What’s the ultimate playground for a nature enthusiast? A Girl Scouts camp, of course. Perhaps you run a company or lead an organization that hosts retreats. Voila! This camp in Pennsylvania’s Allegheny Mountain region is the perfect spot. It’s on the market for only $675,000 and represented by Brian Bullard of Timberland Realty. Known as Camp Curry Creek, this former Girl Scouts campground hosted thousands of members over the years. It’s located just a 15-minute drive off Interstate 80, Pittsburgh is about a two-hour drive to the southwest, and State College (home to Penn State University) is just 90 minutes away. If you like to fish, you couldn’t ask for a better setting than these 62 acres. Trout swim in the creek that runs through the property, and a 4-acre pond is stocked with bass. Stake your spot in the ranch-style Rangers House, which has three bedrooms and two baths. The 1,850-square-foot house also includes a finished basement. Also on the property is a fenced-in outdoor pool, an open-walled picnic shelter, lean-tos tucked into the woods, and many outbuildings to store outdoor furniture, kayaks and canoes, motorized vehicles, tools and more. The interior spaces offer the next owner plenty of flexibility. The former recreation hall could become a meeting or events space. Other buildings included with the sale are the 860-square-foot environmental center and the 2,720-square-foot dining hall. The dining hall features two fireplaces, a vaulted ceiling, and tongue-and-groove walls. In the 3,360-square-foot Jackie Schoch Lodge, which comfortably housed 20 overnight campers, there’s a kitchen, shower stall, bathroom, and wood-burning stove. The lower level could be expanded, and the covered porch stretches the length of the building. And because there were once hundreds of campers to feed in one day, there is no shortage of burners and refrigerators. However, if you are expecting granite countertops and oven warmers, you’ll have to allow room in your budget for a makeover. All of the buildings are accessible by wheelchair and connected to a public sewer. The on-site maintenance shop is heated and has three overhead doors, ideal for storing vehicles during winter. The post Earn the Ultimate Badge When You Buy This Former Girl Scouts Camp in Pennsylvania appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/unique-homes/girl-scouts-camp-pennsylvania/
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Reba McEntire croons plenty of sad tunes, as any self-respecting country superstar is wont to do. But if she needs any new fodder for her lyrics, she need look no further than her former home near Nashville, TN—which is up for sale again, for a pittance of its former list price. Seriously, this is real estate tragedy at its finest! Here’s the gist: Once upon a time, McEntire lived with her husband and manager, Narvel Blackstock, on Starstruck Farm in Lebanon. The property boasts a12,816-square-foot lakefront mansion with seven bedrooms, an eight-car garage, a five-stall barn, and an equestrian center with indoor and outdoor riding arenas. There’s also a tennis court. Talk about fancy! In December 2015 this fairy tale took a bad turn when McEntire and Blackstock split up. In September 2016, we reported that McEntire was selling the place for $7.9 million. According to The Tennessean, it sat on the market until July 2017, when it finally sold to a developer named Paul Burch for a mere $5 million. And Burch just got approval from the Wilson County Planning Commission to carve up this once-regal expanse of land into smaller lots on which he’ll build 15 homes. Meanwhile, a 10-acre parcel (out of the original 83 acres) that includes McEntire’s former spread will be put back on the market after Labor Day for $2.95 million. “Given the potential to add a premium for waterfront lots, I imagine these new homes selling for $700,000,” says Sotereas Pantazes, founder of the real estate and home improvement website and app EFynch. “As a rule of thumb, there’s an 18% to 20% profit margin for single-family homes, which means he could net as much as $140,000 per home.” So if all 15 houses sell, that would amount to a $2.1 million profit for Burch, plus whatever he’ll make on McEntire’s former mansion. So did McEntire miss out on a huge opportunity to make a killing on her old estate? “If I were Reba, I would have partnered with a real estate developer to do exactly what the buyer of her property is doing,” says Denise Supplee, a property management specialist at SparkRental. “That way, she would not only have recouped a good price for her home, but the overall investment would have seen a very large return.” If this doesn’t get McEntire crying into her beer, we’re not sure what will. And there’s a bigger lesson in this for any owner of a major hunk of land they’re looking to unload. “Before you sell a piece of property, if you want to get top dollar for it, consider splitting it up for alternate uses,” says Pantazes. “Sometimes there’s some hesitancy among home sellers to break up a property due to pride, particularly a farm. But I’ve also seen third-generation farmers sell divided property and not bat an eyelash because the money was that good. Sometimes, the time comes.” The post The Sad Ballad of Reba McEntire’s Once-Magnificent Former Home in Tennessee appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/reba-mcentires-home-sale-is-a-sad-country-western-song/ Hurricane Harvey could have a more destructive impact on the mortgage market in Texas than Katrina did on the Gulf Coast, according to a report out Wednesday. Real estate data provider Black Knight Financial Services notes that there are twice as many mortgaged properties in Harvey’s disaster area, with nearly four times the unpaid principal balance — the amount homeowners owe — as in the Louisiana and Mississippi counties declared a disaster area in 2005. Within two months of Hurricane Katrina’s impact in 2005, the number of homeowners who became late on their mortgage payments surged by more than seven percentage points, from about 8% in July 2005 to nearly 16%, Black Knight said. The number of homeowners who were severely delinquent — late by 90 or more days — nearly tripled. Of the approximately 1 million mortgaged homes in the Texas disaster area, about 56% have mortgages backed by Fannie Mae or Freddie Mac, the giant mortgage financiers, according to Black Knight. If Harvey has an impact on the Texas market similar to Katrina’s, it will mean over 75,000 borrowers will be unable to make a mortgage payment in the next two months, and 45,000 will become seriously delinquent or even face foreclosure in the next four months. Fannie Mae and Freddie Mac on Tuesday announced they would suspend evictions and foreclosures on homes whose mortgages they own, and work with servicers to ensure no property-inspection costs resulting from the hurricane are passed on to borrowers. The two enterprises also waived penalties and late fees against borrowers whose homes have been damaged by Harvey. But both Fannie and Freddie noted that the situation in Texas and the Gulf Coast is still evolving, and much remains uncertain. And as Black Knight wrote in a release, “the human cost of this storm is obviously immense, with millions of American lives being impacted.” The post Tens of Thousands of Harvey-Area Homeowners May Become Delinquent on Their Mortgages in the Coming Months appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/real-estate-news/tens-thousands-harvey-area-homeowners-may-become-delinquent-mortgages-coming-months/ The owners of one of the Long Island mansions that inspired F. Scott Fitzgerald’s “The Great Gatsby” have chopped $1 million off the home’s price. The homeowners, who bought the 91-year-old mansion in 2012 for $6.6 million, are selling it for $16.8 million. The home sits on 5.3 waterfront acres in Sands Point, NY, a wealthy village that served as the inspiration for the fictional town of East Egg. In the book, the wealthy and mysterious Jay Gatsby lives in a mansion in West Egg, across the bay from the socialite Daisy Buchanan, whose dock is illuminated by a green light. In the 1920s, Fitzgerald lived in Great Neck, NY, a wealthy village across the Manhasset Bay that became West Egg in the book. Fitzgerald made a number of friends on both sides of the bay, notably Mary Harriman Rumsey, a socialite who was the eldest daughter of a railroad baron. Scholars of Fitzgerald’s work believe she was the “pretty woman in a brown riding habit” briefly mentioned in chapter six of “The Great Gatsby.” Harriman Rumsey built the 13-bedroom, 8.5-bath mansion in 1926, and it stayed in the family until 2012, when it was purchased by hedge fund investor Jamie Mai and his wife, Chiara. (Mai is one of the traders who made hundreds of millions of dollars betting against the subprime mortgage market, and was featured in the 2010 book “The Big Short.”) The French Normandy–style estate was designed by architects at McKim, Mead & White, the firm behind Columbia University’s main campus, the Boston Public Library, and New York City’s original Pennsylvania Station. The 29-room limestone house features arched windows on the ground floor, a sharply peaked roof, and a circular tower. Inside, the home’s stunning living room features an arched barrel ceiling, with carved woodwork and french doors leading to the loggia and views of Hempstead Bay. The kitchen is bright and modern, with two islands, a gas range stove, and double-size refrigerator. There’s a light-filled breakfast room, surrounded by windows with a large skylight overhead. The home’s formal dining room has a herringbone-pattern wooden floor, fireplace, and french doors. The home’s semicircular office is surrounded by floor-to-ceiling windows and built-in bookcases. Upstairs, the master bedroom has a fireplace and french doors that lead to a semicircular terrace. There’s a walk-in closet with a generous island, and the master bathroom has a soaking tub and walk-in shower. Elsewhere, there’s a tennis court, beach cottage, caretaker’s house, and boathouse. The property includes 391 feet of sandy beachfront. Harriman Rumsey was famous in her own day as the founder of the Junior League, a New York nonprofit that still exists and today has 291 local chapters. In 1933, President Franklin D. Roosevelt asked her to chair the Consumer Advisory Board, the nation’s first federal consumer rights group. The post ‘Great Gatsby’ Mansion on Long Island Gets $1M Price Cut appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/unique-homes/great-gatsby-mansion-long-island-price-cut/
In the aftermath of Hurricane Harvey, we need to tell the truth: While the storm’s devastation was unavoidable, it was made
via http://www.huffingtonpost.com/entry/hurricane-harvey-exposes-danger-of-tax-cuts-and-limited_us_59a83c2ee4b096fd8876c12a?utm_hp_ref=real-estate Sorry, sun worshippers. It’s that time of year again, when the flames of those barbecues and bonfires start to die down for good, the shorts go back into deep storage, and the summer vacations come grinding to an end. But just because the days are shorter and the temperature’s a bit chillier doesn’t mean homeowners can’t continue to enjoy their own outdoor oases. They just may want to add fire. Fire features, such as outdoor fire pits and fire tables (designed so that the flames burst through the center), are the hottest landscape trend of the fall, according to the National Association of Landscape Professionals. The Fairfax, VA-based association came up with the top landscaping trends by analyzing the results from the annual survey of its more than 5,000 members and also from in-depth conversations with several dozen landscape professionals across the country. Fire features “are great accessories for entertaining people of all ages,” association spokeswoman Missy Henriksen says of the dramatic pits, tables, and even walls. “Young people can cook some s’mores around them. They’re also great for creating a mood and ambience.” This sizzling design trend can also help keep homeowners and their guests warm on chilly nights. And many of the fire-based amenities can be controlled remotely by smartphones, or programmed to turn on or off at specific times. Classic fall plants also remain popular, nabbing the No. 2 spot on the list. Homeowners seem particularly keen on the next generation of chrysanthemums, boxwood, and maples, in hardier varieties that may require less work and water. Outdoor lighting came in third, since safety is always a concern. Homeowners are installing LED lighting along their walkways to make sure they don’t trip and fall in the dark. More durable, low-maintenance materials, such as porcelain tiles for patios, decks, and walkways, are also rising in popularity. That’s because they look like real wood and natural stone, but don’t cause splinters and are less likely to degrade over time or be damaged by bad weather. “They’re very, very durable,” says Henriksen, adding that some varieties can be cheaper than wood and stone. “And they look good.” The last trend on the list was creating interiorscapes. These living, green decorations (plants sprouting out of hanging frames on walls and tropical plants growing out of groups of containers) are popular both indoors and in courtyards. “People really want to be able to enjoy being outside,” Henriksen says. These are ways “to enjoy the outdoors inside.” The post These 5 Landscape Design Trends for Fall Are Catching Fire appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/trends/falls-hottest-landscape-design-trends-youll/ Acclaimed actor Alfred Molina is moving up in the world … at least geographically speaking. He’s traded the palm trees for the pines! Now that Molina’s settled into a completely remodeled home in the foothills of La Canada Flintridge, he’s put his Mediterranean-style home in Hollywood on the market for $2.95 million. The prolific actor, who’s currently nominated for Outstanding Supporting Actor for his role as beleaguered director Robert Aldrich in “Feud: Bette and Joan,” bought his new ranch-style home in July for $2.75 million. The home he’s now selling is prominently located in a surprisingly cozy residential neighborhood between Hollywood and Sunset Boulevard, near Laurel Canyon. Located in a neighborhood known as “Sunset Square,” it features five bedrooms, 4.5 baths, and measures 3,755 square feet. Originally built in 1919, the home has been completely remodeled, but still retains some of its historic charm, in the form of stunning leaded glass windows, wood floors, and a “Renaissance”-style library. It makes sense that Molina has a massive, Italian-style kitchen with stainless steel appliances and plenty of prep space, since his mother was Italian. His father was Spanish, and Molina himself was born and raised in England, so it’s no surprise that there’s a European vibe throughout the home. But there’s also a bit of Hollywood glam, reflected in the massive closets and the abundance of luxurious balconies and terraces. And it also reflects California’s latest water-wise sensibilities, with no pool, but plenty of drought-resistant, native landscaping. Plus, there’s additional California-style living space in the guest house in back, which includes an office off the finished garage, and an upstairs suite with a full bath, kitchen area, and private terrace. Molina has been a Hollywood fixture for quite some time, and is best-known for his roles in films like “Boogie Nights,” “Spiderman 2,” and “The Da Vinci Code.” The post Making Moves in Southern California, Alfred Molina Lists Hollywood Home appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/alfred-molina-selling-hollywood-home/ Glam rocker Adam Lambert, one of the most versatile and successful alums from “American Idol,” is currently on a break from his Queen + Adam Lambert tour. It looks like he also wants to take a break from his ultramodern party pad overlooking the Sunset Strip—it’s now on the market for $4 million. A house was originally built on the lot in 1947, but it’s been glamorously remodeled and completely rebuilt over the last several years. When Lambert paid $3 million for the place in 2014, it had four bedrooms and 3.5 baths over 3,799 square feet of interior space. “The home has a boutique hotel vibe,” says listing agent Brad Downs of Rodeo Realty. Indeed it does—with the massive, covered loggia, which is more like an outdoor living room, alongside a large, amoeba-shaped pool. The outdoor space reminds us a lot of Beverly Hills’ famous Avalon Hotel, the swank and sophisticated haunt where stars like Marilyn Monroe and Lucille Ball used to stay. Other areas where Lambert probably entertained include an outdoor, 10-person spa attached to that curvaceous pool, which has a waterfall flowing into it, and a fire pit. Fleetwood doors enabled his guests to flow from the inside out or the outside in, where they could nosh in a formal dining room with a wall of built-in, climate-controlled wine towers. Lambert’s guests doubtless feasted on cuisine prepared in a gourmet kitchen with chef’s grade Viking appliances and a massive center island. For more private pursuits, the master suite has killer views from two balconies, a sitting room, a fireplace, a massive walk-in closet, a bath with green marble, a steam shower, and a soaking tub. Above that is a third-level space with its own entrance, which can be used as a fourth bedroom, a guest suite, a screening room, a private home office, studio, or a gym, as Lambert has most recently been using it. With Lambert’s current success, few remember that the 35-year-old Grammy-nominated singer, songwriter, and actor was the runner-up on the eighth season of “American Idol” back in 2009. The Queen + Adam Lambert tour will soon be taking him to Europe, Australia, and New Zealand. On tour, he belts Freddy Mercury faves, as well as his own solo hits, with the iconic rock band Queen behind him. His latest single, “Two Fux,” which he recorded with Queen and released in June, has been extremely well-received. Esquire called it “effervescent and a showcase for the nosebleed-inducing heights his falsetto can scale.” The post Adam Lambert’s Luxe Los Angeles House Rocks the Real Estate Market appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/celebrity-real-estate/adam-lambert-los-angeles-house/ Hurricane Harvey is still going strong, with torrential rains expected to pummel Texas well into Wednesday. So far, the storm has taken 14 lives, left countless more injured or homeless, and has everyone wondering: What will it take to repair the damage and devastation that Harvey has left in its wake? While cleanup efforts can’t really get under way until the storm has passed, remediation companies in the surrounding areas are poised to spring into action once the flood waters have receded. Only what, exactly, will these companies do? To fill you in, here are a few surprising facts about fixing a flooded home. 1. A flooded home can be fixedDespite what you might think, a flooded home can be saved rather than razed to the ground, but removing the moisture quickly is key. “The biggest thing is getting in there and getting it cleaned up quickly,” says Robyn Kent, claims administrator at Dalworth Restoration, based in Euless, TX. “Closer to the three- to five-day mark is when it becomes questionable, since by then, all the materials have become fragile.” 2. You’d be amazed what can be saved“Using truck-mounted vacuums with 2,000 horsepower, and dehumidifiers, we can extract moisture from furniture, hardwood, tile, even Sheetrock,” Kent says. Even electronics like TVs and laptops may still operate after a thorough drying. “In fact, when carpet gets wet, people think it’s ruined, but it actually ends up stronger than when it was made,” Kent says. 3. Mold, not water, is the real problem“One of the biggest problems—especially in Houston in the summer—is going to be mold,” says Tyler Drew, a Los Angeles real estate agent and investor. “The longer a house sits with water, the worse the mold infestation. Affected areas have to be removed, the wood and concrete treated with anti-mold agents, and all of this has to be done after the house is sealed, in order to prevent the infestation from spreading and sickening people.” 4. Repairing a flooded home will cost you“Drying off a 2,000 square-foot house in normal conditions may cost over $2,500, while in situations like Harvey is producing, the job scope expands quickly—and so will costs,” says Peter Duncanson, director of operations and safety with ServiceMaster Restore. While flood insurance may cover the cost of repairs, you should make sure you have the right kind (more on that next). 5. Homeowner insurance doesn’t cover all floods“Although federal flood insurance is very inexpensive in areas not prone to flooding, most owners do not take out this insurance,” says Bruce Ailion, a Realtor and attorney in Atlanta. “In the past, the government bailed out these people, but that is far less likely to happen today.” And even if you do have flood insurance, you should make sure what is covered. “Many people don’t realize their homeowner insurance doesn’t cover rising water,” says Kent. In other words, “some flood insurance will cover rain water if it comes through your roof, but most of the time, it won’t cover water rising in your home, like what’s happening in Texas, unless you ask for it specifically.” The post 5 Surprises About Fixing a Flooded Home appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/trends/how-to-fix-a-flooded-home/ The Trump administration is planning to raise premiums and place tighter loan limits on some borrowers in a mortgage program that helps seniors supplement their incomes. The U.S. Department of Housing and Urban Development on Tuesday plans to announce the changes in a letter to lenders to the so-called reverse mortgage program, which allows seniors to take out a loan against the value of their home. The Trump administration feels the changes are necessary to put the program, which is backstopped by taxpayers, on a sounder financial footing. “Given the losses we’re seeing in the [reverse mortgage] program, we have a responsibility to make changes that balance our mission with our responsibility to protect taxpayers,” HUD Secretary Ben Carson said through a spokesman. The modifications won’t apply to borrowers with existing mortgages, but will affect those who take out new loans. Some 650,000 borrowers have outstanding reverse loans insured by the Federal Housing Administration, which is part of HUD. Most new borrowers will pay bigger premiums upfront but lower ones over the life of the loan, lessening the risk to taxpayers if seniors live longer than predicted. Borrowers will now pay 2% of the amount of the home’s value upfront and 0.5% annually over the course of the loan. Currently, most borrowers pay 0.5% upfront and 1.25% annually over the remainder of the loan. Some who borrow more than 60% of the amount they can borrow against the home in the first year already pay 2.5% upfront so they will see premiums go down slightly. On balance, most seniors will also be able to borrow less money. The average borrower at current interest rates will be able to borrow roughly 58% of the value of their home, down from 64%. But those limits vary significantly based on interest rates and the age of the borrower. While most seniors at current interest rates will be able to borrow less, some may be able to borrow more if rates rise. The Federal Housing Administration’s reverse mortgage program allows seniors to take out loans from private lenders against their homes to supplement pension income and help those on fixed incomes deal with unexpected or rising expenses. When the borrower moves or dies, the lender that originated the reverse mortgage takes possession of the home and sells it, and the proceeds are used to repay the loan. But the program also carries significant risks for the federal government, which backs the loans. The Federal Housing Administration covers the losses on the loans from a reserve fund that is supported primarily by premiums paid by younger borrowers on traditional FHA mortgages. Since 2009, the reverse-mortgage program has drained nearly $12 billion from that fund. “You have this cross-subsidy from younger, less affluent people who are trying to achieve homeownership,” said Adolfo Marzol, a senior adviser at HUD. In 2013, FHA required a one-time $1.7 billion appropriation from the U.S. Treasury, largely due to losses from the reverse-mortgage program. Lenders use actuarial tables to determine how much borrowers are eligible to receive. But making predictions for 15 to 20 years in the future is an inexact science and the loans can end up losing money if home price growth is slower than expected, seniors don’t keep the homes in great repair or they live longer and more interest accrues on the loan. Without changes, federal officials say that the program is placing an increasingly large burden on the reserve fund and within the next couple of years FHA would require an appropriation from Congress to keep backing reverse mortgages. It is also indirectly hurting HUD’s ability to lower premiums on forward mortgages by putting pressure on the reserve fund, officials said. On Inauguration Day, the Trump administration announced that it was suspending an Obama administration directive to reduce premiums on traditional FHA mortgages by a quarter of a percentage point. Advocates for the program, who hadn’t yet been briefed on the changes, acknowledged that it has issues that need to be addressed but said it remains a critical resource for many seniors. “Being able to survive retirement when you don’t have necessarily have a large 401(k), that creates the real risk of just being able to pay the bills and eat food and stay in a home,” said David Stevens, president of the Mortgage Bankers Association and a former FHA commissioner. The post Trump Administration Plans New Restrictions on Reverse Mortgages appeared first on Real Estate News & Insights | realtor.com®. via http://www.realtor.com/news/real-estate-news/trump-plans-new-restrictions-reverse-mortgages/ |
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