Daily Archives: July 25, 2013

David Spade’s Malibu Home Sells for $10.225 Million | Waccabuc Homes

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Just because a home is celebrity owned and on a parcel nestled up against the Pacific Ocean, doesn’t mean it’s going to get a quick or profitable sale.

David Spade’s Malibu home was first listed for $16 million in 2008 — at the top of the real estate market — and after several price drops — he sold it in mid June for $10.225 million. According to property records, Spade bought the home in 2005 for $9.3 million, so luckily he is walking away with a profit.

The La Costa Beach home, like many coveted Pacific Coast Highway residences, sits right on the beach with access to a sandy shoreline and endless water views. A typical California layout seamlessly moving between indoor and outdoor spaces is evident throughout the home, with doors leading from living rooms to several patios.

Measuring 3,763 square feet, the home has 4 beds, 3.5 baths, 4 fireplaces and an outdoor pool. According to the listing, architectural details include a Shaker cylindrical staircase, vaulted ceilings, new hardwood floors and countertops.

Like most comedic actors, Spade got his start on “Saturday Night Live” before moving to films and an Emmy-nominated role on “Just Shoot Me.” He still owns a home in Beverly Hills.

 

 

David Spade’s Malibu Home Sells for $10.225 Million | Zillow Blog.

Sold: Goldie Hawn & Kurt Russell’s Malibu Home | Katonah Real Estate

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It’s hard to picture the blond bombshell giving up her Malibu beach house for good. But after renting it out for $90,000 a month andlisting it for $14.749 million in July 2011, Goldie Hawn has found a buyer.

The Academy Award-winning actress and her longtime partner, Kurt Russell, closed the deal this month for $9.5 million, the Los Angeles Times confirms. The home’s last recorded for-sale price was $9.95 million after a 32.5 percent price cut.

Located off the Pacific Coast Highway, the view from the street is understated, showcasing no more than a 3-car garage. From the beach, however, the home is an inviting summer retreat with a large oceanfront patio and outdoor kitchen surrounded by lush topical landscaping. Inside, Zen-inspired decor fills the space with brightly colored pillows, a yellow couch and ornate wet bar.

Hawn isn’t the only celebrity to boast Bohemian flair. Actor Ryan Phillippe recently sold his “Rising Zen” estate, while model Cheryl Tiegs listed her Bel-Air oasis filled with rich mahogany and brightly-colored pendent lights.

Extensively renovated in 2005, Hawn’s home isn’t just stylish. The main residence also features a designer kitchen, high-tech media room and spa-quality master suite with a private deck overlooking the beach. A detached guesthouse includes a meditation room and gym.

Hawn, who’s known for her roles in “Rowan & Martin’s Laugh-In,” “The First Wives Club” and “Cactus Flower,” has been in a relationship with Russell since 1983, the same year he was nominated for a Golden Globe for his role in “Silkwood.” The couple own several properties together, including a Pacific Palisades home they bought in 2004 for a little over $4 million.

 

Sold: Goldie Hawn & Kurt Russell’s Malibu Home | Zillow Blog.

Dallas real estate market is hot, hot, hot | Bedford Hills Homes

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We have been telling you this for months now: Home prices around North Texas have never been higher. Sales of pre-owned home in the first half of 2013 are running more than 20 percent higher than in the same period of 2012. In fact, that is a new North Texas sales record for a single six-month period.

Déjà vu 2006!

Steve Brown says, and I agree, that some Dallas neighborhoods are experiencing the largest home price gains this area has seen since the early 1980s. Park Cities would be one, Lakewood two, Bluffview three, Preston Hollow four, and Frisco, yes Frisco, five.

And it looks like prices will continue to rise, at least until next year, even with creeping mortgage rates that mostly affect home sales below a million. Why is our market doing so well while others are not?

Jobs and our strong Texas economy.

“The increase of sales we are seeing is a pure function of economics,” said Ted Jones, chief economist for Stewart Title Co. “This is not false hopes.”

When people move into an area, they need a place to live. D/FW created 104,600 new jobs in the last 12 months, said Jones, which led to 34,720 residential building permits being issued. Jones also says we could have built twice as many home and apartments and still not overbuilt this market.

It looks like prices will continue to rise in DFW.

It looks like prices will continue to rise in DFW.

That’s because we have a shortage of homes for sale. Builders froze during the deep recession, and financing was scarce. Which has led to our dwindling home inventory: 1.5 to 3 month supplies of homes for sale. Normal is considered 6 months.

And according to Core-Logic, WE are back to our pre-2006 price value levels. That means that if you purchased your home at the tip top of the market in 2006, your values have more or less inched back up there, depending, of course, on the condition of your home. Interesting to see that even the pricey highly sought markets like San Francisco and Boston, have still not reached 2006 levels. But Texas, Oklahoma, Nebraska, and South Dakota are back to 2006 levels while every other state is in the negative, still!

All this makes people here feel more secure. Rich, even. And it spurs some people to sell.

 

 

Dallas real estate market is hot, hot, hot | www.pegasusnews.com | Dallas/Fort Worth.

Michael Jackson Producer Brian Malouf Lists Sherman Oaks Home | Bedford Corners Homes

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“So Michael Jackson walks in and says, ‘Hey Brian, I want to come back tonight and do my own stuff. Can you do it with me?’”

And that’s all it took, Brian Malouf explains in an interview with Mix magazine: A casual encounter with the King of Pop to completely change his producing career.

Twenty-six years later, Malouf is still living the dream, producing a total of 53 gold, platinum and double platinum records to-date for Stevie Wonder, Queen, Madonna, Pearl Jam, Dave Matthews Band and other leading artists. He’s so good that he’s also earned the right to work from his home, a 3-bedroom located at 13245 Addison St, Sherman Oaks, CA 91423.

Now listed for $1.099 million, the 1955-built house has been tastefully remodeled with high ceilings, skylights, French doors, hardwood floors, wooden built-ins and, of course, a recording studio.

“[The] garage has been converted to a high-end professional recording studio with all the bells and whistles,” writes Rodeo Realty, Inc.‘s Niki Rosenfeld in the listing description. In fact, the entire property has been decked out with surround sound and outdoor speakers.

Malouf purchased the 2,599-square-foot home in May 2011 for $990,000. Born in in nearby Hollywood, he’s been passionate about percussion since playing for his high school band. In 1981, he started working for Can-Am Recorders in Tarzana, where Michael Jackson walked in the door looking for someone to help him produce the ‘Bad’ album.

“I try to be a useful human in the race,” writes Malouf in his Twitter profile description. “I spend a lot of time in front of knobs and faders and do the best I can to make beautiful sounding music come out.”

 

Michael Jackson Producer Brian Malouf Lists Sherman Oaks Home | Zillow Blog.

Homebuilders build momentum as existing home sales fall | Pound Ridge Real Estate

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Disappointment seemed to flood the housing industry upon Monday’s existing-home sales report for June, which revealed total existing-home sales fell from May. Many analysts saw this as a smaller piece of a bigger picture that rising interest rates are deterring potential homebuyers from entering into the market.

However, homebuilders should have slept easy last night, as the drop in existing-home sales actually supports a positive housing outlook for them.

The primary competitor to public homebuilders is existing-homes for sale, Sterne Agee analyst Jay McCanless told HousingWire.

The lack of existing home supply is forcing Realtors to bring buyers who may not have been interested in a new home into new home neighborhoods, said McCanless.

“Assuming that the inventory situation either stays where it is or gets tighter from here, I think that’s a positive for homebuilders,” he added.

With inventory low and demand high, the median days to sell a home dropped 47.1% year-over-year in June, falling from 70 days to 37 days.

According to the analyst, it’s basic supply and demand. Builders can create the supply and the demand for housing is still abundant, despite higher rates. If you have such a high demand level, it implies that group of buyers have access to financing and creates a very positive market, McCanless noted.

According to McCanless, the backdrop remains positive for four homebuilders that he hand selected as his top picks. Meritage Homes Corp. ($45.03 0%), D.R. Horton, Inc. ($21.20 0%),Ryland Group ($39.74 0%) and PulteGroup, Inc. ($18.45 0%)have the potential to increase their pricing power in 2013 as competitive supply comes off the market. 

In a conference call on Tuesday, Fitch Ratings Managing Director and lead homebuilding analyst Robert Curran addressed the existing-home sales report as well as the current state of the housing recovery. 

Curran said it’s necessary that employment continues growing at a reasonable pace for housing to do well. Last month, 195,000 jobs were created, pushing the unemployment rate down to 7.6%. 

Fitch’s economic forecast is hesitant, considering the drag tax increases have had on the economy since the start of the year. However, the growth momentum in the private sector is well supported by the recovery in the housing market. 

Fitch’s housing forecast for 2013 predicts inventory remaining near low levels, while affordability remains high. 

“The housing recovery shall be maintained this year,” said Curran. Fitch anticipates single-family starts to rise 18% in 2013, while existing-home sales will only increase 7.5%.

Broken down, it is anticipated that total home sales will equal one million this year. Existing-home sales are expected to dominate new home sales significantly.

 

 

Homebuilders build momentum as existing home sales fall | HousingWire.

June Concludes Best Spring Home Shopping Season in Almost a Decade | Cross River Real Estate

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As the weather warmed up this spring, so did the national housing market, shaking off a relatively sluggish start to the year to register the highest annual rate of home value appreciation in any second quarter since 2004.

The U.S. Zillow Home Value Index rose to $161,100 as of the end of the second quarter, up 5.8 percent year-over-year and 2.4 percent from the first quarter, the largest annual gain since August 2006 and largest gain in any quarter since the fourth quarter of 2005. National home values rose just 0.25 percent during the first quarter.

Additionally, not only did the pace of home value appreciation quicken in the second quarter, but the recovery also fully took hold nationwide. Markets in some areas of the Northeast, Midwest and Southeastern U.S. that had previously been slow to turn the corner began to appreciate, which helped boost the overall national market. All of the top 30 largest metro areas covered by Zillow experienced annual appreciation as of the end of the second quarter, and all have hit their bottom. Metros with the largest annual gains in the second quarter included Sacramento (29.5 percent), Las Vegas (29.4 percent) and San Francisco (25.5 percent).

Home values are expected to rise another 5 percent over the next 12 months, according to the Zillow Home Value Forecast. Of the 30 largest metro areas, 29 are expected to show home value appreciation in the next year. Metros expected to see the highest appreciation rates through June 2014 include Sacramento (18.9 percent), Riverside, CA (16.6 percent) and Phoenix (11 percent).

Only the New York metro is expected to show home value depreciation over the next 12 months (-0.8 percent). One possible explanation for expected depreciation (however slight) in the New York metro area is because New York is a judicial foreclosure state, with all foreclosures requiring judicial review before completion, which can lengthen the foreclosure process. Because foreclosures take longer to work through the system, they continue to drag home value appreciation rates down, according to Zillow economists. This could also help explain why large metro areas in other judicial foreclosure states, including Pennsylvania, Ohio and Illinois, are expected to show only modest appreciation over the next year.

As home values continue to rise along with mortgage interest rates, and different kinds of buyers and sellers enter and exit the market, the landscape is expected to change.

“The U.S. housing market as a whole is currently not experiencing a bubble, but in many places it sure must feel like one, with some markets experiencing annual home value appreciation approaching 30 percent. Homeowners are feeling a sense of whiplash after years of depreciation, but this kind of market behavior won’t last,” said Zillow Senior Economist Svenja Gudell. “Investors are starting to pull out of some markets and regular buyers are coming back, and more inventory is slowly but surely coming on line, both of which will contribute to slowdowns in appreciation. Additionally, in some overheated markets, rapid home value increases coupled with rising mortgage rates will lead to housing prices and financing costs outpacing local income growth, which will also contribute to a moderation of the market. Combined, all of these factors will help the market in the second half of 2013 and beyond normalize and become much more steady than it has been in these past six months.”

 

 

June Concludes Best Spring Home Shopping Season in Almost a Decade | Zillow Blog.

Astorino OKs Deals For Rye Playland, Children’s Museum | Armonk Real Estate

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Westchester County Executive Rob Astorino signed two deals Tuesday that would turn over operations of Playland Amusement Park to Sustainable Playland Inc.and would allow the Children’s Museum to move into the renovated bathhouse on the boardwalk.

The deal with SPI would see the non-profit take over operations of the park next year. The agreement is for 10 years, with an option to renew for another 10 years. SPI will invest $34 million in the park, and pay the county a $4 million fee.

“Through our new public-private partnership with Sustainable Playland and the Westchester Children’s Museum, we are reinventing Playland with a vision that builds on tradition by keeping what we love, such as Kiddyland and the historic rides, replaces tax dollars with private capital and adds new attractions and experiences for visitors to enjoy on a year round basis,” Astorino said. “This is a winning formula for saving Playland today and for future generations.”

With the signing, SPI has 30 days to submit to Astorino, a Playland Improvement Plan, which will outline the changes the group plans to make to the park. The plan will then go to the county Board of Legislators for approval. If the plan is not approved by Dec. 31, SPI has the right to withdraw from the agreement. Under SPI’s proposed plan, admission to the park would be free, with attractions grouped into separate zones that would each have separate fees. Zones include an aqua zone with a water park, an outdoor ball field, a renovated ice rink, a Great Lawn and an indoor multi-use facility that can be rented out for functions.

The lease that Astorino signed with the Children’s Museum would see the museum open up in the renovated bathhouse in the next two years. Under the terms of the lease, the museum will invest $7 million in infrastructure improvements in exchange for a $1 a year rent for 10 years.

 

Astorino OKs Deals For Rye Playland, Children’s Museum | The Bedford Daily Voice.

Outdoor Shakespeare Festival In Mount Kisco Starts Friday | Bedford Real Estate

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You can spend a mid-summer’s evening watching Shakespeare’s A Midsummer Night’s Dream at Westmoreland Sanctuary this weekend.

The 60-minute, family-friendly adaptation will be performed four times: Friday, July 26 at 6:30pm; Saturday July 27 at 2:00pm and 6:30pm;  and Sunday July 27 at 1:00pm.

The grounds will open 90 minutes ahead of the performances for picnicking.  The evening performances will end with a marshmallow roast around a campfire.

Tickets are $17.50 for Westmoreland Sanctuary members and $20 for non-members.  Contact Michele Miller at MMiller@WestmorelandSanctuary.org for more information.

 

Outdoor Shakespeare Festival In Mount Kisco Starts Friday | The Bedford Daily Voice.