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Posts Tagged ‘home prices’

The World’s Most Expensive Homes – 2010 (Billionaire Homes)

Thursday, April 28th, 2011

 Back in 2008, a website called www.overseaspropertymall.com  published the 10 most expensive homes in the world – 2008, they thought it would be a good idea to have a 2010 update of the list and so you can see how they compare for yourself. Anyway, here we go:

1. “Antilla”, Mumbai – $1billion

The world’s most expensive home in 2010 is unquestionable. It is the first $1 billion home the world has seen. A custom-build 27 story towering mansion, Antilla in Mumbai is the home of the world’s fifth richest man, namely Mukesh Ambani, head of Indian petro-chemical giant Reliance Industries, which is India’s most valuable firm by market capitalization.

With double height ceilings, ballrooms, crystal chandelier ceilings, retractable stages, and 600 servants, there is no other home on earth that compares to the 570 feet tall Antilla.

2. Villa Leopolda, Cote d’Azur France – $525 million.

 Villa Leopolda is an 80,000 square foot Chateuau built in 1902 by King Leopold II of Belgium. The villa has been rumoured to be the home of Bill Gates and many more global figures, but has actually been home to French banker Edmond Safira, whose wife Lily still lives there. The 19 bedroom villa, which boasts sports courts, a bowling alley, multiple kitchens, dining rooms and a movie theatre, received even more press lately when a Russian mogul lost his deposit on the property when he reneged on completing the sale.

3. One Hyde Park – The Penthouse, London – $200 million

 

This massively stylish modern penthouse may not be so expensive did it not sit atop the famous number 1 Hyde Park address. As it is in such a premium location it has been built as a home for the rich and famous complete with SAS guard, bullet proof windows, iris scanners, panic rooms and a secret tunnel to the nearby Mandarin Hotel. The building has communal spas, squash courts and wine tasting rooms, and the penthouse is served by 24 hour room service.

4. Fairfield Pond, The Hamptons – $170 million

 This 63 acre home is considered the largest residential compound in America. The 29 bedroom beachfront home of publicity shy billionaire Ira Rennert has 5 sports courts, a bowling alley and a $150,000 hot tub.

5. Hearst Mansion, Beverly Hills – $165 million

This mansion — the former home of publishing giant William Randolph Hearst, the inspiration for the main character in “Citizen Kane” –, features 29 bedrooms and three pools. The estate became a pop-culture icon after being used in The Godfather movie, when the infamous severed horse’s head turned up in the owner’s bed. The fact that assassinated President John F Kennedy stayed in the mansion during his honeymoon also added to its status. The house has some notable neighbours, including Tom Cruise and Katie Holmes and David and Victoria Beckham

6. Franchuk Villa, Kensington – $161million

Anyone else spotting a trend here (the most expensive homes being mainly in the UK and US, this making it 2 all). This Victorian Villa was a girl’s prep school until 1997, when it was bought and upgraded in 2006. After receiving a £10 million overhaul and refurb it was purchased by Ukrainian AIDS philanthropist, Elena Franchuk, and renamed the Franchuk Villa.

7. “The Pinnacle”, Montana – $155million

 

 

This is the home of Time and Edra Blixseth, owners of the billionaires-only golf and ski resort “Yellowstone Club” in Montana. It will be the largest and grandest property on the resort, but is still small in comparison to some of those on this list, with only 10 bedrooms. To catch up the property has impressive features such as every inch of floor being heated, a heated driveway and fireplaces in all bathrooms. (3-2 to America).

8. “The Manor”, Los Angeles – $150 million

The home of Aaron Spelling, dubbed “The Manor” by wife Cindy, has 123 rooms for his family to choose from, an indoor skating rink, multiple pools, three kitchens, sports courts, private orchard, and a bowling alley. The home, which he had built from scratch in 1991 also has a room used exclusively for wrapping presents and an entire floor dedicated to closet space.

9. Updown Court, Windlesham, Surrey – $139million

 

 The description of this home is above, as it was the 3rd most expensive home in 2008. What is interesting however, is that in 2008 it was valued at $110million, meaning its value has grown substantially even during such difficult financial times.

10. Dracula’s Castle, Romania – $135million

This home needs no introduction. Built in the 14th century, the castle is now a national monument and museum thanks to the legend surrounding it, which also needs no introduction. It has 57 rooms in total, including 17 bedrooms filled with antiques and historical artefacts. It wouldn’t do for the publicly shy Ira Rennert mentioned above, but for the quirkier billionaire, the 450 million tourists that visit every year may be worth it for living in Dracula’s castle.

And there you have it folks, now that is what I would call “Prime Real Estate.”

California Foreclosure Crisis Subsides

Wednesday, May 26th, 2010

Sacramento April home sales prices increase from year earlier

Tuesday, May 25th, 2010

Foreclosures’ collateral damage widespread

Friday, February 12th, 2010

If you’re among the thousands of Sacramento-area homeowners who played it conservative during the housing boom, who didn’t refinance or flip to a bigger house, everyone else’s foreclosures reached out and smacked you anyway.

Sales prices are lower. There’s less home equity to tap into. Local services have been shredded by falling property tax revenue.

Such repo collateral damage is why so many owners who pay their mortgages on time are so grouchy.

Rob Wassmer hasn’t been affected so much. Fourteen years ago he bought an east Sacramento house – in the Fab 40s – cheaply at the very bottom of the last housing bust. His older neighborhood has largely escaped the brunt of 52,000 foreclosures across the Sacramento region since 2007.

But Wassmer knows the financial whipping people have taken in Lincoln, Elk Grove, North Highlands and Yuba City. Being an academic, he knew there had to be a number for the carnage.

“I knew this kind of research had been done. I wanted to do a study of Sacramento,” said Wassmer, chairman of California State University, Sacramento’s department of public policy and administration.

Wassmer analyzed $9 billion in sales prices from 36,822 home sales in Sacramento, Yolo, Yuba, Sutter, Placer and El Dorado counties between January 2008 and June 2009. Almost half were homes sold by banks. The other half were sold by regular folks.

He concluded that the foreclosed homes cost this one region of America $2.7 billion in price cuts and lost equity over just 18 months.

• The repos sold for $659 million less simply because they were bank-owned and differed from normal sales. They took $1 billion more in price cuts because they were near other repos.

• Both reductions then stripped $1 billion from sale prices of nearby homes never in foreclosure danger.

Collectively, these foreclosures cost local governments $27.1 million in property taxes. Reassessments will likely take more.

Said Wassmer, “This is a call for regulation.” He suggests a federal law to make lenders and borrowers meet in “structured mediation” at least once before foreclosure.

Few ideas have proved so far to be the solution. See the research directly at: >www.csus.edu/indiv/w/wassmerr/ResForeclosure.pdf

Lucky folks with no mortgages…wow can it be true?

Sunday, November 8th, 2009

Day in and out we hear about the profound number of capital-area residents struggling with mortgages and the thousands who owe more on their home loan than their houses are worth.

There’s another crowd without such worries. They have paid off their loans.

The 

Nationally, where owning a house is cheaper, 31.6 percent of owner- occupiers have paid off their mortgages, the bureau reports.

The six-county capital area, incidentally, is home now to almost 1 million single-family houses, condos, apartments and townhouses. The newest 2008 American FactFinder puts the region’s residential tally at 990,187.

U.S. Census Bureau estimates 23.5 percent of homes occupied by their owners in El Dorado,Placer, Sacramento, Sutter, Yolo and Yuba counties are free and clear of mortgages. That’s about the state average. No more counting down years, and no sleepless nights.

Home sales gravity: Higher-end prices in capital area can drop farther

Friday, October 23rd, 2009

After years of falling values and a massive sell-off of foreclosed homes in the Sacramento region, it’s easier now to believe real estate agents when they say the market has bottomed out.

But wait. That’s the lower end, houses priced at roughly $300,000 and under, the zone of repos and bidding wars between investors and first-time buyers.

The higher end of the Sacramento-area market – say anywhere from $500,000 to $1 million or more – still has ample room to fall unless this economy surprisingly rebounds. So owners are whacking harder now on initial asking prices.

You can see that in new statistics from home search firm Trulia.com. The company says homeowners with listings in El Dorado, Placer, Sacramento and Yolo County have collectively reduced asking prices by $156 million since putting out for-sale signs.

About 40 percent of that markdown is from homes priced at $1 million or more. On average, these richest owners have cut their prices by $271,000 in El Dorado County, and $334,000 in Placer County.

Up in the real estate heights, it remains more expensive for buyers to get financing. The move-up buyer pool is smaller than ever as thousands at the lower- and mid-market have seen their equity shredded.

Those who can buy at higher prices are savvy and watching for capitulation, meaning “price reductions and opportunity,” said Bob Bronswick, head of Coldwell Banker’s residential brokerage for the Sacramento and Lake Tahoe region. For owners, it’s all about what Bronswick and others in the trade call “getting a little more realistic.”

Bronswick said the higher end is a little stronger than a year ago. Yet numbers from the Sacramento Association of Realtors show just 2.9 percent of October’s buyers paid $500,000 or more in Sacramento County and West Sacramento. At today’s pace, it would take two years to sell the houses in SAR’s territory priced at $650,000 or more, said association President Charlene Singley. The market as a whole has a much smaller inventory of unsold homes – just 3.2 months worth.

This story is repeated all over California. There’s a market for it still,” Bronswick said of higher-end homes. “But it’s a little bit softer.” In a business where no one likes to be negative, and inside an economy that hasn’t got its act together yet, that’s probably putting it – well, softly.

 

Rents headed down again

 

While we’re speaking of deflationary real estate, area apartment rents have returned to late 2006 levels. That’s after a yearlong slide that continued in July, August and September, Novato-based industry tracker RealFacts reported this week.

No wonder capital apartment complexes are offering “two-bedroom blowouts” or a four-bedroom lease for the price of two bedrooms.

RealFacts pegged average third-quarter rent at $946 for 76,000 apartment units in El Dorado, Placer, Sacramento and Yolo counties. That’s down from $974 a year ago. The average two-bedroom, two-bath unit goes for $1,062, said the firm.

Rents at large apartment communities are falling in tandem with higher vacancies as more people who have lost their jobs double up, live at home or rent houses from people unable to sell them.

Average monthly apartment rents and occupancy rates in capital-area cities:

• Davis: $1,354; 96.4 percent.

• Elk Grove: $1,098; 88.9 percent.

• Folsom: $1,138; 90.4 percent.

Rancho Cordova: $814; 93.5 percent.

• Rocklin: $1,047; 93 percent.

• Roseville: $1,066; 92.9 percent.

• Sacramento: $929; 92.4 percent.

How to buy a Bank-Owned home, too funny!!

Friday, October 16th, 2009

Expected Wave of Sacramento Foreclosures Only a Trickle

Tuesday, October 6th, 2009

 

SACRAMENTO, CA – Sacramento’s home prices are projected to drop 15.7 percent for the year, but that’s good news. Other counties are expected to fall 19 percent to 20 percent.

Much of Sacramento’s good fortune is due to the lack of foreclosures actually hitting the market. Banks are holding on to thousands of foreclosed properties in the Sacramento region. But, they are coming on the market in dribbles. So slowly, they are snatched up in a few days. That kind of demand is pushing up the price of homes that are $300,000 and under.

What was expected to be a flood of foreclosures is turning out to be a trickle. Michael Lyon of Lyon Real Estate agreed.

“Now that we’ve talked to the banks and found out what’s going on, they don’t have the personnel to do the processing to get it out,” Lyon said.

Lyon said the federal government has put heavy restrictions on banks that took bailout money when it comes to following through on foreclosures.

“There’s too much of a bureaucratic mess to really throw these things out on the streets so they’re coming in at a rather absorbable rate, which is keeping that low end, under $300,000,” said Lyon. “It’s becoming a seller’s market. I didn’t think I would be saying this for years.”

Lyon predicts that instead of seeing a wave of foreclosures sweep in over the next few months, it will likely now be a steady stream over the next few years.

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Credit unions report rising mortgage action

Thursday, October 1st, 2009

California credit unions originated more than 12,500 primary mortgages � including purchases and refinances � in the second quarter of 2009, the highest since the second quarter of 2004 and almost 2,000 more than in the first quarter, according to the California Credit Union League.

CCUL, which is headquartered in Ontario and has an office in Sacramento, said California credit unions originated more than $7.3 billion in loans in the second quarter, up from $7.1 billion in this year’s first quarter.

The league also noted that Sacramento County credit unions saw money market shares gain more than $207 million, or 7.8 percent, in the second quarter, while regular savings and checking accounts had gains of less than 1 percent.

Lennar falls deeper into red

Monday, September 21st, 2009

Signs that the housing market is gaining traction have yet to pull Lennar Corp., one of the nation’s largest homebuilders, out of the red.

The Miami-based homebuilder (NYSE: LEN and NYSE: LEN-B) said it lost $171.6 million, or 97 cents a share, on revenue of $720.7 million for the third quarter ended Aug. 31. A year ago, it reported a net loss of $89 million, or 56 cents a share, on revenue of $1.11 billion.

The third quarter results included write-downs totaling 76 cents a share.

Analysts polled by Thomson Reuters expected a 46-cent loss on revenue of $774 million.

Lennar was the area’s fifth-largest homebuilder in 2008, selling 277 homes in the six-county Sacramento region with a 5.7 percent market share, according to analyst Hanley Wood Market Intelligence.

Lennar president and chief executive officer Stuart Miller said the overall housing market is on the “road to recovery.”

“While high unemployment and foreclosures will continue to present challenges, consumer sentiment has significantly improved as homebuyers have recognized that the residential housing market is stabilizing,” he said.

Miller said the company’s strategy is to target first-time buyers and bargain-hunters, which are helping new home orders rise each month. New orders were still down 8 percent in the third quarter, but that decline was the smallest percentage year-over-year decline since November 2006.

“In order to capitalize on the improvement in our sales pace, we increased our home starts during the quarter, which will lead to higher deliveries in the fourth quarter,” Miller said. “We are also encouraged by the continued improvement in our cancellation rate.”

The cancellation rate dropped to 19 percent from 27 percent, gross margin on home sales shrunk to 15.6 percent ($98.9 million) from 18 percent ($179.4 million).

Third-quarter home sales revenue in the third quarter decreased 36 percent, to $635.3 million from nearly $1 billion in 2008. The drop was mostly due to a 28 percent decrease in home deliveries and a 12 percent decrease in the average sales price of homes delivered.

Year-over-year, the average sales price was down by $30,000 – to $239,000.