Andrew Spade, co-founder of luxury fashion brand Kate Spade New York, has picked up a real estate gem. He purchased a Mission-style home in an upscale neighborhood in the hills of Oakland, CA, for $3.5 million in early June. Spade made the move to the West Coast following the death of his wife, Kate Spade, in 2018. As often happens in the hot San Francisco Bay Area housing market, the final price went well above the homeâs $2.85 million list price. In the same family for over 60 years and set on a level half-acre lot on the crest of a hill near Piedmont, the classic home from 1928 features five bedrooms, 3.5 bathrooms, and 3,982 square feet of living space. Gorgeous views can be seen from the great room, which also features an exposed beam ceiling and a large central fireplace. French doors open to the main terrace, which overlooks the bay below. Designed by local architects Corlett + Reed, the home features artisan-created details throughout, including gorgeous woodwork. The property also has three garages, multiple workshops, a separate studio, gardens, walkways, and patios. In memory of his wife, Spade planted a decorated Christmas tree outside a teal-framed window. âDear Katy, this tree is for you,â Spade posted on Instagram. âBea and [ I ] are planting it outside of our big window to keep your magical spirit and energy close to us everyday. It will bless our new home in California and radiate your essence 365 days a year.â
Andrew and Kate launched their handbag company, Kate Spade New York, in 1993. In 2017, Tapestry (formerly Coach) bought the Kate Spade brand for $2.4 billion. Previously, Andrew lived in New York City, and left a âsprawling Park Avenue apartment empty after making the move,â according to the New York Post. Although the couple were married at the time of Kateâs death, they had been living separately for months, according to a June 2018 statement from Andrew. Along with launching Partners & Spade, the entrepreneur has produced movies with Red Bucket Films and is conceiving and publishing books through HarperCollins. The post Kate Spade New York Co-Founder Andrew Spade Buys Bay Area Home appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/kate-spade-new-york-co-founder-andrew-spade-buys-bay-area-home/
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Mortgage rates increased for only the ninth time this year — putting a damper on refinance activity in the process. The 30-year fixed-rate mortgage averaged 3.58% during the week ending Aug. 29, up three basis points from the previous week, Freddie Mac reported Thursday. Nevertheless, mortgage rates remained near the lowest levels they’ve been at over the past three years. The 15-year fixed-rate mortgage also increased three basis points to an average of 3.06%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.31%, representing a decline of one basis point. The decline in mortgage rates throughout the summer up until this week has not provided much of a boost to the home-buying market, even though the lower rates have slightly helped to offset affordability concerns caused by high home prices nationwide. Pending home sales slid 2.5% in July after having increased in the previous two months. People’s concerns with the state of the economy are keeping them on the sidelines of the housing markets, economists said. Mortgage rates track the 10-year Treasury note, the yield on which has fallen sharply over the past year. Treasury yields rose Thursday amid potential signs of de-escalation in the trade war between the U.S. and China. A trade deal between the two countries could go a long way toward improving consumer sentiment and provide a boost to this housing market. “Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months,” Freddie Mac said in the report Thursday. Meanwhile, the decline in mortgage rates had provided a major lift to the refinance market as existing homeowners sought to lock in the lowest rates the country has seen since the 2016 presidential election. And while rates just barely increased over the past week, that was enough to slow down refinance activity, a sign of how rate-sensitive the real-estate market is today. The Mortgage Bankers Association reported Wednesday that mortgage application volume fell 6.2% this week from the previous week, driven by a decrease in refinancing applications. The post Mortgage Rates Increase Slightly, Pumping the Brakes on the Refinance Boom appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/mortgage-rates-increase-slightly-slowing-refinance-boom/ The actor and well-known Allstate Insurance pitchman Dennis Haysbert is selling his sweet Malibu, CA, estate for $10 million. The gated, oceanview property sits on just over an acre near Zuma Beach in the tony town. The three-bedroom home was originally built in 1960 and has since been completely remodeled. Inside, the home offers a modern, comfortable feel with white-beamed ceilings, wood floors, and large windows. The design elements invite the glorious California sun inside and provide an upscale-casual sophistication perfect for beach living. For additional privacy and protection, the place is wired inside and out with security cameras. Outside you’ll find a poolhouse, saltwater pool, spa, putting green, and parking for over eight cars. Haysbert has been a familiar face on TV and film screens for decades. His credits include classic shows like Growing Pains, Magnum P.I., and 24, in which he played the senator-turned-president David Palmer. Over the decades, Haysbert has racked up film credits including Heat, Major League, and Waiting to Exhale. He’s also a regular visitor to American living rooms as the star of those ubiquitous Allstate Insurance commercials. He’s been asking viewers “Are you in good hands?” with his signature silky smooth voice for more than 15 years. It’s easy to see why one of the most recognizable actors in United States would value the serenity, security, and privacy this Malibu estate affords. But now Haysbert is ready to pass it on to someone else. We have no doubt this pristine piece of paradise will find its way into very good hands. The post Actor Dennis Haysbert Selling His Secluded Malibu Estate for $10M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/dennis-haysbert-selling-his-secluded-malibu-estate/ As mortgage interest rates continue to drop to record lows, many homeowners are wondering: Should they refinance their mortgage right now? Timing a refi is always tricky, but the time may indeed seem ripe for one, since according to Freddie Mac’s most recent Primary Mortgage Market Survey released Aug. 22, the average 30-year fixed interest rates have fallen to 3.55%—the lowest rate in nearly three years. “Now can be a great time to refinance for many Americans who currently have a mortgage rate above 3.5%,” Sam Khater, chief economist at Freddie Mac, told realtor.com. “In fact, households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month,” he adds. “With mortgage rates moving even lower in recent weeks, it’s possible for homeowners to reduce their monthly mortgage payment even more.” The number of home refinance applications is up 167% from a year ago, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Aug. 23. Refinances accounted for 62.4% of mortgage activity this past week. But whether refinancing is the best option for you depends on several factors. Here are some questions to consider before you refinance your mortgage. Will mortgage interest rates remain low, or rise?Interest rates may be low now, but there’s uncertainty over how long it will continue, says Tendayi Kapfidze, chief economist at LendingTree. “The future path is uncertain,” Kapfidze says, “as much of the change is driven by political considerations around the trade war that no one can predict with any confidence.” With the flux, it may be important to act swiftly. Waiting for an even lower rate could be risky, and homeowners may miss a golden opportunity to refinance, he explains. “If it lowers your monthly payment and your lifetime interest—or can give you the opportunity to access equity for other life events—it’s a good thing to consider,” Kapfidze says. Comparing different rates from different lenders will help you get the best deal. For example, a LendingTree analysis revealed that comparing mortgage rates results in average savings of more than $53,500 over the life of a loan. What’s your credit score and loan-to-value ratio?Several factors go into determining the actual interest rate offered an individual borrower, says Chris Kemp, vice president of sales at Flagstar Bank in Troy, MI. “It’s impossible to quote a rate without having a conversation with the borrower,” he says. For instance, a borrower’s current credit score and loan-to-value ratio can have a big impact on the refi rates offered. “Loan-to-value ratio means how much are you refinancing based on the value of your home,” Kemp says. “If your home is appraised at $100,000, and you’re refinancing $80,000, you have an 80% loan-to-value ratio.” The higher this ratio, generally the higher your interest rate. “Your interest rate is going to be higher than if your loan to value is 60%,” Kemp adds. How much will it cost to refinance?In the same way that getting a mortgage comes with closing costs, there are costs to refinancing too. The costs vary, but homeowners need to factor how much they’ll have to pay upfront to refinance, says Ilyce Glink, author of “100 Questions Every First-Time Home Buyer Should Ask” and publisher of personal finance and real estate site ThinkGlink.com. “How much will that refinance cost? How quickly will you pay it off?” she says. “If you can pay off the cost of that refinance in two years or less, and you plan to own the property at least that long, most experts would tell you to go ahead and refinance.” Kemp urges homeowners looking to refinance to talk to their lender about the exact terms, conditions, and costs. “Ask for a refinance quote with costs and without costs so you know exactly what fees you’re paying,” Kemp says. “Lower interest rates can come at a cost.” Will refinancing offer a ‘net tangible benefit’?Refinancing may be a great option if there’s a “net tangible benefit to the homeowner,” Kemp says, and if the owner plans to stay in the home for a while. Glink says that a “home run refinance” allows the homeowner to lower the interest rate, lower their monthly payment, shorten the loan term, and have the ability to pay off the refinance in two years or less. “If you can answer yes to all four of these rules, then your refinance is a no-brainer,” Glink says. “But it may be worth doing even if you can only get two or three of them. It depends on your personal finances.” The post As Interest Rates Plummet, Should You Refinance Right Now? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/interest-rates-drop-should-you-refinance-right-now/ In Denver’s Southern Hills neighborhood, gorgeous midcentury modern homes are easy to spot. These desirable designs dot the community, but one could argue that 3091 S. Fillmore Way is among the most spectacular. The 5,000-square-foot home looks as if it’s been pulled out of a time capsule from the 1950s. Since it was built in 1957, the property has had only one couple as its owner—the artist Edward Goldman and his wife, Elaine—and it’s clear the Goldmans were dedicated to keeping the space in pristine condition. “The house has been immaculately maintained,” says listing agent Christopher Slowik. It’s been on the market for a month and just had a $100,000 price cut, bringing the asking price to $1,350,000. Slowik told us the home could use an update or two, but that a buyer could also move right in and leave the home in its full midcentury glory. One of the elements that makes the house unique in the area is the open concept. “Many homes built in the same era had sectioned-off rooms, but the main living spaces in this house are completely open, which makes it perfect for entertaining,” Slowik explained. The custom-designed home has not one, but two living spaces, as well as a large dining room, all of which flow together so you can keep party guests circulating. Cool details abound throughout the residence. Custom lighting touches each room. Built-in shelving is found throughout the living spaces, and floor-to-ceiling windows make the most of the natural light. Goldman and his wife had particular needs and wanted to make sure the house accommodated both. As an artist, Goldman required space to create, and his wife possesses an affinity for all things green. The residence is a testament to their talents. “There’s a two-story artist’s studio where Ed Goldman created all of his work. There’s also an indoor greenhouse,” Slowik said. Elaine’s green thumb extended to the exterior of the home as well. “You know, this house is located in the city of Denver, but the backyard feels like its own lush park,” Slowik said. “The trees are mature, and the plants are beautiful and green.” The property is its own oasis in the midst of the mountains. After six decades with the Goldmans, it’s now ready for a new owner to claim it as home. The post Pristine Midcentury Modern in Denver Has Had Only 1 Owner Since 1957 appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/midcentury-modern-denver-one-owner/ Golfer Michelle Wie and husband Jonnie West, an executive with the Golden State Warriors, have purchased a totally redone home in San Francisco for $3 million. The couple got engaged earlier this year and married in Beverly Hills, CA, in July. Wie shared a photo on Instagram in March showing West on one knee on San Franciscoâs picturesque Lyon Street steps. âMy person for life!!!!!!!!!â she posted with heart emojis, along with the adorable hashtag #WieGoesWest.
After their engagement, the duo took a swing at the always perilous San Francisco real estate market. They wound up paying slightly over the propertyâs $2.98 million asking price. The deal closed in late June. Nestled into Kite Hill in the Eureka Valley neighborhood, the home is close to the lively Castro neighborhood, family-friendly Noe Valley, and Market Streetâs shopping and dining. And itâs about a 20-minute drive to the Chase Center, where the Warriors will play starting this season. Dating from 1906, the âcompletely rebuiltâ five-bedroom residence now comes with an open floor plan. The layout includes a grand formal entry, high ceilings throughout, and huge picture windows to take in the natural light. The living and dining space adjoins an open kitchen, which comes with high-end fixtures and appliances. On the ground floor, thereâs a master suite with a family room, and a separate entrance. A second master suite is located on the top floor, which features a view deck. Wie, 29, gained attention when she became the youngest golfer to qualify for the U.S. Womenâs Amateur Public Links at age 10. The Honolulu native turned pro just before the age of 16 and has won five LPGA tour events in her career. West is the son of NBA legend Jerry West. Tony Gabb represented the listing. The post Golfer Michelle Wie and Husband Jonnie West Snag a $3M Home in San Francisco appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/michelle-wie-and-jonnie-west-buy-san-francisco-home/ Meryl Streep may have won multiple Academy Awards, but even her life is not without struggles. For instance, she’s been trying, and failing, to sell her gorgeous New York City penthouse. Streep first put her apartment on the market about year ago with no luck. She’s just relisted the 4,000-square-foot Manhattan home, but at a huge discount, dropping the price by 26% and asking $18.25 million. Located on a full floor of the River Lofts in Tribeca, the four-bedroom, 4.5-bathroom space features a 10-foot terrace on three sides full of greenery and amazing views. The home, designed by Tsao & McKown architects, has Brazilian walnut plank floors, a wood-burning fireplace, and floor-to-ceiling windows that let in tons of natural light. Streep and husband Don Gummer, a sculptor, purchased the home for $10.31 million in 2006. So why are they having such a hard time selling this gem? Allow us to delve into the reasons! Meryl Streep’s apartment was overpricedFirst and foremost? A year ago when it first hit the market, the apartment was overpriced, says Juliette Janssens, associate broker and senior global real estate adviser at Sotheby’s International Realty. Janssens and Allison Koffman are the new listing brokers for Streep’s penthouse, and did not handle the previous listing last year. “It seems that it was priced at the same price per [square] foot as where some of the new construction projects were trading, and it was too expensive,” Janssens says. The new price is more competitive, Janssens says, and “in line with where other luxury resale properties in Tribeca are trading. “The apartment is spectacular,” she adds. “The views are a ‘wow,’ as is the interior space and incredible wrap terrace.” While an inflated price is probably the main reason Streep’s apartment sat untouched, experts cite other problems that could still get in the way (more on that next). New York City’s luxury market is softeningStreep’s penthouse may have been overpriced, but Rose Sklar with Coldwell Banker Residential Real Estate in Florida says the lack of a sale has just as much to do with the market. New York City’s luxury market has seen recent declines. “This property is not the problem; the market is,” Sklar says. “This beautiful home does not deserve this current market, and the only way to combat this new trend is price repositioning until a buyer gets off the fence.” The reduced price could also attract buyers looking for an investment property and seeking to capitalize on the “buy low and sell high” philosophy, says Chantay Bridges, a Los Angeles–based real estate agent. Buyers looking in the $18.25 million price range tend to be well-versed in the real estate market, Bridges says. “If they are able to obtain this gem at a reduced price, then it makes sense to the purchaser and their pocketbook.” However, slashing the price by more than a quarter could send the wrong message to buyers and make them wonder if something’s wrong with the place, says Jerryll Noorden, a real estate investor in New York City and Connecticut. Instead, she believes, they would have been better off asking potential buyers for some input on why this apartment doesn’t entice them to make an offer. The agents and sellers “need to analyze feedback from potential buyers better and apply these to increase the chances for a sale,” Noorden says. “But drastically lowering the price is not the way to do it.” The listing doesn’t mention StreepDespite this apartment’s megawatt star power, the listing doesn’t mention that Streep owns the penthouse. Some real estate agents see that as a mistake, arguing that highlighting that the penthouse is owned by a Hollywood actress could be a strong selling point. “Make people want to live there not because of its location, but who lived there before you,” Bridges says. “Make sure people know not to miss this once-in-a-lifetime opportunity to live, sleep, and love where Meryl Streep lived.” The listing doesn’t fully showcase the building’s many amenitiesWhile the listing photos show off the rooms and the brightness of the space, Cindi Hagley, a San Francisco–based real estate agent and broker associate, says the listing fails to fully highlight the building’s many amenities, which include a newly renovated fitness center, 24/7 doorman, garden, and on-site garage. A two-minute video highlighting the interior and exterior space accompanies the listing, but Hagley suggests adding a personal touch to generate more buzz and punch up the “wow” factor of what sets the home apart. “I would have produced it as more of an entertainment vehicle with footage of the neighborhood, building amenities, a brief chat with the doorman, and included night shots with the view of city lights,” Hagley says. Bridges agrees, and suggests reworking the marketing video to help potential buyers visualize living the luxury lifestyle like Streep—by, say, showing Streep (or a stand-in) inside the apartment hosting a small party, or bringing in groceries with the doorman’s help. (Stars: They’re just like us!) Streep’s staging is a little sterileStaging the home with a little more warmth could also amp up the perception of coziness and livability, making it seem more family-friendly and less like a museum or hotel, Noorden adds. For example, adding indoor plants or setting up a kids room with toys could make it feel more livable. Sklar suggests adding “a pop of color in each room” with flowers or artwork to balance the clean lines and add more intrigue. The post Poor Meryl Streep Is Struggling to Sell Her Home for One Insanely Simple Reason appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/meryl-streep-cant-sell-her-home/ If Jeffrey Epstein’s Manhattan townhouse goes on the market, it could sell for $75 million—far more than the just under $56 million that was declared in his will, a townhouse expert tells The Post. Sales broker Richard Steinberg of Douglas Elliman says its size and location would boost its pricing to in excess of $60 million or $70 million, or more. But there is a but: “It will be a difficult house to sell,” Steinberg added. “If you separate out what is alleged to have gone on, it is easily a $75 million house. But I don’t know what the ‘E’ factor will be,” Steinberg said of Epstein’s alleged underage trysts. The 50-foot-wide townhouse at 9 E. 71st St. sits on the north side of the block between Fifth and Madison avenues. City records show it has plenty of elbow room at 18,814 square feet across six floors, plus a basement. It runs 90 feet long, nearly the full length of its 102-foot lot, but has no garden, which could be a turnoff for some families. The home also tops out at 120 feet while towering over its neighbors to the north and east—including Howard Lutnick of Cantor Fitzgerald, who bought the adjacent, smaller townhouse owned by Victoria Secret parent L Brands, where Epstein previously lived. Adam Modlin of the Modlin Group, who just sold 14-16 E. 67th St. for a city record of $77 million, said, “You can count on one hand the number of townhouses that are 50-foot-plus wide. This is one of the most prestigious blocks in New York City and many factors need to be analyzed to equate the value of the house.” Another broker who has been inside said that without a garden, and being dark and dated, it will need a $1,000- to $2,000-a-square-foot renovation, and “aside from the pedigree that is terrible,” could sell for around $50 million. It does have a beautiful façade with three gargoyles, terraces, a huge skylight and a roof that was previously used for outdoor space when it was the Birch Wathen school. Steinberg says townhouses are judged by both their closeness to Fifth Avenue and their width. “And he has both. Fifty feet wide is unheard of on a park block,” Steinberg observed. It also appears Epstein’s attorneys didn’t have the townhouse appraised, but merely used the exact number of the “market value” from this year’s city tax notice: $55.931 million. But the “market value history” shows that its value plunged from a high of $77.478 million in 2017 and dropped to $75.016 million a year ago. At the same time, the city’s quirky property tax regime boosted the tax from $327,497 in 2017 to $347,021 this fiscal year, due to slight changes in both the billable taxable value and property tax rates. Steinberg concurred that the luxury townhome market has dropped roughly 20% to 30% over the last two years. Still, demand is there for the right property, he says. Steinberg recently sold three homes for over $50 million each and has one in “mint condition” at 12 E. 63rd St. on the market now for $67 million. Possible buyers include diplomats but not consulates or charities, as no business is allowed on the block. Some families may simply hold their noses and pay up for the large space. “If it goes on the market it will sell quickly,” Steinberg said of Epstein’s mansion. “The key will be pricing.” The post Jeffrey Epstein’s Manhattan Townhouse Could Be a Tough Sell appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/jeffrey-epstein-manhattan-townhouse-could-be-tough-sell/ Indianapolis Colts owner Jim Irsay will take a break from mourning the loss of his quarterback if an offer comes on his Zionsville, IN, home. On the market for $2.5 million, the mansion on 16 acres is situated about 30 minutes from Lucas Oil Stadium in Indianapolis. According to property records, the estate is owned by James S. Irsay 1989 Trust. Listing agent Stephen Decatur did not respond to requests for comment. Irsay and his wife, Meg Coyle, had been living apart for over a decade, and the two officially divorced in 2014. Part of the divorce petition notes, “The parties own certain property which comprises the marital estate. The Petitioner requests that the Court enter appropriate orders to divide and distribute the parties’ marital estate.” It’s unclear if this home was inhabited by either Coyle or Irsay. Irsay’s primary residence is reportedly in the nearby town of Carmel, IN. If this property isn’t large enough, a buyer could consider snapping up a neighboring 28 acres for an additional $1.5 million. Built in 1993, the traditional estate offers seven bedrooms and 8.5 baths, with 11,710 square feet of living space. The grounds feature a pond, creek, and woods. Inside, the completely remodeled home includes an updated kitchen with two islands. The dining area opens to the deck. The formal living room features a two-story fireplace along with a wall of windows. In addition, a rec room with lounge includes a large wet bar. Upstairs, a huge master retreat includes a sitting area with a fireplace, a bathroom with separate tub and glassed-in shower, and an enormous walk-in closet. Separately, a 2,500-square-foot guesthouse on the property includes two beds and three baths. As for his day job, the 60-year-old inherited ownership of the Colts from his father, Robert Irsay, in 1997. Since the son’s leadership, the Colts have boasted 14 winning seasons, including a Super Bowl championship in 2006. He’s also known to collect guitars from legendary musicians, including Prince, Bob Dylan, and Jerry Garcia. The wealthy CEO was featured in the Forbes billionaires list from 2018. His current estimated worth is $2.7 billion. The post Indianapolis Colts Owner Jim Irsay Letting Go of Zionsville, IN, Home for $2.5M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/indianapolis-colts-owner-jim-irsay-selling-zionsville-in-home/
The late night host also presented another intriguing real estate scenario that drew quite a reaction.
via https://www.huffpost.com/entry/conan-obrien-greenland-kids_n_5d665094e4b01fcc690c47bf |
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