Real Estate News

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85 Buck and Doe, Deer Isle ME
For sale: $2,873,000

Long before GPS and smartphones, sailors depended on the blinking light of a far-off lighthouse to guide them. Although ships no longer rely on lighthouses, there’s still something alluring about a lighthouse, sitting alone as a beacon on the shore.

The romanticism and appeal of a bygone era is captured in this Maine home for sale, which is located on Penobscot Bay. Although Maine has more than 60 lighthouses, this home was not converted from a previous working lighthouse, but was built as an unusual, private residence with a lighthouse tower affixed.

The current owner bought the residence partially unfinished and completed the construction in 1990. Listed on the Hancock County real estate market, the lighthouse home sits only 10 minutes from two local towns, but has a private and remote feel, explains listing agent Story Litchfield.

The 5,859-square-foot home features enormous living areas with floor-to-ceiling windows and of course, an attached tower that has 360-degree views from its top look-out point.

“The top floor is totally surrounded by windows and you can see so far because it’s so high,” Litchfield said.

On the floor of the lighthouse is an enormous chart and map of the area to explain the surrounding views.

In addition to views of the Atlantic Ocean, islands and Camden Hills, the 4-bedroom, 4-bath home has a gourmet kitchen, two-story granite fireplace and cathedral ceilings. Two of the bedrooms are located in the lighthouse tower on the first floor.

With current mortgage rates, and assuming a 20 percent down payment on a 30-year-fixed mortgage, a monthly payment on the lighthouse home is $10,660 a month.

See the original post here:
House of the Week: Maine Lighthouse Built for Living

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It sounds like a dream situation: Buy an oceanfront cottage as a vacation home, and years later, use it as an idyllic retirement home. Ideally, this sounds like it could work, but with any investment, especially real estate, there are significant risks to be weighed.

For most people, the goal in buying real estate is to have a comfortable home to live in, as well as increasing net wealth. Buying a vacation home now for retirement later may very well increase someone’s wealth over the long term. But, since all real estate is local, this decision depends on each market. Therefore, it’s necessary to weigh whether investing elsewhere like in a lower risk, lower hassle diversified portfolio of financial assets like stocks and/or bonds could have a better outcome than real estate.

Before you buy, ask yourself if you can invest better elsewhere.

Let’s look at a financial example. Let’s say your plan is to buy a $200,000 second home by investing $60,000 cash (down payment, plus closing costs, plus rehab and furnishings) and take out a $150,000 mortgage. If you are not renting it out (more about those ugly duckling negative cash flow vacation rentals later), your second home will be cash flow negative to the tune of $1,000 per month in paying the mortgage, property taxes, homeowners insurance and repairs. That annual negative cash flow amount will inflate slightly each year with higher taxes, repairs and insurance.

After 15 years you will have a cumulative $260,000 to $300,000 of cash invested in the property — $60,000 at purchase plus $12,000 (and inflating) per year multiplied by 15 years.

Let’s look at how you might do financially. If your second home is worth $315,000 at year 15 due to a 3 percent annual value appreciation, and you sell it, you subtract out $25,000 (8 percent) selling costs as well as the $100,000 remaining mortgage balance, you will have $190,000 left over. However, you have already invested up to about $300,000 into the property, so right off the bat you are underwater by approximately $110,000. Note: You’d be at breakeven if the price increased annually at 4.39 percent for those 15 years to $440,000.

But that doesn’t include the opportunity cost of the interest or dividends you would have earned if you invested all the $300,000 into a financial asset, nor any capital repair/replacement/upgrades that you certainly will have done at some point over that 15-year period.

With financial assets, if you had invested your cash at a 5 percent return, you would have over $430,000 in the bank at year 15. That’s a lot more than the net $190,000 you would have earned on the second home! Note: if you earned a 6.0 percent return = $480,000 in bank, 7.0 percent return = $533,000, 8.0 percent return = $593,000.

To add to that, how do you really know that you will want to retire in a certain place in 10 to 15 years? Or, what if you end up not using it too much, what if you get divorced, decide to move somewhere warmer or colder?

To reduce your risk and increase the chances your wealth will increase, you probably are better off keeping your monies in a more liquid and less risky asset than a second home. Starting a diversified “retirement home buying fund” over buying a retirement home is probably a better idea. When you get close to retirement, you’ll have plenty of cash to buy your retirement home!

What about renting it out?

But what about renting it as a vacation rental? Before you buy, make sure it’s a good real estate investment with projected positive returns. While it depends on location, most fancy condos or beach houses, where the net rental income is very low compared to the purchase price, usually have projected negative cash on cash returns. So if you buy a fancy property with negative (4 percent) cash on cash returns, even if it appreciates 2 percent per year, you are typically at a 0 percent, or worse, return on your equity cash investment. That isn’t a deal most experienced investors would take.

Note that operating expenses on vacation rentals are like hotels, for every dollar that you collect in rent you pay 75 percent out in expenses for taxes, management fees, furniture, cleaning, utility bills, etc., before making your monthly mortgage payment!

Lower risk moderately priced regular rental properties run about 30-40 percent expense ratio with reasonable mortgage payments. It is the moderately priced units that have decent cash on cash returns.

Lastly, don’t fall for the “but you get an income tax write-off” pitch. Most Americans get very little net tax benefit from the mortgage interest deduction (alternatively, rental properties have excellent write-offs). Also, you should never make an investment decision based on hoped-for tax benefits; the tax benefit will not save the day on a bad real estate investment.

The moral of the story is that if you are going to invest your cash into an asset, like a second home, that produces only negative cash flow for the term of your investment, you’re stuck hoping some outrageously high appreciation in value will compensate for the negative cash flows. And hoping for appreciation in value is not a very sound, or likely to be successful, investment strategy!

Leonard Baron, MBA, CPA, is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including “Real Estate Ownership, Investment and Due Diligence 101 – A Smarter Way to Buy Real Estate”, and loves kicking the tires of a good piece of dirt! See more at ProfessorBaron.com.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

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Most homeowners who live in cold climates know it’s important to “winterize” the outside faucets to prevent them from freezing, which can destroy the faucet or lead to a burst pipe.  The problem is that many people don’t quite get it right – winterizing the outside faucets in the fall seems like a simple thing to do, and it seems like it should be straightforward and easy, but there are a few tricks you need to know to make sure all the water is out.

Garden hoses

First and foremost, disconnect your garden hose from the outside faucet.  If you leave your garden hose attached to the faucet, you’re asking for trouble.

Frost-free sillcocks with an integral vacuum breaker

If you have a properly installed frost-free sillcock (outdoor water faucet) with an integral vacuum breaker, you shouldn’t have anything to worry about.  You should be able to leave the water on to these faucets all year ’round without them freezing.  A properly installed frost-free sillcock will have a slight downward pitch, so that when the water is turned off, the water will all drain out of the stem (below).

When frost-free sillcocks aren’t installed with this downward pitch, water will sit inside the stem of the sillcock even when it’s turned off.  The pitch is a little dramatic in the photo below, but you get the point.

If this water freezes, it can burst the stem of the sillcock.  Most homeowners don’t know this has happened until the first time they use their faucet in the spring.  Once they turn their faucet on, water starts shooting out of the burst stem inside the house, making a big mess while nobody is inside the house to see it.  This recently happened to Connecticut home inspector James Quarello while he was inspecting a home.  Better him than me, I say.

The fix for an improperly installed frost-free sillcock is to have it re-installed with a slight downward pitch.

Winterizing standard sillcocks

With a standard sillcock, the water needs to be turned off and drained out to prevent freeze damage.  To do this, you’ll need to first turn off the water supply to the faucet from inside the house.  Exterior faucets should have a separate shutoff valve inside the house, but not all of them do.  On older homes, these valves are typically located at the ceiling somewhere close to the outside faucet.  On newer homes, the valves are typically located right next to the main water valve, and they’re also usually labeled.

Once the water is turned off inside the house, the outside faucet needs to be opened up.  Next, the bleeder cap inside the house needs to be unscrewed – this will allow water to drain out of the pipes.  Depending on how the pipe is pitched, the water may drain through the bleeder cap or through the outside faucet.  Keep a small bucket handy when you do this, just in case a lot of water needs to drain out of the bleeder.  After the water drains out, you can screw the bleeder cap back on and turn off the outside faucet.

Sometimes, two wrongs really do make a right  Some older houses in Minneapolis and Saint Paul don’t have a shutoff valve for the outside faucet, and the faucets never get winterized… yet they never have a problem with freezing.  How can this be?

Here’s a hint:

On older houses with no insulation at the rim space, there can be so much heat loss occurring here that the outside faucets never get cold enough to freeze.  I call this “two wrongs making a right.”  It’s certainly not a reliable method of preventing freeze damage, but it does seem to work.

Vacuum breakers complicate things .

The problem with external vacuum breakers (aka backflow preventers) is that they don’t allow all of the water to drain out.  After the water is turned off and appears to have drained out, the rubber seal in the vacuum breaker will still trap enough water to destroy the vacuum breaker, which will cause water to spray out all over the place when the faucet is used again in the spring.

There are two possible solutions: remove the vacuum breaker in the fall, or drain the water out of the vacuum breaker.  If the vacuum breaker will just unscrew from the sillcock, go ahead and take it off in the fall.  The problem with this is that vacuum breakers are often designed to be permanently installed.  They have a little set-screw on the side that gets tightened down until it breaks off, making it so the vacuum breaker can’t be removed.  If your vacuum breaker leaks every time you turn on your faucet and you need to replace it, there is still a way to remove it without destroying your faucet – I made a video showing how to do it.

If the vacuum breaker can’t be removed or you don’t want to hassle with removing it, no problem;  there is still a way to drain the rest of the water out.  If you look up inside the vacuum breaker, you’ll notice that there is a small white plastic post.  Just push this post to the side, and the rest of the water will drain out.  The video below shows how this works.

If the vacuum breaker doesn’t have that white post, it may have a plastic ring that will allow it to drain.

Reuben Saltzman, Structure Tech Home Inspections, Minneapolis, Minn., is a second-generation ASHI Certified Inspector whose experience with home remodeling and construction began at age four when he helped his father steam wallpaper. He has worked for Structure Tech since 1997 and joined ASHI in 2004. Visit his blog at www.structuretech1.com/blog/.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

Here is the original:
How to Prevent Your Outside Faucets from Freezing

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If you’re an active real estate buyer, at some point you’ll likely come across a probate sale. Properties sold in probate court can be a good deal, as they’re often priced lower than other homes. But there are risks, and probate sales often take longer than traditional real estate transactions.

As a result, as with short sales, some buyers keep the probate sales at bay and their real estate agents discourage them from getting their hopes up on actually buying a home through probate courts.

Here’s the story on probate sales in real estate.

Why a home is sold through probate court

A home is sold in probate court when someone dies intestate or without bequeathing their property. When that happens, the state takes over and administers the property’s sale.

The court wants to be certain the property is marketed and sold at the best possible price. To ensure this, the court requires certain steps, processes and procedures be followed.

Probate laws can vary from state to state, but any good real estate agent should be sufficiently knowledgeable about the ins and outs of probate sales.

Marketing a probate sale

In a probate sale, the property is marketed just like any other property. The probate attorney or the estate representative will hire a local real estate agent, sign a listing agreement, and show the property, just as they would a traditional listing.

Generally, the list price is based upon the listing agent’s suggestions as well as an independent appraisal ordered and issued by the court.

Making an offer

An interested buyer may make an offer on the property at any time. However, in the case of a probate sale, the offer must be accompanied by a 10 percent deposit. The estate representative will then accept or counter the offer, just like any other sale.

The offer is subject to the court’s confirmation. Even though the seller may have accepted a buyer’s offer, the seller is not committed to that buyer or their offer. The estate representative, through their probate attorney, will then petition the court to confirm the sale. A future date is chosen for the sale to be confirmed in the court.

Playing the waiting game

Once the sale date is determined, the parties now must wait a minimum of 30 to 45 days. During this time, the court requires that the property be properly advertised and marketed with the new accepted price. In California, for example, the court will take that accepted offer and raise it by 5 percent plus $500. The total becomes the new probate price to be marketed.

Going to court

In order for the sale to be confirmed, the court requires that the new buyer, plus any other interested party, come to probate court to confirm the sale. The property is then sold auction style with the opening bid being (in the case of California) the accepted offer price plus the 5 percent, $500 increase.

Sometimes multiple buyers show up to bid on the property in increments of $5K. If nobody shows up to bid on the home, the first buyer gets the property for their original offer price. If the property is sold to one of the bidders, they must immediately hand over a deposit of 10 percent.

The deposit may not be refundable

There are some things for buyers to be aware of when moving forward on a probate sale. Many times, the 10 percent deposit that’s required with the offer is not refundable unless the original buyer isn’t the final court confirmed buyer.

Also, since the seller is deceased, there usually isn’t anyone to disclose a previously leaky window, illegal work done on the property, plans for a major change to the neighborhood, or anything else that may negatively affect the property’s value. That’s why probate sales can be risky.

An early inspection is your best defense

Any serious buyer should have the property inspected from top to bottom before writing an offer. Yes, you’re gambling the price of the home inspection without knowing if your offer will even be accepted, or if you’ll be outbid by someone else in probate court. But would you rather gamble the cost of an inspection — or the cost of a house?

Brendon DeSimone is a Realtor® and real estate expert based in San Francisco and New York. He is a contributor to Zillow Blog, has collaborated on multiple real estate books and is often quoted by major media outlets. Follow Brendon on Twitter.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

Here is the original post:
How Does a Court-Confirmed Probate Sale Work in Real Estate?

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At a list price of $29 million, it might be a stretch to call this fabled San Francisco-area property a bargain.

But considering the history and quality of this 30-room, 35,000-sq-ft Hillsborough real estate market gem — called one of the most spectacular private residences ever created — “House-On-Hill” should turn a few heads, especially since the price has dropped dramatically since the estate was first offered for sale at $45 million in 2002.

“The owners are very realistic now and there is no other property on the market like this one,” said listing agent Daniel J. DerVartanian, senior vice president at Engel & Volkers.

“You could not recreate this property now, not for the quality of the $20 million renovation that the current owners undertook or for the fact that they wouldn’t let you build this size home on six acres,” he said.

While the house has been marketed by the owners for the past two years, listing it with a real estate brokerage has appeared to been a boon. In the week since House-On-Hill has been listed, DerVartanian said the property has been shown to several interested and qualified buyers — not a tough demographic in a region where Silicon Valley millionaires may be looking to make their own impressive mark on the real estate map.

House-On-Hill as it looked in 1930. SOURCE: Chicago Treasures

Designed by architect David Adler as a Cotswold-style Tudor, the mansion is nestled in the hills overlooking San Francisco and was completed in 1931 for Hibernia bank heiress Celia Tobin Clark.

In 1992, the property was purchased from the Tobin-Clark family by Sam J. Bamieh, a prominent businessman at American Intertrade Group and major Republican Party donor. While the property had already boasted an illustrious history of world-famous visitors, that tradition continued under Bamieh, whose connections to the Saudi royal family and others is its own intriguing story.

A special VIP suite of rooms has been the guest residence of a prestigious list of U.S. Presidents and other world leaders including, Presidents Nixon, Reagan, Ford, and Bush, as well as Prime Minister Margaret Thatcher and His Majesty King Hussein. The list of other notable guests who visited Bamieh for parties or fundraisers is much longer.

DerVartanian said Bamieh and his wife meticulously renovated the entire property with an attention to detail and an eye for the preserving the original design features. All the systems have been updated, from the opulent music room to the lovely Otis lift to the hand-mill work, and no detail was overlooked.

The list of features includes:

• Carved front entry opening to an elegant black and white marble reception foyer
• Carved balustrade staircase leading to opulent public rooms including a banquet-sized formal dining room with carved marble fireplace
• Over-sized French doors leading to the loggia and grand terrace
• Cozy library with 17th-century English paneling featured in Helen Comstock’s “One Hundred Most Beautiful Rooms in America.”
• Grand music room
• The mansion includes 12 bedrooms, including 4 master suites
• 12 full baths and 3 half baths
• Four kitchens
• 12 fireplaces
• In-ground pool
• A six-car garage

It’s tough to argue with a sales pitch that calls House-On-Hill a once-in-a-lifetime opportunity, but given the location, the restoration and the history of the place, that pitch sounds right on key.

The rest is here:

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The Fords outside their Rancho Mirage home in 2006. SOURCE: Advance Media

The modestly presidential desert home of Gerald and Betty Ford has hit the Rancho Mirage real estate market. The $1.699 million listing proves that the sporting and Midwestern sensibilities of the 38th president of the United States and his wife endured throughout the couple’s long lives.

Located on the Thunderbird Country Club golf course, the 6,316-square-foot ranch home features 5 bedrooms, 6 bathrooms and his-and-hers offices, which still hold some presidential memorabilia. A portrait of Betty still hangs in the living room.

The mid-century classic was designed by Welton Beckett in 1977, and ready for the couple to move into in 1978, after Ford lost the 1976 presidential election to Jimmy Carter.

The listing of the home comes six years after President Ford died in 2006 at age 93, and months after the former First Lady passed away in July 2011, also at the age of 93. None of the couple’s four children live in the Rancho Mirage area, but the home was the couple’s sanctuary from a busy public schedule.

With some of the well-worn furniture still in the home, it’s clear the place was used often. For 33 years, the President and First Lady swam in the inviting backyard pool and played golf — fitting for a former University of Michigan football player whose family also loved to ski.

(Another former Ford property in Beaver Creek, CO is back on the market, too. That home sold for $6.65 million in 2007, but is now listed for sale at $9.850 million.)

According to a story about the Ford’s Ranch Mirage home on mydesert.com:

There are also no security cameras inside what staff members called “the residence” — only infrared security sensors and at least one emergency phone that was in the president’s bathroom. Secret Service agents lived in an adjacent, 5,284-square-foot house that also served as the president’s official office.That home-turned-office complex was once owned by actress Ginger Rogers, but is now owned by the University of Southern California. It’s for sale for $509,000.

The rest is here:
Desert Home of President & Betty Ford Listed in Rancho Mirage

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The Fords outside their Rancho Mirage home in 2006. SOURCE: Advance Media

The modestly presidential desert home of Gerald and Betty Ford has hit the Rancho Mirage real estate market. The $1.699 million listing proves that the sporting and Midwestern sensibilities of the 38th president of the United States and his wife endured throughout the couple’s long lives.

Located on the Thunderbird Country Club golf course, the 6,316-square-foot ranch home features 5 bedrooms, 6 bathrooms and his-and-hers offices, which still hold some presidential memorabilia. A portrait of Betty still hangs in the living room.

The mid-century classic was designed by Welton Beckett in 1977, and ready for the couple to move into in 1978, after Ford lost the 1976 presidential election to Jimmy Carter.

The listing of the home comes six years after President Ford died in 2006 at age 93, and months after the former First Lady passed away in July 2011, also at the age of 93. None of the couple’s four children live in the Rancho Mirage area, but the home was the couple’s sanctuary from a busy public schedule.

With some of the well-worn furniture still in the home, it’s clear the place was used often. For 33 years, the President and First Lady swam in the inviting backyard pool and played golf — fitting for a former University of Michigan football player whose family also loved to ski.

(Another former Ford property in Beaver Creek, CO is back on the market, too. That home sold for $6.65 million in 2007, but is now listed for sale at $9.850 million.)

According to a story about the Ford’s Ranch Mirage home on mydesert.com:

There are also no security cameras inside what staff members called “the residence” — only infrared security sensors and at least one emergency phone that was in the president’s bathroom. Secret Service agents lived in an adjacent, 5,284-square-foot house that also served as the president’s official office.That home-turned-office complex was once owned by actress Ginger Rogers, but is now owned by the University of Southern California. It’s for sale for $509,000.

Read the rest here:
Desert Home of President & Betty Ford Listed in Rancho Mirage

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The Fords outside their Rancho Mirage home in 2006. SOURCE: Advance Media

The modestly presidential desert home of Gerald and Betty Ford has hit the Rancho Mirage real estate market. The $1.699 million listing proves that the sporting and Midwestern sensibilities of the 38th president of the United States and his wife endured throughout the couple’s long lives.

Located on the Thunderbird Country Club golf course, the 6,316-square-foot ranch home features 5 bedrooms, 6 bathrooms and his-and-hers offices, which still hold some presidential memorabilia. A portrait of Betty still hangs in the living room.

The mid-century classic was designed by Welton Beckett in 1977, and ready for the couple to move into in 1978, after Ford lost the 1976 presidential election to Jimmy Carter.

The listing of the home comes six years after President Ford died in 2006 at age 93, and months after the former First Lady passed away in July 2011, also at the age of 93. None of the couple’s four children live in the Rancho Mirage area, but the home was the couple’s sanctuary from a busy public schedule.

With some of the well-worn furniture still in the home, it’s clear the place was used often. For 33 years, the President and First Lady swam in the inviting backyard pool and played golf — fitting for a former University of Michigan football player whose family also loved to ski.

(Another former Ford property in Beaver Creek, CO is back on the market, too. That home sold for $6.65 million in 2007, but is now listed for sale at $9.850 million.)

According to a story about the Ford’s Ranch Mirage home on mydesert.com:

There are also no security cameras inside what staff members called “the residence” — only infrared security sensors and at least one emergency phone that was in the president’s bathroom. Secret Service agents lived in an adjacent, 5,284-square-foot house that also served as the president’s official office.That home-turned-office complex was once owned by actress Ginger Rogers, but is now owned by the University of Southern California. It’s for sale for $509,000.

Read the rest here:
Desert Home of President & Betty Ford Listed in Rancho Mirage

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Source: Washington Times

Last night, President Barack Obama took to the podium to deliver his annual State of the Union address before a packed house of his Congressional peers, esteemed White House guests, and millions of Americans who tuned in to the live broadcast.

Obama outlined his plan for economic growth, with an overarching theme of creating an America “where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules.” While job creation, education, and clean energy initiatives dominated most of Obama’s economic plan of action for his hopeful next term, the issue of the ailing housing market was not side-stepped. “While government can’t fix the problem on its own, responsible homeowners should not have to sit and wait for the housing market to hit bottom to get some relief,” Obama said.

Zillow Chief Economist Dr. Stan Humphries shares a similar view: “Housing presents a bit of a conundrum for Obama,” said Humphries. “People care a lot about it and it will figure prominently in this election year, but there isn’t much the government can do without addressing the main issue of negative equity, which is a $750 billion dollar problem. There aren’t any easy solutions to make it go away.”

What the President did propose to Congress was an expanded refinancing plan “that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates.” Despite an immediate bed of skepticism to the new refinancing plan, the revamped program has the potential to “help a lot of people and represents a decent amount of stimulus for the economy,” said Humphries, who has previously discussed the potential benefit of such a program. But, expectations for this stimulus need to be kept at realistic levels. “It‘s important to note however that it isn’t going to fundamentally change the pace of foreclosures or the trajectory of the housing market,” Humphries continued. “Unfortunately, the plan is going to require Congressional approval, which makes it exceedingly unlikely to happen this election year.”

The second bullet item on Obama’s housing agenda tasked the Attorney General to create a special unit to further investigate abusive mortgage and lending practices that led up to the housing crisis. According to Dr. Humphries this special task force “is an effort to satisfy demands for greater accountability for wrong-doings during the housing boom. That’s fine, but it isn’t necessarily a proactive effort to change things going forward. Foreclosure and short-sales are state issues so there isn’t much the federal government can do.”

What else can be done about housing? What actions can the government realistically take to help turn the market around? A more in-depth analysis from Zillow’s Chief Economist outlines six ideas that could not only push the housing market in the right direction, but are ideas both Democrats and Republicans could support (this seems to be the catch).

There is a consensus that housing and home ownership lie at the base of American values and will play an important role over the next 9 months leading up to the election. Obama showed this in his speech last night and, for now, we’ll continue to absorb what each Presidential hopeful has to say before the big voting day.

> See Where Candidates Stand on Housing Issues

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It may sound like a football fan’s dream to attend a Super Bowl game live and in person. But really? Indianapolis? In February?

Unless you are rabid fan of the New York Giants or the New England Patriots — the conference champs who will square off in Super Bowl XLVI on Sunday, Feb. 5 at the Lucas Oil Stadium — there really are better places to watch the NFL title game.

Like, a tricked-out, beer-tapped man cave!

Homes with “man caves” — or rooms with giant TVs, sports memorabilia, wet bars, and comfy couches — have grown in popularity over the years and have become the go-to place on big game days. Or, dare we say big movie nights?

Just in time for the big game, we found some homes for sale with man caves that offer the ultimate place to watch on Super Bowl Sunday. So, sit back, pop a cold one and pass the chips and dip while we tour a few man cave beauties we found.

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The Federal Reserve announced today that they will keep interest rates low until at least late 2014 in an effort to help jump-start the sluggish economy by making it less expensive to borrow money across all segments of the economy.

What this means for home buyers and current homeowners is that mortgage rates for a purchase loan or to refinance will remain remarkably low in the near-term, keeping affordability high. The 30-year fixed mortgage rate fell below four percent on Zillow Mortgage Marketplace in mid-October 2011 and has dropped as low as 3.67 percent in recent weeks.

Here’s a quick comparison of mortgage rates and affordability using today’s rates compared to 2008:

Today’s rates: For a home buyer shopping for a home today assuming 20 percent down and today’s interest rate of 3.7%, they would be able to afford a $215,000 home with a monthly mortgage payment of about $1,000 per month (including principal and interest).

2008 rates: If a home buyer shopped for a home in 2008 when mortgage rates averaged roughly 6 percent, the same home buyer would only be able to afford a $165,000 home for $1,000 per month (including principal and interest)

Difference: $50,000

Want to see how much home you can afford? Use Zillow’s mortgage calculator online and on the iPhone.

Read the original here:
Fed Announces Low Interest Rates Through 2014

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The Federal Reserve announced today that they will keep interest rates low until at least late 2014 in an effort to help jump-start the sluggish economy by making it less expensive to borrow money across all segments of the economy.

What this means for home buyers and current homeowners is that mortgage rates for a purchase loan or to refinance will remain remarkably low in the near-term, keeping affordability high. The 30-year fixed mortgage rate fell below four percent on Zillow Mortgage Marketplace in mid-October 2011 and has dropped as low as 3.67 percent in recent weeks.

Here’s a quick comparison of mortgage rates and affordability using today’s rates compared to 2008:

Today’s rates: For a home buyer shopping for a home today assuming 20 percent down and today’s interest rate of 3.7%, they would be able to afford a $215,000 home with a monthly mortgage payment of about $1,000 per month (including principal and interest).

2008 rates: If a home buyer shopped for a home in 2008 when mortgage rates averaged roughly 6 percent, the same home buyer would only be able to afford a $165,000 home for $1,000 per month (including principal and interest)

Difference: $50,000

Want to see how much home you can afford? Use Zillow’s mortgage calculator online and on the iPhone.

Read more:
Fed Announces Low Rates Through 2014, Mortgage Affordability Remains High

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Source: People.com

So long, New York?

Jennifer Aniston continues to inspire media and paparazzi buzz with her recent sighting in L.A., where the famously flat-iron-haired star is said to have bought a new place in Hollywood.

That’s what the Wall Street Journal and TMZ – who broke the story — are reporting: A source close to the star has revealed that Aniston and current beau Justin Theroux have plunked down mega-bucks for a modern love nest in Bel-Air.

Maybe this Big Apple friend has had a change of heart?

If so, it’s a quick turnaround for Aniston, who sold her custom L.A. home “Ohana” a little over six months ago and moved to the Big Apple, where she picked up two penthouse apartments in West Village.

At the time, as she explained to “Good Morning America,” she had been missing New York City.

I grew up here. I miss it. There’s nothing like being in the city…[it's] the city of every man. It’s all walks and I love that.”

But celebrity love can be fleeting — or perhaps the winter weather in the Big Apple had her pining for L.A. sunshine. There had been rumors about Aniston and Theroux shopping together for New York apartments, but apparently they have decided to go West and buy a piece of Bel-Air real estate instead.

Only 6 miles from Aniston’s previous Beverly Hills mansion, Ohana, the couple’s reported new place is a mid-century modern home designed in 1965 by noted Los Angeles architect A. Quincy Jones.

According to the property listing, the home was first listed in 2008 and has bounced on and off the market. Priced at $24.9 million, Aniston reportedly snagged the home for around $22 million.

The Bel-Air home is set on a 3+ acre promontory with high gates, providing Aniston and Theroux privacy as well as spectacular city views. The 8,500-square-foot, 4-bedroom, 6.5-bath home is a decent size upgrade from Aniston’s New York penthouse. Embracing a California indoor-outdoor lifestyle, the property also has extensive lawns, patios, pool and vineyards.

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Source: NY Daily News

Turns out that the $4 million diamond ring Kobe Bryant gave his wife after his extramarital affairs became public years ago was only a warm-up act.

With the Lakers’ star and Vanessa speeding to divorce, Kobe will now pay big-time for the lack of a prenuptial agreement with the mother of his two daughters.

Recent reports show that Kobe has transferred over all three of his luxury Orange County homes to his soon-to-be ex-wife as a part of her massive divorce settlement. But that’s not all Vanessa’s getting out the deal. She’ll walk away with approximately $75 million, which represents close to half of their total assets, estimated at around $150 million.

The Bryants jointly owned the three properties worth an estimated $18.8 million. They purchased their first home (shown below) in Newport Coast, CA, on October 1997 for $1.7 million. The estate, which is now valued at around $4.6 million, is situated on .47 acres and boasts 6 bedrooms and approximately 6,500-square feet of living space. According to Real Estalker the home includes various entertainment terraces, built-in barbecue center, lush lawns, and a swimming pool and spa.

In August 2003, the couple picked up another home just two short blocks away in the same gated community of Pelican Ridge for $2.65 million (shown below). The New York Post indicates it’s currently occupied by Vanessa’s mother.

In July 2007, Kobe and Vanessa purchased yet another mega-mansion. This one is in Newport Beach, CA in the gated development of Pelican Crest and they purchased it for a whopping $9.54 million (shown below). According to Real Estalker, the 4-floor ocean view home is still under construction and was designed with more than 14,000-square feet of living space. The 6-bedroom, 9-bath estate features an elevator, media room, wine cellar, exercise room, sauna and steam facilities and, of course, a game court.

Excerpted from:
Costly Real Estate Turnovers for Soon-To-Be-Single Kobe Bryant

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Source: Politico

After a barrage of pressure to release his tax forms, former Massachusetts governor Mitt Romney reported his income, confirming what most already knew: He’s the wealthiest of the GOP candidates, earning $43 million over the past two years.

While much of Romney’s assets comes from his tenure at Bain & Company and investment firm Bain Capital, the presidential contender grew up in relative wealth as the son of American Motor Corporation CEO and former Michigan governor George W. Romney. As such, Romney is also no stranger to high-end real estate, having owned properties in Massachusetts, Utah, New Hampshire, and most recently La Jolla, CA.

Childhood Home– Detroit, MI

Mitt Romney spent the first five years of his life in this 5,500-square-foot home (above) in the upscale Detroit Palmer Woods neighborhood before moving to Detroit’s Bloomfield Hills suburb.  Although Detroit real estate has been hard hit in the past few years, Palmer Woods real estate remained steady as a high-end neighborhood. However, even an upscale location couldn’t save Romney’s childhood home from foreclosure or the wrecking ball. After falling into disrepair in 2009, the house was one of 3,000 Detroit homes razed in the city’s renewal plan.

Belmont, MA Mansion

According to property records, Romney and his family purchased the 7-bedroom, 6.5-bath home in Belmont in 1989 — five years after Romney founded investment firm Bain Capital. The Romneys’ home sold for $3.5 million in 2009 — 293 percent more than the 1989 purchase price of $890,000.

Situated on 2.44 acres and within 25 minute drive from downtown Boston, the 6,434-square-foot Colonial was an ideal home base for Romney, his wife Ann and their five sons for 20 years.

Wolfeboro, NH Compound

In 1997, the Romneys plunked down $3 million for a summer home situated on 11 acres of lakefront in New Hampshire. The 3-story, 6-bedroom home sits along Lake Winnipesaukee in Wolfeboro, “the oldest summer resort in America.”

With a 5,400-square-foot main house and additional guest house, the estate is worth an estimated $10 million. Home to the Romney crew — children and grandchildren — each summer, some wonder if the GOP candidate’s familiarity with the state helped him clinch the New Hampshire primary.

(Photo courtesy CBS)

Park City, UT Ski Home

In 1999, the Romneys picked up another vacation home. This time, the family decided on a mountain ski home in Park City, Utah. At the time, Romney was working as CEO and President of the 2002 Winter Olympics in Salt Lake City, where he is credited with establishing critical credibility for the scandal-plagued organizing committee. Romney’s leadership in the Olympics was largely viewed as a success, leading him to write “Turnaround: Crisis, Leadership and the Olympic Games” about his experience.

More chalet than cabin, Romney’s 7-bedroom, 9.5-bath home sits at the end of a cul-de-sac on nearly 11 acres. A premier destination for snow sport enthusiasts, Park City real estate doesn’t come cheap. Romney’s home was no exception; the 9,514-square-foot home sold in 2009 for a little under the $5.25 million asking price.

La Jolla, CA Beachfront Property

When Romney purchased his $12 million La Jolla home in 2008, he told the media that he wanted to be somewhere where he could “hear the waves.” Apparently a home on the high-priced California coast, (median La Jolla home values hit $1,067,600), was the right location.

It may be the ideal location, but it isn’t quite the ideal home, at least not yet. In August 2011, Romney filed an application with the city to bulldoze the single-story beachfront home and replace it with a larger, two-story home.

A spokesperson for the politician explained:

They [the Romneys] want to enlarge their two-bedroom home because with five married sons and 16 grandchildren it is inadequate for their needs.”

The spokesperson added that the renovation wouldn’t begin until after the campaign has wrapped up.

Boston. MA Townhouse

Romney’s recent real estate purchase is the most modest on the list. In June 2010, he and Ann bought a 2-bedroom townhouse in suburban Belmont. According to property listing information, the Romneys paid $895,000 for the 2,100-square-foot home in the new residential development The Woodlands.

Since selling their Belmont mansion, this is the first property they’ve owned in the Boston area in two years.  Previously, the Romneys claimed a basement apartment in their eldest son’s home as their legal Massachusetts address.

> See Homes of GOP Candidates

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