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

I’ve got government assistance on my mind this week. Whatever camp you choose when it comes to the government stepping in to help homeowners and home buyers, the programs keep rolling out and the issues are alive and kicking.

What if the funds from the $7500 tax credit the government passed were reallocated for a higher purpose? Say what? Let me rephrase. What if the government took the money it has allotted for tax credits (loans) and poured it back into the local economies to help stimulate a more natural home buying process? Could this money be used to build stronger communities, thereby increasing the wealth of all homeowners - current and future?

I am talking about housing assistance with a shelf life.

I recently spoke with Ashley Radke, a Connect2Agent member who sells real estate in Chesterfield, O’Fallon and St. Charles MO, who clued me in as to the different ways government assistance can strengthen the housing market. When I asked Radke if she felt the $7500 tax credit, the new refinancing options and the elimination of downpayment assistance would help the real estate industry, this is what she had to say.

On the new housing bill to assist homeowners in refinancing their high-interest-rate loans:

“If people can’t afford their homes, there are usually reasons. Usually a workout program will want you to catch up on what you owe. Sellers need to be proactive in becoming a part of the solution.”

On downpayment assistance being eliminated October 1st:

“I feel the new bill wiped out 200 to 300,000 buyers. It won’t be a good thing.”

Now here is where my ears perked up, because Radke offered an alternate solution when we discussed the $7500 tax credit, which she feels will ” … hurt mainstream homeowners.” I am offering it here verbatim from her lips to my ears and then to this post, as it could just be her line of thinking and others’ that could change the landscape of homeownership:

“There are other ways the government could spend the money that’s been allotted for the 7500 dollar tax credit. In my local market, they are shutting down a major highway. Why not take this opportunity to build a mass transit system? The money could be spent on renewable energy also. They could give farmers a credit to put up wind tunnels to help bring electrical costs down.”

Is government money the only way to bring real estate back? Radke believes homeowners need to almost start over again by living within a budget and planning for the future by saving money. Homeowners in St. Charles Missouri can take a more proactive role by increasing public awareness of their community and helping promote relocation to the city.

During the last four years, Radke has been campaigning to get her local communities in St. Charles County listed in the top 100 places to live. It made the list for CNN Money in 2006 and 2008. By bringing national public awareness to her area, it promotes more growth, thereby stimulating the local economy and real estate.

If you reside in St. Charles County and are interested in this proactive approach, Radke would be happy to hear from you.

Do you have any ideas for housing stimulation? I’d love to hear ‘em. Please share by commenting below.

Posted by Rebecca D. Levinson

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Housing assistance with a shelf life

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

If you’re a tennis fan, you relish the thwack-thwack sound of the ball as it is pulverized across the net as one of tennis’ Grand Slams, the U.S. Open, plays its final rounds this weekend. As a salute to some of tennis’ greatest stars, we’d like to serve up (pun intended) a few homes you might enjoy.

Andy Roddick’s house
4104 Shimmering Cove, Austin, TX 78731
See more Austin, TX, real estate

Tennis beefcake Andy Roddick, who was born in Nebraska, but lived in Austin, TX, up to age 11, has a few homes to his name, including this one in a gated community of Austin. He purchased this 5,558 sq ft home in November of 2003 for $1,463,000. Perhaps he plans to split his time here with his fiance, Sports Illustrated swimsuit model Brooklyn Decker. [Sources: Big Time Listings, Real Estalker, ARS LLC Company]

Chris Evert’s home
8563 Horseshoe Ln, Boca Raton, FL
See more Boca Raton, FL, real estate

Retired tennis star Chris Evert, always the princess of the court, has had a tabloid year after divorcing her dashing downhill skier husband Andy Mill in 2006 and this year marrying golf great Greg Norman amid headlines of “he stole my wife!” Evert and Mill bought this home together in 2003 for $2.8 million. [Sources: TopSynergy.com, bnet.com]

Andre Agassi and Steffi Graf’s house
110 Gilmartin Dr., Tiburon, CA
See more Tiburon, CA real estate

Tennis’ supreme power couple, Andre Agassi and Steffi Graf lost money on their Tiburon estate when they bought it in 2001 for $23 million and then sold it in 2006 for $20 million to California hedge fund investor Stuart Peterson. Valleywag dubs it the “House YouTube Bought”.

Steffi Graf’s house
81 N Hibiscus Dr, Miami Beach, FL 33130
For sale: $3,050,000
See more Miami Beach real estate

Just before marrying Andre, Steffi Graf purchased this 3,010 sq ft Mediterranean-style home on Hibiscus Island, a small, gated community of exclusive homes on Biscayne Bay. [Source: Big Time Listings]

John McEnroe’s house
296 Tennis Court Rd, Oyster Bay, NY
See more Oyster Bay, NY real estate

What a perfect address for tennis great John McEnroe, a four-time U.S. Open singles champion (1979, ‘80, ‘81, ‘84). According to Newsday’s blog Real LI, McEnroe lived there with his ex-wife, Tatum O’Neal. Evidently, McEnroe’s parents once owned the property and John and Tatum lived in the renovated carriage house for awhile. This sprawling, 20,000-square-foot “palatial Beverly Hills compound” includes four bedrooms in the main house (including a spa, a gym and a wine room), a pool house, a guest house, a carriage house with a ballroom, and a garage with apartment space. McEnroe sold the property in December of 2007 to record producer Ric Wake for an undisclosed amount (it was listed for $6.5 million).

Mats Wilander’s house
18 Richmond Hill Rd, Greenwich, CT 06831
See more Greenwich, CT real estate

According to public records, Wilander bought this home in 1987 for $800,000 and then sold it in 2000 for $2.3 million. [Source: Big Time Listings]

Betsy Nagelsen McCormack’s house
9600 McCormick Pl, Windermere, FL 34786
See more Windermere, FL real estate

Retired tennis player Betsy Nagelsen McCormack sold this gorgeous 16,000+ sq ft home, located in the exclusive Isleworth community, in July, 2007 for nearly $13 million. This came after the untimely 2003 death of her husband, Mark McCormack, who was founder and chairman of International Management Group (IMG), a powerful management company for sports pros and celebrities such as Tiger Woods, Derek Jeter, Elizabeth Hurley, and Itzhak Perlman. The home was purchased by NBA star Grant Hill. [Source: Big Time Listings]

Monica Seles’ house
2895 Dick Wilson Dr, Sarasota, FL 34240
See more Sarasota, FL real estate

Seles’ home is one of 400 located in the gated community that sits on the private Laurel Oak Country Club. [Source: Celebrity Black Book]

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

Read the rest here:

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.

View original post here:
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?

See original here:

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