With a population below 20,000, the small town of Thonotosassa, FL, isn’t exactly where you’d picture a sprawling storybook mansion. The bite-size city is located in Hillsborough County, which means a resident who desired a small-town feel with the nearby amenities of a big, waterfront metro (Tampa, anyone?) would find the place appealing. With that backdrop, Don Wallace, founder of Lazydays RV, and his wife, Erika, decided to go all-in on the tiny town’s massive potential and build big. The couple’s staggering estate, measuring 42,000 square feet, is now on sale for $22 million, and the amenities are amazing. “I know this sounds a little cliche,” says co-listing agent Dina Sierra Smith, “but this house is just majestic.” Judging from the listing photos, Smith isn’t wrong. From the outside, the mansion is picture-perfect. The 36-acre estate, called The Oaks, features immaculate landscaping and is dotted with hundreds of oak trees. There’s also a lakeside view. Though a house this size would not be described as intimate, Smith says the mansion is actually quite cozy. “It’s actually the perfect combination of majesty and family,” she says. The main house has six bedrooms and eight bathrooms. The main floor is the central living space with a sprawling living room, kitchen, and dining room. The upper floor is dedicated to the bedrooms and bathrooms. The bottom floor is all about recreation and features a gym, bowling alley, steam room, sauna, and heated pool. The home includes a seven-car garage, but that structure pales in comparison to the 11,000-square-foot, air-conditioned collector’s garage built to fulfill any car enthusiast’s dreams. The collector’s garage has glossy flooring and a vaulted ceiling, designed to display the best of the best when it comes to automobiles. The fun doesn’t end there, though. There’s an outdoor pool—it is Florida, after all—pool house, two-story guesthouse, gatehouse, horse stables, game room, and workshop. With all of these amenities, is there any reason to ever leave home? It’s at night though, says Smith, that the estate truly comes to life. “There are over 1,000 lights that illuminate the property at night. It’s really something else to see in person.” All this only a 25-minute drive to downtown Tampa? Plus proximity to St. Petersburg and the white-sand beaches of Clearwater? Yes, please. Someone wire us $22 million, pronto. The post 42,000-Square-Foot ‘Majestic’ Florida Mansion Lands on Market for $22M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/majestic-florida-mansion/
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A luxe penthouse in New York City‘s Tribeca neighborhood with a terrace and private pool is this week’s most expensive new listing on realtor.com®. The $57 million triplex is being billed as in “pristine brand-new never-lived-in condition.” The 8,908-square-foot unit with an additional 3,426 square feet of outdoor space last changed hands in 2017 for $44 million. While the owner isn’t known—the property is shielded behind an LLC—theReal Deal speculates it’s Formula One driver Lewis Hamilton. While he may be reportedly speeding away from the loft condo, it doesn’t seem like he’d parked there much. (Although he could have: The listing comes with two parking spaces.) The three-level home has five bedrooms and seven baths. On the main floor are the light-filled great room with 20-foot ceiling, open dining room, library with gas fireplace, and custom-designed chef’s kitchen with island. The master suite includes a cozy gas fireplace, en suite spa bath, and separate dressing and sitting room. The top level features a glass-walled sitting room with gas fireplace, wet bar, and powder room, and opens to the outdoor terrace that comes with a plunge pool, kitchen, and city and river views. Other perks include an internal elevator that services all three floors, and a main key-lock building elevator. The building, 443 Greenwich, has been a popular destination forcelebrity buyers, including Jake Gyllenhaal, Justin Timberlake and Jessica Biel, and Meg Ryan. The 1905 building was originally designed as a bookbindery by architect Charles Haight, and is located in the popular Tribeca neighborhood on a cobblestone street. The building, with 45 loft-style condos and eight penthouses, features a restored facade and remodeled interiors by CetraRuddy Architects. Perks include a drive-in, drive-out garage with valet service, as well as a second lobby for residents to take private elevators. There’s a residents-only landscaped courtyard, gym, 75-foot indoor lap pool, and 24/7 door attendants and concierge service. Mara Papasoff of Brown Harris Stevens holds the listing. The post $57M NYC Penthouse With Private Rooftop Pool Is This Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/nyc-penthouse-with-private-rooftop-pool-most-expensive/ Flipping homes may seem glamorous: Folks find fixer-uppers, tear up a few walls, and add some flair—then voilà, buyers swoon over the gorgeous tiling and open floor plan, and throw big bucks at the flippers. But the reality is quite a bit different, as the number of flips and the profit to be made are continuing to fall. Nearly 208,000 single-family homes and condos were flipped in 2018, down 4% from the previous year, according to real estate information firm ATTOM Data Solutions. (ATTOM looked at 176 metropolitan areas with at least 200,000 residents that had at least 100 home flips in 2018. Home flips were defined as properties that had been bought and resold within a 12-month period.) And now that there are fewer buyers in the market and home price growth is slowing, the average flipping profit of $65,000 has dropped 3% from 2017. That’s the lowest it’s been since 2011. “With home prices appreciating a bit slower than they have in previous years, this leaves the door open for a bit of a cooldown in flipping profits,” ATTOM’s chief product officer, Todd Teta, said in a statement in response to questions from realtor.com®. “Also, with the number of foreclosures and underwater properties declining nationally, there probably are fewer homes available for flippers to get at bargain-basement prices. [That] would cut down on the deals that produce seriously great returns.” But don’t feel too bad for these home renovators: They still sold their homes for about 44.8% more than they paid for them (not including labor, materials, and other remodeling costs). Despite the dip in profits, Teta said, “flipping looks like it’s still a pretty good business to be in, given that kind of return on deals that commonly take about six months to turn around.” But what’s surprising is where flippers are now going. They used to flock to smaller, less expensive areas where they can score fixer-uppers on the cheap—and then renovate and resell them for a windfall. Now that’s changing. The pricey Boston metropolitan area saw the biggest surge in flipping activity in the nation, according to the report. Flipping in the Beantown area, where the median home price is a steep $518,650, was up 33.3% in 2018 compared with the previous year. (ATTOM included only 53 metros with at least 1 million people in this ranking.) “While the Boston metro area is one of the most expensive markets in the country, median home prices shot up,” Teta said. “So there is great opportunity for healthy profits. That’s probably driving the increase in flips.” Median prices in the Boston metro, which includes the city and the surrounding suburbs, were up 3.7% year over year as of Feb. 1, according to realtor.com data. Boston was followed by Tucson, AZ, where flipping rates were up annually by 27.3%; Raleigh, NC, at 24.5%; Columbus, OH, at 13.1%; and Hartford, CT, at 12.8%. Median home prices were $268,300 in the Tucson metro area, $338,250 in Raleigh, $235,395 in Columbus, and $264,950 in Hartford as of Feb. 1, according to realtor.com data. Meanwhile, the places with the overall highest rates of flipping (versus the biggest increases in flipping activity) were significantly less expensive than Boston. Memphis, TN, with a median home price of $207,525 in the metro, topped the list with an 11.7% home-flipping rate. The Memphis metro was followed by Phoenix, at 9.1%; Las Vegas, at 8.7%; Tampa, FL, at 8.2%; and Birmingham, AL, at 7.6%. Median home prices were $337,500 in Phoenix, $310,348 in Las Vegas, $264,975 in Tampa, and $227,800 in Birmingham. The post The New Home-Flipping Hot Spots Aren’t the Places You’d Expect appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/new-home-flipping-hot-spots/ It must be tough to leave such a gorgeous home in such a stellar location, but Austin Croshere‘s move to list his unique Malibu, CA, mansion for $6.2 million is understandable. The retired power forward has SoCal roots, but is currently employed as a TV broadcaster for the Indiana Pacers. In fact, the former Pacers player may be a bit ambivalent about letting the exceptional place go, because he’s also making it available for rent for $25,000 per month. Croshere ended his playing career in 2009. It wasn’t a huge surprise that he returned to the West Coast, purchasing this 5,800-square-foot residence in his home state in 2012 for $3,050,000. Built in in 2009 by architect Steve Kent, the home is set in the hills overlooking Malibu. Floor-to-ceiling walls of glass and sliding doors, as well as the wraparound decks, allow spectacular views of the Pacific Ocean, from the “Queen’s necklace” to Catalina Island. Set on almost an acre of land, the home has five bedrooms and 4.5 baths. The sleek and modern living space features a double-sided fireplace dividing the dining room from the living room. The open kitchen features Boffi design in gleaming white, with Miele appliances, a Sub-Zero refrigerator and freezer, and a wine cooler. Design features are as slick and clean as an ocean breeze. The floors are made of ash wood and basalt stone. A floating staircase near the entry leads you up to the bedrooms. A guesthouse with a separate entrance is set beneath a deck, but it also has stunning ocean views. And the cherry on top is a rooftop deck with a stainless-steel fireplace and plenty of lounging space. Croshere played in the NBA for 12 seasons after being drafted in the first round by the Pacers in 1997. The highlight of his basketball career came in the 2000 NBA Finals, when the Pacers lost to the Los Angeles Lakers. He was rewarded with a seven-year, $51 million contract. He now works as an analyst and broadcaster for Fox Sports. The post Former Pacers Star Austin Croshere Looks to Bounce From Malibu Manse appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/austin-croshere-malibu-home/ Rates for home loans were little changed near long-time lows, providing a little breathing room for would-be buyers even as policymakers are increasingly taking an interest in housing matters. The 30-year fixed-rate mortgage averaged 4.35% in the February 28 week, mortgage guarantor Freddie Mac said Thursday. That was unchanged from the prior week and the lowest in a year. The popular product has eked out a weekly increase only once in 2019. The 15-year adjustable-rate mortgage averaged 3.77%, down one basis point. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.84%, also unchanged. Those rates don’t include fees associated with obtaining mortgage loans. Because fixed-rate mortgages track the 10-year U.S. Treasury note, they’ve benefited in recent months from investor concerns about global growth and trade. Those calculations often prompt the purchase of more assets considered safe, and bond yields decline as their prices rise. Lower mortgage rates are helping the housing market. Applications for mortgages, for both purchases and refinances, jumped in the most recent week, according to data from the Mortgage Bankers Association. VA loans surged 14%, perhaps because Congress is currently considering legislation that would pay for benefits for Vietnam War veterans by raising the guarantee fees on new mortgages, as reported last summer. There are plenty of other discussions going on in Washington about housing, as well. This week, the Senate Banking Committee voted to advance the nomination of Mark Calabria to lead the Federal Housing Finance Agency, the regulator for Freddie and its counterpart, Fannie Mae. As MarketWatch has reported extensively, Calabria’s presence is likely to help accelerate the release of the two enterprises from government control. And the long-standing issues facing the housing market are also grabbing attention. The National Association of Home Builders on Wednesday commended Democratic Senator Mike Thompson “for raising concerns… that tariffs on Chinese goods represent a $1 billion tax on housing and harm housing affordability” at a trade hearing. Meanwhile, New Jersey Democrats said earlier in February that they would introduce legislation to roll back some of the 2017 tax law changes, like the ability to deduct state and local taxes, which have hammered higher-cost-of-living areas.
Perhaps most promising for big changes in housing is the fact that at least three Democratic contenders for the presidency have housing policy proposals. Multiple sources have told MarketWatch that they expect housing issues to have a key role in the 2020 election. For the observers who believe that a lack of resolution to the 2008 crisis led to the 2016 outcome – and to anyone priced out of a rental or ownership – that could be welcome news. The post Mortgage Rates Stay Subdued as Housing Reform Issues Grab the Spotlight appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/real-estate-news/mortgage-rates-stay-subdued-housing-reform-issues-grab-spotlight/ Despite having 15 owners since being built in 1893, this Frank Lloyd Wright–designed home in La Grange, IL, is in pristine condition. If you’re a Wright aficionado, this five-bedroom, 2.5-bath home is your dream pad. Much of the home’s beauty is thanks to renovations that took place two owners ago. The baths and kitchen were updated and pushed this Prairie-style home on a lushly landscaped lot into posh territory. Referred to by historians as the W. Irving Clark house, the nearly 4,000-square-foot residence is now on the market for $1.2 million, listed with Judy Ellison of Coldwell Banker Residential Brokerage. “Many, many features in the home are original features,” says Ellison. They include doors to the front of the house and to the vestibule, all hardware, and the light fixtures in the family room and main hallway. Floor tile in the vestibule is also original, and stained-glass windows in the living and dining rooms were also preserved, as were built-ins throughout. Four original wood-burning fireplaces are in working condition, ready to crackle during the next polar vortex. Original stained-glass windows on the staircase leading to the second floor are also among the home’s examples of historic preservation. The tall, front gable—with its Palladian window in the center—is a feature also found on Wright’s former home in Oak Park, IL. Tucked into La Grange’s historic district, the neighborhood’s roots were as a summer-home community for well-heeled Chicagoans. Downtown Chicago is only a 20-minute train ride, but downtown La Grange’s recent renaissance can also be experienced within a two-block walk. Restaurants, upscale shops, and a renovated theater are among the “rejuvenated and renovated” attractions, says Ellison. Designed for “lush entertaining,” the home was built for an attorney who worked from home. (His clients used the side entrance.) A third-floor ballroom was used as a game and recreation room by the current owners. What used to be the coatroom for guests entering the former ballroom is now a closet. In keeping in perfect pitch with period details, custom William Morris wallpaper was installed at a cost of $50,000 a few years ago. This was an extensive three-year process. In 2008, the second-floor master suite underwent a face-lift, taking over space originally used for a fifth bedroom. Now a steam shower and radiant heating bring the suite into the 21st century, and a walk-in closet serves as a convenient update from the sparse closet space normally found in older homes. There’s also a laundry area in the suite, negating the need to walk to the basement to access a washer and dryer. The kitchen was remodeled in 2012 with quartz countertops and custom cabinetry. “There would never have been a kitchen this large (at the time of the home’s construction), but it was really done in keeping with the house,” says Ellison. Another example of successfully bridging the original with the new design is the back door, featuring the same pebble glass as the front door. “The curved back door was done to match the front door design,” says Ellison. The infrastructure also saw improvements. A whole-house generator, in-ground sprinkler system, and four AC zones were added. With all these updates, the value of this home has only gone up. In 1997, it was sold for $628,000. The last time it went on the market, in 2007, it was sold for $1.15 million. While other homes on the block are also historic, this one is larger. A second-story apartment above the 2.5-car garage was once living quarters for the stable staff. And a screened porch serves as a stylish and functional extension to the interior thanks to a ceiling fan, wood flooring, and beadboard ceiling. “The pictures don’t do it justice,” says Ellison. We tend to agree! The post Grand Frank Lloyd Wright Home Near Chicago Hits Market for $1.2M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/frank-lloyd-wright-home-near-chicago/ These are discount days for renters, as landlords roll out an onslaught of concessions: promos, discounts, and deals to help lure prospective tenants during the slower cold months and lock down leases. But often, the bargain rates that appear on the ads aren’t what they seem. A building boom in high-end rental developments over the past few years has yielded an oversupply of new luxury rental units in the nation’s biggest cities. With more units up for grabs, landlords have been offering a slew of freebies, markdowns, and giveaways to beat out the competition and persuade prospective renters to sign on the dotted line. Landlords or leasing agents will often factor these concessions into the advertised rent, making apartments appear cheaper than they really are. Most landlords would rather give out a free month or two of rent on a lease rather than lower the overall rental rate. That’s because cheaper rents can mess with their bottom line and violate any agreement they may have made with the bank to obtain financing. So they’ll often offer a free month at the end of a 12- or 13-month lease—and then factor that into the advertised “net monthly rent.” So a $2,500-a-month unit on a 13-month lease would be listed at $2,300 a month, even though tenants would be on the hook for the original rent each month until that free month kicks in. In real estate lingo, the “net rent” is the amount folks shell out after the concession is applied, while the “gross rent” or “market-rate rent” is the amount they’re actually forking over each month. Concession confusion“These concessions can be great, but they can also be deceiving,” says Nicole Durosko, a New York City–based real estate agent at Warburg Realty. “In New York, we tend to see concessions like one, two, or sometimes even three months free [on longer leases]. But what renters don’t always realize is how much they’ll actually be expected to pay per month.” That’s why they need to ask the right questions. “Clarify the start and end date of your lease, understand how much you’ll actually be paying per month,” she says. “When it comes to any sort of concession on a rental, you should never sign anything unless all points have been clarified. You don’t want there to be any questions.” Why builders ended up overdevelopingConstruction pretty much ground to a halt during the housing bust and recession of 2008–09, but it ramped up with a vengeance as the economy has improved. The past three years have been the strongest growth period for new apartment construction nationally since the 1980s, according to Yardi Matrix, a commercial real estate research and data platform. Financing and legal issues make it easier to develop rental properties than condos, and new buildings tend to skew more high-end than the existing, older rentals. “We still have thousands of units coming in that are skewed to the higher end of the market,” says national real estate appraiser Jonathan Miller. “The concessions on these new buildings are usually double that of existing buildings.” These concessions are typically offered by big developers on newer properties—smaller landlords can be hampered by rent control and rent stabilization issues, and may fear legal liability. Plus, they may not be able to afford to hand out fancy freebies, which in some cases go beyond free rent. In Los Angeles, for example, “you’ll see things like $500 AmEx gift cards, free Wi-Fi, buildings with elaborate Starbucks machines in the foyer where you can get free coffee,” says local real estate agent Kerry Marsico of The Agency. “They’re throwing in things like free parking as well.” That’s because by 2018, there were more than 7,100 apartments under construction in Los Angeles’s downtown area alone, according to the city’s Downtown Center Business Improvement District. The estimated downtown population is also projected to grow from the current 74,558 to 87,655, according to the group. “There are now thousands and thousands of units that have to be filled, and buildings have to compete to get people in the door,” Marsico says. The post As Empty Luxury Rental Apartments Pile Up, So Do Offers That May Be Too Good to Be True appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/what-you-need-to-know-about-rental-concessions/
The bill, expected to be signed into law this week, would limit rent increases and require reasons for some evictions.
via https://www.huffpost.com/entry/oregon-statewide-rent-control_n_5c76e270e4b0952f89ddd1d6 A bungalow from 1910 integrated with thoroughly modern architecture in Venice, CA, is now on the market for $4,985,000. Dubbed the Broadway House, the modern glass and wood building was designed by Los Angeles–based architect Noah Walker, and features sharp angles, glass walls, and sleek lines. The just-completed remodel took about a year and a half and resulted in a four-bedroom, 3,812-square-foot residence on a 5,200-square-foot lot. Although a small lot is typical in Venice, this gated property takes advantage of indoor and outdoor space with a great room that opens out to a patio and interior courtyard, which leads to a finished garage. Along with space for a small car, the garage can also be used as additional living space. Currently, it’s staged as a playroom. Thanks to its clever incorporation of the original with modern, the home was recently featured in Architectural Digest. The seller purchased the original bungalow in 2015 for $1.2 million. “That charming, little bungalow is the original facade,” says listing agent Justin Alexander. “They really wanted to tie in the Arts and Crafts movement of Venice.” Once you walk through the front door and beyond the formal living room that were part of the original home, the space expands with a 26-foot-high ceiling and an open layout that features glass walls at the back of the house. The main level contains an open kitchen with a marble island and built-in breakfast nook, which is adjacent to the family room and patio. Upstairs, a loft sitting room looks over the main level. Also on the second floor, the master suite boasts a luxe bathroom and views of mature palm trees. The home is conveniently located near the beach, restaurants, and shopping. The post The Broadway House Mixes It Up and Takes Center Stage in Venice appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/broadway-house-takes-center-stage-venice-ca/ Between filming Hallmark movies and “Fuller House,” giving interviews, doing promos, and living a mom life, Candace Cameron Bure has little time to think about all the stuff piling up in her garage. When a small window of opportunity (read: she was home for more than 24 hours) came about, Bure turned to social media to find some home help. On Instagram, she discovered The Home Sort, an organization company that’s basically a premier stylist for your pantry. She’s been singing its praises ever since. Ryan Eiesland and Brandie Larsen started the organization business while lounging at the pool. “I turned to my [sister] and said let’s start an organizing business, and Larsen turned to me and said ‘Hey! Why didn’t you ask me if I wanted to start an organizing business?’ and that’s how we got started,” says Eiesland. A month later, a business was born and they’ve been going strong for 16 months. Bure isn’t the sisters’ first celebrity client, but she’s definitely been one of the most vocal on social media about the work the two women did to transform her home. “We’ve been organizing all our lives, and we thought, well let’s help other people do it,” said Eiesland. What they were serving up—Type A–style organization with an aesthetic that looks like a magazine spread—is exactly what Bure wanted. She gave the sisters a call, and after a consult, Eiesland and Larsen went to SoCal to work some magic. The sisters organized several spaces in Bure’s home—the master closet, bathrooms, office, pantry, and kitchen cabinets—but there was one space in particular that Bure wanted to see transformed: the garage. “She had a goal to be able to park her car in the garage,” says Larsen. Bure and her family had downsized their living space, so the items that once fit inside the home were now stashed in boxes in the garage. Plus there was hockey equipment, luggage, extra clothes, and all of the random things one would have in a garage anyway. Mission accomplished! Eiesland and Larsen conquered the garage as Bure is now able to park her car in its intended space and she can find everything she needs. Working with a busy celebrity can be a challenge because of the limited time frame available to get stuff done. The sisters had to work efficiently and fast. “We consulted with her about two weeks prior, and we were there working with her for two days,” says Eiesland. Eiesland and Larsen, along with a team of four other people, organized nearly the entire home in just 48 hours. “We like to be sensitive of people’s time,” says Eiesland. “We try to come in and get the job done as quickly and efficiently as possible, because having the contents of your entire kitchen pulled out on the table for four days is a bit much.” The duo also made space for sentimental items. “She has a ton of keepsakes, so we made space for those. There were pictures of her and Steve Urkel (Jaleel White) with their kids and fun stuff like that,” she adds. Whether you’re a celeb or not, chances are there’s a space in your house that could use organizing. The ladies of the Home Sort understand. “We all have stuff,” says Eiesland. “And organizing changes people’s lives. It brings peace and calm, and the stress is taken out because you know where everything goes.” The post Stars Need Help, Too! Candace Cameron Bure Taps Organizers to Clean Up Her Stuff appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/candace-cameron-bure-home-sort-make-sense-stuff/ |
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