, either. Though owning the most expensive home in the neighborhood isn't always a good bet. Also, the multiple staircases and pricey slate roof may or may not attract offers at the premium Carolla is asking. Stay tuned to see who gets the last laugh.
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
"You could throw a party in the basement and make as much noise as you wanted and the neighbors would never care," Carolla told HousingWatch in a telephone interview.
The home was dilapidated when he bought it, and as a lifelong contractor, he put sweat equity and at least $350,000 in improvements into the house, he says. He made the home earthquake proof, replaced the electrical and plumbing, and put on a $75,000 slate roof.
"I overbuilt it, really, and just overdid it," Carolla says of the work he did on the house.
So is the bachelor pad worth what he's asking? #mini_module_blank { width: 269px; height:206px; border: none; float:left; margin:10px; font-size:12px;} #mini_module_blank img {border:none; width: 265px; height:131px; border: none; margin:0px; } #mini_module_blank .mini_main { margin: 0px; padding:0px; width:269px; height:206px; background: transparent url(http://www.aolcdn.com/travel/zing-background-no-photo)} #mini_module_blank .mini_item_header {padding:12px 0px; margin: 0px 20px; font-size:16px;} #mini_module_blank .mini_item {padding:8px 0px; margin: 0px 20px; border-bottom:1px dotted #CCCCCC;} #mini_module_blank a { color: #49A3CA; text-decoration:none; } #mini_module_blank a:hover { color: #F98419; text-decoration:underline;}
The home was built in 1924 and has had three owners. It was the third house built in the "Hollywoodland" area, back when the iconic sign had the word "land" attached to the end of it. The 2,281-square-foot house looks like a castle and has a lot of character to it, which Carolla added to with the pitched roof and vaulted ceiling.
The home, listed by agent Karen Misraje of Teles Properties, Inc., has an office, a grand step-down into the living room with views of the canyon and city lights, a fireplace and bar, and a designer kitchen with top-of-the-line appliances such as Viking range and Subzero refrigerator. The den or family room has a wet bar, fireplace and entertainment center, which includes a TV and electronic equipment. The master suite has a master bath, fireplace and walk-in closet. It also has central heating and air conditioning that Carolla had installed. Outside there's a patio, lawn, fountain and hot tub with views of the city and Hollywood sign.
It all sounds like a great bachelor home, which it was when Carolla was working as co-host of the "The Man Show" in the mid-1990s.
Carolla says the architecture, view and quality of the work make it worth the asking price of $1,395,000, adding that there are plenty of homes in the area built much later but not in nearly as good as shape. Comparable homes in the neighborhood have an average sold price of $1,236,000. All of the work put into Carolla's house make it much better than the surrounding homes, he says.
"That area is dotted with tons of '60s, '70s and '80s piles of s---," he says of homes built decades after his home.There are also plenty of stairs -- from the street up to the house and more from the fenced yard to the front door -- that won't make it a must-buy for an elderly couple, but allow a view of the Hollywood sign in the nearby Hollywood Hills. Carolla said he hasn't counted the stairs, but calls them a blessing and a curse.
"The stairs are a pain in the ass, but I like it because when I get to the top I was sitting in my perch, in the catbird seat," he said of the Beachwood Canyon home in Los Angeles.
More Real Estate Stories The Most Affordable Cities to Buy a House on Forbes.com America's Best Cities for Young Professionals on Forbes.com America's Cleanest Cities on Forbes.com Carolla bought the three-bedroom, 2.75-bath house in 1996 for $350,000 after he started working on the show "Loveline" with Dr. Drew Pinsky. Carolla, who had lived in various apartments before then with roommates, climbed the stairs many times, carrying Viking appliances and other materials as he rebuilt his first home.
He didn't start living there until 1997, after working on it for a year, and moved out in 2004. He and his family live in the Hollywood Hills and also own a beach house in Malibu. He rented out the Beachwood Canyon home, at 2846 Westshire Drive, after moving out, but decided to sell after getting tired of the headaches of renting it.
"I love the house but realized that I'm not going to move my family back into it," he says.
As his first house, Carolla said he has a lot of fond memories there, but he isn't sentimental about having his handiwork sold to someone else. He's more a fan of the home's architecture than of his work on the house.
Buying a home rebuilt by a Hollywood celebrity is a great conversation starter. A full view of the Hollywood sign doesn't hurt, either. Though owning the most expensive home in the neighborhood isn't always a good bet. Also, the multiple staircases and pricey slate roof may or may not attract offers at the premium Carolla is asking. Stay tuned to see who gets the last laugh.
Aaron Crowe is a freelance journalist in the San Francisco Bay Area.
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get tax advice from our experts.
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
Read | Permalink | Email this | Linking Blogs | Comments
Categories: Real Estate News Around the Garden State
Tampa Bay Rays Baseball: Live Near Tropicana Field for $1.1M
The Tampa Bay Rays have been having a tough time the last two weeks, having won only 3 of their last 10 games. But many consider the team currently in third-place to have its best roster since it clinched the AL East title in 2008. All the more reason to live near the action.
It's not a quick walk -- probably an hour -- but this luxury home for sale on the waterfront in St. Petersburg, Fla., is less than a 10-minute drive from Tropicana Field, home of the Rays and a summer full of exciting baseball.
But you might want to move soon. The Rays' owner announced June 21 that he wants to move the team after the team's contract runs out in 2027. That gives you 17 years -- or possibly fewer, if a new home is found sooner -- to enjoy a new home near downtown St. Petersburg before the Rays move.
But there may be some good news soon, too.
The owner wants all parts of the Tampa Bay area to be explored for the team's new home, so buying a place in St. Petersburg could still put you within a drive of ballgames.
The single-family home for sale at 380 26th Ave. in St. Petersburg is a 45-minute to hourlong walk, but only a 10-minute drive or less to Tropicana Field and downtown St. Petersburg. The $1,150,000 home has four bedrooms and four bathrooms in 4,261 square feet.
Here's what you'll find in this waterfront home with views of Tampa Bay: The kitchen has a gourmet island with upgraded appliances. The formal living room has a fireplace and separate formal dining room. The four bedrooms have views of the water. There's an office/study downstairs, and a library and wet bar upstairs, along with a huge game and media room.
The home also has a three-level elevator, a winding staircase and three-car garage. The outdoor spaces include a spacious lanai, a huge deepwater dock which will accommodate four sailboats, and an irrigation system using reclaimed water.
The same home sold for $1.2 million in March 2009, so the price drop this year could make it enticing. Similar homes in the neighborhood have an average for-sale price of $706,000, although they don't have the waterfront views that this one has.
Hopefully the team's solid play in the American League East division will continue and keep them near the top of the standings.
Find more great homes in St. Petersburg at AOL Real Estate.
It's not a quick walk -- probably an hour -- but this luxury home for sale on the waterfront in St. Petersburg, Fla., is less than a 10-minute drive from Tropicana Field, home of the Rays and a summer full of exciting baseball.
But you might want to move soon. The Rays' owner announced June 21 that he wants to move the team after the team's contract runs out in 2027. That gives you 17 years -- or possibly fewer, if a new home is found sooner -- to enjoy a new home near downtown St. Petersburg before the Rays move.
But there may be some good news soon, too.
The owner wants all parts of the Tampa Bay area to be explored for the team's new home, so buying a place in St. Petersburg could still put you within a drive of ballgames.
The single-family home for sale at 380 26th Ave. in St. Petersburg is a 45-minute to hourlong walk, but only a 10-minute drive or less to Tropicana Field and downtown St. Petersburg. The $1,150,000 home has four bedrooms and four bathrooms in 4,261 square feet.
Here's what you'll find in this waterfront home with views of Tampa Bay: The kitchen has a gourmet island with upgraded appliances. The formal living room has a fireplace and separate formal dining room. The four bedrooms have views of the water. There's an office/study downstairs, and a library and wet bar upstairs, along with a huge game and media room.
The home also has a three-level elevator, a winding staircase and three-car garage. The outdoor spaces include a spacious lanai, a huge deepwater dock which will accommodate four sailboats, and an irrigation system using reclaimed water.
The same home sold for $1.2 million in March 2009, so the price drop this year could make it enticing. Similar homes in the neighborhood have an average for-sale price of $706,000, although they don't have the waterfront views that this one has.
Hopefully the team's solid play in the American League East division will continue and keep them near the top of the standings.
Find more great homes in St. Petersburg at AOL Real Estate.
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Categories: Real Estate News Around the Garden State
Chicago Cubs Baseball: Live Near Wrigley Field for $2.4M
For $2.4 million, you could live within five blocks of Wrigley Field and be near one of the greatest baseball parks in the country. You might not have any money left over for Chicago Cubs tickets, which are the most expensive in Major League Baseball. But if you do get tickets, at least you'll be saving money by being able to walk to the stadium and not having to pay for gas, parking or public transportation.
Here are two homes for sale at $2.4 million each to put you within walking distance of Cubs games. If the price is too steep, then at least go visit Wrigley Field and enjoy the ivy-covered outfield walls. You might want to grow some ivy outside on the walls of these homes, too:
The home at 3741 Lakewood Ave. for $2,499,000 is about a five-block walk to Wrigley Field. The home was built this year and has five bedrooms and four-and-a-half bathrooms. This greystone has beautiful wide-plank hardwood flooring throughout and applied moldings with oversize crowns, giving it a modern, elegant look.
It has a chef's kitchen with walnut cabinets, European-style appliances, handmade backsplash tile over the stove, and Miele built-in coffee system. The master suite has custom mosaic tiling in the bathroom. The third floor has a guest suite, library and deck. The lower level is expansive with a great media room. It also has a three-car garage.
Comparable homes in the neighborhood have an average list price of $2,407,841.
The other home is directly west of Wrigley Field, only a four-block walk. While both homes are stunning, this home at 3616 N. Wayne Ave. looks more elegant, and is a slightly better deal at $2,495,900. The home has five bedrooms and 6.1 bathrooms.
It has a gourmet kitchen, two dishwashers, four en suite bedrooms on the second floor, wood-paneled room, wine cellar, wet bar with dishwasher, central vacuum unit, two laundry rooms, media room with dropdown 9-foot screen, and mudroom with built-ins. There's also an en suite that can be used as a guest area. The radiant heated garage will hold three cars. There's also a penthouse with a roof deck and bonus room.
Find more great homes in Chicago at AOL Real Estate.
Here are two homes for sale at $2.4 million each to put you within walking distance of Cubs games. If the price is too steep, then at least go visit Wrigley Field and enjoy the ivy-covered outfield walls. You might want to grow some ivy outside on the walls of these homes, too:
The home at 3741 Lakewood Ave. for $2,499,000 is about a five-block walk to Wrigley Field. The home was built this year and has five bedrooms and four-and-a-half bathrooms. This greystone has beautiful wide-plank hardwood flooring throughout and applied moldings with oversize crowns, giving it a modern, elegant look.
It has a chef's kitchen with walnut cabinets, European-style appliances, handmade backsplash tile over the stove, and Miele built-in coffee system. The master suite has custom mosaic tiling in the bathroom. The third floor has a guest suite, library and deck. The lower level is expansive with a great media room. It also has a three-car garage.
Comparable homes in the neighborhood have an average list price of $2,407,841.
The other home is directly west of Wrigley Field, only a four-block walk. While both homes are stunning, this home at 3616 N. Wayne Ave. looks more elegant, and is a slightly better deal at $2,495,900. The home has five bedrooms and 6.1 bathrooms.
It has a gourmet kitchen, two dishwashers, four en suite bedrooms on the second floor, wood-paneled room, wine cellar, wet bar with dishwasher, central vacuum unit, two laundry rooms, media room with dropdown 9-foot screen, and mudroom with built-ins. There's also an en suite that can be used as a guest area. The radiant heated garage will hold three cars. There's also a penthouse with a roof deck and bonus room.
Find more great homes in Chicago at AOL Real Estate.
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
Read | Permalink | Email this | Linking Blogs | Comments
Categories: Real Estate News Around the Garden State
Real Estate Fraud: Why Is It Becoming More Common?
Fraud, or at least charges of fraud, just keep on coming in the mortgage and real estate world, leaving homebuyers wondering where the oversight is. The criminal courts are getting busier, hearing cases against the employees and executives of the same companies that are supposed to be helping homebuyers.
Why is there now so much corruption in the mortgage industry? It's an issue that Congress is looking into. The federal government currently is expanding its oversight of the banking system and financial markets, the entities that helped cause the recession.
Here are three of the more prominent recent examples:
1. Mortgage fraud alleged
Last week a federal grand jury indicted the head of what was once among the largest privately held mortgage lending companies for allegedly scheming to steal over half a billion dollars from the government's Troubled Assets Relief Program.
The indictment alleges that Lee Bentley Farkas and his co-conspirators carried out the scheme at their company. The attempt to get TARP funds was just one part of a scheme that was "truly stunning in its scale and complexity" and that resulted in losses of more than $1.9 billion, Lanny Breuer, the Justice Department's assistant attorney general for the criminal division, told a news conference.
2. Real estate fraud
A real estate broker from Chico, Calif., lost her license and was sentenced to 30 days in jail for illegally diverting home construction funds after helping an unlicensed building contractor get $625,000 in construction loans. The felony charge against Linda Elaine Myers was reduced to a misdemeanor after she repaid $5,285 to the main victim, according to a story in the Chico Enterprise Record.
3. More mortgage fraud
Ten people were indicted last week by a federal grand jury in California and charged with conspiracy to commit mortgage fraud, mail fraud and providing false statements in mortgage applications to federally backed banks. They were involved in companies in which mortgage lenders were given inaccurate information about the income of homebuyers or the value of homes, resulting in more than $5.5 million in losses to lenders and the foreclosure of at least 28 properties. In New Jersey, a woman is accused of running a $45 million Ponzi scheme, allegedl raising millions of dollars for real estate investments which she then gambled away.
Why are these cases cropping up now?
The collapse of the housing bubble, which led to the recession, can partly be blamed on the mortgage industry getting too greedy. Crooks, just like businesspeople, go where the money is, and with millions of dollars going into and out of homes, the chance was there for fraud to develop.
Much of the federal crackdown on mortgage fraud comes from the U.S. Department of Justice, which recently announced it arrested 500 people for mortgage fraud.
Some of the cases across the country affect individual homeowners. The newspaper account of the Chico case reports that Damon Fadale, an unlicensed building contractor who retained Myers to oversee home construction loans, previously was sentenced to 180 days in jail in the same case. Fadale allegedly obtained construction loans for $300,000 and $325,000 from two individuals to build separate homes for them. Both of the transactions were brokered through Myers, who received fees totaling about $13,000 to administer the loans.
After the two lots were purchased, Myers wrote additional checks to Fadale to obtain building and septic permits, and to cover foundation work and other facets of the ridge developments, But, according to the prosecutor, she didn't verify that building permits had been issued or that the work actually was actually being done.
The real estate broker admitted paying a relative, who owed her back rent, about $3,500 to perform some work on one of the lots, receiving more than $2,900 from him to cover the rental debt.
Myers' attorney, Philip Heithecker, told the paper that she previously had never administered a construction loan and was "clearly over her head."
Heithecker added a court motion to reduce the charge against Myers, explaining: "Fadale ripped everyone off; my client was scrambling to protect the properties and wind things up."
************************************************
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.
Why is there now so much corruption in the mortgage industry? It's an issue that Congress is looking into. The federal government currently is expanding its oversight of the banking system and financial markets, the entities that helped cause the recession.
Here are three of the more prominent recent examples:
1. Mortgage fraud alleged
Last week a federal grand jury indicted the head of what was once among the largest privately held mortgage lending companies for allegedly scheming to steal over half a billion dollars from the government's Troubled Assets Relief Program.
The indictment alleges that Lee Bentley Farkas and his co-conspirators carried out the scheme at their company. The attempt to get TARP funds was just one part of a scheme that was "truly stunning in its scale and complexity" and that resulted in losses of more than $1.9 billion, Lanny Breuer, the Justice Department's assistant attorney general for the criminal division, told a news conference.
2. Real estate fraud
A real estate broker from Chico, Calif., lost her license and was sentenced to 30 days in jail for illegally diverting home construction funds after helping an unlicensed building contractor get $625,000 in construction loans. The felony charge against Linda Elaine Myers was reduced to a misdemeanor after she repaid $5,285 to the main victim, according to a story in the Chico Enterprise Record.
3. More mortgage fraud
Ten people were indicted last week by a federal grand jury in California and charged with conspiracy to commit mortgage fraud, mail fraud and providing false statements in mortgage applications to federally backed banks. They were involved in companies in which mortgage lenders were given inaccurate information about the income of homebuyers or the value of homes, resulting in more than $5.5 million in losses to lenders and the foreclosure of at least 28 properties. In New Jersey, a woman is accused of running a $45 million Ponzi scheme, allegedl raising millions of dollars for real estate investments which she then gambled away.
Why are these cases cropping up now?
The collapse of the housing bubble, which led to the recession, can partly be blamed on the mortgage industry getting too greedy. Crooks, just like businesspeople, go where the money is, and with millions of dollars going into and out of homes, the chance was there for fraud to develop.
Much of the federal crackdown on mortgage fraud comes from the U.S. Department of Justice, which recently announced it arrested 500 people for mortgage fraud.
Some of the cases across the country affect individual homeowners. The newspaper account of the Chico case reports that Damon Fadale, an unlicensed building contractor who retained Myers to oversee home construction loans, previously was sentenced to 180 days in jail in the same case. Fadale allegedly obtained construction loans for $300,000 and $325,000 from two individuals to build separate homes for them. Both of the transactions were brokered through Myers, who received fees totaling about $13,000 to administer the loans.
After the two lots were purchased, Myers wrote additional checks to Fadale to obtain building and septic permits, and to cover foundation work and other facets of the ridge developments, But, according to the prosecutor, she didn't verify that building permits had been issued or that the work actually was actually being done.
The real estate broker admitted paying a relative, who owed her back rent, about $3,500 to perform some work on one of the lots, receiving more than $2,900 from him to cover the rental debt.
Myers' attorney, Philip Heithecker, told the paper that she previously had never administered a construction loan and was "clearly over her head."
Heithecker added a court motion to reduce the charge against Myers, explaining: "Fadale ripped everyone off; my client was scrambling to protect the properties and wind things up."
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Categories: Real Estate News Around the Garden State
D.C. Nationals Baseball: Live Near Stadium and See Strasburg Pitch, $649K
There are fewer than a dozen homes for sale within walking distance of Nationals Park in Washington, D.C., but if you want to buy a home with the quickest walk to the baseball stadium, you're going to have to come up with $649,000 or more for a condo in the Capitol Quarter.
Public transportation to the ballpark is popular, so if you find another home to buy nearby, getting to the stadium shouldn't be difficult. But for my money, I'll take the two bedroom, two-and-a-half bath condo at 1020 4th St., SE, with 1,535 square feet -- more than many single-family homes -- that's selling for $651,500, and enjoy the approximately six-block walk to hopefully see rookie phenom Stephen Strasburg pitch.
The only difficulty, however, is that the condo isn't built yet. Interested buyers should contact the builder, who has priced the condos from $649,000 to $829,000. You might not get in to see Strasburg this year, but hopefully by opening day next year, you'll be in and can see the stadium lights at night.
The new neighborhood, being built by the developer EYA, is in its second phase of construction. It has 208 townhomes along seven city blocks. The builder's website says that the "mixed-income community will include market rate homes, workforce homes and affordable rental homes."
The floor plans show that the two-story townhouse that I have my eye on has covered parking and a large garage, a big master suite with walk-in closets and private bath, and another bedroom at the other end with its own bathroom.
The second floor has an optional deck off the living room, which has an optional gas fireplace and optional built-ins, adding up to a lot of options for buyers of this yet-to-be-built home. The dining room is in the center of the second floor, next to the stairway, with the kitchen and breakfast area following. Beyond that is a third bedroom, although it's unclear if the room is part of the unit for sale at the lower price, and a loft beside more stairs, and a roof terrace at the end of the unit.
Features include the town homes being built to standards set by the U.S. Green Building Council for being more environmentally friendly and energy efficient than typical new homes.
Along with being close to the baseball stadium, Capitol Quarter is a short walk to the Navy Yard and Capitol South Metro stations, 8th Street shopping, Barrack's Row, Eastern Market, and Capitol Hill.
Similar homes in the neighborhood have an average for-sale price of $829,219.
Find more great homes in Washington, D.C. at AOL Real Estate.
Public transportation to the ballpark is popular, so if you find another home to buy nearby, getting to the stadium shouldn't be difficult. But for my money, I'll take the two bedroom, two-and-a-half bath condo at 1020 4th St., SE, with 1,535 square feet -- more than many single-family homes -- that's selling for $651,500, and enjoy the approximately six-block walk to hopefully see rookie phenom Stephen Strasburg pitch.
The only difficulty, however, is that the condo isn't built yet. Interested buyers should contact the builder, who has priced the condos from $649,000 to $829,000. You might not get in to see Strasburg this year, but hopefully by opening day next year, you'll be in and can see the stadium lights at night.
The new neighborhood, being built by the developer EYA, is in its second phase of construction. It has 208 townhomes along seven city blocks. The builder's website says that the "mixed-income community will include market rate homes, workforce homes and affordable rental homes."
The floor plans show that the two-story townhouse that I have my eye on has covered parking and a large garage, a big master suite with walk-in closets and private bath, and another bedroom at the other end with its own bathroom.
The second floor has an optional deck off the living room, which has an optional gas fireplace and optional built-ins, adding up to a lot of options for buyers of this yet-to-be-built home. The dining room is in the center of the second floor, next to the stairway, with the kitchen and breakfast area following. Beyond that is a third bedroom, although it's unclear if the room is part of the unit for sale at the lower price, and a loft beside more stairs, and a roof terrace at the end of the unit.
Features include the town homes being built to standards set by the U.S. Green Building Council for being more environmentally friendly and energy efficient than typical new homes.
Along with being close to the baseball stadium, Capitol Quarter is a short walk to the Navy Yard and Capitol South Metro stations, 8th Street shopping, Barrack's Row, Eastern Market, and Capitol Hill.
Similar homes in the neighborhood have an average for-sale price of $829,219.
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Categories: Real Estate News Around the Garden State
Author James Patterson Sells Palm Beach Home, $10M
It's no mystery why suspense author James Patterson is moving to another oceanfront mansion in Palm Beach, Fla. He recently sold his previous Palm Beach house for $10.3 million -- perhaps another sign that the real estate market is moving again as another celebrity sells his home.
Patterson, whose latest novel is "Swimsuit" and who also wrote "Along Came a Spider" along with 18 other consecutive No.1 New York Times bestsellers, bought the Everglades Island home at 686 Island Drive for $5.2 million in 1999. That makes its selling price almost double what he paid.
Was it worth all that scratch?
The 11,000-square-foot home has five bedrooms; seven-and-a-half bathrooms; a terrace surrounding a heated pool and spa and a built-in barbecue. The property also has 136 feet of frontage on the Intracoastal Waterway, which includes a dock with a boat lift.
Patterson isn't getting as much for property as he had hoped, however. It was listed for $14.95 million, and has a market value of $11.83 million. With closing costs, the total on the sale was $11 million. Still, not a bad take in the troubled Florida market.
His new home, according to the Palm Beach Post, is a 21,000-square-foot estate at 710 Ocean Blvd. in Palm Beach. He bought the oceanfront mansion on two acres last year for $17.4 million, a better deal than the old one per square foot. It is next to an estate once owned by John Lennon. Patterson's new neighbors include Ivana Trump, who owns a home two lots north.
Homes for sale are rare along the stretch of Ocean Boulevard where Patterson's new home is located. But only three homes back from the ocean, on Via Del Lago, one is selling for $12.7 million. It has seven bedrooms, eight full baths and two half ones in 9,271 square feet, making it slightly smaller than the famed author's house and without a direct ocean view. But the Mediterranean-style home with guest house is still beautiful.
When it comes to real estate, clearly Patterson has a clue: You don't need to be real estate sleuth to figure out that the Via Del Lago home is not as good a deal as Patterson's pad.
Find other great homes for sale in Palm Beach, Florida, at AOL Real Estate.
Patterson, whose latest novel is "Swimsuit" and who also wrote "Along Came a Spider" along with 18 other consecutive No.1 New York Times bestsellers, bought the Everglades Island home at 686 Island Drive for $5.2 million in 1999. That makes its selling price almost double what he paid.
Was it worth all that scratch?
The 11,000-square-foot home has five bedrooms; seven-and-a-half bathrooms; a terrace surrounding a heated pool and spa and a built-in barbecue. The property also has 136 feet of frontage on the Intracoastal Waterway, which includes a dock with a boat lift.
Patterson isn't getting as much for property as he had hoped, however. It was listed for $14.95 million, and has a market value of $11.83 million. With closing costs, the total on the sale was $11 million. Still, not a bad take in the troubled Florida market.
His new home, according to the Palm Beach Post, is a 21,000-square-foot estate at 710 Ocean Blvd. in Palm Beach. He bought the oceanfront mansion on two acres last year for $17.4 million, a better deal than the old one per square foot. It is next to an estate once owned by John Lennon. Patterson's new neighbors include Ivana Trump, who owns a home two lots north.
Homes for sale are rare along the stretch of Ocean Boulevard where Patterson's new home is located. But only three homes back from the ocean, on Via Del Lago, one is selling for $12.7 million. It has seven bedrooms, eight full baths and two half ones in 9,271 square feet, making it slightly smaller than the famed author's house and without a direct ocean view. But the Mediterranean-style home with guest house is still beautiful.
When it comes to real estate, clearly Patterson has a clue: You don't need to be real estate sleuth to figure out that the Via Del Lago home is not as good a deal as Patterson's pad.
Find other great homes for sale in Palm Beach, Florida, at AOL Real Estate.
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Categories: Real Estate News Around the Garden State
Rapper Chamillionaire Loses Houston Home to Foreclosure
At least rapper Chamillionaire isn't changing his name to Cha-"thousand"-aire. The Houston native is getting out of a mortgage for a $2 million home there by not making payments on the mansion and letting it go into foreclosure. The trend of walking away from a mortgage in the down market is hitting even millionaire musicians.
His song "Houston Got a Problem" takes on new meaning.
His decision to go into foreclosure on the 7,583-square-foot mansion that he bought in 2006 was a business decision and not because of "financial negligence or anything like that," he told TMZ, despite carrying multiple mortgages for himself and others.
"This house was my most expensive mortgage," he told TMZ. But "when the market went down ... the house ended up being worth nothing ... I decided to just let it go and give it back to the bank. It wasn't a situation where they came and took it from me. I just didn't feel like it was a good business investment to keep paying that much mortgage for a house that I'm never at."
Foreclosed homes are a common sight across America, and some foreclosed homeowners live in their homes for free for a year before being evicted.
Chamillionaire, whose real name is Hakeem Seriki, said he's in good financial shape and still has his cars. However, the website Sickhop reports that the rapper owes the IRS $184,000 in 2007 taxes.
Seriki seems to have some business sense, at least in his ability to make money. He co-owns Houston-based auto dealer Fly Rydes, a tour bus company and his record label, Chamillitary Entertainment. In 2009, he and Quincy Jones III launched the Global Innovation Tournament at Stanford University's Memorial Auditorium, as part of the school's "Entrepreneurial Thought Leaders" seminar series.
Investing in a $2 million mansion might have looked like a wise investment four years ago, and Seriki can always find plenty of similar homes in Houston if he's looking for another one.
For example, the lakefront home at 2310 Bayou Mist Court, with 8,134 square feet, five bedrooms and five and a half bathrooms. It's selling for $1,985,000 and has a formal living room with fireplace; a formal dining room; a library; a large, open kitchen/breakfast/family room (with another fireplace); a bonus room (or theater room) downstairs; a large game room and computer alcove upstairs; and a covered pavilion (also with a fireplace).
See more homes in Houston, Texas, and elsewhere at AOL Real Estate.
His song "Houston Got a Problem" takes on new meaning.
His decision to go into foreclosure on the 7,583-square-foot mansion that he bought in 2006 was a business decision and not because of "financial negligence or anything like that," he told TMZ, despite carrying multiple mortgages for himself and others.
"This house was my most expensive mortgage," he told TMZ. But "when the market went down ... the house ended up being worth nothing ... I decided to just let it go and give it back to the bank. It wasn't a situation where they came and took it from me. I just didn't feel like it was a good business investment to keep paying that much mortgage for a house that I'm never at."
Foreclosed homes are a common sight across America, and some foreclosed homeowners live in their homes for free for a year before being evicted.
Chamillionaire, whose real name is Hakeem Seriki, said he's in good financial shape and still has his cars. However, the website Sickhop reports that the rapper owes the IRS $184,000 in 2007 taxes.
Seriki seems to have some business sense, at least in his ability to make money. He co-owns Houston-based auto dealer Fly Rydes, a tour bus company and his record label, Chamillitary Entertainment. In 2009, he and Quincy Jones III launched the Global Innovation Tournament at Stanford University's Memorial Auditorium, as part of the school's "Entrepreneurial Thought Leaders" seminar series.
Investing in a $2 million mansion might have looked like a wise investment four years ago, and Seriki can always find plenty of similar homes in Houston if he's looking for another one.
For example, the lakefront home at 2310 Bayou Mist Court, with 8,134 square feet, five bedrooms and five and a half bathrooms. It's selling for $1,985,000 and has a formal living room with fireplace; a formal dining room; a library; a large, open kitchen/breakfast/family room (with another fireplace); a bonus room (or theater room) downstairs; a large game room and computer alcove upstairs; and a covered pavilion (also with a fireplace).
See more homes in Houston, Texas, and elsewhere at AOL Real Estate.
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Categories: Real Estate News Around the Garden State
Silicon Valley Market Heats Up: House-Hunting Tips for Everywhere
Filed under: Cities
The housing market in California's Silicon Valley is beginning to rebound. And while it certainly isn't as hot and heavy as it was in the dot-com boom with multiple offers as high as the sky, local real estate agents say competition is starting again among homebuyers, especially on the lower end of the market.HousingWatch has a hunch that house-hunting tips that apply to California's Silicon Valley, one of the most rollicking, high-stakes housing markets in the country, should work in other, slowly awakening real estate markets. With that in mind, we spoke with a few Silicon Valley real estate professionals to get some ideas of what is important to keep in mind when getting ready to buy your next home: #plain_module { width: 590px; height:222px; border: none; float:left; margin:0px; font-size:12px;} #plain_module img {border:none; width: 13px; height:14; border: 0px; margin:0px; } #plain_module .mini_main { margin: 0px; padding:0px; width:585px; height:220px; repeat scroll 0 0} #plain_module .mini_item_header {padding:10px 0px; margin: 0px 0px; font-size:16px; color: #555555; border-bottom:1px dotted #CCCCCC;} #plain_module .mini_item {padding:5px 0px; margin: 0px 0px;} #plain_module a { color: #49A3CA; text-decoration:none; } #plain_module a:hover { color: #F98419; text-decoration:underline;} span.gray {color:#949494;} .mini_main li{list-style-type: none;background-image: url(http://www.aolcdn.com/travel/bullet);background-repeat: no-repeat;background-position: 0 1px;padding-left: 10px;}
Do Your Homework
Nearly half of the homes sold in Santa Clara County, Calif., in May sold for more than their asking prices, according to a San Jose Mercury News story. Homes priced the lowest and in the best condition in a neighborhood are most likely to get multiple bids, according to Realtors. Bank-owned foreclosed homes are also getting many bids.
Scott Bruno, a Silicon Valley Realtor since 2005, told HousingWatch that he's seeing more competition in the lower end of the housing market, under $500,000. "The competition is fierce," said Bruno, adding there are almost 20 to 50 offers on bank-owned homes because they're priced so far below market value and comparable homes.
"You need to do your homework. You need to know the real value of it," he says of foreclosures.
In Campbell, Calif., where property values are driven by quality of schools, Realtor Dianne Chandler of Alain Pinel Realtors in Los Gatos says that she recently had 10 offers in two days for a home she listed for $425,000. The 1,400-square-foot home with three bedrooms and two bathrooms sold for $460,000. Chandler also said that she had six offers in two days for a Cupertino condo listed for $450,000 and sold it for $460,000. However, homes listed for $2 million and more aren't getting many multiple bids, she says.
Get Your Credit in Order
Much more documentation is required by lenders to get a loan now than three years ago. Tax records are verified with the IRS, and other checks are made, such as on employment and credit.
"The days of the stated income and all that have pretty much gone away, for good reason," Bruno says. Instead of taking 30 days to close a loan, 45 days is now common, he says.
Bruno said he warns his buyers not to use their credit cards in the 45 days or so before closing, because mortgage lenders can do last-minute credit checks and pull the loan on the day before closing. He said he's seen people buy a washer and dryer set ahead of moving in, only to have it kill their credit score and mess up their debt ratio and cause the home loan to fall through.
Pursue Short Sales With Caution
Buying a home from a seller who owes more to the bank than the home is worth takes more time, from six weeks to six months, because different banks have different policies on what they will accept, says Dale Warfel, a San Jose real estate agent who specializes in short sales.
Half of the market in Silicon Valley is short sales, whereas two years ago it was very rare to have one, adds Scott Bruno
Delays can come because sellers have a second mortgage and need a second approval, there are liens against the property for unpaid property taxes, and slow responses from banks.
Beware Low Appraisals
New rules on how housing appraisals are done have made it more difficult to get high ones, Bruno says. Instead of buyers' agents contacting the appraisers, lenders are in charge and the appraisals can come in lower than the buyer's offer. That can make it difficult to get the loan, and can require extra cash to make the deal, or re-negotiating with the seller.
High-Tech House-Hunting Tools Help
While it isn't unique to Silicon Valley, high-tech methods for finding a home are expected in the nation's Internet mecca. Chandler says her office provides virtual tours of every home it sells, and has its agents on call 24 hours a day, seven days a week via e-mail and cellphone for client access.
"We are more high-tech here because we have to be," she says. "Because that's our clientele -- high-tech clients."
On AOL Real Estate: How Much Can You Buy for Your Money
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Categories: Real Estate News Around the Garden State
San Francisco Home Prices Rebound; What $685K Can Buy You
Filed under: Cities
The housing market is bouncing back in San Francisco, where sales of houses and condominiums jumped 50 percent in the first quarter from a year earlier. Improving technology stocks and a limited housing supply are credited with the increase.And not just more homes were sold, but at higher prices, with the median price rising 5.4 percent to $685,000. The city and the metro area have ranked first or second among the most expensive U.S. housing markets for 19 of the past 20 years, as homebuyers flock there for its weather and high quality of life.
But how much home can the median price of $685,000 buy in San Francisco? For about $680,000 there are plenty of foreclosures to choose from, many near the border of Daly City. Most are near the edges of the city, but a few are near its center. Here are three San Francisco homes for sale in different parts of the city that are worth taking a look at, and are all in good neighborhoods:
Home #1
At 60 Rausch St. you get two bedrooms and two bathrooms in a 1365-square-foot condo for the exact median price in San Francisco: $685,000. Of the homes available at this price or lower, this looks to be in the best neighborhood. It's south of Market Street and you can walk to AT&T Park: It's about a 20-minute stroll to the stadium where baseball's Giants play.
Rausch Street is wide and tree-lined, with ample parking and easy access to all freeway entrances, public transit and vibrant nightlife. It's just blocks from renowned restaurants including Rocco's Cafe, Triptych and my favorite, LuLu. Shops such as Harvest Urban Market, Whole Foods and Costco are also nearby. The condo is within walking distance (although some of it is uphill) to many San Francisco attractions.
The two-story condo has an open first-floor kitchen and living room, and a stairway leading up to a room and a walkway that overlooks the first floor. It has radiant heating.
Comparable homes have sold for $704,000, making the price of this condo a bit of a deal.
Home #2
For $679,000, this condo at 1013 Cabrillo St. is a deal when compared to other homes in the area. It's in a great location -- across from Golden Gate Park, a green swath that stretches in a long rectangle from Ocean Beach.
The newly-converted condo is a classic 1915 Edwardian flat in a two-unit building. It has one bedroom and one bathroom. According to the real estate agent from Coldwell Banker, the flat has been restored with an eye toward maintaining abundant period details, including decorative fireplaces, built-in cabinets, glass-paned pocket doors, bay windows with seats, box-beam and coved ceilings, hardwood floors and wainscoting. Included are laundry facilities, a sunny garden, deeded storage and upgraded electrical and lighting.
The average sold price for a similar home in the neighborhood is $843,000.
Home #3
This four-bedroom, two-bath home of 1,800 square feet is at 861 University St., and at $679,500 is one of the biggest homes available near the median price. That's probably because it's so far outside of the center of the city. But it's still in a great neighborhood, across from John McLaren Park, and has views of the bay.
It has a living room, one full bathroom, family room with deck, and a kitchen on its main level. Its two side-by-side garages have storage, and there's a large garden with a pond. Comparable homes have sold for an average of $522,000.
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Categories: Real Estate News Around the Garden State
Dallas Home for Sale: University Park Colonial for Just Under $1M
Filed under: Cities
With the average home in the desirable Dallas, Texas, suburb of University Park selling for more than $1 million, finding a deal can be difficult.This house at 4508 Stanhope St. in University Park is only $1 under $1 million -- listed at $999,999 -- but it's still a worthy home to buy with plenty of room in a great neighborhood.
I've written before about University Park, a city with 23,324 residents that has a small-town feel while being close to Dallas and its big-city attractions. The area is also home to Southern Methodist University.
The Stanhope Street home is about three blocks south of Germany Park, a popular Dallas landmark with a running track and tennis courts. The two-story, four-bedroom, four-bath home has 3,150 square feet and was built in 1945.
It has a remodeled kitchen that opens to a family room overlooking a large backyard. The kitchen has white cabinets with Viking, Sub Zero and Bosch appliances. A dining island sits in the center, with a bigger dining area at one end.
The baths are done in restorative finish. All of the bedrooms are upstairs and the master suite has a sitting area with a large bath and walk-in closets.
Comparable homes in the neighborhood have an average asking price of $933,799, meaning there are homes of similar size listed for less money, so if you're interested in this one be sure to offer less than the asking price. But for my money, this home on Stanhope Street is worthy of an offer. From the immaculate rooms to the beautiful kitchen, I can see why it's only $1 under $1 million.
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Categories: Real Estate News Around the Garden State
Tina Fey Selling New York Condo for $2.3M
Filed under: Cities
If Sarah Palin wants a place in Manhattan to call home and get away from it all, Tina Fey's condo could provide some respite for $2,295,000. But I suppose that would be awkward. Fey and her husband recently put the condo on the market, a year after moving out for bigger digs nearby at another condo on the Upper West Side of Manhattan.There might be some history within the walls of the condo at 500 West End Ave., #2C, where Fey might have worked on her imitation of Palin for "Saturday Night Live" sketches.
Or maybe not. The walls don't talk, and only Fey knows for sure. But either way, it's a place where the former vice presidential candidate can kick off her shoes and relax while contemplating her next political move and how Fey will likely make fun of it. After all, it was that kind of comedy that helped Fey buy the condo for $1.9 million in 2005.
The real estate market must be improving if a celebrity like Fey can sit on an empty condo for a year and then list it for $395,000 more than she paid for it five years ago.
It's unclear if Fey has recently listed the home for sale, or if it has recently sold. The blog the Real Estalker reports that the condo is for sale, while famecrawler says the condo may have been sold since the listing was recently removed. A listing of condos for sale at 500 West End Avenue (below) doesn't list the 2C condo for sale. Palin, or anyone else interested in Fey's old condo, should first check with their New York real estate agent to see if it's still available.
Either way, Fey and family are out and have long since moved into a five-bedroom condo in the same neighborhood that they bought for $3.4 million.
The 500 West End Avenue condo is 1,873 square feet, with two bedrooms and two bathrooms. It's a corner unit that is entered through a 31-foot long entrance gallery that provides access to both the living and dining rooms, which feature blond, herringbone-patterned hardwood floors with a double strip of inlay that runs around the perimeter of the rooms and appears to be mahogany or some other dark wood. The living room, divided from the dining room by a wide set of French doors, has a wood-burning fireplace and near the window a black grand piano.
The windowed eat-in kitchen has beige cabinetry, marble counter tops, stainless-steel appliances and a small office area that appears to have been built into what was once a closet. The condo is equipped with it's own laundry facilities in what was probably once a closet in the staff bedroom.
A short hallway off the entrance gallery leads to a guest bedroom, hall bathroom, and the master bedroom that contains two closets, corner windows and private bathroom.
The average list price for similar homes for sale in the area is $3,189,189 and the average sales price for similar recently sold homes is $2,465,542. The average list price for the Upper West Side in general is $2,027,410.
If Fey's old condo doesn't do it for you, the penthouse in the building is for sale for $9.9 million. That would take writing a lot of comedy sketches and maybe a few hit movies to afford. Wonder why Fey didn't go for it.
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Categories: Real Estate News Around the Garden State
Rapper Fat Joe Selling Florida House for $1.9M
Filed under: Cities
Rapper Fat Joe is selling his Plantation, Fla., home for $1,999,000, which could be considered a deal when compared to neighboring houses for sale, and by how much he dropped the price about eight months ago.His house at 1203 NW 121st Ave. was priced at $2,399,000 in October 2009, but in December 2009 the price dropped $400,000, or 16.7 percent, to the price it remains today.
The 39-year-old rapper, born Joseph Cartagena, has his tenth album, "The Darkside Vol. 1" set for release on June 29. He's also known for having a feud with New York rapper 50 Cent, has been arrested for assault, and named a witness in two murder cases. And he's got good taste in real estate.
The house is a heck of a property to look at. According to the blog the Real Estalker, Joe bought the one-acre vacant lot in May 2000 for $115,000. He hired LM Architect & Associates to design and build a Mediterranean-meets-modern style mansion that was completed in 2009. The home has 5,342 square feet with four bedrooms and 3.5 bathrooms among the main house and a second-floor guest house.
The home is listed by Katrina S. Campins, who starred in the first season of the TV show "The Apprentice" and is a real estate agent. Campins' listing describes it as the "ultimate entertainer's home," and she's probably right.
Fat Joe has taste. The home has limestone floors with wood inlay, a master ensuite with three walk-in dressing rooms with extensive built-ins, hydro whirlpool tub and spa, huge steam shower, modern kitchen with Wolf Subzero refrigerator, and a pool and hot tub in the back yard to keep the party going.
The home also has an upside-down wedding-cake shaped crystal chandelier, and an entire wall covered floor to ceiling with shimmery mother-of-pearl tiles.
The home theater alone might be enough to sell the house. It has $50,000 worth of oversize ivory-leather power seats (10 in all), a 100-inch screen and a sound system.
The master suite is a big carpeted room with French doors; three walk-in closets or dressing areas with extensive built-ins; and a bathroom with a double vanity. Its big hydro whirlpool tub is set into a raised platform by a bay window. It also has a steam shower and a chandelier that looks like a piece of art.
The Plantation, Fla. home is in an upscale neighborhood just west of Fort Lauderdale and next to the Everglades. Similar homes for sale in the neighborhood have an average asking price of $1,360,212, although homes near Fat Joe's are much higher, and larger.
To the west of the property is a 9,200-square-foot home for sale at $2.9 million, with seven bedrooms and five bathrooms. In the other direction is an 8,774-square-foot home for $2.4 million with five bedrooms. There are also cheaper homes for sale in the area, and by cheaper we mean relatively cheaper. Homes nearby, such as a 4,083-square-foot home with five bedrooms and five bathrooms at 1050 120th Ave. is on the market for $1.09M.
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Categories: Real Estate News Around the Garden State
Did California Smart Meters Gouge Homeowners?
Filed under: Economy
The California power company Pacific Gas & Electric is receiving a lot of backlash due to the results of its smart meter installations. Smart meters are used to make electronic readings of meters instead of sending out meter-readers; they also are intended to help consumers monitor their energy use.But homeowners have complained about inaccurate bills, some of which have doubled without warning. State energy regulators are investigating and will test some of the 5.7 million units installed at homes. During the four-to-six-month investigation regulators also will test the devices in a lab.
PG&E has said the soaring bills were caused by high electricity rates and heat waves, although an initial investigation found several recurring problems with the meters and their installation, according to the San Francisco Chronicle.
The company's response to the complaints has been a lesson for other states and other utilities in how not to handle smart meters. After being ordered by the California Public Utilities Commission to make public all of its documents about smart meters, PG&E posted all 667 pages of their internal documents about the meters without much of an explanation on their site, creating more confusion, according to the Smart Planet blog. In response, State Sen. Majority Leader Dean Florez is pushing for a moratorium on meter installations.
PG&E issued a public apology for the problems on May 10, acknowledging that 1,000 customers have complained and that tens of thousands of the smart meters have contributed to the problem. About 1 percent of its meters have had troubles, according to PG&E.
Here are the smart meter problems outlined by the Chronicle:
- Installation errors on 23,200 meters. These are mostly on natural gas meters that weren't attached tightly enough and could result in a zero bill to the customer.
- Data storage affecting 12,736 meters. A software glitch causes the meters to reboot occasionally and lose some data.
- Communication failures affecting 9,000 meters. The meters send information to the company through a network, and some readings don't always reach the company, so bills are estimated.
- Measurement errors affecting nine meters. PG&E doesn't know exactly what the glitch is for these particular meters -- they do know that these meters didn't make accurate readings and is investigating.
Until these problems are completely solved, California utility users may want to keep an online utility complaint form handy.
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Categories: Real Estate News Around the Garden State
Saving Energy Earns Rewards at Earth Aid
Filed under: Economy
We're all doing out part to conserve energy and to make our home utility bills easier on our wallets. But wouldn't it be an added bonus if the money we saved on our electric bill wasn't just money we saved but money we earned?A new company, Earth Aid, has a way to reward energy- and water-savers beyond the money they save by turning off lights and turning up the thermostat.
Earth Aid is a free online service that pulls information directly from utility companies. Users can now easily track their home energy use and see what times, for example, they're using the most energy. The website also offers tips on how to best save energy and water in the home.
The site reviews your household's energy consumption from your utility company and then uses it to create a baseline. Earth Aid then provides you with customized advice to become more energy-efficient and follows up by monitoring your next year of energy use. Users earn rewards based on the amount of energy saved.
For every one kilowatt hour of electricity, 10 cubic feet of natural gas, or 20 gallons of water consumers save per month (compared to the previous year's levels), Earth Aid will give its users a point that, like airline miles, can be accrued and redeemed at more than 225 businesses across the country.
"Here's a way that you can begin to measure your home energy or water usage without purchasing any device whatsoever," says Ben Bixby, the company's CEO, in an interview with HousingWatch.
The website currently works with 200 utilities, but Earth Aid plans to have at least ties to 1,000 by the end of the 2010. By then every household will be able to link to at least one of their utilities -- water, gas or electric.
Bixby said the average member saves $10 in electricity per month, or 50 to 75 kilowatt hours, and the average total bill savings per home is around $25. This results in the average member earning about 75 reward points per month, which can be used for such things as gift cards at hotels, restaurants and shops.
There are other ways consumers can get rewarded for saving energy. The federal income tax credits for homeowners who make energy efficiency home improvements runs through the end of 2010. The total available tax credit is $1,500, up to 30% of the cost of each qualified energy-efficiency improvement. And many states are still giving rebates for buying energy-efficient appliances.
These tax credits and rebates, while economically sound, are only useful if you're looking to make home improvements or buy new appliances. But Earth Aid's program is something new, that rewards consumers with credits they can spend quickly, instead of waiting for a tax rebate or appliance rebate.
And Earth Aid isn't the only place to monitor a home's energy savings. Google and Poco Labs each have ways to monitor electric bills online. There are also devices that can be bought at hardware stores to see how much energy various things use in the home, and how much they cost to run. But only Earth Aid gives a little something back to to your household.
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Categories: Real Estate News Around the Garden State
Foreclosure Tips: Foreclosed Homes Need Close Inspection
Filed under: News
With foreclosures at record highs, buying a foreclosed home might be a great deal, but the risk of getting a lemon also is greater.Home inspectors don't always catch all the flaws in foreclosed homes that have remained empty for months, if not a year or longer.
Here are the top areas, from air conditioning to plumbing, that a potential homebuyer should either urge a home inspector to thoroughly check, or bring in a specialist to examine:
Heating, ventilating and air conditioning (HVAC) unit
Most home inspectors don't check the HVAC completely, giving a mostly visual check, said Bill Cunningham, product manager for Lennox. Beyond simple maintenance that the previous homeowner might not have done, such as changing the filter regularly, a home repossessed by the bank might have had the electricity cut off. That could lead to damage in a cold environment, for example, if the heater hasn't been turned on for a winter season.
Air conditioners are also full of a few hundred pounds of copper coiling, which vandals could steal to sell. That type of theft should be plainly visible, Cunningham said. Replacing an entire air conditioner could cost $2,000 to $15,000, he said.
A drawback to buying a repossessed home is that there's probably not a maintenance record, he said. It's a good idea to look at the back of the air conditioner to see what year it was built (it should be on it somewhere, much like a car's vehicle identification number is under the hood) and see if the system is beyond the average lifespan of 10 to 15 years. If it is, you might be buying a new one soon.
Mold
Mold can grow when a house is closed up for too long, both behind the walls and out in the open. A humid climate, or leaky faucets if the water hasn't been turned off, can lead to mold. Beware of a house that has been boarded up, preventing air circulation.
Water problems
Leaking valves, gaskets and appliances are common for houses that have been empty for a while. Every plumbing fixture and appliance has at least one valve, gasket or hose that can dry out if the item isn't in regular use.
Hard water left in a water heater for too long can cause problems, said Andy Jasper, owner of Village Plumbing in Indianapolis, Ind. Freezing can cause problems with water in the bottom of dishwashers, as well as in the ice-maker lines to refrigerators, Jasper said.
Allowing a sewer trap to dry out can allow methane gas back up into the house, and older homes with old sewer lines could be clogged from tree roots.
Unwanted guests
Vandals and animals can damage a foreclosed home that has been empty for a long time. Along with the copper in an air conditioner, vandals might also rip out wiring, cabinets and plumbing fixtures to sell. Ripping out such components could cause structural damage to the house, something an inspector should be aware of.
Small animals such as raccoons, along with rodents and insects, can damage a home by chewing through walls and leaving unsanitary conditions.
Buying a foreclosed home can be a good deal, as long as you're aware of the increased potential for problems that need fixing. Even if the damage is in obvious sight, get a home inspector to look for additional damage you can't see, and don't count on a thermal imaging gadget alone to do the job.
Find foreclosed homes for sale at AOL Real Estate.
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Categories: Real Estate News Around the Garden State
Vacant Property Inspections-Don't Let Your Building Deteriorate
- Vacant Property Inspections
- Out of site, out of mind is not the approach to proper property management. The cost of maintenance is typically less expensive than major renovations. Significant disasters can happen inside building with the owner's knowledge. Don't let that happen to your investment.
- A periodic and systematic inspection by A Full House Inspection Co. LLC - Commercial Div., will properly inform you of the current building conditions, whether vacant or not. Serious and significant issues, which require immediate evaluation and repairs, will be noted. Designed and tailored to absentee owners, property management companies, landlords, vacation property owners, commercial buildings, and even empty warehouses, this inspection is communicated with a thorough, detailed and comprehensive report.
- Unattended and vacant properties, just like occupied ones, can be adversely affected by:
Severe Weather Conditions: freezing temperatures, wind, rain, snow, sleet, ice, hail, water and moisture vapor intrusion
Environmental Conditions: mold, mildew, fungus, wood destroying insects and organisms
System Failures: roof leaks, plumbing leaks, power failures, electrical failures, fires, inoperable HVAC systems
Other Factors: vegetation overgrowth, burglary, vandalism, pests, and squatters.
Since each building is designed and built differently, and so are your concerns, contact Peter W. Bennett, A Full House Inspection Co. LL to provide an inspection package to best serve your needs.
Now, here's the real value to the building owner: at the time of sale, present the inspection report and all repair receipts to the buyer. Talk about "good faith"!
You can schedule your inspection by clicking "here"
or call the office at 732-758-9887. I am availble also by calling my cellphone at 732-245-9817 or send your email to Peter@AFullHouseInspectionCo.com
Peter W. Bennett
