Real Estate Blog

Treasury Secretary Henry Paulson announced this morning that the federal government will take responsibility for controlling and capitalizing Fannie Mae and Freddie Mac (Watch the announcement on CNN). What were GSEs (government sponsored entities) are now GCEs (government controlled entities.) With tax payers and national debt underwriting the GCE’s loans, the goal is to restore faith in US mortgage bonds amongst international investors. It is a drastic move in the hope that mortgage rates will come down enough and that loans will become available to the point that the housing market will start to correct. I expect the mortgage guru’s will be recommending that borrowers float their rates if possible - and that they’ll be predicting that rates may fall this week in reaction to the news.

I’ll post the mortgage rate widget for you can to track rates for 30 year fixed loans in Zillow Mortgage Marketplace tomorrow (I don’t think lenders post rate updates on Sundays - let me know if I’m wrong on that!)

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Government Sponsored Entities become Government Controlled

Tired or reading or looking at spreadsheets? Here’s some more video footage from our rising television star Spencer Rascoff as he unpacks Zillow’s Q2 Real Estate Market Reports and offers up advice to buyers and sellers.

Tips for Buyers and Sellers

Continued here:
Video Footage of Zillow’s Q2 Real Estate Market Reports

Apparently, a family of bobcats have moved into a foreclosed home in the Tuscany Hills neighborhood of Lake Elsinore, CA, recently.

According to the LA Times:

Someone called 911, reporting mountain lions. Four police cruisers showed up, and officers ordered everyone inside. But soon they were out snapping photos along with the neighbors.

Add it to the list of just another weird foreclosure story.

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Bobcats Move into Foreclosed Home

I was just looking over the results of the American Institute of Architect’s latest Home Design Trends Survey, and I noticed a few interesting trends. According to the AIA, home sizes are trending downward:

As recently as 2006, almost twice as many residential architects participating in the AIA Home Design Trends Survey reported home sizes to be increasing as reported them to be decreasing. By 2007, that trend had reversed, as more residential architects reported home sizes to be decreasing than increasing. With the 2008 survey, more than twice as many respondents reported home size declines as reported increases (33.5 percent vs. 15.5 percent).

As home interiors are getting smaller, AIA says more homeowners are looking to increase their living spaces by tapping into the outdoors:

Despite a downsizing of home sizes and general concerns about keeping housing costs affordable, residential architects note the growing interest among households in improving their properties, even as lot sizes continue to shrink. At the forefront is the growing movement toward outdoor living. This trend encompasses anything from increased emphasis on traditional outdoor elements like decks, porches, and patios, to expanded outdoor cooking areas and outdoor “rooms.”

You can certainly see this trend taking over in the most popular yards and gardens in Dueling Digs, our source for home improvement ideas. Of course, it helps if you live in a climate that lends itself to being outside year-round, but at least us wet-and-cold-weather dwellers can dream. Hey, that’s why they invented outdoor heaters!

Here’s a look at some drool-worthy ”outdoor rooms” from Dueling Digs:

This lovely living area with brick fireplace is from 1829 Barrington Dr., Roanoke, TX
See more Roanoke, TX real estate

A slate-covered outdoor dining area from 19877 Trotter Ln., Yorba Linda, CA
See more Yorba Linda, CA real estate

This tiki-inspired room is from 1927 N. Normandie Ave., Los Angeles, CA
See more Los Angeles, CA real estate

A New Mexico-meets-California outdoor living room from 5217 Linea Del Cielo, Rancho Santa Fe, CA
See more Rancho Santa Fe, CA real estate

Patio with hot tub and fireplace from 797 Lynwood Dr., Encinitas, CA
See more Encinitas, CA real estate

This super-cool deck with fire pit is from 1507 Mariners Dr., Newport Beach, CA
See more Newport Beach, CA real estate

Read the rest here:
Outdoor Living Spaces Gaining in Popularity

Thanks to all those real estate professionals who signed up and tuned into our Webinar for Real Estate Professionals this morning. Jorrit Van der Meulen, our VP of Partner Relations, and Dr. Stan Humphries, our VP of Data and Analytics, discussed our Q2 data and some ways agents and brokers can benefit from Zillow’s API Network. Attendees asked great questions, and the conversation was informative and interesting.

If you missed it, or want to hear and see it again, it is available at events.acttel.com/zillowreports.

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In case you missed our Webinar for Real Estate Pros

Thanks to all those real estate professionals who signed up and tuned into our Webinar for Real Estate Professionals this morning. Jorrit Van der Meulen, our VP of Partner Relations, and Dr. Stan Humphries, our VP of Data and Analytics, discussed our Q2 data and some ways agents and brokers can benefit from Zillow’s API Network. Attendees asked great questions, and the conversation was informative and interesting.

If you missed it, or want to hear and see it again, it is available at events.acttel.com/zillowreports.

Read more here:
In case you missed our Webinar for Real Estate Pros

One Wisconsin family is living the high life, up in the trees, after super dad John Peterson built his kids a two story, 200 sq. ft, fantasy tree house in their backyard.

While Dad won’t confess what he spent on the tree fort/house/mansion, it couldn’t have been cheap. The tree house is fully loaded with windows, doors, electricity, and even a spiral staircase. No Zestimate yet on this tree house, but there are still some affordable  homes for sale in Onalaksa, Wi. However elaborate, this indulgent spend is typical of Onalaskan residents, many of whom are “Stretching Couples” with cash, kids, and a childhood dream up their sleeve.

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Tree Mansion - NOT For Sale

I admit it. “90210” was a big deal when I was in high school. I actually grew up in Beverly Hills (at 709 North Beverly Drive, Beverly Hills) just a few blocks from the real Beverly Hills High. My beach club as a kid (the now defunct “Sand & Sea”) was actually the set for 90210’s Beverly Hills Beach Club. And I went to high school with Tori Spelling. Although our high school wasn’t nearly as vacuous (nor as much fun) as 90210’s West Beverly, we were still extremely into the show, and several of my friends did have curiously large sideburns to emulate Dylan… Ah, good times. So yes, I’ll sheepishly admit that my wife watched the first episode of the new 90210.

But, either the Zillow marketing department is too old for the new version, or it was just not as good as the original.

After the first episode last night, we’re leaning toward “not as good as the original.” We missed Brandon, Brenda, Kelly, etc., and felt really sorry for Nat when he was trying to make espresso in the revamped Peach Pit. The new real estate was pretty spectacular, but we liked it when, back in 1990, the Walshes were humble Midwesterners living in toney Beverly Hills in a very nice, but not-too-flashy home. (OK, that home wasn’t actually in 90210, but the premise was nice.)

The characters in my old hometown may have changed since Kelly Taylor hung up her stilletos on that sad day in May 2000, but what about the Beverly Hills real estate market? Well the Zillow Home Value Index for Beverly Hills was about $1 million back then, and today Beverly Hills home prices are averaging over $3.2 million, up 12 percent year over year (versus a 10 percent decline nationally in US home prices). Looks like Kelly (sporting a teacher’s salary in the new show) might want to consider renting…

Excerpt from:

From Mr. Cunningham on Happy Days to the filmmaker behind epic movies such as Cleopatra and The Ten Commandments, we bring you celebrity houses that once belonged to some classic Hollywood types.

Cecil B. De Mille Estate
2000 De Mille Dr, Los Angeles, CA
For Sale: $23,950,000
See more Los Feliz real estate

Known as the Cecil B. De Mille Estate, this magnificent home, located on DeMille Drive in the Los Feliz area, was once owned by one of Hollywood’s great filmmakers — yup, you got it — Cecil B. De Mille. Yo Mama at Real Estalker lays out the fascinating history of this 7,000+ sq ft home, which DeMille bought in 1916 for $27,893. According to Ruth Ryon of the L.A. Times, three years later De Mille bought the home next door and used it as an office, screening room, and guest quarters. He rented it out for a time to actor Charlie Chaplin and his first wife, Mildred Harris. [Listed on Redfin]

Vidal Sassoon’s house
15000 Mulholland Dr., Los Angeles, CA
For sale: $19,500,000
See more Bel Air, CA real estate

Hair stylist giant Vidal Sassoon is selling his home, known as the “Singleton Residence,” which the listing describes as “one of the most famous architectural sites in America, comprising five plus acres on top of Bel Air.” If you don’t know the relevance of the name Singleton, you’re not alone. Henry Singleton was an engineer and co-founder of Teledyne, a conglomerate that had diverse businesses such as specialty metals, unmanned aircraft, insurance, swimming pool heaters, and Water Pik shower heads and tooth cleaners. Yup — this made the company $5 billion at its peak.  According to Real Estalker (bless Yo Mama’s hard-working heart), in 1959, Singleton commissioned modernist icon Richard Neutra to design a contemporary home, which was controversially renovated by Sassoon. Here are some fascinating photos of the Sassoon property by Luxist.

Tom Bosley just sold (above):
2822 Royston Pl, Beverly Hills, CA 90210
See more Beverly Hills, CA real estate

Tom Bosley just purchased (above):
3 Exeter Ct, Rancho Mirage, CA 92270
See more Rancho Mirage real estate

In what looks to be a reason to downsize, Happy Days actor Tom Bosley (“Mr. Cunningham”) sold his 3,772-sq.-ft. Beverly Hills home (top photo) last October for $2,750,000 and then turned around and bought a 3,288-sq.-ft. home on a golf course in Rancho Mirage, CA for $950,000. OK, it’s not much of a square footage downsize, but Bosley picked up a bit of coin from the Beverly Hills sale. [Source: Big Time Listings]

John Cleese’s house
1813 Fernald Point Ln, Santa Barbara, CA 93108
For sale: $10,750,000
See more Santa Barbara, CA real estate

Tucked along the beach in Montecito, CA, is the home owned by British actor John Cleese, known as one of the six creators/actors in the Monty Python collection of TV shows and movies. Go on a photo tour to see what John sees when he’s here. According to Big Time Listings, “…Cleese purchased the house in 1994 for just over $1 million, and briefly had owned the house next door at 1815 Fernald Point Lane, which he sold in 2003 after having listed it for close to $5.5 million.”

Comments, corrections, additions, and submissions are welcome. Please send to celebtips@zillow.com

Read more from the original source:
Celebrity Roundup: De Mille, Sassoon, Bosley, Cleese

Former home of George W. Bush
1405 W. Golf Course Rd, Midland, TX 79701
For Sale: $239,900 (Listed by Ruth Young of Legacy Real Estate)
See more Midland, TX real estate

Before George W. Bush became governor of Texas, before he was co-owner of the Texas Rangers professional baseball team, before he made Crawford, TX, famous, before he became president of the United States of America and before W became “W,” George W. Bush had a modest beginning in Midland, TX. It was here in Midland that George purchased this 2,406 square foot home in 1977, married schoolteacher Laura Welch shortly after, and had twins Jenna and Barbara where they all lived until 1985 when W moved to Washington, D.C. to work on his father’s presidential campaign.

So, if you’re a Bush fan, a historian with some extra cash lying around, or know a good piece of real estate when you see it, this starter home for George and Laura Bush comes complete with the original appliances, fixtures and draperies from the Bushes’ years of living there.

Is this an omen that the Crawford Ranch will actually be sold next June?

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Attention Real Estate Agents:

We recently released our second quarter Real Estate Market Reports, and are excited to share what we’ve found with those real estate professionals who make the industry tick. If you’re an agent interested in learning about home values in your neighborhood (down to the zip code level), or are in search of the data to convince a desperate seller that their home is overpriced, then this Webinar is for you.

Mark Your Calendar:

Please join us on Sept. 4 at 10 a.m. Pacific, 1 p.m. Eastern, for a free webinar hosted by Jorrit Van der Meulen, our VP of Partner Relations, and Dr. Stan Humphries, VP of Data and Analytics.

Register here——it’s free!

Credit:
Free Webinar for Real Estate Professionals on Sept. 4!

This political year is already setting up to be a doozy, with media camped in front of Democratic Vice Presidental nominee Joe Biden’s house and the perplexed Republican Presidential nominee John McCain trying to figure out how many he owns. We now know John McCain owns 7 houses thanks to our own Diane Tuman who researched the McCain conundrum and thus ran away with top honors for the 106th edition of the Carnival of Real Estate, which is now live over at Rain City Guide! Thank you, Ardell, Dustin, Rhonda and Jillayne for the honor. By the way, she is so glad Democratic Presidential nominee Barack Obama only owns one home, which she is planning to writing about soon!

The carnival will make its next appearance on Monday, Sept. 8 at Real Estate Undressed. Please submit your best post by Sunday, Sept, 7, to be considered. Are you a real estate blogger and would you like to host a future edition? If so, get instructions on how to do so here. Please check the complete FAQ list if you have other questions as to how to participate.

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Carnival of Real Estate #106

Mortgage rates on Zillow Mortgage Marketplace have dipped in the past few weeks to an average low of 6.21% for a 30-year fixed mortgage. The current average rate for a 15-year fixed mortgage is even lower at 5.80%, while the rate for a 5/1 adjustable rate mortgage is 5.69%.  Compared to the middle of last month, when the rate for a 30-year fixed was around 6.41%, this lower rate means a savings of $31 each month, or $375 each year, in monthly payments on a mortgage of $240,000.*

For active home buyers or those who want to refinance their adjustable rate mortgage, this might be a great time to lock in a rate.  Anyone can request free, anonymous mortgage quotes from thousands of lenders on Zillow Mortgage Marketplace:

• Anonymous — you call them, they don’t call you
• Unlimited, custom quotes
• Thousands of lenders

*Assumptions:  30-year fixed mortgage of $240,000 with 20% down payment and credit score of 680 or higher.

Note: Rate information is current at time of publication. Rates can and do change frequently.

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Mortgage Rates Have Dropped

The Miami New Times recently reported on a real estate scammer who’s been swindling in the South Beach area. It seems that a Frenchman that goes by the names “Chris” or “Christian” broke into a lockbox on an apartment that was up for rent, and proceeded to steal the keys and advertise himself as the agent for the unit. He then rented the apartment to four different people in only two days, and took off with their deposits.

“Chris” was caught when the “real” agent hired by the owners, Mike Benmeleh, listed the apartment and received a call from a woman who said she had put a deposit down on the apartment but hadn’t heard a peep from the agent since.

As strange as this sounds, it isn’t an isolated case. Just a few months ago, there was a similar case in Round Rock, Texas, as reported by North Dallas Homes blog. And it’s been known to strike not only renters, but home buyers as well.

The moral of this story? Do your homework. When choosing a real estate agent, check with your state’s real estate commission to ensure that they are licensed. You can also see if there are any complaints filed against them with the Better Business Bureau. Plus, be sure to get referrals from past clients.

(Illustration courtesy Alvaro Diaz-Rubio/Miami New Times)

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Real Estate Scam: Beware of Fake Agents